Ora Banda Mining (OBM) AGM 2024 Presentation summary

Strategic focus and operational highlights

• Pursuing a strategy to reach 150 koz per annum gold production, leveraging organic growth and optimizing performance for long-term value creation.

• FY24 saw a transformational shift to underground mining, resulting in record gold production of 69.9 koz and a 10% reduction in AISC to A$2,767/oz.

• Riverina Underground mine achieved commercial production in August 2024, ramping up to steady state with Q1 FY25 grade reconciliation at 4.5g/t Au, exceeding reserve grade.

• Sand King Underground mine received final investment decision, with first ore expected in Q2 FY25 and steady state production targeted for Q4 FY25.

• Q1 FY25 delivered strong cash flow generation of $53.3m, increasing closing cash to $48.7m after significant growth and exploration investments.

Asset base, resources, and reserves

• Davyhurst Gold Project comprises 68 granted tenements over 1,150km², with a 1.2Mtpa processing facility and extensive infrastructure.

• Total Mineral Resource Estimate stands at 23.3Mt @ 2.6g/t Au for 1.95Moz, with Ore Reserves of 2.2Mt @ 2.7g/t Au for 190koz.

• Riverina and Sand King underground mines are the primary contributors to future production, with reserves of 87koz and 55koz respectively.

• Exploration focus remains on expanding resources at Riverina, Sand King, and other underexplored trends such as Mulline and Waihi.

Growth, exploration, and future outlook

• FY25 production guidance is 100–110 koz at an AISC of A$1,975–2,125/oz, with FY26 outlook targeting 140–160 koz at lower AISC of A$1,740–1,890/oz.

• Growth capital of A$63m planned for FY25, including A$39m for Sand King UG, A$10m for Riverina UG, and A$25m for exploration.

• Over 93,000m of drilling planned at Riverina in FY25 to test extensions and resource growth, with two surface diamond rigs operating.

• Systematic exploration underway at Riverina Gold Camp and Mulline, targeting large-scale mineralisation and high-grade underground potential.

• Waihi trend and other deposits present further underground growth opportunities, supported by historical high-grade production and recent drilling.