Highlights

  • Round Dam Mineral Resource increased by 964% to 1.33 million ounces, following drilling programs completed up to January 2026.
  • Ora Banda’s total global Mineral Resources have grown 57% to 3.3 million ounces.
  • The Round Dam deposit resource stands at 25.6Mt at 1.6g/t gold, with all resources considered suitable for open pit mining.

Ora Banda Mining Ltd (ASX:OBM) shares climbed sharply on Wednesday after the company announced a significant increase in the Mineral Resource Estimate at its Round Dam deposit in Western Australia. The update follows an extensive drilling campaign and forms part of the company’s organic growth program across its Davyhurst operations.

The new resource estimate outlines 25.6 million tonnes at 1.6 grams per tonne gold for 1.33 million ounces, representing a 964% increase from the previous estimate of 125,000 ounces. The updated figure has also lifted Ora Banda’s global Mineral Resource base to 3.3 million ounces.

At the time of writing, the company’s shares were trading at AUD 1.370, up AUD 0.205 or 17.6%, significantly outperforming the broader market.

Round Dam Resource Expands Following Drilling Program

Ora Banda Mining reported that the Round Dam Mineral Resource now totals 25.6 million tonnes at 1.6g/t gold for 1.33 million ounces.

The updated estimate includes:

  • 7.2Mt at 1.8g/t for 408,000 ounces in the Indicated category
  • 18.2Mt at 1.6g/t for 922,000 ounces in the Inferred category

The company stated that the entire resource has been assessed within open pit shells that are considered cash-flow positive at AUD 5,000 per ounce, using a 0.3g/t cut-off grade.

Drilling data used in the estimate includes results up to the end of January, while further drilling programs are continuing to extend the resource and convert inferred material to higher confidence categories.

Exploration Along the Round Dam Trend

The Round Dam deposit forms part of an extensive mineralised corridor running north–south across the project area. The trend extends from Waihi in the north to Salmon Gums in the south, covering an exploration corridor where multiple historical deposits and prospects have been identified.

Initial drilling commenced in February 2025, targeting areas between Federal Flag and Walhalla North. The first program included 54 drill holes for 9,792 metres and focused on the Greater Walhalla area.

Subsequent drilling phases expanded the program significantly, with 257 holes comprising 241 reverse circulation holes and 16 diamond drill holes for a total of 48,845.3 metres. These campaigns targeted the Walhalla deposits before extending further south into the Greater Salmon Gums area, including Salmon Gums, Macedon and Mount Banjo.

Results from the Walhalla drilling contributed substantially to the overall resource growth, with approximately 1.07 million ounces added through this work.

Additional Growth Potential Identified

Drilling within the Greater Salmon Gums area has outlined mineralisation extending from Salmon Gums South to Mount Banjo. Current resources defined within this area total 146,000 ounces, with several open pit optimisation shells developed over the most extensively drilled sections.

Between these zones, mineralisation has been intersected in limited drilling but remains largely unclassified and excluded from the current optimisation models.

The broader Round Dam trend extends over more than 18 kilometres, although only parts of the southern section have been tested in detail to date. Northern sections remain underexplored due to cover of up to 50 metres, though historical drilling has reported intercepts including:

  • 7.0m at 8.8g/t gold
  • 4.0m at 5.6g/t gold
  • 2.0m at 20.2g/t gold

Further drilling is planned to assess these areas.

Share Price and Market Snapshot

Crucial Financial Metrics

  • Share Price: AUD 1.370
  • Daily Change: +AUD 0.205 (+17.6%)
  • Market Capitalisation: AUD 2.33 billion
  • Trading Volume: 4,372,924 shares
  • Bid–Offer Range: AUD 1.365 – AUD 1.370

The broader S&P/ASX 200 index was trading at 8,735.00, up 42.40 points (0.49%) at 12:20 pm on 11 March.

Exploration Investment Planned for FY26

Ora Banda has allocated AUD 73 million for exploration in FY26, with drilling planned across multiple deposits within its portfolio.

The budget is expected to support approximately 330 kilometres of drilling, targeting both resource expansion and new discoveries along the broader mineralised trend.

Additional resource updates for other deposits within the company’s project portfolio are scheduled for release in mid-2026.

The updated Mineral Resource Estimate at Round Dam marks a significant increase in contained gold ounces following drilling programs conducted across the Walhalla and Salmon Gums areas. With the deposit remaining open along strike and at depth, further drilling campaigns are underway to expand the resource and upgrade classification categories. The update has also increased Ora Banda Mining’s overall Mineral Resource inventory to 3.3 million ounces as exploration activities continue across its Western Australian operations.

Frequently Asked Questions (FAQs)

  1. Why did Ora Banda Mining shares rise?

Ora Banda Mining shares increased after the company reported a 964% expansion in the Round Dam Mineral Resource, which now totals 1.33 million ounces of gold.

  1. What is the total gold resource at Round Dam?

The Round Dam deposit now hosts a Mineral Resource of 25.6 million tonnes at 1.6g/t gold, containing 1.33 million ounces.

  1. How much exploration spending is planned by Ora Banda?

The company has allocated AUD 73 million for exploration in FY26, supporting approximately 330 kilometres of drilling across its projects.