NMR Secures $15.9M to Restart Queensland Gold Production by Q3 2025

Funding Secured to Propel Gold Production Restart

Native Mineral Resources Holdings Limited (ASX: NMR) has successfully completed its shortfall placement, raising the full $15.9 million sought under its non-renounceable entitlement offer. This capital injection is earmarked to accelerate the development of its Queensland gold assets, specifically the Far Fanning and Blackjack deposits, alongside the refurbishment of the Blackjack Processing Plant.

The strong demand for the placement, which exceeded the targeted amount, underscores investor confidence in NMR’s transition from exploration to near-term production. A significant portion of the raise, $6.8 million, was contributed by Wes Maas, Managing Director of Maas Group Holdings (ASX: MGH), highlighting strategic backing from a seasoned Australian entrepreneur.

Operational Progress and Upcoming Milestones

With funds now secured, NMR is advancing drilling activities at the Blackjack deposit, scheduled to commence imminently. This drilling campaign aims to validate historic exploration data against the JORC 2012 reporting standards, a critical step to underpin resource confidence and support mining plans.

Simultaneously, refurbishment efforts at the Blackjack Processing Plant are underway to prepare for gold production. The company remains on track to deliver its first gold output by the third quarter of 2025, a milestone that would mark its evolution into a producing gold miner in the Charters Towers region.

Strategic Implications and Market Confidence

Managing Director Blake Cannavo emphasized that securing the full $15.9 million was a testament to the quality of NMR’s Queensland assets and the team’s execution capabilities. The successful raise not only provides the necessary capital but also signals strong market endorsement of NMR’s growth strategy.

As NMR moves closer to production, the company is poised to join the ranks of Australian gold producers, potentially enhancing its profile and valuation. However, the transition from development to production carries inherent operational risks, including the reliability of historic data and the timely completion of plant refurbishment.