Ora Banda Mining (OBM) H1 2026 earnings summary

Executive summary

• Achieved significant operational and financial growth in the half-year ended 31 December 2025, driven by increased gold production and higher realised gold prices.

• Continued ramp-up of Sand King Underground and strong performance at Riverina Underground supported production gains.

• Advanced multiple exploration and drilling programs, expanding mineralisation at key sites including Riverina, Sand King, Little Gem, Waihi, and Round Dam.

Financial highlights

• Revenue rose 80% year-over-year to $336.3 million, primarily from higher gold sales and prices.

• Net profit after tax increased 89% to $96.3 million compared to the prior period.

• EBITDA grew 106% to $173.2 million; EBIT up 170% to $140.7 million.

• Cash in bank at period end was $155.4 million, up from $57.8 million a year earlier.

• Operating cash flow more than doubled to $184.0 million.

Outlook and guidance

• Expectation of increased mined grades and ounces from Sand King in H2 as higher-grade sequences are accessed.

• Board approved $57 million post-period end for growth projects: processing plant study, Waihi open pit, and camp expansions.