Miramar Resources (ASX M2R), Research and Coverage

Miramar Resources Ltd (ASX: M2R). Miramar is a mineral exploration company in Western Australia. It looks for gold near Kalgoorlie and for base metals in the Gascoyne and Bangemall regions, and it is not mining or selling anything, so the money it spends comes from shareholders rather than from sales. It is early stage even by exploration standards. It holds one mineral resource, declared in August 2026, and it has no ore reserve and no granted mining lease. A mineral resource is the metal a company believes is in the ground, estimated to a public reporting standard. An ore reserve is the part of that which a feasibility study has shown can be dug up and sold at a profit, and Miramar has not reached that stage on anything.