Orbminco Drills 2m at 17.69 g/t Gold at Majestic North

High-Grade Drilling Bolsters Majestic North Prospects

Orbminco Limited (ASX:OB1) has delivered promising assay results from its Stage 1 infill drilling at the Majestic North Gold Project in Western Australia. The highlight intercept was 2 metres at 17.69 grams per tonne (g/t) gold from 19 metres depth, with nine of ten infill holes surpassing a 0.5 g/t cutoff. This shallow, high-grade mineralisation confirms the potential for near-surface mining and supports the company’s development strategy.

The broader 27-hole reverse circulation program, completed during the June quarter over approximately 2,220 metres, also included angled holes targeting structural junctions believed to control the higher-grade zones, and a deep hole probing the primary basement source. Assays for these remain pending, with results expected to inform an updated Mineral Resource Estimate in the second half of 2026.

Advancing Mine Development Towards Investment Decision

Orbminco is progressing a comprehensive ten-workstream mine development program, managed by Goldfields Technical Services, aimed at underpinning a Mining Development and Closure Proposal (MDCP) due for lodgement in early September 2026. This program covers resource definition, metallurgy, mining studies, environmental approvals, and social impact assessments, among others.

The project’s staged development plan prioritises selective mining of shallow, higher-grade horizons in Stage 1, with ore expected to be monetised through toll treatment or direct sale, avoiding the need for an on-site processing plant initially. The company is targeting a Final Investment Decision (FID) around the same September timeframe.

Financial Position Supported by Capital Raise

During the quarter, Orbminco completed the second tranche of a placement, issuing 250 million shares at 1.6 cents each to raise $4 million before costs. This followed shareholder approval in April and was managed by Taylor Collison Limited as lead manager. The capital injection boosted the company’s cash and cash equivalents to $1.917 million at 30 June 2026, up from just $131,000 at the start of the quarter.

Exploration and evaluation expenditure for the period was $1.615 million, primarily reflecting the drilling program at Majestic North. Operating cash outflows were modest at $50,000, aided by timing factors, while financing activities contributed a net inflow of $3.45 million after costs.

Resource Base and Next Steps

The current JORC-compliant Mineral Resource at Majestic North stands at 1.37 million tonnes grading 1.14 g/t gold for approximately 50,400 contained ounces, unchanged since March 2026. This includes a higher-grade domain of 249,000 tonnes at 2.42 g/t gold for around 19,300 ounces. The upcoming assay results from structural and basement drilling will be critical to refining this resource.

Looking ahead, Orbminco plans to complete pit optimisation, metallurgical testwork, and waste characterisation to support the FID. The company also appointed Peter Harding-Smith as Chief Financial Officer effective 1 July 2026, bolstering its executive team as it advances towards production.