Ore Resources Gold System Discovery Extends 60 Metres South

Ore Resources Strikes Gold Again: Forrest System Extends 60m South with Strong Oxide Grades

Ore Resources Ltd (ASX: OR3) has delivered another impressive set of drilling results from its Forrest prospect, extending the gold system 60m to the south while confirming strong continuity across oxide, transitional and fresh rock zones. The final batch of Phase 4 RC drilling results demonstrates the robust, multi-lode nature of this emerging Ore Resources gold system discovery in the proven Goldfields region of Western Australia.

Outstanding Results Highlight System Growth

The standout intersection from this final batch came from hole FGRC059, which delivered 20m @ 1.88 g/t Au from 28m, including 4m @ 7.61 g/t Au from 44m. According to the company announcement, this exceptional result represents both a 50m up-dip extension into oxide zones and a 60m strike extension of shallow oxide mineralisation to the south, with the zone remaining open in multiple directions.

Additional significant results include:

• 30m @ 1.05 g/t Au from 86m including 6m @ 2.36 g/t Au from 107m (FGRC069)
• 8m @ 2.46 g/t Au from 76m (FGRC072) – representing a 60m strike extension to the south
• 7m @ 1.46 g/t Au from 122m (FGRC064) – delivering a 30m down-dip extension
• 6m @ 1.73 g/t Au from 144m (FGRC068) – another 60m strike extension to the south

Furthermore, these results continue to validate the systematic exploration approach employed by Ore Resources. The consistency of results across multiple drill holes demonstrates the robust nature of this Ore Resources gold system discovery.

"The final results from the first RC drilling within the broader Phase 4 programme have continued to deliver strong outcomes, further extending the Forrest gold system both along strike and at depth. Notably, these results highlight a significant expansion of shallow oxide mineralisation, reinforcing Forrest as a robust, multi-lode gold system," said Nick Rathjen, CEO.

Understanding Grade × Metres: A Key Mining Metric

For investors new to mining exploration, Grade × Metres (GXM) represents a fundamental metric that multiplies the gold grade by the width of the intersection. This calculation provides a measure of the intersection's overall gold content and economic potential.

The higher the GXM value, the more significant the intersection becomes from a resource estimation perspective. Gold-bearing zones with consistent grade and reasonable width typically indicate the presence of a substantial mineralised system.

When drilling encounters multiple high-GXM intersections across different zones, it suggests the discovery of a coherent gold deposit rather than isolated pockets of mineralisation. In addition, these metrics help investors evaluate the economic potential of exploration results.

GXM Values from Recent Results

These GXM values demonstrate substantial gold endowment, particularly impressive for shallow oxide zones that typically offer lower processing costs and faster development timelines compared to deeper fresh rock deposits.

What Strategic Developments Are Accelerating the Pipeline?

The company's announcement outlines continued momentum across its 30,000m Phase 4 drilling programme, with multiple catalysts approaching throughout 2026. This aggressive exploration strategy reflects management's confidence in the Ore Resources gold system discovery potential.

Immediate Catalysts (May 2026)

• Diamond drilling results expected from early May, with full release by mid-to-late May
• Regional Aircore (AC) drilling commencing within days, targeting high-priority prospects including Forrest South, Burbanks Monarch, Goroke, and Jungle
• Sub-Audio Magnetics (SAM) survey results expected in the coming weeks

Medium-Term Development

However, the exploration strategy extends beyond immediate results. The company has outlined several medium-term objectives:

• First-pass drilling at Burbanks East as part of the AC programme
• Follow-up RC and diamond drilling based on pending results
• Initial AC programmes across northern regional prospects following tenure grants

According to management, the company's 1,000m diamond drilling programme completed in March 2026 specifically targeted deeper extensions and structural controls, with samples currently being processed. This technical work aims to enhance geological understanding and support future resource estimation efforts.

Why Are Oxide Zones Special in Gold Mining?

Oxide zones represent the upper weathered portions of gold deposits where natural processes have broken down the original rock structure over geological time. These zones offer several advantages for mining development.

Processing Benefits: Oxide ores typically require simpler processing methods, often using heap leaching or basic cyanidation rather than complex flotation circuits needed for fresh rock deposits.

