Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF, FRA:M6N) has more than doubled its gold Ore Reserve base and lifted total mineral resources to 3.57 million ounces following major updates at the Waihi and Round Dam deposits within its Davyhurst Gold Project in Western Australia.
The company’s total Mineral Resource Estimate now stands at 54.8 million tonnes at 2.0 g/t gold for 3.57 million ounces, representing an increase of 1.46 million ounces since July 2025. Total Ore Reserves climbed 136% to 7.8 million tonnes at 2.2 g/t for 555,000 ounces.
The growth was led by Round Dam, where the open pit resource increased 964% to 25.6 million tonnes at 1.6 g/t for 1.33 million ounces, up from 125,000 ounces previously. Waihi’s combined open pit and underground resource also rose 114% to 482,000 ounces.
Ora Banda said the updates significantly strengthened the long-term outlook for the Davyhurst operation, which already includes the Riverina and Sand King underground mines and the 1.2-million-tonne-per-annum (Mtpa) Davyhurst processing plant.
ORE Deposit locations.
Waihi underground reserve adds higher-grade growth
Ora Banda declared a maiden underground Ore Reserve at Waihi of 825,000 tonnes at 3.8 g/t gold for 101,000 ounces. Included within that is the higher-grade Golden Pole lode containing 254,000 tonnes at 5.0 g/t for 41,000 ounces.
The company said the underground development would help unlock a broader mineralised system extending around 500 metres across strike and 900 metres along strike, which remains open.
Waihi’s broader mineral resource now totals 7.3 million tonnes at 2.1 g/t for 482,000 ounces across open pit and underground inventory.
Ora Banda said the underground reserve was based on a conservative A$2,500/oz gold price assumption designed to prioritise higher-margin ounces.
Recent drilling at Waihi has continued to expand the Golden Pole system, with the company previously flagging the potential for a third underground mining centre at Davyhurst — part of its "DRIVE to 300" growth program separately unveiled on Monday.
Regional Geology showing proximity of major regional structures to Round Dam.
Round Dam becomes major new reserve centre
Round Dam delivered the largest contribution to the overall resource growth, with the maiden open pit Ore Reserve coming in at 3.7 million tonnes at 1.9 g/t for 223,000 ounces across five pits extending over 3.6 kilometres of strike.
Including low-grade inventory, the total Round Dam reserve position stands at 233,000 ounces.
Ora Banda said the Round Dam trend remains open in all directions, supporting the potential for further resource growth. The current resource covers only the southern half of the broader 18-kilometre Round Dam trend.
The company said the maiden reserve extends Davyhurst’s overall mine life to more than five years and demonstrates consistent grade continuity across multiple deposits including Federal Flag, Walhalla and Salmon Gums.
Recent drilling completed at Round Dam has not yet been incorporated into the current resource and reserve estimates, with results expected to feed into the company’s annual update later in FY26.
Deposits along Round Dam Trend.
Larger inventory builds long-term Davyhurst outlook
The updated Ore Reserve base now includes:
- Waihi underground: 101,000 ounces;
- Round Dam open pit: 223,000 ounces;
- Waihi open pit: 14,000 ounces;
- Existing Riverina and Sand King underground reserves: 185,000 ounces; and
- Low-grade and stockpile inventory: 32,000 ounces.
Ora Banda said the Round Dam open pit reserve used a A$3,600/oz gold price assumption, while lower-grade material and stockpiles were assessed using higher long-term gold price assumptions.
The company added that all Ore Reserve estimates generated positive projected net cash flow outcomes under the assumptions used.
Ora Banda’s Davyhurst project spans more than 1,100 square kilometres in WA’s Eastern Goldfields and contains more than 140 kilometres of combined mineralised strike along the Zuleika Shear and Ida Fault corridors.
The company is also progressing additional growth opportunities nearby, with a maiden Mineral Resource Estimate for the Little Gem deposit scheduled for the first half of FY27.
GR Engineering tapped for Davyhurst expansion
Separately on Monday, engineering group GR Engineering Services Ltd (ASX:GNG) announced it had been appointed preferred contractor for Ora Banda’s planned Davyhurst Expansion Project, which aims to lift processing capacity to 3.0Mtpa.
GR Engineering said the proposed EPC contract carries an estimated value of $233 million and covers the design, procurement, construction and commissioning of the expanded process plant near Kalgoorlie. Early works and long-lead procurement activities have already commenced, with the full EPC contract expected to be executed shortly.
The appointment adds further momentum to Ora Banda’s broader growth plans as the company expands its reserve base across Waihi, Round Dam, Riverina and Sand King.
Regional map, OBM Mineral Tenements and ORE deposits.