Orbminco Revamps Board and Unveils Strong Drilling at Majestic North

Majestic North Drilling Validates Resource Potential

Orbminco Limited (ASX – OB1) has marked a significant milestone in its growth trajectory with the completion of its maiden drilling program at the Majestic North Gold Project in Western Australia's Eastern Goldfields. The 53-hole Aircore campaign, covering over 3,000 metres, not only validated the existing shallow supergene gold resource but also revealed a continuous mineralised zone up to 500 metres wide and extending 1,500 metres along strike. Importantly, this zone remains open to the north and south, suggesting further upside potential.

Located just 65 kilometres east of Kalgoorlie and adjacent to Black Cat Syndicate’s Majestic-Imperial Project, Majestic North benefits from proximity to established infrastructure and milling facilities. This strategic positioning enhances its appeal as a near-term mining candidate, with potential for deeper primary gold mineralisation beneath the supergene layer.

Strategic Corporate Moves Signal Renewed Focus

Alongside operational progress, Orbminco has undertaken a substantial corporate reshuffle. Shareholders approved a 20-for-1 share consolidation aimed at improving the company’s marketability and investor appeal. More notably, the board underwent a comprehensive refresh with the retirement of three directors, including the chairman, and the appointment of Duncan Gordon as the new chairman, alongside Angus Middleton and Sam Spring as non-executive directors.

These appointments bring a wealth of experience in resources capital markets, exploration, and corporate advisory, signaling a clear intent to fast-track Majestic North’s development and pursue additional value-accretive opportunities. The resignation of Managing Director Ralf Kriege, effective November 7, marks the end of a chapter but also the start of a new strategic direction under the revitalised leadership.

Refocusing on Australian Gold Assets

In line with its sharpened strategy, Orbminco has withdrawn from its Mongolian Bronze Fox Project and the Mt Short JV in Ravensthorpe, Western Australia. This streamlining effort allows the company to concentrate resources and management attention on advancing Majestic North and other promising Australian gold projects.

Financially, the company reported $403,000 in exploration and development expenditure during the quarter and ended with $707,000 in cash. While this provides roughly one quarter of funding runway at current burn rates, the board remains confident in its ability to secure additional capital as needed, supported by its history of successful fundraisings and available placement capacity.

Looking Ahead

Orbminco’s next steps will likely focus on further drilling to expand and upgrade the Majestic North resource, alongside potential feasibility studies to assess mining viability. The new board’s expertise in capital markets and project financing will be critical in navigating the path from exploration success to production readiness. Investors will be watching closely for updates on resource estimates and any forthcoming capital raising initiatives.