Ora Banda Mining (OBM) Investor Presentation summary

Strategic focus and operational highlights

• Pursuing sustainable gold production growth with a target of 150 koz per annum and beyond, leveraging a large tenement package and established infrastructure in Western Australia.

• FY24 saw record gold production of 69.9 koz, a 46% increase from FY23, 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 in Q4 FY25.

• Q1 FY25 delivered strong cash flow generation, with closing cash of A$48.7 million, up A$21.9 million from the prior quarter.

Financial and corporate overview

• Market capitalisation at A$1.6 billion, with 1,865.5 million shares on issue and A$48.7 million in cash as of 30 September 2024.

• Enterprise value stands at A$1.56 billion, with minimal debt of A$4 million.

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

• Planned exploration and growth capital for FY25 totals A$63 million, with a range of A$60–80 million for FY26.

Resource base and growth pipeline

• Total mineral resources of 23.3 Mt at 2.6g/t Au for 1.95 Moz; ore reserves of 2.2 Mt at 2.7g/t Au for 190 koz.

• Riverina and Sand King underground mines are set to fill the Davyhurst mill with high-grade ore, with significant exploration underway to expand resources.

• Riverina deposit remains open at depth and along strike, with over 93,000m of drilling planned in FY25.

• Sand King features a large mineralised system, with a 45,400m underground drilling program commenced in September 2024.

• Additional underground potential identified at Mulline and Waihi trends, with systematic exploration targeting high-grade extensions.