Key Highlights

  • Initial gold Mineral Resource Estimate (MRE) at Miriam declared at 2.8Mt at 1.7 g/t Au for 153,000 contained ounces using a 0.5 g/t Au cut-off, with the flagship Forrest deposit hosting 2.69Mt at 1.7 g/t Au for 147,000 ounces.
  • 35% of the MRE classified in the higher-confidence Indicated category at 0.94Mt at 1.8 g/t Au for 53,370 ounces, with the majority of contained ounces located within 100 metres of surface and the entire resource within 220 metres of surface.
  • Exploration Target for the broader Coolgardie Gold Projects declared at 4.55 to 5.8Mt at 1.4 to 2.3 g/t Au for 200,000 to 400,000 ounces — in addition to the MRE — across Miriam regional prospects and the standalone Avoca Gold Project.
  • MRE achieved in just over 12 months from first drilling results, with the resource open along strike and at depth; drilling programs planned throughout Q4 2026 at Avoca, Mt Monger, and Miriam.

A Resource Milestone in the WA Goldfields

Ore Resources Ltd (ASX:OR3) has delivered what it describes as a substantial milestone with the declaration of an initial gold Mineral Resource Estimate at its Miriam project, part of the Coolgardie Gold Projects in Western Australia's Goldfields region. The MRE totals 2.8 million tonnes at 1.7 g/t Au for 153,000 contained ounces, and was completed in just over 12 months from the first drilling results published in September 2025 — a timeline that reflects the pace at which the company has been able to advance exploration through discovery, delineation, and resource definition.

The flagship Forrest deposit drives the bulk of the MRE, contributing 2.69 million tonnes at 1.7 g/t Au for 147,000 ounces. Mineralisation at Forrest remains open along strike and at depth, meaning the current resource boundary does not represent the full extent of what may eventually be defined. The Canyon deposit, also located within the Miriam project, contributes the balance.

Near-Surface Location and Resource Classification

One of the more commercially relevant characteristics of the Miriam MRE is the depth profile of the mineralisation. The majority of contained ounces sit within the first 100 vertical metres from surface, and the entire resource is contained within 220 metres. In Mining terms, this shallow geometry reduces the Capital intensity required to access the ore — open-pit extraction is typically more straightforward and lower-cost than underground development, at least in the early stages of a project's life.

The Indicated category accounts for 35% of total contained ounces, at 0.94 million tonnes at 1.8 g/t Au for 53,370 ounces. Indicated Resources are defined with a greater level of confidence than Inferred material, which represents the remaining 65%. A meaningful Indicated proportion at the initial resource stage provides a foundation for subsequent scoping and pre-feasibility studies, where higher-confidence material is required to support economic assessments.

Exploration Target Signals System Scale

Beyond the formal MRE, Ore Resources has also declared an Exploration Target across the broader Coolgardie Gold Projects of 4.55 to 5.8 million tonnes at 1.4 to 2.3 g/t Au for 200,000 to 400,000 ounces. This target — which is in addition to the existing MRE and is conceptual in nature — captures growth potential across a number of areas not yet advanced to the point of resource definition.

These include further extensions to the Forrest and Canyon deposits at Miriam, initial resource potential at regional Miriam prospects including Jungle, Devils Playground, and Burbanks Monarch, and the standalone Avoca Gold Project located immediately north of Miriam. Notably, the Exploration Target excludes several additional targets across the Coolgardie portfolio — Burbanks Grand Junction, Blue Bell, Aurifer, Bell Bird, Tartan, and Goroke — meaning the declared range does not represent the full potential of the project area.

Pathway to Production

Managing Director and CEO Nick Rathjen highlighted Miriam's location within trucking distance of multiple third-party processing facilities across the Kalgoorlie and Coolgardie regions as an important strategic attribute. This proximity enables Ore Resources to assess tolling or contract milling arrangements as a commercial pathway, which can offer a lower-capital route to gold production compared to constructing dedicated processing infrastructure.

The company has indicated it is actively assessing a range of commercial pathways for the MRE that could reduce development complexity and support a rapid, low-capital pathway to gold production. This kind of optionality — between toll processing, ore sales, and owner-operated processing — is a key consideration for junior gold explorers operating in the WA Goldfields.

Sector Context

The WA Goldfields around Kalgoorlie and Coolgardie represent one of the world's most infrastructure-rich gold mining districts, with established processing facilities, skilled labour, and a decades-long history of mine development. For a company with a new resource of approximately 153,000 ounces at shallow depth and near-surface access to third-party mills, the path from resource to Revenue is considerably shorter than in more remote jurisdictions.

Gold prices in 2025 and 2026 provided a favourable operating backdrop for the junior exploration sector, and the declaration of an initial resource at Miriam positions Ore Resources to access the next tier of institutional investor attention.

Risks

The current MRE is predominantly Inferred, which carries lower geological confidence and cannot support Ore Reserve declarations or detailed economic studies without further drilling. Resource growth targets captured in the Exploration Target are conceptual and may not be realised. The company's stated ambition of a rapid, low-capital production pathway depends on third-party processing access, which requires commercial negotiations with mill operators and is not guaranteed.

Drill programs planned for Q4 2026 and into Q1 2027 at Avoca, Mt Monger, and Miriam carry geological risk, and results that Fail to confirm depth extensions or strike continuity at Forrest or Canyon could moderate expectations for resource growth.

What to Watch Next

The Q4 2026 drill results from Avoca, Mt Monger, and the Miriam regional prospects — particularly the Forrest depth extension and Canyon along-strike program — will be the key catalysts. Success in converting Inferred material to Indicated and in adding ounces at or near existing boundaries would strengthen the case for scoping-level economic work. Any news on commercial pathway assessments, including toll milling discussions with nearby operators, will also provide important context on the timeline to potential first production.