Ora Banda Mining (OBM) Diggers & Dealers Mining Forum 2026 summary

Strategic growth and exploration

• Focus on organic growth to reach 300,000 oz annual gold production within two years, leveraging underexplored regional systems with significant exploration investment and new mine development.

• Recent exploration commitments include AUD 75 million for a 320 km drill program, resulting in a 1.5 million oz resource increase and doubled reserves, with further upside from prospects like Little Gem.

• Four-mine feed strategy will support production targets, with Waihi and Sand King each contributing 100,000 oz and additional output from Riverina and Round Dam.

• New discoveries and resource extensions are expected as systematic drilling continues across multiple trends, including Mulline and Round Dam.

Infrastructure expansion and operational improvements

• Construction of a new 3 million ton per annum mill is underway, expected to complete in 18 months, enabling a significant scale-up from the current 1.2 million ton mill.

• The new mill will reduce unit costs, improve operational flexibility, and allow simultaneous operation with the existing mill.

• Additional infrastructure upgrades include camps, airstrips, roads, and onsite assay labs to support scalable operations.

• Stockpiling ahead of mill completion and a shift from toll treating to in-house processing will enhance business resilience.

Financial position and risk management

• Strong balance sheet with approximately AUD 270 million in cash and an undrawn AUD 200 million revolver supports capital initiatives.

• Downside risk is mitigated through put options at AUD 6,000/oz for 100,000 oz/year, providing a price floor while retaining upside exposure.

• Scenario analysis for gold price and CapEx risks informs capital allocation and project pacing.