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

Strategic growth and operational transformation

• Focus on organic growth to reach 300,000 ounces annual gold production within two years, leveraging underexplored regional systems and recent exploration investments.

• Transitioned from open pit to underground mining, achieving 140,000 ounces organically and addressing infrastructure bottlenecks with a new mill project.

• Committed AUD 75 million to exploration in FY 2026, resulting in significant resource and reserve growth, including a 1.5 million ounce resource increase and reserve doubling.

• New 3 million ton per annum mill under construction, expected to reduce unit costs and enable scalable operations, with an 18-month build and up to six months contingency.

• Financially robust with AUD 270 million cash, AUD 200 million undrawn revolver, and gold price put options at AUD 6,000/oz to mitigate downside risk.

Exploration and mine development highlights

• Major exploration focus on seven regional trends, with only two currently being developed; significant upside remains as more trends are explored.

• Sand King and Riverina mines are expanding, with Sand King increasing output and Riverina providing stable base production; both have ongoing resource extension drilling.

• Waihi transitioning from open pit to high-grade underground mining, with new feed expected mid-next year, enhancing grade and business resilience.

• Round Dam resource upgraded from 100,000 to 1.3 million ounces in four months, with an eight-year mine life outlined and further infill drilling underway.

• Little Gem and Mulline trends identified as major future growth options, with early drilling showing extensive mineralization and further exploration planned.

Operational excellence and culture

• Emphasis on building a strong leadership team and board, with expertise across all disciplines to drive the next growth phase.

• Safety and culture initiatives have reduced injury frequency by 30% and improved environmental and community engagement.

• Progressive rehabilitation and stakeholder engagement are priorities, supporting sustainable operations and long-term value creation.

• Construction of the new mill and new mines is underway, with Waihi Underground and Round Dam FID targeted before year-end.

• Little Gem Mineral Resource Estimate expected before year-end, marking the start of unlocking further deposit potential.