REG - Nativo Resources Plc - Operations Update: Bonanza Vein

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RNS Number : 5722X  Nativo Resources Plc  23 March 2026

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.

 

23 March 2026

Nativo Resources Plc

("Nativo" or the "Company")

Operations Update: Bonanza Vein

Underground restart delivers early intersection of gold-bearing vein and
high-precision development, enhancing near-term recovery potential

 

Nativo Resources plc (LON: NTVO), which is focused on near-term gold mining
and processing projects in Peru, is pleased to provide a further operations
update following the recent resumption of mining at the Bonanza Gold Mine
("Bonanza") on the Company's wholly owned Tesoro Gold Concession.

 

Highlights

·    Underground operations restarted on 13 February 2026 led by mining
and fragmentation specialists Constructora e Inversiones Andina Kuboc C&P
SAC ("Kuboc") and Frasser SAC .

·    Early intersection of gold-bearing vein material within the first 6m
of a newly advanced development heading.

·    Company is prioritising a high-confidence gold target zone, enhancing
near-term recovery potential.

·      Advancing with high-precision underground development

·    Active recovery of mineralised material during development, with
selective handling and stockpiling underway.

o  Approximately 6 tonnes with Poruña sampling based grade analysis of
between 0.5 to 6 g/t Au (see Table 1).

o  As the material was collected during development of the mine, high-grade
zones were not targeted.

·    Comprehensive sampling programme in progress, supporting grade
control and metallurgical optimisation.

Note

( *)"Poruña" refers to a traditional field assay tool used for quick, visual
estimation of gold content in a sample - not a formal assay technique or
analytical result. It is a visual/empirical grade estimation tool used in
artisanal mining to quickly identity vein material that is worth mining or
not. These are preliminary estimates and actual lab results may differ
significantly from Poruña sampling.

 

Operations Update

Following ongoing, onsite technical review, the Company is focussing
development activities along a prioritised zone interpreted to host a
gold-bearing vein system. This is designed to:

·    Accelerate exposure to mineralised material;

·    Maximise early-stage gold recovery; and

·    Further validate the geological model across the Bonanza system

Development is being carried out by Kuboc on a controlled and scalable basis,
allowing the Company to balance operational progress with ongoing geological
validation - a successful operational strategy used in small scale and
artisanal mining.

Encouraging Early Development Results

The development heading has already delivered positive early indications of
mineralisation continuity and is being dynamically managed with the onsite
geological advisor to prioritise following the vein.

·    After advancing just 6m, the team has exposed additional gold-bearing
vein material (see Figures 1, 2) A significant section of the structure is now
visible and available for selective extraction; and

·    Development headings (including 2095 and 2095NW) continue to advance
along the interpreted mineralised system at the 45m levels.

Material generated during development is being actively processed, with
mineralised rock:

·    Identified and separated at source;

·    Bagged individually; and

·    Stockpiled for evaluation and processing.

Figures 1 & 2: Newly uncovered visibly mineralised quartz vein within
Bonanza Mine

Operational Execution - Precision Mining

The Company continues to demonstrate strong operational control, which is
critical in narrow-vein gold mining:

·      A recent development round delivered:

o  1.10 metres advance from 32 drill holes and 65 devices;

o  A clean face with minimal outbreak; and

·      Achieved a 100% Half-Cast factor, indicating:

o  High drilling accuracy;

o  Effective blast control; and

o  Minimal dilution of mineralised material.

This level of execution supports higher selectivity, improved recovery
potential, and better cost efficiency as development progresses.

Each cycle (drill-fragment-clear-recover) is contributing both to advancing
the mine and to building a growing inventory of mineralised material.

The mining contractor is forecasting being able to deliver up to four blasts
per day, as it develops and initiates production at the mine - an increase
from the current 1-2 blasts per day being executed. This is expected to result
in approximately 4-5 m of progress per day once operating at optimal
performance levels.

