Highlights

• Ordell Minerals reported shallow and deeper gold intercepts at Barimaia and said cash was A$6.

• Ordell Minerals Limited said in its September 2026 quarterly report that it is targeting a maiden Mineral Resource.

• At Goodia, near Norseman, the company has drilled a maiden air-core programme of about 2,800 metres testing gold.

• Alongside the maiden resource, Ordell plans metallurgical testwork, geotechnical drilling, pit optimisation, waste landform design and groundwater and.

Ordell Minerals (ASX:ORD) — reported shallow and deeper gold intercepts at Barimaia and said cash was A$6.4m at 30 September 2026, with a runway of 3.5 quarters.

Ordell Minerals Limited said in its September 2026 quarterly report that it is targeting a maiden Mineral Resource Estimate for the McNabs East deposit at its Barimaia gold project near Mount Magnet in Western Australia during the December 2026 quarter. The company released further drilling results from the deposit and said it is progressing mine technical studies through to the first half of 2027. A resource estimate is a prerequisite for those studies but is not itself a decision to mine.

Barimaia drilling results

Barimaia is Ordell's main focus, and the company holds an 80.3 per cent interest, shown as 80 per cent in the tenement schedule. During August and September 2026 it completed 122 infill reverse circulation holes at McNabs East totalling 8,625 metres. Shallow intercepts included 32 metres at 1.65 grams per tonne gold from 31 metres in hole 26BARC329 and 19 metres at 2.70 grams per tonne from 40 metres in hole 26BARC330.

The company also completed 13 extensional diamond holes for 1,388 metres. Highlights were 17.4 metres at 1.49 grams per tonne from 220.3 metres in hole 26BADD044 and 6.5 metres at 3.14 grams per tonne from 213 metres in 26BADD036. Ordell said mineralisation remains open down dip and down plunge to the east. These are drilling intercepts, not a resource, and the true widths are not stated in the report.

At the nearby Furnace prospect, first-pass drilling returned 4 metres at 2.47 grams per tonne from 82 metres in hole 26BARC311. Results are still pending from about 80 infill reverse circulation holes and 125 air-core holes totalling 6,500 metres that target new granodiorite and felsic intrusions.

Other projects

At Goodia, near Norseman, the company has drilled a maiden air-core programme of about 2,800 metres testing gold anomalies GD1 to GD3 and the Goodia East anomaly, but no assay results were reported. At Fisher South in the Laverton district, Ordell plans resampling, strike-extension infill drilling and wider-spaced air-core drilling to the north and north-west over the 12 months to June 2027.

Cash and funding

Cash at 30 September 2026 was A$6.4m, down from A$8.2m at the end of June. Operating outflow was A$1.806m, of which A$1.582m was exploration, A$124,000 was staff costs and A$175,000 was administration, with related-party payments of A$105,000. The company raised no equity in the quarter and has no undrawn facilities. The Appendix 5B funding runway is 3.5 quarters, above the two-quarter level that triggers extra disclosure.

The use-of-funds table shows that actual spending at Barimaia, A$7.143m, is well above the A$2.263m allocated in the prospectus, and spending at Fisher South and on administration also exceeded allocations. The report marks the remaining balance as not applicable for those items.

Ordell has about 75.7 million fully paid ordinary shares on issue, plus 20.7 million unquoted options and performance rights. The company gave a market capitalisation of A$39.4m at 30 September. Substantial holders include the board and management at about 9.0 per cent, Genesis Minerals at 7.9 per cent and Lowell Resources Fund at 7.6 per cent.

Next milestones and risks

Alongside the maiden resource, Ordell plans metallurgical testwork, geotechnical drilling, pit optimisation, waste landform design and groundwater and water balance work. A licence application for ten bores has been lodged, and the company is preparing a Mining Development and Closure Proposal and a clearing permit application. In the December quarter it also plans further extension drilling at McNabs East and follow-up of air-core anomalies.

The principal risks are that the resource estimate, studies and permits may not support a development case, that pending drill results may be weaker than those released, and that the existing cash balance will need to be supplemented for a sustained programme beyond the stated runway.