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

Calculator and gold bars on Australian dollars, symbolising dividends.
Gold

2 ASX gold stocks to buy next week

These gold miners are rated as buys by analysts at Bell Potter.

Read more »

Machinery at a mine site.
Gold

Could this ASX-listed gold mine developer really increase six-fold?

One broker thinks there are big things ahead for this company.

Read more »

a man in a hard hat and high visibility vest smiles as he stands in the foreground of heavy mining equipment on a mine site.
Gold

This ASX gold company is up more than 4% on promising early exploration results

Good gold and copper results have this stock in focus.

Read more »

Business people discussing project on digital tablet.
Gold

Which cheap ASX 200 gold stock could rise over 50%?

Bell Potter has picked out this gold miner as one to buy now.

Read more »

A young man goes over his finances and investment portfolio at home.
Gold

Are Northern Star shares a cheap buy?

Bell Potter has given its verdict on this beaten down gold stock.

Read more »

Gold bars with a share price chart in the background.
Gold

Why did the Iran war smash the gold price?

Investors were surprised when the gold price dropped 21% over the first three weeks of March.

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today
Gold

March was the worst month for the gold price since June 2013. Now what?

After a horror month in March, can the gold price regain its shine?

Read more »

A woman in a business suit holds a large gold bar in both hands with a gold arrow tracking upwards.
Gold

Up 180% in a year, this ASX gold stock climbs again

Another solid quarter keeps the Alkane share price back in focus...

Read more »