Highlights

• Underground mining has commenced at Waihi, marking Ora Banda Mining’s third underground mine developed in three years.
• Drilling at the newly named Midnight Prospect returned standout results, including 1.6m at 65.9 g/t gold and 1.0m at 104.0 g/t gold.
• Ora Banda Mining shares rose 4.276% to AU$1.585, while Waihi is expected to deliver high-grade ore from mid-CY2027.

Waihi Underground Mining Gets Underway

Ora Banda Mining Limited (ASX: OBM) announced on 10 September 2026 that underground mining had commenced at its Waihi operation, located around three kilometres west of the company’s Davyhurst processing plant. The milestone represents another step in Ora Banda’s strategy to expand its underground production base, with Waihi becoming its third underground mine developed over the past three years. The company has established the Waihi decline through the existing open pit, providing access to the Golden Pole lode and creating platforms for further underground drilling. These platforms are expected to support exploration focused on extending and defining the mineralised system.

High-Grade Results Lift Exploration Potential

The latest drilling has also highlighted the potential of the Midnight Prospect, situated approximately 500 metres south of the Waihi pit. Recent drilling produced several notable gold intersections, including 11.5m at 26.0 g/t gold, with an 8.9m section grading 32.4 g/t. Another hole returned 1.6m at 65.9 g/t, including an exceptional 1.0m at 104.0 g/t gold. Additional drilling at Golden Pole also delivered encouraging intersections, including 4.5m at 8.4 g/t and 2.0m at 14.5 g/t.

Shares Gain as Development Advances

The market responded positively to the announcement, with Ora Banda Mining shares trading at AU$1.585, up AU$0.064 or 4.276%. The share-price movement comes as the company advances underground development while continuing exploration across Waihi.

Production Milestone Ahead

Ora Banda expects Waihi Underground to contribute its first high-grade ore from mid-CY2027. The timing is expected to provide additional support to the production profile ahead of the planned commissioning of the company’s 3.0 Mtpa processing plant at Davyhurst in early CY2028. The company’s DRIVE to 300 strategy aspires to reach 300,000 ounces of production in FY29, although Ora Banda states that this remains an aspirational goal rather than a production forecast.

Outlook

With underground mining now underway and further high-grade results emerging from Golden Pole and Midnight, Waihi is becoming an increasingly important part of Ora Banda Mining’s growth strategy. Further drilling is expected to test extensions along strike and at depth.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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