Ora Banda Mining (OBM) Q4 2025 TU earnings summary

Executive summary

• Achieved record FY25 gold production of 92,399oz, up 32% year-over-year, and gold sold of 91,687oz, up 36% from FY24.

• Cash position increased by $3.5M in the June quarter to $84.2M, despite $40.9M in capital, resource development, and exploration spend.

• Sand King underground mine reached steady-state 60kozpa run-rate; Riverina Deeps drilling extended mineralisation to 1km depth.

• Entered ore sale agreement with Norton Gold Fields, generating 1,389oz attributable production in the quarter.

Financial highlights

• FY25 revenue from gold and silver sales was $406M; average realised gold price was A$4,362/oz.

• FY25 AISC was $2,693/oz, a $74/oz reduction from prior year; June quarter AISC rose 45% sequentially to $3,583/oz due to production delays and higher costs.

• June quarter gold sold was 21,609oz (including 1,389oz from third-party milling), down 14% from the previous quarter.

• FY25 closing cash increased by $57.4M after $124M invested in capital, resource development, and exploration.

Outlook and guidance

• FY26 production guidance: 140–155koz, a >60% increase over FY25.

• FY26 AISC guidance: $2,800–$2,900/oz; exploration and resource development spend planned at $73M, growth capital at $86M.

• Ore sale agreement with NGF expected to contribute 21koz attributable production in FY26, pending final binding agreement.