Ora Banda Mining achieves bumper ‘tenfold’ resource growth at Round Dam

Ora Banda Mining (ASX:OBM) has obtained a 964% increase at the Round Dam deposit in the eastern goldfields of Western Australia, with Round Dam now estimated to contain 25.6 million tonnes at 1.6 grams per tonne for 1.33 million ounces, dramatically up from the previous resource estimate of 125K ounces.

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The uplift has increased Ora Banda’s global resource position by 57%, to 3.3Moz, with further resource updates planned for other deposits mid-CY26.

“This fantastic result is testimony to the expertise and hard work of our exploration and resource development teams, who continue to deliver outstanding results with our $73 million FY26 exploration budget,” said managing director Luke Creagh, who added that the increase follows the first phase of an organic growth program that is set to continue throughout the remainder of FY26.

“There is no doubt of the scale of the system, noting there is significant potential to find more mineralisation along strike and at depth, supporting our belief in the ability to deliver rapid resource upgrades through our ongoing organic growth programs.

“We are incredibly excited by the potential of Round Dam to become a substantial mining operation, as the company continues to advance its study work into the construction of a standalone 3M tonnes per annum processing facility at Davyhurst.”

All of the Round Dam resource is considered suitable for open pit mining and has been calculated with open pit shells that are cash-flow positive at A$5,000/oz, using a cut-off grade of 0.3 grams per tonne.

The Round Dam trend extends for over 1 87km from Salmon Gums South in the south to north of Waihi, and presents as a highly prospective corridor, with only the southern half of the trend tested to date.

It also remains open along strike and at depth, with Ora Banda drilling for both resource extension and category conversion ongoing.

The bulk of drilling in FY26 was at the Walhalla area and has materialised into a significant increase in resource of 1.07M ounces, while growth at the Salmon Gums area is 146K ounces, with further drilling planned.

OBM is up +15.5%, to $1.35. Mkt cap $2.240B.

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