Citigold Corporation Limited (ASX: CTO), an Australian gold exploration and development company focused on its Charters Towers Gold Project in Queensland, announced on 9 November 2026 the execution of a binding joint venture agreement with Native Mineral Resources Holdings Limited (ASX: NMR). The agreement encompasses 40 tenements, covering the Central, Warrior, and Stockholm areas, along with surrounding exploration ground within Citigold’s Charters Towers Gold Project in Queensland.
Under the terms of the agreement, Native Mineral Resources will hold the exclusive right to conduct exploration and proving-up drilling on the JV Tenements. Should drilling results prove favourable, NMR may elect to proceed with mining operations, with material intended for processing at its existing Blackjack processing plant, located approximately 10km from the Stockholm area. NMR will maintain sole operational control over drilling and any subsequent mining activities. Financial arrangements detail that eligible NMR expenditure, including drilling, development, and processing costs, will be recovered from gross smelt proceeds, with NMR receiving an 8% margin on these costs. Any remaining surplus will then be shared equally, 50:50, between Citigold and NMR.
The JV Tenements host a significant portion of Citigold’s reported JORC (2012) Mineral Resources, comprising 3.1 million tonnes at 7.6 grams per tonne gold for 764,000 ounces of Indicated Mineral Resources, and 26.5 million tonnes at 13.5 grams per tonne gold for 11.5 million ounces of Inferred Mineral Resources. Additionally, Citigold is set to receive a one-off production payment of A$5 million from NMR once 8,000 ounces of gold have been produced from the JV Tenements, separate from its share of the surplus. Citigold’s Executive Chairman, Mark Lynch, noted that the joint venture brings together Citigold’s tenements with NMR’s operational and processing capabilities, offering a staged approach. NMR Managing Director & CEO Blake Cannavo highlighted the disciplined and staged opportunity to assess additional mineralised material, with NMR retaining operational control. Citigold retains ownership of the JV Tenements and remains responsible for maintaining them in good standing. Native Mineral Resources will now commence detailed planning for the proving-up drilling program across these tenements.