Sampling and Data-Driven Approach

A disciplined sampling programme is underway to underpin operational
decision-making; these samples were taken at depths between 15-45m across the
existing galleries and shafts:

·    72 individual sacks, averaging 83kg per sack, have been sampled to
assess consistency of recovered material.

·    Stockpile sampling was conducted using industry-standard
homogenisation and quartering techniques.

·    Metallurgical samples were collected directly from the vein to
optimise processing performance.

Following onsite analysis (Poruña method), all assays will be analysed at a
certified laboratory in Nazca, ensuring robust and traceable results.

Key Observations

·    54% of the samples are above 1 g/t

·    22% are above 3 g/t

·    2.8% exceed 5 g/t

The distribution is moderately skewed toward higher grades, consistent with
narrow vein gold systems.

This structured approach provides:

·    Greater confidence in grade distribution;

·    Improved process optimisation; and

·    A strong foundation for future resource and production planning

It should be noted that the material was collected during development of the
mine meaning that the high-grade zones were not targeted.

Table 1: Grade distribution from Poruña Sampling of collected mineralised
material.

 

 Grade Range  Number of Samples  % of Samples
 0 - 0.5 g/t  17                 ~24%
 0.5 - 1 g/t  16                 ~22%
 1 - 3 g/t    23                 ~32%
 3 - 5 g/t    14                 ~19%
 >5 g/t       2                  ~3%

 

Stephen Birrell, Chief Executive Officer of Nativo, commented:

"These early results from Bonanza are highly encouraging and validate both our
geological interpretation and our decision to prioritise this target zone.
Intersecting gold-bearing material within the first few metres of development
is exactly the outcome we were aiming for.

What is particularly important is not just the presence of mineralisation, but
the consistency we are beginning to see and the level of operational control
being achieved underground. Delivering a 100% Half-Cast Factor demonstrates
the precision of our approach and is critical in maintaining grade and
minimising dilution.

At the same time, our structured sampling programme is providing the data
needed to support informed decision-making as we scale activity.

We are still at an early stage of development at Bonanza, but the combination
of early mineral exposure, disciplined execution and a clear strategy gives us
increasing confidence in the potential of the project."

Outlook

The Board believes that the combination of:

·    Early exposure to gold-bearing structures;

·    A refined, high-confidence targeting strategy; and

·    Strong operational execution

positions the Bonanza mine to deliver continued progress in both development
and gold recovery.

Further updates will be provided as development advances and assay results
become available.

 

Note

*Half-Cast and Half-Cast Factor: This is a quantitative measure of blasting
quality, typically expressed as a percentage:

Half-Cast Factor = No. of visible Half-Cast holes / total permitter holes x
100

A 100% Half-Cast Factor typically means the mine is operating with a high
technical discipline and the teams are minimising dilution, aligned with best
practice narrow vein mine operation.

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

  AlbR 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 projects in Peru. The Company's strategy is based
on three core activities: primary gold mining, gold ore processing, and the
recovery of gold from tailings. The Company has already acquired or optioned
several projects for development and has identified additional opportunities
for expansion. Nativo's nearest-term objective is to scale operations on the
Tesoro Gold Concession, focusing on the Bonanza and Morrocota mines. Nativo
may allocate portions of free cash flow from mining and processing activities
and future fundraises to Bitcoin purchases, and may consider holding Bitcoin
as a long-term treasury reserve asset.

 

Qualified Persons Statement

 

The scientific and technical information contained within this announcement
has been reviewed and approved by Harold Villena Carhuaricra, a geological
engineer with over 15 years' experience. Mr Villena Carhuaricra has a master's
degree in Geological Processes and Resources from The Complutense University
of Madrid and is registered and certified by AusIMM Chartered Professionals.
Mr Villena Carhuaricra has worked for Cerro de Pasco Resources and Compañía
Minera Volcan among other companies in Peru. He is a Qualified Person as
defined by the AIM Guidance Note on Mining and Oil & Gas Companies dated
June 2009.

 

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