Highlights

  • Ore Resources announced a maiden Mineral Resource Estimate of 2.8 million tonnes grading 1.7 g/t gold for approximately 153,200 ounces at Miriam.
  • The estimate includes approximately 53,370 ounces classified as Indicated and 99,830 ounces classified as Inferred, alongside a separate conceptual Exploration Target.
  • The company held approximately AUD 3.81 million in cash at 30 September 2026, with an estimated funding runway of 1.4 quarters.

Ore Resources Limited (ASX:OR3) is an Australian mineral exploration company focused on gold and lithium opportunities in Western Australia's Eastern Goldfields. Its portfolio includes the Miriam, Avoca and Burbanks gold prospects near Coolgardie and Kalgoorlie, alongside the Kangaroo Hills lithium project. On 28 October 2026, the company announced its maiden gold Mineral Resource Estimate at Miriam, establishing a defined mineral inventory that could support further exploration and technical assessment.

What Does the Maiden Miriam Gold Resource Establish?

Ore Resources reported a maiden Mineral Resource Estimate of approximately 2.8 million tonnes grading 1.7 grams per tonne gold, containing 153,200 ounces.

The estimate was calculated using a 0.5 g/t gold cut-off and incorporates drilling information from the Miriam project area.

Of the total inventory, approximately 0.94 million tonnes grading 1.8 g/t gold were classified as Indicated, containing around 53,370 ounces.

The remaining 1.86 million tonnes grading approximately 1.7 g/t gold were classified as Inferred, containing around 99,830 ounces.

For Ore Resources (ASX:OR3), the maiden estimate represents an important exploration milestone, converting previously investigated mineralisation into a formally reported Mineral Resource.

However, a Mineral Resource does not establish an economically viable Mining operation or confirm that commercial gold production will occur.

How Does the Exploration Target Differ From the Resource?

Alongside the maiden Mineral Resource, the company outlined a broader Exploration Target for the Miriam project.

The target comprises approximately 4.55–5.8 million tonnes grading 1.4–2.3 g/t gold, representing a conceptual range of 200,000–400,000 ounces.

Unlike a Mineral Resource, an Exploration Target reflects geological potential that requires further investigation.

Its quantity and grade remain conceptual, and additional exploration may not establish a Mineral Resource within the stated range.

For Ore Resources (ASX:OR3), the Exploration Target identifies areas that could Warrant additional drilling to investigate potential mineralisation extensions.

Future work will need to establish geological continuity, grade distribution and confidence levels before any additional resources can be reported.

Gold Exploration Continues Across the Eastern Goldfields

The company maintains several exploration interests around Coolgardie and Kalgoorlie, including Miriam, Avoca and Burbanks.

During 2026, Ore Resources expanded its regional exploration footprint and progressed technical investigations across selected prospects.

At Avoca, an aircore drilling programme was undertaken to investigate prospective geological targets, with assay results expected during the December 2026 quarter.

Additional reverse-circulation drilling has also been proposed at selected gold prospects.

These activities are intended to identify further mineralisation and improve the geological understanding of existing targets.

For Ore Resources (ASX:OR3), the results could influence future exploration priorities and the allocation of available capital.

Nevertheless, exploration results remain uncertain until drilling and laboratory analysis provide sufficient supporting evidence.

Kangaroo Hills Lithium Project Adds a Second Development Focus

Alongside its gold exploration activities, Ore Resources continues evaluating the Kangaroo Hills lithium project.

During the September 2026 quarter, the company reported a maiden Mineral Resource Estimate of approximately 3.10 million tonnes grading 1.01% lithium oxide.

A preliminary scoping study also assessed a potential direct-shipping-ore development pathway.

The study provides an initial framework for considering project development Options but does not constitute a final Investment decision.

Further approvals, funding arrangements and technical assessments would be necessary before any commercial operation could proceed.

For Ore Resources (ASX:OR3), maintaining both gold and lithium programmes creates opportunities across different commodities while increasing the need to prioritise exploration expenditure.

FY2026 Financial Performance and September Cash Position

Ore Resources reported a statutory net loss of approximately AUD 3.49 million for FY2026.

At 30 June 2026, total Assets stood at approximately AUD 36.7 million, compared with liabilities of around AUD 1.16 million.

The company held approximately AUD 3.81 million in cash at 30 September 2026.

During the September quarter, exploration and evaluation expenditure totalled approximately AUD 2.25 million, while net operating cash outflows were approximately AUD 394,000.

The quarterly Cash Flow Statement indicated an estimated funding runway of approximately 1.4 quarters based on the relevant expenditure measures.

For Ore Resources (ASX:OR3), this highlights the importance of managing exploration commitments and securing sufficient Capital for future programmes.

Additional equity financing, asset transactions or Partnership arrangements may be considered, although their availability and terms remain uncertain.

What Risks Could Affect Miriam's Development Potential?

Approximately 65% of the maiden Miriam gold resource is classified as Inferred, reflecting a lower level of geological confidence than the Indicated component.

Additional drilling would be required to improve resource confidence and assess possible extensions.

The project has not established an Ore Reserve, and further technical and economic studies would be necessary before development feasibility could be determined.

Funding requirements also remain significant because the company has multiple exploration programmes and no established mining revenue.

For Ore Resources (ASX:OR3), future progress will depend on drilling results, gold and lithium market conditions, exploration costs and access to capital.

What Could Shape the Next Exploration Phase?

The December 2026 quarter is expected to include further assay results and exploration activity across the company's gold portfolio.

Additional drilling at Miriam and surrounding prospects could provide information relevant to future resource assessments.

The company may also continue evaluating development options at Kangaroo Hills, subject to technical outcomes and financing conditions.

For Ore Resources (ASX:OR3), the immediate priority is to build geological confidence while balancing the cost of further exploration against its available funding.

Key Insights

Ore Resources' maiden Miriam Mineral Resource establishes a defined gold inventory of 153,200 ounces, providing a foundation for further exploration and technical evaluation. However, most of the resource remains Inferred, while the separate Exploration Target is conceptual. Continued drilling, resource confidence and funding availability will determine the next stage of project assessment.