JV to advance Citigold’s key Charters Towers mining leases - Industry Queensland

AI desk brief

Citigold and Native Mineral Resources agreed a JV covering 40 Charters Towers gold tenements, hosting reported indicated resources of 764koz at 7.6g/t and inferred resources of 11.5Moz at 13.5g/t—not reserves. NMR will conduct proving-up drilling before deciding whether to mine and process ore through its Blackjack plant. If production proceeds, NMR recovers eligible costs plus an 8% margin before surplus is split equally; Citigold also receives $5 million after 8,000oz are produced. The agreement primarily affects company development prospects: additional gold supply depends on drilling and approval to proceed, with no production timetable or material bullion-price effect established.