Ora Banda Mining (OBM) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of $336.3 million, up 80% year-over-year, driven by increased gold production and higher realised gold prices.

• Net profit after tax increased 89% to $96.3 million, including a $43.8 million non-cash tax expense.

• EBITDA rose 106% to $173.2 million, supported by operational improvements and higher gold prices.

• Operating cash flow surged 102% to $184.0 million, supporting reinvestment in growth projects.

• Record gold production of 62,631oz, up 32% from the prior period, with Sand King Underground achieving capital payback within 12 months.

Financial highlights

• EBIT increased 170% to $140.7 million compared to the same period last year.

• Cash in bank rose to $155.4 million, up 169% year-over-year.

• All-in sustaining cost (AISC) per ounce sold was $3,188, up 33% from prior period.

• Average realised gold price was $5,652/oz, up 45% year-over-year.

• Free cash flow exceeded $71 million for the period.

Outlook and guidance

• Expectation of increased mined grades and ounces from Sand King in H2 as higher-grade sequences are accessed.

• Board approved $57 million post-period end for growth projects: processing plant study, Waihi open pit, and camp expansions.

• Put options executed for 150koz at A$6,000/oz provide price protection through FY26 and FY27.

• Liquidity exceeds $200 million, including an undrawn $50 million revolving credit facility.

• Continued investment planned for growth projects, including open pit mining at Waihi and studies for a new 3mtpa mill.