2 resource stocks flying under the radar

Small Names, Big Potential

Not every investment story begins with the big miners or the ASX top 20. Some of the most interesting growth opportunities are hidden among smaller, focused resource companies that are quietly building scale, improving operations, or snapping up assets at just the right time.

Two such “pocket rockets” worth putting on the radar are Ora Banda Mining (ASX: OBM) and QMines (ASX: QML). Both operate in different niches of the resource sector, but each is finding ways to turn regional advantages into shareholder value. Ora Banda is already producing meaningful cash flow from gold operations in Western Australia, while QMines is positioning itself as a Queensland copper–gold consolidator with fresh assets that could transform its portfolio.

Let’s break down what makes these two companies interesting, the numbers behind their latest moves, and the risks investors need to weigh up.

1) Ora Banda Mining — From Growth to Scale

Why It Matters

Ora Banda Mining has transitioned from being an explorer-producer into a serious underground gold operator. Its flagship Davyhurst operation in Western Australia is the engine behind this transformation, and the financials from FY25 show just how big that step-up has been.

• Revenue: $404.3 million (record result)
• Net Profit After Tax (NPAT): $186.1 million
• EBITDA: $184.6 million

Compared with the prior year, these numbers highlight how Ora Banda has gone from modest output to scaled production.

Production and Costs

FY25 saw Ora Banda deliver approximately 92,000 ounces of gold, up around 30% year-on-year. Importantly, its all-in sustaining cost (AISC) was reported in the mid-$2,000s per ounce. For investors, that means Ora Banda is generating solid operating margins even in a volatile gold price environment.

Exploration Upside

The real kicker here is exploration. Assets like Little Gem and Riverina have shown strong drill results, extending strike and confirming high-grade zones. For an operator that already has a mill running, adding extra ore to feed through the system is a straightforward way to unlock value without the heavy lifting of greenfield development.

Valuation Snapshot

Ora Banda’s market cap has been climbing in line with its results, now sitting comfortably in the multi-hundred-million-dollar range. This reflects a market re-rating as the company shifts from pure exploration risk to operational execution risk. Investors should always check live market quotes, but the re-rating trend suggests improved investor confidence.

2) QMines — Building a Queensland Copper–Gold Hub

Why QML is on the Move

QMines is a small-cap explorer with big ambitions. Its strategy is to consolidate multiple copper–gold assets around Rockhampton in Central Queensland, creating a “hub and spoke” production model. The idea: develop several deposits and process them through shared infrastructure, lowering costs and building scale.

A major step came in 2025 with the acquisition of the Mt Mackenzie gold & silver project, which added significant resources to its portfolio.

What It Bought (and at What Price)

QMines secured Mt Mackenzie for $2.485 million (cash + shares). For a junior explorer, that’s a relatively modest outlay. What it got in return was meaningful:

1. JORC Resource: ~3.4 million tonnes at 1.18 g/t Au
2. Contained Metal: ~129,000 oz gold and ~862,000 oz silver

These resources significantly bolster the company’s pipeline when paired with its existing Mt Chalmers and Develin Creek projects. Analysts see potential synergies in development and future processing.

Near-Term Catalysts

For micro-cap explorers like QMines, catalysts are everything. Some to watch in the near term include:

1. Maiden drilling campaigns at Mt Mackenzie
2. Resource upgrades across the portfolio
3. Preliminary feasibility or scoping studies
4. Steps toward a central processing hub

Each of these could materially shift investor sentiment — sometimes a single drill hit is enough to re-rate a stock at this stage of development.

Final Take — Two Different Ways to Play Resources

Ora Banda Mining shows what happens when a small gold player successfully scales up operations: the business now produces solid cash flow, has exploration upside, and is no longer just a speculative story. For investors who want more certainty and operational leverage to the gold price, OBM is one to watch.

QMines, on the other hand, is still in the build phase. It’s cheap, small, and speculative — but its strategy of creating a Queensland copper–gold hub has genuine potential. The Mt Mackenzie acquisition gives it a stronger resource base, and if drilling or feasibility studies hit the mark, the upside could be substantial.

Together, these two stocks highlight the diversity of opportunities in the resources patch: one delivering now, the other aiming for tomorrow. Whether you’re after steady cash flow or high-beta exploration exposure, both deserve a closer look.

Disclaimer:

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