REG - Nativo Resources Plc - Operations & Working Capital Updates

Nativo ResourcesAnnouncement

23/10/2025 07:00

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RNS Number : 4764E  Nativo Resources Plc  23 October 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.

 

23 October 2025

 

Nativo Resources Plc

("Nativo" or the "Company")

 

Operations & Working Capital Updates

 

Bonanza Vein Study Ready to Commence Field Operations

&

Technical Preparations Underway for Gold Plant Installation

 

Nativo Resources Plc (LON:NTVO), a gold-focused mining company with interests
in Peru, is pleased to provide the following updates.

 

Tesoro Gold Concession

Bonanza Vein Study Ready to Commence Field Operations

Nativo's engineering and geological consultants in Peru have completed all
final HSE and legal readiness requirements under Peruvian regulations and a
team of 12 people has mobilised to the mine site this week to commence the
Bonanza Vein Study field operations.

The Bonanza Vein Study aims to assess the gold mineral potential of the
Bonanza structure through a focused programme of surface and underground
exploration. The results will provide the technical basis to recommence the
small-scale mining operation.

This study builds on the extensive technical and operational work already
undertaken across the Tesoro Gold Concession ("Tesoro") by Nativo and the
previous concession holder, St Elias Mines. St Elias Mines undertook extensive
geophysical surveys, mapping, trenching, 10,000m of diamond drilling, and
established a pilot production mine. The combination of its research and
database with Nativo's fieldwork led to the decision to focus on the Bonanza
Gold Mine/Vein, within the 300-hectare concession.

In regional context, Tesoro lies within the Nazca-Ocona gold corridor, south
of Lima in Arequipa, which to date has produced over one million ounces of
gold. Tesoro lies, on trend, between the Agripina and Santa Filomena gold
mines. The geology of these veins is well defined, consisting of mesothermal
gold quartz veins, distributed across lattices of thin vein structures. These
veins can extend for several kilometres in length and reach depths of 600m to
1,000m.

 

Specific Field activities include:

 

Camp Establishment and Operation

(Commenced August 2025)

·      Rehabilitation of the onsite camp for capacity of 20+ people

·      Provision of essential services including water, power,
communications, fuel supply, and maintenance

·      Preparation of support areas such as storage facilities,
workshops, fuel depots, and safety zones

 

Construction and Rehabilitation of Mine Access

·      Rehabilitation of access routes and underground entry ways,
including ladders, scaffolding, and air/water systems

·      Cleaning and conditioning of galleries to ensure safe working
conditions

·      Completion of topographic surveys for surface and underground
access areas

 

Surface Exploration - Trenches and Mapping

·      Execution of 20 surface trenches spaced every 25 metres along the
Bonanza Vein outcrop

·      Detailed geological mapping, topographic surveying, and
systematic sampling

·      Preparation of geological sections and longitudinal profiles

 

This work is a necessary support activity to identify gold rich ore shoots
along the vein at surface to accelerate exploitation.

 

Underground Exploration

·      Geological mapping and systematic sampling of accessible
underground workings

·      Topographic surveys and structural recording of mineralised zones

·      Evaluation of ground stability, ventilation, and safety
conditions

 

Sample Analysis and Data Processing

·      Laboratory assays to determine gold and associated mineral
content

·      Validation and processing of geochemical data

·      Interpretation of results to define mineralised zones with higher
economic potential

 

The project's expected deliverables include a Final Geological Study Report
featuring a detailed mineral zoning map and lithological model of the Bonanza
Vein, the identification of new favourable ore zones, and a preliminary
internal mineral resource estimation. In addition, a Mine Plan will be
prepared, outlining the development and production programme, equipment and
resource requirements, with a budget and investment schedule. Finally, the
team will prepare a proposal focused on defining diamond drilling targets to
optimise exploitation along the Bonanza vein. Tesoro has never been evaluated
to depth, or to its full strike potential. This leaves a large potential for
the discovery of additional mineralisation.

The programme outlined above will extend over 30 days, including data
processing and interpretation of field and laboratory results.

Once the Bonanza vein has been put into production, the plan is to complete a
similar exercise to bring Morrocota into production.

Meanwhile, the project team has issued a Request For Tenders (RFT) to
qualifying Mining Contractors in preparation for the results of the studies
and restart of mining.

