Nativo Resources (AIM:NTVO) told investors it has signed an exclusive letter of intent with La Joya Mining to evaluate a gold and silver tailings recovery project in southern Peru.
The AIM-listed company, which holds gold mining and processing interests in Peru, said the deal covers La Joya's historical tailings and potential ongoing feed from its existing gold ore processing plant, which has a stated capacity of 350 tonnes per day.
Nativo and its wholly owned Peruvian subsidiary, BOKU Resources S.A.C., are conducting an independent review of the available operating and tailings data, with the letter granting exclusivity through April 2027 and a right of first refusal through July 2027.
Under the proposed structure, Nativo and BOKU would fund the design, construction and commissioning of a new plant at La Joya's site, while La Joya would contribute its tailings along with infrastructure access and site rights.
Commercial terms for the operation, based on gold production, remain to be agreed, and Nativo is carrying out due diligence at its own cost under binding access, sampling and testing provisions within the letter.
The agreement follows Nativo's stated objective of securing new tailings projects in the second half of 2026, part of a strategy that combines primary gold mining, ore processing and tailings recovery across its Peruvian portfolio.
The company is already advancing the La Patona Gold Ore Processing Plant near Acarí, which it is building in phases to process both its own and third-party ore, alongside efforts to restart underground development at its Tesoro concession.
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"La Joya is a further step in delivering the strategy we have set out to shareholders," said chief executive Stephen Birrell, adding that tailings recovery offers "the potential to create value from material that has already been mined and processed, while supporting improved environmental management of mine waste."
An independent Peruvian metallurgical consultancy has begun reviewing La Joya's historical operating records and tailings data, with initial findings expected in the fourth quarter.
Further sampling and metallurgical test work may follow depending on those findings, and Nativo said any investment decision would depend on satisfactory technical and commercial evaluation, definitive agreements, permitting and financing.
The letter of intent is largely non-binding, carrying no obligation to proceed unless definitive agreements are signed.