Ora Banda Mining (OBM) Mining Forum Americas 2026 summary

Strategic transformation and growth plans

• Transitioned from a small, subscale open pit to a multi-mine, scalable operation over seven years, with production rising from 48,000 oz to 140,000 oz in FY 2026.

• Launched the DRIVE to 300 plan, targeting over 300,000 oz annual production by FY 2029, supported by infrastructure upgrades and new mines.

• Investing AUD 375 million in a new 3 Mtpa mill, with AUD 233 million under EPC contract and construction on schedule; total processing capacity will reach 4.2 Mtpa.

• Infrastructure upgrades include camps, airstrips, roads, and on-site labs to support higher throughput and operational simplicity.

• Four mines (three underground, one open pit) will feed two mills, with ongoing exploration to expand resources and reserves.

Financial resilience and risk management

• Maintains a strong balance sheet with AUD 260 million in cash and a AUD 200 million revolver at FY 2026 close.

• Hedged 80%-85% of production from one mill at AUD 6,000/oz through June 2028 using put options, reducing commodity price risk during the investment phase.

• Ongoing production from the old mill ensures continued cash flow while the new mill is built.

Mine development and exploration highlights

• Sand King mine expanded from initial 60,000 oz/year to 90,000–100,000 oz/year, with further growth potential identified.

• Riverina mine contributes ~50,000 oz/year, with a 100,000 oz reserve and ongoing conversion as mining progresses.

• Waihi underground mine and Golden Pole high-grade zone (5 g/t, 40,000 oz) to start production mid-next year, supporting higher grades and cash flow.

• Round Dam resource grew from 100,000 oz to 1.3 million oz in one year; PFS underway, with FID targeted for April next year.

• Little Gem and other regional trends offer significant organic growth, with maiden MRE expected late this year or early next.