 

La Patona Gold Ore Processing Plant ("GOPP")

Technical Preparations Underway for Plant Installation

 

All commercial and technical aspects required to take a Final Investment
Decision ("FID") on the GOPP have been satisfied and FID is now subject only
to finance. Nativo has started the technical preparations, permitting and
procurement for the installation, commissioning, start-up, and optimisation of
the already part-built GOPP, located in Acarí, 45km from Tesoro.

 

The proposed plant comprises crushing, milling-flotation, gold leaching
(CIP/CIL) and smelting circuits (to produce gold doré), as well as auxiliary
areas such as the laboratory, reagent storage, electrical substation, tailings
facilities and secure storage.

 

Once operational, expected to be early next year, La Patona will process ore
from the Company's Bonanza Vein Project, enabling the retention of a higher
margin from mined material, while its strategic location will enable the
treatment of ore from third party nearby mining operations, positioning La
Patona as a regional processing hub.

 

Operations and Project Team Expansion

In support of the above activities, Nativo's operating subsidiaries in Peru
have appointed three further experienced professionals with a focus on:

·    Accelerating the pathway to mining at Tesoro

·    Advancing development of the La Patona Gold Ore Processing Plant

·    Consolidating a larger inventory of tailings projects to recover gold
and silver from mine waste dumps

Accordingly, Nativo has welcomed Renatto Castro as HSE Advisor. Renatto is a
certified HSE professional and a member of the College of Engineers in Peru,
with over 29 years' experience, most recently working on with Anglo American.
Renatto will be responsible for HSE standards and compliance across all
Nativo's projects.

The Company has also appointed Maira Pimentel, a qualified architect and
project manager, to oversee all project planning, procurement, construction
and operations at the Bonanza mine and La Patona Gold Ore Processing Plant.

Renatto and Maira will be supporting Yvan Espinosa who has joined Nativo to
progress geological understanding of the gold mineralisation at Tesoro and to
build out the tailings business. Yvan has over 25 years' experience as a
mining geologist in Peru.

 

Working Capital and Funding

 

As announced, on 24 September 2025, the Company raised £400,000 strengthening
its working capital position. This is facilitating progress towards
recommencing mining activities at Tesoro. The Company is in advanced
discussions about securing further financing which, if completed, will provide
sufficient working capital beyond Q2 2026 facilitating the construction and
commissioning of the La Patona GOPP. A further announcement will be made in
due course.

 

Stephen Birrell, Chief Executive Office of Nativo, commented:

"It's great to have boots on the ground again at Bonanza. The team is now
fully prepared to begin this important preparatory phase. The Bonanza Vein
Study is the key workstream required to develop an optimised mine plan. This
phase of work is expected to take approximately 30 days. Meanwhile, Nativo has
initiated tendering for the contract mining firm to restart operations, taking
advantage of record gold prices.

The Tesoro Gold Concession is part of the prolific Nazca-Ocona gold belt
parallel to the Pacific coast of southwestern Peru. Gold is associated with
disseminated sulphides that seeped into quartz veins and fractures within the
intrusive body. The continuity of the quartz veins and fractures is very
impressive in the belt. While the veins tend to be narrow, the grade is
significant, and the mineralised structures tend to extend along strike for
several kilometres and to depths of up to 1,000 metres. Past exploration by
St. Elias Mines Ltd identified multiple mineralised zones with more than 50
quartz veins (having a total combined length of 9km) at Tesoro. The veins were
interpreted as mesothermal, indicating that the vein structures may extend to
considerable depths.

In parallel with work at Bonanza, we have commenced onsite activities at the
La Patona Gold Ore Processing Plant, which aims to process both Nativo's own
material and that produced by the many other local artisanal gold miners.

Utilising limited resources from recent investments, Nativo's immediate
objectives are to get Bonanza into cash flow as soon as possible underpinned
by a robust mine plan, and to progress the processing plant such that it
becomes its own cash generative asset."

 

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)

 James Joyce                                Tel: +44 (0)20 3829 5000

 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 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
intends to allocate portions of free cash flow from mining and processing
activities, and from future fund raises, to Bitcoin purchases and to hold
Bitcoin as a long-term treasury reserve asset.

 

Follow us on social media:

 

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

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

 

 

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