Orbminco Advances Majestic North Towards September Investment Decision

Resource Drilling Completes with High-Grade Potential

Orbminco Limited (ASX:OB1) has wrapped up all three stages of its resource drilling at the Majestic North Gold Project in Western Australia, reinforcing the project's geological foundation. The reverse circulation program, including infill and structural drilling, confirmed shallow, high-grade gold intersections consistent with the March 2026 Mineral Resource Estimate of 1.37 million tonnes at 1.14 g/t gold, containing approximately 50,400 ounces. This includes a higher-grade domain of 249,000 tonnes at 2.42 g/t gold for about 19,300 ounces, which underpins the company’s planned Stage 1 mining approach. Final assays from the recent drilling campaign are pending and could prompt an updated resource estimate, sharpening the project's economic profile.

Metallurgical Testwork Affirms Ore Processing Options

Phase 1 metallurgical testing has confirmed the ore is free-milling, with gold recoverable through conventional cyanide leaching, a positive indicator for straightforward processing. No significant complications were identified that would hinder ore sale agreements or toll treatment arrangements. Orbminco is finalising a metallurgical package to support discussions with potential ore purchasers and toll-treatment operators, with an independent review underway. The decision on the Stage 1 processing pathway, balancing toll treatment versus direct ore sale, is expected by mid-August 2026, a critical milestone for advancing towards production.

Permitting and Environmental Workstreams Progressing

The company has made significant headway on permitting and environmental fronts, lodging a groundwater licence application and completing baseline flora and fauna surveys. Waste rock and soil characterisation sampling is underway, with results anticipated in August. These studies feed into the Mining Development and Closure Proposal (MDCP), the new integrated regulatory submission replacing previous mining and closure plans. The MDCP lodgement is targeted for early September 2026, aligning with Orbminco’s timeline for the final investment decision.

Development Strategy Focuses on Early Cash Flow

Majestic North’s development plan is staged, starting with selective mining of the higher-grade, shallow domain in Stage 1. This approach aims to generate early cash flow by either toll treating the ore or selling it directly to existing mill operators, thereby avoiding the upfront capital and permitting complexities of an on-site processing plant. Stage 2 contemplates expanding mining to the broader orebody with potential on-site processing, though this remains under evaluation. Discussions with potential ore purchasers are ongoing, reflecting the project’s commercial flexibility.

Integrated Technical Workstreams Support Investment Case

Ten concurrent workstreams underpin the project’s development, covering mining studies, geotechnical analysis, hydrology, processing options, infrastructure design, environmental and social impact assessments, and financial modelling. Each stream feeds progressively verified data into an integrated financial model, refining cost and revenue assumptions. This comprehensive approach is designed to de-risk the project ahead of the final investment decision, scheduled for the first week of September 2026. The model also supports ongoing funding discussions.

What Lies Ahead for Majestic North

Orbminco is poised to deliver several key updates in the coming months, including final drilling assays, potential resource upgrades, and clarity on processing arrangements. These milestones could materially influence the project's valuation and financing strategy. The company’s steady execution, combined with the accessible nature of the resource and proximity to existing infrastructure, positions Majestic North as a project to watch in the WA gold sector.