Lower Capital Costs: The simpler processing requirements generally translate to lower initial capital investment for processing facilities. This characteristic makes oxide zones particularly attractive for junior mining companies.

Faster Development: Oxide deposits often progress from discovery to production more rapidly than complex sulphide deposits, providing earlier cash flow opportunities. For instance, many oxide gold operations achieve production within 2-3 years of development decisions.

Shallow Depth: Most oxide zones occur near surface, reducing mining costs and complexity compared to deep underground operations. The Forrest prospect demonstrates strong oxide mineralisation extending across multiple drill holes, suggesting potential for a substantial near-surface resource with attractive development characteristics.

How Does Financial Strength Underpin Aggressive Exploration?

With $10.7 million cash and zero debt as of 31 December 2025, Ore Resources maintains exceptional financial positioning to execute its ambitious exploration strategy throughout 2026. This strong balance sheet provides several key advantages:

• Funding certainty for the entire 30,000m Phase 4 programme
• Flexibility to pursue additional targets based on results
• Strategic optionality for accelerated development or partnerships

Furthermore, the company's proximity to Kalgoorlie (within 50km) provides access to established mining infrastructure, skilled labour, and processing facilities. This strategic location significantly reduces development risks and timelines for any future mining operation.

The financial strength allows management to maintain an aggressive exploration pace without the dilution often associated with raising capital during exploration phases. In addition, this positions Ore Resources to capitalise on any significant discoveries without delay.

Multi-Lode Systems: Understanding the Geological Advantage

A multi-lode system refers to a gold deposit comprising several parallel or sub-parallel zones of mineralisation rather than a single continuous zone. This geological configuration offers several advantages for both exploration and potential mining operations.

Resource Resilience: Multiple lodes provide backup if individual zones prove less continuous than anticipated during detailed exploration. This characteristic reduces geological risk significantly.

Mining Flexibility: Different lodes can be mined simultaneously or sequentially, optimising production schedules and grade control. For instance, high-grade zones can be prioritised during early production phases.

Extended Mine Life: Multiple zones often extend the overall resource base, supporting longer-term mining operations. This factor becomes crucial for justifying infrastructure investments.

Exploration Upside: Successful multi-lode systems typically indicate regional mineralisation controls that can extend well beyond initial discoveries. The Forrest prospect demonstrates characteristics of a robust multi-lode system, with mineralisation identified across oxide, transitional, and fresh rock zones at varying depths and orientations.

Why Should Investors Monitor Ore Resources?

Ore Resources has systematically built one of the most compelling gold exploration stories in the Eastern Goldfields through disciplined exploration and consistent results delivery. The Forrest Ore Resources gold system discovery demonstrates the characteristics of a significant gold deposit.

Technical Strengths

• Multi-lode system with oxide, transitional, and fresh rock zones
• Strong grade continuity across multiple orientations and depths
• Open in all directions with clear expansion potential
• Shallow oxide zones offering potential development advantages

Strategic Positioning

However, the technical merits alone don't complete the investment picture. The company's strategic positioning adds significant value:

• 100% ownership of premium Goldfields tenements
• Infrastructure-rich location with established mining services
• Proven management team with track record of value creation
• Well-funded exploration with multiple near-term catalysts

Investment Thesis Momentum

Moreover, several factors combine to strengthen the investment thesis:

• Consistent delivery of exploration milestones and results
• Systematic approach to resource definition and expansion
• Clear pathway from discovery to development
• Multiple projects providing diversified gold exposure across the region

The company's technical approach combines modern exploration techniques with proven geological understanding, systematically building confidence in this Ore Resources gold system discovery while identifying additional targets across its substantial tenement holding.

"The systematic expansion of the Forrest gold system, combined with our strong financial position and upcoming diamond drilling results, positions Ore Resources exceptionally well for continued value creation through 2026 and beyond."

Ore Resources has established Forrest as a significant multi-lode gold system with strong expansion potential across multiple geological zones. With diamond drilling results imminent, regional AC drilling commencing, and a well-funded 30,000m exploration programme underway, the company offers compelling near-term catalysts backed by proven management and strategic positioning in the infrastructure-rich Eastern Goldfields.

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