# NMR: FY26 Financial Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nmr-fy26-financial-report--893a9686-7324-40fc-af28-64de43ff199b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146751 Publisher: asx Original announcement: 2026-09-30T08:42:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:27:29.411Z Atlas analysis updated: 2026-09-30T09:27:29.411Z - Company: Native Mineral Resources Holdings Limited - Ticker: NMR - Exchange: ASX - Region: Queensland - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Production, Capital raise, Agreement transaction, Resource update - Extracted: 2026-09-30 09:27:30 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Native Mineral Resources Holdings Limited transitioned from an exploration focus to gold production in FY26, reporting 3,561.7oz cumulative gold from its Blackjack plant and a record 1,080.5oz in August 2026. Despite this operational progress, the company recorded a net asset deficiency of $1.94M and received a going concern warning from its auditor, highlighting significant financial challenges and a reliance on further capital raises and related-party support. Reasoning: Native Mineral Resources Holdings Limited successfully transitioned to gold production in FY26, achieving increasing output and securing new mining opportunities. However, the company faces significant financial challenges, including a net asset deficiency and a going concern warning from its auditor, necessitating ongoing capital raises and related-party financial support. - Positive factor: Successful transition to gold production with increasing output - Positive factor: Acquisition of new mining rights and formation of exploration joint ventures - Positive factor: Record monthly gold production achieved post-reporting period - Negative factor: Significant net asset deficiency and negative operating cash flows - Negative factor: Auditor's material uncertainty regarding going concern - Negative factor: Reliance on related-party funding and missed loan repayments - Negative factor: Resource estimates are either Inferred or historical Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **Production Start** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company transitioned from an exploration company to a gold-producing business with first gold production in FY26. Evidence · text > The company moved from an explorations company with recently purchased mining and processing plant into a First Gold and ongoing production. **Tonnage Growth** Polarity: positive Story-specific tag Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Monthly gold production increased significantly, reaching a record 1,080.5oz in August 2026. Evidence · text > August recorded a record month of production reaching 1,080.5oz of gold being produced through the plant. **Grade Improvement** Polarity: positive Story-specific tag Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The company achieved the highest gravity gold bar purity since recommissioning at 81.4% Au. Evidence · text > the highest gravity gold bar purity since recommissioning \(81.4% Au – bar BJM065\). **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed multiple placements and convertible note agreements to secure funding. Evidence · text > On 16 July 2025, 60,312,500 shares were issued by way of a Placement raising $10.0M \(before costs\) **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor highlighted a material uncertainty regarding the Group's ability to continue as a going concern due to net losses, negative cash flows, and a net asset deficiency. Evidence · text > These conditions indicate a material uncertainty that may cast a significant doubt about the Group’s ability to continue as a going concern **Net Asset Deficiency** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The consolidated entity reported a net asset deficiency of $1,943,792 at 30 June 2026. Evidence · text > At 30 June 2026, the consolidated entity had net asset deficiency of $1,943,792 **Related Party Transaction** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company engaged in significant loan arrangements and other transactions with entities related to the Managing Director. Evidence · text > Blake Cannavo, the Managing Director and Chief Executive Officer of the Company, has an interest in Bamford Engineering and Consulting Pty Ltd and Yogi Bear Holdings Pty Ltd **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Far Fanning project's resource is entirely in the Inferred category, which is speculative. Evidence · text > A JORC 2012 Inferred Mineral Resource of 2.3 million tonnes at 1.84 g/t Au \(138,000 ounces\) was established in 2021 **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Ravenswood Gold JV resource is based on 2004 JORC-compliant estimates and is considered historical information. Evidence · text > The estimates were reported under the JORC 2004 Code and are considered historical information. **Resource Update** Polarity: neutral Story-specific tag Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document mentions an existing JORC resource for the Far Fanning project. Evidence · text > A JORC 2012 Inferred Mineral Resource of 2.3 million tonnes at 1.84 g/t Au \(138,000 ounces\) was established in 2021 **Agreement/Transaction** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company entered into agreements for mining rights, tenement divestment, and a new exploration joint venture. Evidence · text > On 16 March 2026, the Company entered into a binding term sheet with Haoma Mining NL to acquire the rights to mine and extract ore from the Podosky Gold Deposit **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report includes a Competent Person's Statement signed by Mr Scott Franko, MAUSIMM. Evidence · text > The information in this report that relates to Exploration Results and Minerals Resources is based on information compiled by Mr Scott Franko, MAUSIMM, a Competent Person ## Extracted facts Stored fact records: 1. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nmr-fy26-financial-report--893a9686-7324-40fc-af28-64de43ff199b#fact-resource-facts-5) Far Fanning · gold #### Identity - Project: Far Fanning - Commodity: gold - Ticker: NMR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Scott Franko - Resource group id: resource:86e1e6dbd9f0fffc1653 #### Resource Data - Category: inferred - Tonnes: 2300000 - Grade: 1.84 - Grade Unit: g/t - Contained Metal: 138000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-01-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Far Fanning resource provides a foundation for future work, but its Inferred classification and age limit its immediate impact. - Positive factor: Provides a solid exploration base for future development. - Negative factor: The resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: The estimate is from 2021, suggesting it is not new information. Evidence · text > A JORC 2012 Inferred Mineral Resource of 2.3 million tonnes at 1.84 g/t Au \(138,000 ounces\) was established in 2021 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.