Nativo Resources (AIM:NTVO) published a benchmark study and ore-supply market analysis on Thursday, comparing its proposed La Patona gold processing plant in Peru's Caravelí region against five operating peers in the country's artisanal and small-scale mining sector.
The London-listed precious metals company holds gold mining and processing interests in Peru, and La Patona is designed as an ore-purchasing, asset-light plant that buys and processes third-party ore rather than mining its own.
The benchmark study, internally generated by Nativo, points to 10-13% operating margins achieved at scale by comparators including TSX-listed Dynacor, which generated $397.6m revenue at a 12.4% gross margin in 2025, and privately held Paltarumi, which runs a 350 tonnes-per-day plant in the same Caravelí belt generating roughly $268m revenue at an 11.6% EBITDA margin.
La Patona's full build targets the same 350 tpd scale as Paltarumi, phased up from an initial 70 tpd, with Nativo citing feed security from its own ore as a structural advantage over peers reliant solely on purchased supply.
The accompanying ore-supply study, based on two independent field surveys, identified an estimated 1,500 to 3,000 active small-scale producers in the plant's catchment area, and at least one producer indicating willingness to commit roughly 30 tonnes per day, though that commitment remains uncontracted and unverified by grade.
"The market is real, the benchmarks are robust, and the governance standard has been set," said chief executive Stephen Birrell, pointing to Soleil Metals' LBMA-aligned restart as the sector's current template.
The studies recommend a phased ramp-up anchored in prompt payment and a local ore-collection centre, as Nativo looks to progress La Patona into construction.
News Intelligence what this means for the company
Nativo published internal benchmarking and ore-supply studies supporting La Patona's economics and phased build strategy, comparing the proposed 350 tpd plant to five operating Peruvian processors including Dynacor (12.4% gross margin on $397.6m 2025 revenue) and Paltarumi (11.6% EBITDA margin). The ore-supply survey identified 1,500–3,000 active small-scale producers in the catchment area, though a claimed 30 tpd commitment from one producer remains uncontracted and unverified by grade. This is a pre-construction validation exercise; Phase 1 is costed at US$2.03m, and the company holds only US$1.81m cash as of end-2025, so funding and execution risk remain material.
The benchmarks and ore-supply data support La Patona's viability thesis but do not materially de-risk the project: peer margins of 10–13% are achievable but depend on execution, and the ore-supply commitment is uncontracted. The company's cash position (US$1.81m) is less than half the Phase 1 capex, leaving funding as the binding constraint before construction can proceed.
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