Ora Banda Mining (OBM) Noosa Mining Conference 2026 summary

Strategic transformation and growth plans

• Aiming to double production and fully transform operations over the next few years, targeting 300,000 ounces by FY 2029.

• Major capital investment includes building a new 3Mtpa mill, reducing unit costs and enabling scale.

• Infrastructure upgrades extend beyond milling to camps, flights, airstrips, and assay labs.

• Financially robust with AUD 260 million cash, AUD 200 million undrawn revolver, and strong institutional backing.

• Downside risk managed via gold price put options through June 2028 and stress-tested build timelines.

Operational achievements and resource expansion

• Production increased from under 50,000 to 140,000 ounces, with record output for the belt.

• Resource and reserve growth achieved, with reserves doubling and resources up by over 1.5 million ounces in FY 2026.

• Ongoing drilling to extend resources and reserves, with AUD 75 million allocated for exploration.

• Transitioning from toll treating to in-house processing, focusing on higher-grade underground feed.

• New mines Waihi Underground and Round Dam to supplement Sand King and Riverina, supporting production targets.

Exploration and future growth pipeline

• Round Dam resource grew from 100,000 to 1.3 million ounces after geological reinterpretation and intensive drilling.

• Five rigs currently drilling Round Dam, with significant strike length remaining underexplored.

• Little Gem discovery south of Riverina to deliver a maiden resource in September, with further upside from the Sapphire Trend.

• Exploration focus shifting to both infill and extensional drilling, aiming to sustain growth beyond the current three-year plan.

• Long-term strategy includes continuous resource expansion and de-risking through diversified mine development.