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Very solid and encouraging RNS from Nativo today. VERY IMPRESSED!

The company is finally on the ground and moving forward with real operational progress across both of its key assets in Peru — Bonanza Vein and La Patona Gold Plant.

Key Highlights:

Bonanza Vein Study now underway – 12-person team on-site carrying out surface and underground exploration.

Study to last around 30 days, leading to a mine plan and internal resource estimate, paving the way for mining restart.

Tendering process started for a contract mining firm to begin operations once the study is complete.

La Patona Gold Processing Plant – all technical and commercial work completed, FID now pending only on final financing.

Target: early 2026 for plant commissioning and cash flow generation.

£400k recently raised, and further financing discussions are advanced, expected to provide funding beyond Q2 2026.

Expanded team in Peru with experienced professionals from major companies, strengthening technical and HSE capability.

Tesoro lies in a proven 1 million oz+ gold corridor, "surrounded by producing mines" – excellent geological address.

CEO Stephen Birrell confirms focus on getting Bonanza into cash flow quickly and turning La Patona into a cash-generative regional processing hub, taking advantage of high gold prices.

This is the most operationally detailed RNS from Nativo to date. The company is finally executing on the ground, with clear short-term deliverables and early 2026 production potential. Funding completion and the first production news will be the next key catalysts.

If we get a strong update, this stock could easily surge past 2p. It’s clearly waiting for a rerating. Who would’ve thought gold would reach over $4,000 in 2025? Profit margins are huge — even our assets deserve a revaluation.

Gold’s almost doubled in the last 18 months and gained over 25% in just the past few months.

A bit of profit-taking wouldn’t be surprising — we haven’t really seen any since August 2025.

Good question – the company haven’t given a firm date yet. From what we’ve seen, the sampling has been ongoing and results are expected to be published via RNS once the lab work is complete.

JORC prep usually follows once they’ve got enough consistent data to back up the resource – so this is very much a stepping stone towards that. My view is we’ll see updates in the near term, but as always the exact timing is down to the company and labs.

Hi Copps18,

Fair point – I just wanted to correct Ranger’s post because it was a bit misleading. Maybe deliberate, maybe just not familiar with how mining accounting works.

New investors could easily read “no work done” and get the wrong idea, when it’s really just how early-stage costs and revenues are recorded.

Fair points, but I think we’re largely saying the same thing – just looking at it differently.

Yes, mining is like building a manufacturing facility – costs go in first, revenues follow later. But in this sector, those costs don’t always flow through the P&L in real time – they’re often capitalised until full production. That’s why the numbers don’t yet reflect the activity on the ground.

I do agree RNS updates could be clearer and more frequent – it would help all investors. But lack of detailed line items in a half-year doesn’t mean the work isn’t being done, it just means the financial reporting lags behind the operational progress.

For me, the key is what happens once La Patona is online and ore sales scale up – that’s when the real costs vs revenues picture becomes visible. Until then, it’s early-stage development spend.

I hear you, but I think you’re expecting a level of granularity these early-stage AIM miners don’t usually provide.

The £44k covers the initial ore sales reported up to YE March ’24. Beyond that, you’re not going to see tidy “monthly costs” or detailed mining expenses in the half-year accounts – because much of the early spend is capitalised as development costs, not run through the P&L. That’s standard accounting treatment in mining juniors.

It doesn’t mean “no work done” – it means the spend is sitting on the balance sheet rather than showing up as cost of sales yet. Add in the timing of sales recognition, and the numbers will always look lighter than what’s happening on the ground.

So yes, wages, bills, mining work are all being paid – they’re just not presented in the way you’re assuming. That’s why RNS operational updates are key alongside the headline financials.

That’s exactly the point – early runs often mean ore is stockpiled/tested before full processing. It’s not unusual in the ramp-up phase. Once the La Patona plant is running, those bags aren’t just sitting – they’re future cashflow.

Morning EVERYONE,

I get where you’re coming from, Ranger104uk, but I think a few things need clearing up.

The £44k revenue figure was for the year ended March 2024. Any of the 4 ore sales the company referred to may have taken place after that cut-off or are not yet recognised under accounting rules. Juniors often only book revenue when cash is received/processed, not simply when ore leaves the site.

