NMR on its way to ‘remarkable milestone’

ABL Capital Partners expects Native Mineral Resources (NMR) to reach $0.13 per share in the next 12 months, up 81 per cent from where the company currently stands ($0.072 per share).

NMR acquired brownfield assets in the Charters Towers region of Queensland in November 2024, including the Blackjack mine and a 340,000-tonne carbon-in-leach processing plant.

The company is focused on restarting production at Blackjack, with commissioning expected in the third quarter of 2025.

ABL believes the Blackjack processing plant offers a capital-efficient path to production. A plant refurbishment is already underway, with planned upgrades to its elution circuit and control systems.

ABL analyst Daniel Seeney described NMR’s leadership, led by managing director Blake Cannavo, as “experienced and capable”. Cannavo has invested over $3 million in NMR’s recent entitlement offer and owns 26 per cent of the company’s shares.

The $15.9 million raised from the entitlement offer was backed by high-profile investors, including a $6.8 million investment from Mass Group chief executive officer and managing director Wes Maas.

This funding will support NMR’s restart efforts and help the company achieve its goal of becoming a gold producer within a year.

NMR has additional assets at Far Fanning, Great Britain, and Granite Castle, with further drilling expected to increase reserves and offer expansion opportunities.

Potential toll-treatment from third-party miners using the Blackjack plant also could further enhance cash flow.

“With strong assets and a clear path to production, NMR is on its way to achieving a ‘remarkable milestone’ of completing a transformation from junior explorer to gold producer within a year, offering substantial upside potential for NMR shareholders,” ABL said.