Native Mineral Resources (ASX:NMR) Receives Second Instalment from Wes Maas to Advance Gold Production
Funding and Investment
Native Mineral Resources Holdings Limited (ASX:NMR) has received a second instalment of $2.26 million from Wes Maas, CEO and Managing Director of Maas Group Holdings (ASX:MGH). Mr Maas has committed a total of $6.8 million under the Maas Placement, contributing to the company’s recent non-renounceable Entitlement Offer, which raised a total of $15.9 million.
Project Development
The funds raised are allocated to restarting gold production at NMR’s Charters Towers assets in North Queensland. Development work at the Far Fanning and Blackjack gold deposits, along with the refurbishment of the Blackjack Processing Plant, is progressing steadily. The company is on track for first gold production in Q3 2025. Additionally, resource definition drilling at the Blackjack Project is set to commence following promising results from the diamond drilling program.
Executive Comments
Managing Director Blake Cannavo stated, “Wes Maas’ second instalment of $2.26 million represents another important step forward for NMR as we move closer to gold production. His continued support is a strong endorsement of our project, our goals and the path we’re on, further strengthening our position as we work to become Queensland’s newest gold producer.
“With this latest funding milestone, we are well positioned to continue advancing the Blackjack and Far Fanning deposits, alongside the refurbishment of the Blackjack Processing Plant. Our team is executing to plan, with drilling and construction progressing at pace. We remain on schedule for first production in Q3 2025 and focused on delivering lasting value for our shareholders.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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