On the costs side – you’re right that bills don’t disappear, but in early-stage mining it’s common to capitalise or defer costs (development expenses go onto the balance sheet rather than hitting the P&L straight away). That’s why the P&L can look “light.” It doesn’t mean no work was done.

Also worth remembering – the mine was only active for a short period early in the reporting window. Those first runs are more about test production/stockpiling than commercial scale.

So yes, accounts could have had more colour, but to say it looks like “no work has been done” is misleading!! The reality is we’re still in a transition phase into proper production – the real numbers should show up in future updates/RNS.

DYOR as always, but I see this as part of the early journey rather than a red flag.

Nice dip today – picked up a few more. Feels like a gift from the market makers.

Over 1 million buys are showing up late – classic MM strategy. I think they hold back big buys in real time because they don’t want to trigger a rush of buying. Watching these moves gives you a real sense of the flow behind the market.

We should also see a few TR1 increases in the coming days. It’ll be interesting to see who is picking up shares and in what size. Could a new major holder emerge via TR1?

Looking forward to the RNS for more clarity – this could be an exciting few days/weeks.

I think this stock is being overlooked.

A few key points I believe some might have missed:-

1) Two Mines + Tailings Project – Bonanza & Morrocota mines (together over 51,000 oz potential) + 1.8Mt Toma La Mano tailings. This gives Nativo real near-term production potential.

2) La Patona Processing Plant – Land & permits secured, reduced capex, and timeline brought forward. Once online, they won’t just process their own ore but can take feed from local artisanal miners = recurring margins.

3) Financing Restructured – The €10m Eurobond converted into a 0% loan note maturing 2032 + Spartan loan extended to 2028. Interest burden is slashed, giving them breathing room.

4) New Team in Peru – Building a professional ops team locally. Essential for actually executing.

5) Gold + Bitcoin Strategy – They’ve adopted a Bitcoin treasury policy alongside gold assets. Could attract fresh investor interest given both gold & BTC are trending as “hard assets.”

Yes, there are still risks – this is AIM, and at this market cap, you’re paying pennies for assets that could be producing within 12 months. If they hit cashflow from Bonanza/Morrocota + La Patona, this re-rates fast.

Not advice, just my view – DYOR as always. For me, the risk/reward is very interesting going into 2026!!

This has now become my biggest holding!

GLA!

51,000oz potential across Bonanza + Morrocota, tailings project ready, AND their own plant in the works.

Debt sorted, Bitcoin + gold strategy in place.

All this at today’s crazy low mcap.

2025 = production + cashflow !!!

Hi EGTP,

I’m good, thanks! How’s life treating you? Do you have a position in this one?

This is huge news! It clears away major uncertainty. Funding is secured and gold is at an all-time high. This looks set to reach 1p quickly, and once the warrants are exercised, it could push to 2p. IMHO!!!!

GREAT NEWS!

Im feeling VERY relaxed.

This will FLY from TODAY!!!!!

TIME TO LOCK IN!!!!

I’m adding here almost every day!

Yes, there is risk, but as far as I’m concerned, the reward far outweighs it.

GLA!

Good morning, Freddy,

China is hungry for progress and willing to invest heavily if it gives them a competitive edge.

This company is led by people with a strong business mindset. From what I can see, the management is genuinely focused on building a profitable enterprise — exactly as it should be.

That’s why I believe our investment here has the potential to perform very well.

GL

Great to see you, Freddy. I hope you’re doing well. You’ve made a really good choice investing here — wishing you the best of luck.

Great to see this moving up. Anyone who bought at the lows and held, believing the company would eventually turn things around, truly deserves the reward. For me, it was simple, Prof Adam holding a big position. He’s one of the very few genuine and honest people on AIM.

Investing is how you make big money. Day trading in and out is mentally exhausting, and you often miss the big moves. Find a stock with a clear positive trajectory — a bullish chart — and keep adding until you reach your target. Then take half off the table and hold the rest for the next target and then sell half again.

I’m not selling — I’ll keep adding until it hits my target.

GLA!

iceman

@Catchingpigeons

I hold ACUT shares in both my IG and TradeZero accounts. IG.com is user-friendly, especially if you’re not trading US stocks.