Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has delivered a major expansion of its Davyhurst Gold Project inventory, lifting mineral resources by 75% to 3.69 million ounces and ore reserves by 159% to 610,000 ounces.
The updated mineral resource estimate stands at 56.5 million tonnes at 2.0 g/t gold, while the ore reserve totals 8.4 million tonnes at 2.3 g/t gold, net of 80,000 ounces of mining depletion to April 1, 2026.
Ora Banda said the expanded inventory strengthened the pathway towards a larger and longer-life production base at Davyhurst and supported its ambition to become a more than 300,000-ounce-per-year Australian gold producer.
Round Dam drives resource growth
Round Dam was the standout contributor, with its open-pit mineral resource increasing 964% to 25.4 million tonnes at 1.6 g/t for 1.33 million ounces.
Successful exploration and resource definition drilling also supported a maiden Round Dam open-pit reserve of 3.7 million tonnes at 1.9 g/t for 223,000 ounces.
The Waihi open-pit and underground resource increased 114% to 7.3 million tonnes at 2.1 g/t for 482,000 ounces, including a maiden underground reserve of 825,000 tonnes at 3.8 g/t for 101,000 ounces.
Central Davyhurst reserves now total 4.7 million tonnes at 2.2 g/t for 332,000 ounces, comprising Waihi Underground, Waihi Open Pit and Round Dam.
Change to company MRE ounces.
Underground mines add further ounces
The Riverina underground resource increased 18% to 8.7 million tonnes at 2.5 g/t for 689,000 ounces, while its reserve rose to 844,000 tonnes at 3.7 g/t for 100,000 ounces.
At Sand King, the underground resource increased 4% to 3.9 million tonnes at 2.9 g/t for 363,000 ounces.
Measured and indicated resources at Sand King rose 27% to 223,000 ounces, while the underground reserve increased 49% to 1.24 million tonnes at 3.2 g/t for 125,000 ounces.
The overall reserve base now includes five principal mining sources: Waihi Underground, Waihi Open Pit, Round Dam Open Pit, Sand King Underground and Riverina Underground, alongside low-grade material and stockpiles.
Exploration investment delivers rapid conversion
Ora Banda invested about $75 million in drilling during FY2026, completing more than 310,000 metres of reverse circulation and diamond drilling.
Managing director Luke Creagh described the update as a “step-change result”, saying the program had materially strengthened the Davyhurst production platform.
“Our ability to discover new deposits, develop them into mines and keep growing them in rapid time is setting us apart and gives us a clear line of sight to our goal to become Australia’s next plus 300,000oz gold producer,” he said.
What’s ahead
Ora Banda plans a further 340,000 metres of exploration and resource development drilling in FY2027, excluding grade control drilling.
The program will focus on extending known mineralisation at Round Dam, Little Gem and Sand King, while a maiden mineral resource estimate for Little Gem is scheduled for the first half of FY2027.