Ora Banda Mining climbs after reporting growth in minerals exploration
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The news: Shares in Western Australia-based gold producer Ora Banda Mining rallied in morning trade after the company increased the mineral resource estimate (MRE) at its Round Dam deposit by 964% to 1.33 million ounces.
Shares rose 19.53% to $1.39 at 1:54pm AEDT.
The context: The new mineral resources, totalling 25.6 million tonnes for 1,330 troy ounces, were found at the company’s round dam deposit representing a 964% increase compared to the previous year of 125 troy ounces.
This was driven by the organic growth program delivered in the first phase and is expected to continue for the remainder of FY26.
The uplift in resources drove the company’s total global resource position higher by 57%. Ora said it expects to spend $73 million on exploration in FY26, which equates to roughly 330 kilometres of drilling.
What they said: “There is no doubt of the scale of the Round Dam system noting there is significant potential to find more mineralisation along strike and at depth, supporting our belief in the ability to deliver rapid resources upgrades through our ongoing growth programs,” Ora Banda managing director Luke Creagh said.
The source: ASX
