Ora Banda Starts Third Underground Mine as High-Grade Midnight Prospect Emerges
Key Takeaways
- Underground mining has commenced at Waihi as of 7 September 2026, making it Ora Banda's third underground mine developed in three years, located just 3km west of the Davyhurst processing plant.
- The Golden Pole lode carries an Ore Reserve grade of 5.0 g/t, materially above typical open-pit grades, and will be preferentially treated through the existing Davyhurst mill during the transition period.
- The newly named Midnight Prospect, 500m south of the Waihi portal, has returned exceptional early drill results including 1.6m @ 65.9 g/t and 11.5m @ 26.0 g/t from just three holes completed of a planned seven-hole program.
- Midnight shares the same stratigraphic sequence as the main Waihi system, with multiple parallel lodes confirmed — a geological signal that it could follow a similar scale and style to Golden Pole.
- Waihi Underground is positioned as the production bridge to Ora Banda's new 3.0 Mtpa processing plant, with first ore anticipated mid-CY2027 and plant commissioning targeted for early CY2028.
Underground mining begins at Waihi — Ora Banda’s third mine in three years
Underground mining has commenced at Waihi, located approximately 3km west of Ora Banda Mining’s Davyhurst processing plant, marking the company’s third underground mine developed in three years. The Waihi portal was established on or around 7 September 2026, with the decline accessed through the Waihi open pit. Waihi is one of four mines contributing to Ora Banda’s DRIVE to 300 strategy, an aspirational target for production of 300,000 ounces in FY29 (noting that DRIVE to 300 statements are aspirational goals and not production targets or forecasts — the company does not yet have reasonable grounds to believe the aspiration can be achieved). This announcement covers two significant developments: the commencement of mining operations and new high-grade drill results from both Golden Pole and the newly named Midnight Prospect.
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What is Waihi and why does it matter?
Waihi is considered a large, under-drilled gold system hosting multiple high-grade shoots that plunge to the north. The Golden Pole lode, Waihi’s primary ore source, carries an Ore Reserve grade of 5.0 g/t (per the ASX Reserve Update dated 18 May 2026), which is materially higher than the grades typically associated with bulk open-pit operations.
That grade matters because of how Golden Pole ore will be processed. High-grade Golden Pole material is set to be preferentially treated through the existing Davyhurst mill. This is strategically significant: as Ora Banda winds down third-party processing arrangements and begins stockpiling ore ahead of a new plant, the high-grade Waihi feed helps offset the reduced throughput volumes during that transition period.
Waihi Underground is anticipated to contribute first ore from mid-CY2027, which positions it as a bridging source ahead of the commissioning of Ora Banda’s new 3.0 Mtpa processing facility in early CY2028. In plain terms, Waihi is the production bridge between today’s operation and the step-change in processing capacity that defines the company’s medium-term growth case.
Midnight Prospect — exceptional grades define a new high-grade target 500m south
The Midnight Prospect (formerly known as “Dexy”) is situated approximately 500m south of the Waihi portal. Historical drilling in 2016 had already intersected significant near-surface mineralisation at this location, including 5m @ 11.04 g/t, making the current program a follow-up rather than a completely greenfield target.
A diamond drill program consisting of 7 holes for 2,850m planned has been initiated, with 3 holes for 1,479m completed to date. Results returned so far are exceptional:
- 11.5m @ 26.0 g/t (incl. 8.9m @ 32.4 g/t) — DEED26001
- 10.3m @ 3.4 g/t (incl. 0.9m @ 20.6 g/t) — DEED26001
- 1.6m @ 65.9 g/t (incl. 1.0m @ 104.0 g/t) — DEED26002
All widths are downhole lengths; true widths have not been reported.
Visible gold was found scattered generously over a 10m zone, within quartz veins, on quartz vein margins, within fractures through quartz veins, and in the mafic wallrock along foliations associated with strong biotite alteration. This is a qualitative indicator of strong mineralisation intensity, not just a headline grade number.
Critically, the same stratigraphic sequence as Waihi has been confirmed at Midnight, with multiple parallel lodes of mineralisation present in similar stratigraphic positions. That geological consistency signals that Midnight could follow a similar scale and style to the main Waihi system. An expanded drill program to follow up these results is currently being designed.
Golden Pole southern extension results also advance
Recent shallow drilling targeting southern extensions to the Golden Pole lode also returned encouraging results:
- 4.5m @ 8.4 g/t (incl. 1.3m @ 19.3 g/t) — WHRD26013
- 2.0m @ 6.9 g/t (incl. 1.0m @ 12.3 g/t) — WHRR26003
- 2.0m @ 14.5 g/t (incl. 1.0m @ 26.2 g/t) — WHRR26008
All widths are downhole lengths; true widths have not been reported. These results confirm that the southern extension potential of Golden Pole remains open, adding further resource optionality to the Waihi system.
Managing Director Luke Creagh
“Once again, it’s a credit to the OBM team and business partners to rapidly identify an opportunity and turn it into a mine. We are excited to have commenced underground mining at Waihi, Ora Banda’s third underground mine and a key pillar of our DRIVE to 300 strategy. Importantly, Waihi will deliver high-grade ore from mid-2027 ahead of the scheduled delivery of our 3.0 Mtpa processing plant at Davyhurst.
“Furthermore, the newly identified Midnight Prospect adds to a growing list of high-grade underground targets at Waihi, with the establishment of underground drill platforms a key near term objective to extend and infill what is considered a large and under-drilled system.”
Key metrics at a glance
| Metric | Detail | Metric | Detail |
|---|---|---|---|
| Mine number | Third underground mine in three years | Golden Pole Reserve grade | 5.0 g/t (18 May 2026 Reserve Update) |
| Location | ~3km west of Davyhurst processing plant | First ore anticipated | Mid-CY2027 |
| Portal established | On or around 7 September 2026 | New 3.0 Mtpa plant commissioning | Early CY2028 |
| Midnight drill program | 7 holes / 2,850m planned (3 holes / 1,479m completed) | DRIVE to 300 target | 300,000 oz FY29 (aspirational only) |
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What comes next — drill drives, depth extensions and the path to mid-2027
A key near-term objective at Waihi Underground is establishing underground drill drives. These dedicated drilling platforms will enable rapid follow-up drilling on both Golden Pole and Midnight, targeting strike extensions and depth extensions, as well as further drilling on the main Waihi line of lode. Intensive drill programs are scheduled to define and expand the mineralised envelope.
The mid-CY2027 first ore timeline is an important de-risking milestone in its own right. By delivering high-grade ore from Waihi ahead of the new 3.0 Mtpa plant commissioning in early CY2028, Ora Banda reduces its reliance on third-party processing and enters the new plant era with an established underground ore source already in production.
The expanded Midnight drill program is currently being designed, with results from the first three holes demonstrating the potential for another high-grade underground target within the broader Waihi system. For investors watching the DRIVE to 300 strategy take shape, Waihi Underground functions as both a near-term production contributor and an ongoing exploration platform, with multiple untested zones remaining open at depth and along strike.
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