Nativo Resources PLC (AIM:NTVO) shares fell 5% to 0.3p after it reported some delays but said progress with "operational readiness" at the Bonanza gold mine in Peru, with temporary mine access now established and underground sampling underway.
Recent modifications to the Peruvian government's processes have required a re-application for explosives permits.
Laboratory backlogs have delayed the final geological report to February 2026, although Nativo said this will not affect the mining restart.
Early mining will begin at existing developed blocks, with additional sampling and mapping continuing across the Tesoro concession.
A mining contractor is expected to be appointed next week following a competitive tender process, with site mobilisation targeted for January 2026. The company said the delay was primarily due to Christmas scheduling and high demand for mining labour in Peru.
Chief executive officer Stephen Birrell said: “Preparations to re-open the Bonanza Mine continue to advance, despite industry-wide labour tightness and minor delays in laboratory workflows.”
Upgrades to the central camp are also ongoing, with accommodation capacity doubling and key infrastructure including sanitation, communications and storage facilities being installed ahead of operations.
Sampling results so far suggest further upside potential in areas such as Zona Central and Zona Este, where additional veins may support future small-scale production.