Ora Banda Strikes 1.3Moz Gold Milestone as Round Dam Discovery Reshapes Davyhurst Project

Key Highlights:

• Ora Banda Mining Ltd expands Round Dam resource to 1.33 million ounces of gold
• Discovery lifts Davyhurst project inventory to 3.3 million ounces, up 57 percent
• Round Dam resource grows nearly tenfold with a 964 percent increase
• Company planning 3Mtpa processing plant as exploration ramps up
• Shares jump to $1.39, up 19.3 percent on the ASX
  
   

Gold exploration stories rarely unfold overnight. But every now and then, a discovery shifts the narrative.

That appears to be the case for Ora Banda Mining (ASX: OBM) after the company announced a dramatic resource upgrade at its Round Dam deposit in Western Australia.

The latest estimate shows the deposit now hosts 1.33 million ounces of gold, marking a near tenfold increase from earlier assessments and transforming the scale of the discovery.

For the broader Davyhurst Gold Project, the update pushes total resources to 3.3 million ounces, representing a 57 percent increase in the company’s overall inventory. 

On the market, the update triggered a strong reaction. Ora Banda shares surged 19.3 percent to $1.39, with trading volumes climbing sharply as investors digested the significance of the discovery.

Source: MarketIndex 

A tenfold resource expansion

The numbers behind the announcement are striking.

The Round Dam Mineral Resource Estimate has increased by 964 percent, taking the deposit to 25.6 million tonnes of ore grading 1.6 grams per tonne of gold. 

Within that total, the company reported:

• 408,000 ounces in the Indicated category at 1.8 g/t
• 922,000 ounces in the Inferred category at 1.6 g/t
  
   

The entire resource is considered suitable for open pit mining, which is typically less expensive than underground extraction and easier to scale during the early stages of development.

The estimate was calculated using a gold price assumption of A$5,000 per ounce, with a cut-off grade of 0.3 g/t, reflecting current market conditions where gold prices remain elevated. 

For context, gold recently traded near A$5,200 per ounce, highlighting why exploration success in Australia’s goldfields is attracting renewed attention across the mining sector.

A new cornerstone for Davyhurst

The discovery significantly strengthens the outlook for the Davyhurst Gold Project, located near Kalgoorlie in Western Australia’s prolific gold belt.

Davyhurst already hosts several deposits and an operational processing plant. With Round Dam now emerging as a major contributor, the project’s long-term production potential has expanded considerably.

To support future growth, the company is advancing studies for a standalone processing facility capable of handling 3 million tonnes of ore per year. 

If developed, such infrastructure could unlock additional deposits across the broader tenement package.

Luke Creagh – Managing Director, Ora Banda Mining

“The Round Dam resource update is a significant milestone for Ora Banda and highlights the scale of the opportunity within the Davyhurst project area. The near tenfold increase in the Round Dam Mineral Resource to 1.33 million ounces demonstrates the strength of our geological model and the effectiveness of our exploration strategy.”

“Importantly, this growth has been delivered while the deposit remains open along strike and at depth, and we believe there is considerable potential for further resource expansion as drilling continues.”

Exploration still in early stages

Despite the dramatic resource growth, management believes exploration is still in the early phases.

The Round Dam mineralised trend stretches roughly 18 kilometres, yet drilling so far has focused mainly on the southern half of the structure. 

Geologists say the deposit remains open along strike and at depth, meaning additional discoveries could extend the resource further.

To accelerate exploration, the company has allocated $73 million for drilling and exploration programs in FY2026, covering roughly 330 kilometres of drilling across the project area. 

Such budgets are typically associated with companies transitioning from exploration to large-scale development.

Gold’s renewed momentum

The announcement comes at a time when global gold markets are regaining momentum.

Heightened geopolitical tensions and uncertainty around global interest rates have pushed investors back toward traditional safe-haven assets.

According to industry analysts, gold demand has surged during recent periods of market volatility, helping prices approach record levels in Australian dollar terms.

Against that backdrop, discoveries like Round Dam carry greater economic significance.

When gold prices rise, deposits previously considered marginal can suddenly become highly profitable.

What comes next

For Ora Banda, the next phase will focus on converting more of the resource into higher-confidence categories while expanding the deposit footprint.

Additional resource updates for nearby deposits are expected later in 2026, which could further increase the company’s total inventory.

If exploration continues to deliver, the Davyhurst project could evolve into one of Western Australia’s more significant emerging gold hubs.

For now, the latest results mark a turning point.

What began as a modest discovery has grown into a million-ounce cornerstone asset, placing Ora Banda firmly on the radar of Australia’s gold sector.

Source: Ora Banda Mining ASX announcement, Market Data,  March 2026.