Native Mineral Resources has secured the remaining funding under a shortfall placement to complete its $15.9 million equity raising to back gold production plans in the Charters Towers area.

Managing director Blake Cannavo said the support for the equity raising was testament to the quality of the company’s Queensland assets and investors’ confidence in its team to deliver.

“We continue on our path of rapidly transforming Native Mineral Resources from an explorer to a near-term producer and move closer to joining the ranks of Australian gold producers in Q3 this year,” he said.

The cash injection includes a $6.8 million investment by Maas Group Holdings managing director Wes Maas.

Native Mineral Resources inked a deal late last year to acquire the Blackjack and Far Fanning deposits, Blackjack processing plant, and other assets in the Charters Towers region for $18.9 million.

It has a refurbishment program underway at the plant and is undertaking an 18-hole diamond drilling program to test the mineralisation at its Blackjack gold project.

NMR will use results from program to define its development plans for the Blackjack deposit, which is one of the projects from which it plans to kick-off gold production in Q3 2025.