Native Mineral Resources produces gold from its Blackjack mine near Charters Towers, Queensland. The company carries a distressed balance sheet: US$12,234,216 (A$17.52 million) of debt via a secured Collins Street facility and Lind convertible notes, an estimated current ratio of only ~0.07, and heavy share dilution (1.1 billion shares outstanding); cash is left unstated as effectively nil and stale rather than asserted with a specific figure.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Nov 2024 · Source
- Reached — date not disclosed · Source
- Jul 2025 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Queensland: Fraser PPI 2025 is 82.72 of 100 (rank 18 of 68), which maps to 9 on this site's scale. Charters Towers, Queensland, Australia — a top-tier mining jurisdiction.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Blackjack Mine, Charters Towers, Queensland.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Pajingo (Minjar Gold Pty Ltd), 57 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is W & E Maas Holdings Pty Limited (The Maas Family A/C) (16.31%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:4.8/10
Nearest producing mine: Pajingo (Minjar Gold Pty Ltd), 57 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director and CEO of Native Mineral Resources Holdings Limited. 24+ years' experience in mining and construction with Fortescue Metals Group, Lihir Gold Limited, and Aquila Resources; responsible for delivering projects valued up to $10B across Asia Pacific, South Africa, the UK, and Europe.
Chief Financial Officer of Native Mineral Resources Holdings Limited.
Chief Geologist at Native Mineral Resources Holdings Limited. 35+ years' experience in mining and exploration roles across Australia and overseas, including at Western Mining Company, Dominion Mining, and Paradigm Gold.
Company Secretary of Kingsgate Consolidated Limited; also Company Secretary of Native Mineral Resources Holdings Limited. Extensive board and stakeholder experience across multiple jurisdictions. Associate of the Governance Institute of Australia; degrees in Business Management and Corporate Governance.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
BOC Holdings holds 19.67% (215,918,792 shares, per its substantial-holder notice in the FY2026 annual report), and it is Managing Director and CEO Blake Cannavo's own holding -- the same report's key-management table puts his shareholding at exactly 215,918,792 shares -- so it is management ownership, not outside smart money. No producer or specialist fund was confirmed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.