Ora Banda Mining (OBM) Diggers & Dealers Mining Forum 2025 summary

Strategic transformation and growth

• Achieved critical mass after years of undercapitalization, shifting focus from open-pit to underground mining and unlocking seven major mineralized trends.

• Built a strong, multidisciplinary board and management team, enabling operational expansion without significant increases in corporate costs.

• Balance sheet strengthened, growing cash from $26 million to $84.2 million in 12 months after $124 million invested in ramp-ups and exploration, with FY25 seeing a $57.4M cash build.

• Implemented a $50 million revolving credit facility, boosting liquidity to over $130 million and supporting future growth.

• Non-binding MOU with Norton Gold Fields for ore sale agreement, expected to contribute ~21koz in FY26.

Operational milestones and expansion plans

• Transitioned from single to dual underground assets, reaching mill capacity and planning to expand to a 3 million ton per annum plant, with feasibility study due March 2026.

• Achieved nearly 40% year-on-year growth for two years, with a 60% jump expected in FY26, driven by organic expansion and record production guidance of 140–155koz.

• Riverina and Sand King undergrounds ramped up rapidly, with Riverina achieving capital payback in 18 months and Sand King showing early promise.

• FY 2026 marks a shift to dual-underground operations, reducing risk and increasing cash flow.

• Mill is currently a constraint; expansion study aims to address this and support higher output.

Exploration and resource development

• FY26 exploration budget of $73 million will fund ~330km of drilling, nearly doubling the previous three years' efforts.

• 80% of exploration spend focused on Sand King, Waihi, Little Gem, and Round Dam, with significant potential at Little Gem and Waihi.

• Little Gem drilling confirmed multi-lode, high-grade system with significant intercepts; Phase 3 drilling underway.

• Waihi and Round Dam trends targeted for underground and bulk mining potential, with recent high-grade extensions.

• Mulline trend remains underexplored, offering potential for high-grade underground mines over a 10km strike.