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Ora Banda Mining Announces Annual Mineral Resource and Ore Reserve Statement for Davyhurst Gold Project
Ora Banda Mining announced its Annual Mineral Resources and Ore Reserves Statement update as at 1 April 2026 marking a significant strengthening of the Davyhurst Gold Project inventory base. The Total Mineral Resource Estimate is 56.5 Mt @ 2.0 g/t for 3.69 Moz, a 75% increase of 1.58 Moz from 1 July 2025. The Round Dam Open Pit Mineral Resource increased 964% to 25.4 Mt @ 1.6g/t for 1,330 Koz, up from 125 Koz. The Waihi Open Pit and Underground Mineral Resource increased 114% to 7.3 Mt at 2.1 g/t for 482 Koz, up from 225 Koz. The Riverina Underground Mineral Resource increased 18% to 8.7 Mt at 2.5 g/t for 689 Koz, up from 586 Koz. The Sand King Underground Mineral Resource increased 4% to 3.9 Mt at 2.9 g/t for 363 Koz, up from 348 Koz. Indicated & Measured increased 27% to 223 Koz from 176 Koz. A maiden Mineral Resource Estimate for Little Gem is scheduled to be delivered in the first half of Fiscal Year 2027. The Total Ore Reserve Estimate increased 159% to 8.4 Mt at 2.3 g/t for 610 Koz, net of mining depletion of 80 Koz to 1 April 2026. The Ore Reserve base now comprises five principal mining sources across the Davyhurst Gold Project: Waihi Underground, Waihi Open Pit, Round Dam Open Pit, Sand King Underground and Riverina Underground, together with low-grade in-situ material and existing stockpiles. Central Davyhurst area Ore Reserves total 4.7 Mt at 2.2 g/t for 332 Koz, including the maiden Waihi Underground Ore Reserve of 825 kt at 3.8 g/t for 101 Koz and the maiden Round Dam Open Pit Ore Reserve of 3.7 Mt at 1.9 g/t for 223 Koz. Sand King Underground Ore Reserve increased 49% to 1.24 Mt at 3.2 g/t for 125 Koz, supported by resource conversion drilling, positive grade reconciliation and improved geological confidence. Riverina Underground Ore Reserve increased to 844 kt at 3.7 g/t for 100 Koz, demonstrating continued growth of the underground reserve base. The Company invested approximately $75 million in drilling activities in Fiscal Year 2026, completing more than 310,000 metres of reverse circulation and diamond core drilling. Mineral Resources increased by 75% (1.58 Moz) to 3.69 Moz from 2.11 Moz and Ore Reserves increased by 159% to 610 Koz, from 236 Koz (including low-grade material and stockpiles). A further 340,000 metres of drilling is planned for Fiscal Year 2027 (excluding grade control drilling), supporting continued resource conversion, reserve growth and future development opportunities. Key focuses for this drilling programme are extensions to known mineralisation at Round Dam, Little Gem and Sand King. The Company delivered a +1.3 Moz Mineral Resource at Round Dam, materially improving the scale, diversity and development flexibility to underpin the future at Davyhurst. The standout contribution came from Round Dam, where successful exploration and resource definition drilling delivered a +1.3 Moz Mineral Resource and a maiden 223 Koz Ore Reserve, demonstrating the potential for rapid discovery to resource to reserve conversion across the Company’s tenement holding. The Company’s commitment to resource growth remains strong. The Ore Reserve Estimate is current as at 1 April 2026. The Ore Reserve was estimated from economic practical mining envelopes following the application of modifying factors for mining dilution and ore loss. For the underground mine Ore Reserve, dilution skins were applied to the Mineral Resource estimate. Dilution was included at the background grade estimated into the model. The Riverina, Sand King and Waihi dilution was estimated to be 51%, 23% and 29% respectively and includes planned and unplanned dilution reflecting practical mining shapes for the defined mineralisation geometry. Mining recovery for Riverina, Sand King and Waihi were estimated to be 83%, 82% and 82% respectively. The underground mine Ore Reserve was estimated for Riverina, Sand King and Waihi using cut-off grades of 2.5 g/t, 2.4 g/t and 2.2 g/t, respectively. The cut-off grades were based on a gold price of AUD 2,500/oz. Costs used in the cut-off grade calculation allow for ore haulage, processing, site and corporate overheads and royalties. Process recoveries are specific to the location with process recoveries for Riverina, Sand King and Waihi estimated to be 88%, 87% and 90%, respectively, based on metallurgical test work. The recovery performance through the Davyhurst plant, from processing Riverina and Sand King ores, was 92% in Fiscal Year 2026 to end of March 2026. For the Waihi and Round Dam open pit Ore Reserves, dilution skins were applied to the undiluted Mineral Resources. The method also included internal and edge planned and unplanned dilution resulting from forming practical mineable shapes. The average dilution at Waihi and Round Dam was estimated to be 27% and 20% respectively. Dilution was incorporated in the estimate at the background grades in the block model. The average grade of dilution for Waihi and Round Dam was 0.16 g/t and 0.11 g/t respectively. Ore loss was incurred in the Auto Stope Designer (ASD) DeswikTM process due to variation between mineralised lode geometry and practical dig block geometry. In addition, a nominal 5% loss was applied for further mining losses occurring through normal operations. The open pit Ore Reserve was estimated for Waihi and Round Dam using cut-off grades of 1.2 g/t at AUD 2,400/oz and 0.7 g/t at AUD 3,600/oz, respectively. Low Grade material within the Ore Reserve for Waihi and Round Dam open pits were estimated using cut-off grades of 0.8 g/t at AUD 3,400/oz and 0.5 g/t at AUD 5,000/oz, respectively. Costs used in the cut-off grade calculation allow for ore haulage, processing, site overheads and selling costs. A weight average processing recovery for Waihi and Round Dam ores of 90% and 95%, respectively for oxide, transition and fresh. The economic mining envelope at Waihi also considered the cost of disposal of existing in-pit tailings. The Inferred Mineral Resource within the mining envelope was considered as waste when defining limits of the mining envelopes; however, minor inclusion of Inferred material occurs as a result of inherent in practical mining shapes within the Underground mines and is not relied upon for economic extraction. Inferred material within the Underground mine portion of the Ore Reserve was estimated at approximately 2% of ounces at 2.3 g/t.
