Ora Banda Mining (OBM) H2 2025 earnings summary

Executive summary

• Achieved record gold production of 91.7koz, a 36% increase year-over-year, with a 3% reduction in AISC to A$2,693/oz.

• Revenue rose 89% to $404.3 million, net profit after tax surged 575% to $186.1 million, and cash at bank increased by $57.4 million to $84.2 million.

• Commercial production declared at Riverina Underground in August 2024; Sand King Underground commenced and reached steady-state by June 2025.

• Significant exploration success, including the Little Gem greenfields discovery and high-grade extensions at Riverina and Waihi.

Financial highlights

• Revenue: $404.3 million (up 89% year-over-year); EBIT: $115.4 million (up 271%); EBITDA: $184.6 million (up 243%).

• Net profit after tax: $186.1 million (up 575%); EPS: 10.20 cents (up 530%).

• Operating cash flow: $190.5 million (up 425%); free cash inflow: $75.5 million.

• AISC reduced to $2,693/oz (down 3%); average gold price realized: A$4,344/oz (up 36%).

Outlook and guidance

• FY26 gold production guidance: 140–155koz, AISC: A$2,800–2,900/oz.

• Growth capital budgeted at $86 million, with $73 million allocated to exploration and resource development.

• Full-year contribution expected from Sand King Underground and expanded third-party ore sales.

• Feasibility study underway to expand Davyhurst plant to ~3Mtpa to address processing bottlenecks.