Ora Banda Mining (OBM) investor relations material

Executive summary

• September-quarter production was 33,305 oz and gold sold was 33,939 oz; weather disruptions and an extended mill shutdown reduced output and raised unit costs, while FY27 guidance was maintained.

• DRIVE to 300 projects advanced, with the new 3.0 Mtpa plant on schedule and Waihi Underground development commencing ahead of schedule.

• The 300 kozpa ambition is aspirational, not a production target; there are not yet reasonable grounds to believe it can be achieved.

Financial highlights

• Net gold revenue was A$200.8 million, including A$3.9 million of put option premiums; average realised gold price was A$5,915/oz.

• AISC was A$4,214/oz sold, up 9% QoQ; lower throughput from weather and mill delays were the main drivers, alongside Waihi open-pit mining costs.

• Operating cash flows were A$83.3 million; quarter-end cash was A$207.0 million after a net cash outflow of A$60.7 million as growth expenditure increased.

Outlook and guidance

• FY27 production guidance remains 125–140 koz at AISC of A$3,400–A$3,600/oz; FY27 total capital guidance is A$425 million.

• New 3.0 Mtpa plant construction is on schedule and within budget, with commissioning targeted for early CY2028; Waihi Underground is scheduled to contribute high-grade ore from mid-CY2027.

• Waihi open-pit mining is expected to finish in late December 2026 as operations transition underground; grade and volumes at Sand King are expected to increase through the remaining FY27 quarters.

• Third-party processing is continuing in the December quarter, with discussions ongoing about processing beyond October 2026.