REG - Nativo Resources Plc - Operational Update: Tesoro Gold Concession

Nativo ResourcesAnnouncement

18/02/2025 09:30

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RNS Number : 5210X  Nativo Resources Plc  18 February 2025

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

18 February 2025

Nativo Resources Plc

("Nativo" or the "Company")

Operational Update: Tesoro Gold Concession

 

Nativo Resources Plc (LON:NTVO), which has interests in gold mines in Peru,
announces a temporary pause in mining at the Tesoro Gold Concession ("Tesoro")
due to the heavy rainfall which is currently affecting 20 regions throughout
Peru.

Earlier this month, the Government of Peru announced a temporary State of
Emergency in certain areas, including the Arequipa region, due to the danger
and damage caused by heavier than usual rainfall during Peru's wet season
which typically runs from November through March.

Mining will resume at Tesoro once the mine shaft is dry enough to ensure safe
operations and key logistical transport routes have been restored. Based on
the current outlook and information, the operator ("Boku") estimates that
operations will resume in approximately three weeks. The safety of staff has
been unaffected.

Aside from this pause due to flooding and during the Christmas period, the
mine has been in 24-hour operation since December 2024. A total of three ore
shipments have been made to date with grades in line with expectations. As the
underground geology and plunge of the mineralised vein have become clearer,
Boku has shifted its immediate focus to further expansion of the mine to
incorporate more development faces and a second shaft to optimise blending of
grades. A total of 78 vertical metres and 154 horizontal metres comprising
galleries, sublevels and the main shaft have been prepared to date at the
Bonanza mine.

Stephen Birrell, Chief Executive Officer of Nativo, commented:

"Peru has been experiencing unusually strong rainfall in this latter part of
the annual rainy season which has led to severe flooding in large parts of the
country, affecting roads and other infrastructure. Boku's staff are all safe.
Our thoughts are with people who have been badly affected by these floods.

We will resume mining as soon as it is safe and practical to do so, and supply
routes have been restored. When we resume operations, the focus will continue
to be on grade over tonnage, as we prepare the mine further to support
sustainable long-term production."

For further information please contact:

 

 Nativo Resources                           Via Vigo Consulting

 Stephen Birrell, Chief Executive Officer   nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)

 Zeus (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 3829 5000

 James Joyce

 James Bavister

 Peterhouse Capital limited (Joint Broker)  Tel: +44 (0)20 7469 0930

 Duncan Vasey

 Lucy Williams

Rose Greensmith

 Vigo Consulting (Investor Relations)       Tel: +44 (0)20 7390 0234

 Ben Simons                                 nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)

 Peter Jacob

Anna Sutton

 

About Nativo Resources plc

 

Nativo has interests in gold mining and exploration projects in Peru. Through
a 50:50 joint venture established in July 2024 with an experienced local
partner, Nativo secured an opportunity to scale operations at the Tesoro Gold
Concession, owning 50% of the production and resources. Production and sales
of ore to a local gold ore processing plant began in late December 2024.

 

In December 2024, Nativo also agreed to acquire directly a 100% interest in
the Morrocota Gold Mine, proximal to the Tesoro Gold Concession. Production
from Morrocota is anticipated to commence by the end of Q2 2025. Longer-term,
the Company plans to establish its own gold ore processing plant to retain a
higher margin from production at its mines.

 

In addition to primary gold mining projects, the Company also holds the Ana
Lucia Polymetallic concession, and is investigating low capex strategies to
appraise and exploit tailings deposits to recover gold.

 

Follow us on social media:

 

LinkedIn: https://uk.linkedin.com/company/nativoresources-plc
(https://uk.linkedin.com/company/nativoresources-plc)

X (Twitter): https://x.com/nativoresources (https://x.com/nativoresources)

 

 

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