Ordell Minerals Hits 32m at 1.65g/t Gold as Maiden Resource Nears

Wide, shallow gold zones confirmed at McNabs East as Ordell targets maiden resource

Ordell Minerals (ASX: ORD) has completed a major 122-hole, 8,625m in-fill Reverse Circulation (RC) drilling program at the McNabs East prospect within its Barimaia Gold Project, near Mount Magnet in the Murchison region of Western Australia, covering 1,400m of strike. Results from the first 11 holes reported confirm significant, wide zones of shallow gold mineralisation, with the majority of assays from the program still pending and expected over the next six weeks.

The headline intercepts from this initial batch make a compelling case for the scale of mineralisation being delineated. Key results include 32m @ 1.65g/t Au from 31m (26BARC329), 19m @ 2.70g/t Au from 40m (26BARC330), and 25m @ 1.89g/t Au from 16m including 1m @ 26.67g/t Au from 20m (26BARC328). Further strong results came from 22m @ 1.91g/t Au from 52m (26BARC340) and 27m @ 1.78g/t Au from 70m (26BARC341). Mineralisation at the McNabs East Main Zone starts approximately 10m below surface and remains open, with the bulk of the program’s assay results yet to be received.

Two-pronged strategy positions Barimaia for near-term development and discovery growth

Ordell’s work at Barimaia is being progressed under a clearly articulated two-track strategy:

1. Fast-track near-term mine development: Complete a maiden Mineral Resource Estimate (MRE) for McNabs East in the December 2026 Quarter (Q4 2026), followed by mining studies aimed at demonstrating a potential near-term development opportunity at Barimaia.
2. Build overall scale of the Barimaia gold system: Continue extensional and discovery drilling across the Barimaia Project over the next 18 months to grow the size and understanding of the overall gold system.

The system is demonstrably still growing. Recent extensional diamond drilling on section 585,990E returned 17.4m @ 1.49g/t Au from 220.3m (26BADD044), interpreted to be down-plunge to the east of a high-grade hit on section 585,940E from April 2026 which returned 4.7m @ 5.30g/t Au from 183.3m including 0.3m @ 58.95g/t Au from 183.3m (26BADD031). This confirms the McNabs East Main Zone continues to grow at depth and remains open.

Ordell raised $7M to expand McNabs East drilling ahead of the current 122-hole program, providing the financial runway to execute the in-fill campaign now producing these early results.

Separately, air-core drilling targeting new granodiorite and felsic intrusion targets along the Barimaia mineralised intrusive system is currently underway, with completion expected by the end of September 2026.

Michael Fowler, Managing Director, Ordell Minerals

“We are very pleased with these early results from our in-fill drilling, which will support the delivery of our maiden Mineral Resource Estimate for McNabs East in the December 2026 Quarter. This will, in turn, provide us with the foundation to assess the potential for a near-term development opportunity at Barimaia…”

What is a Mineral Resource Estimate, and why does it matter for investors?

A Mineral Resource Estimate (MRE) is a formal, JORC-compliant calculation of the quantity and grade of mineralisation that may be present at a project. JORC refers to the Australasian code that governs how mining companies report their resource estimates, ensuring they meet a consistent standard of geological evidence and technical rigor.

For investors, a maiden MRE is a significant de-risking milestone. Before an MRE exists, a project is defined only by individual drill results. After an MRE is published, that same mineralisation becomes a defined resource with tonnage and grade estimates that can underpin economic studies, support financing discussions, and inform potential development decisions.

At McNabs East, several features of the drilling results to date point towards a resource that could support open pit mining scenarios. Mineralisation begins at approximately 10m below surface, the intercepts are consistently wide, and the zone remains open. These are characteristics that tend to suit lower-cost, bulk-tonnage open pit extraction.

The shallow gold strikes at Barimaia first drew attention to the open pit potential of McNabs East, with near-surface mineralisation beginning at approximately 10m depth representing a characteristic that consistently features across the evolving drill dataset.

To illustrate the style of gold mineralisation Ordell is targeting in this district, the nearby Ramelius Resources (ASX: RMS) Eridanus deposit, located approximately 6km north-west of Barimaia, hosts a current MRE of 30Mt @ 1.6g/t Au for 1,500,000 ounces of contained gold. That figure is provided here as regional district context only. No inference should be drawn about the eventual size or grade of any future Barimaia resource, which remains subject to the completion of the current drilling program and formal MRE process.

Significant news flow ahead as Ordell advances toward resource definition

Key results table — McNabs East intercepts

The table below summarises the headline intercepts from the 11 holes reported in Ordell’s 17 September 2026 announcement. All figures are down-hole lengths; true widths are not yet determined.

Results are pending for holes 26BARC326, 26BARC327, 26BARC331, 26BARC337, and 26BARC338, along with the majority of results from the full 122-hole program. These are expected to be received over the next six weeks from the announcement date of 17 September 2026.

Upcoming catalysts — what to watch

Ordell has outlined a dense pipeline of near-term news flow. In chronological order, the key milestones to watch are:

• Air-core drilling completion — targeted by end of September 2026, testing new granodiorite and felsic intrusion targets along the Barimaia mineralised intrusive system.
• Remaining assays from the 122-hole RC program — expected over the six weeks following 17 September 2026.
• Further extensional RC and diamond drilling — planned to commence late October 2026, targeting down-plunge and down-dip extensions of known mineralisation at McNabs East.
• Maiden McNabs East MRE — targeted for the December 2026 Quarter (Q4 2026), following receipt of all assays.
• Mining studies and approvals work — continuing through the remainder of 2026 and into the first half of 2027.

For a small-cap explorer, this represents a genuinely active news flow period. Each step incrementally reduces geological and development uncertainty, with the maiden MRE representing the most significant single milestone for converting drill results into a defined, economically assessable resource.

Barimaia at a glance — project context and company snapshot

Ordell holds an 80.3% interest in the Barimaia Gold Project through its wholly-owned subsidiary, Metallo Resources Pty Ltd. Genesis Minerals Limited (ASX: GMD), which previously held the project, retains a 7.9% shareholding in Ordell, lending established geological pedigree to the asset.

Barimaia sits in a Tier-1 mining jurisdiction, Western Australia’s Murchison region, and is located adjacent to Ramelius Resources’ Mt Magnet mill. Proximity to established processing infrastructure is a relevant factor for any future development pathway assessment, though no formal processing arrangements have been announced.

Ordell listed on the ASX in July 2024 and has been systematically building its understanding of the Barimaia gold system since that time, progressing from early-stage exploration through to the current resource definition program now nearing completion.

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