Guess which ASX 200 gold stock is rocketing 14% today on 'fantastic results'

Investors are piling into the ASX 200 gold miner on Wednesday following 'outstanding' drilling results.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

S&P/ASX 200 Index (ASX: XJO) gold stock Ora Banda Mining Ltd (ASX: OBM) is surging higher today.

Ora Banda shares closed yesterday trading for $1.165. In early morning trade on Wednesday, shares are changing hands for $1.325 apiece, up 13.7%.

For some context, the ASX 200 is up 0.4% at this same time.

This outperformance follows the release of a promising update on the miner's Round Dam gold deposit, located in Western Australia.

Here's what's grabbing investor interest.

A man leaps from a stack of gold coins to the next, each one higher than the last.

Image source: Getty Images

ASX 200 gold stock surges on Mineral Resource upgrade

The Ora Banda Mining share price is surging today after the miner reported a massive 964% Mineral Resource increase at Round Dam.

On the heels of the first phase of Ora Banda's FY 2026 growth program, which includes results of drilling up to the end of January, the ASX 200 gold stock revealed a new Mineral Resource of 25.6Mt at 1.6g/t [25.6 million tonnes at 1.6 grams of gold per tonne] for 1.330 million ounces.

That's up from the previous resource at Round Dam of 125,000 ounces.

The new estimate includes 7.1Mt at 1.8g/t for 408,000 ounces in the Indicated category and 18.2Mt at 1.6g/t in the Inferred category.

With the new resource update, Ora Banda's total global resource position has increased by 57% to 3.3 million ounces.

And the ASX 200 gold stock said that exploration along the Round Dam trend is still considered to be at an early stage.

Ora Banda expects to provide further resource updates for other deposits in mid-2026. The company has budgeted $73 million for exploration in FY 2026.

The miner considered all of the Round Dam Resource to be suitable for open-pit mining.

What did management say?

Commenting on the Mineral Resource upgrade lifting the ASX 200 gold stock today, Ora Banda managing director Luke Creagh said, "This fantastic result is testimony to the expertise and hard work of our exploration and resource development teams who continue to deliver outstanding results with our $73 million FY26 exploration budget."

Creagh added:

There is no doubt of the scale of the Round Dam system noting there is significant potential to find more mineralization along strike and at depth, supporting our belief in the ability to deliver rapid resource upgrades through our ongoing organic growth programs.

We are incredibly excited by the potential of Round Dam to become a substantial mining operation, as the company continues to advance its study work into the construction of a standalone ~3mtpa processing facility at Davyhurst.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Gold

Man putting golden coins on a board, representing multiple streams of income.
Gold

How high does UBS think Minerals 260 shares will go?

This gold project developer remains undervalued, analysts say.

Read more »

Two CEOs shaking hands on a deal.
Gold

Newmont share price on watch after Nevada Gold Mines JV deal with Barrick

The gold giant has released an update on its Nevada Gold Mines joint venture.

Read more »

Woman with gold nuggets on her hand.
Gold

Physical gold ETFs or gold miners? What the numbers say

Two ways to own gold, with very different risks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

This ASX 200 stock turned $5,000 into $31,960 in just 1 year. Here's how

Investors have sent this ASX 200 stock rocketing 539% in 12 months. But why?

Read more »

A few gold nullets sit on an old-fashioned gold scale, representing ASX gold shares.
Gold

Buying ASX 200 gold stocks? Here's how Evolution Mining, Newmont and Northern Star shares stacked up in July

Evolution Mining, Newmont, and Northern Star Resources shares were turning heads in July.

Read more »

A woman stands in a field and raises her arms to welcome a golden sunset.
Gold

4 ASX 200 gold shares to buy: Experts

Experts explain their buy ratings following these miners' June quarter reports.

Read more »

Man putting golden coins on a board, representing multiple streams of income.
Gold

3 ASX gold companies that could double in value according to Canaccord Genuity

These producers look undervalued according to the analysts.

Read more »

Two brokers pointing and analysing a share price.
Gold

Pantoro Gold confirms high-grade continuity at Norseman Racetrack

The second phase of infill drilling at Racetrack Discovery confirmed significant high-grade gold intercepts.

Read more »