ORA BANDA MINING LIMITED (OBM)
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11/09/2025

2

Initiation of coverage with Accumulate

$1.20

15.38%

Ord Minnett initiates coverage of Ora Banda Mining with an Accumulate rating and $1.20 target price, noting strong free cash flow and growth potential from the Riverina and Sand King underground mines.

Reserves of around 190koz imply to the analyst just one-to-two years of mine life at FY26 production guidance of 115–140koz, making drilling success critical.

Total resources are almost at 2moz, notes Ord Minnett, with recent high-grade intercepts at Sand King showing mineralisation extends well beyond the current footprint.

Exploration success and conversion of resources to reserves are seen as key catalysts, given historic drilling has been shallow and limited.

A potential expansion of mill capacity to 3mtpa is under review, with a decision expected by March 2026. Depending on costs and grades, the broker estimates this could lift valuation to between $1.40-1.90 per share.

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11/09/2025

1

Buy

$1.20

15.38%

Ora Banda Mining’s $73m, 329km drilling program at the Round Dam Trend at the the Davyhurst Gold project is seen by Canaccord Genuity as supporting growth in the 1.95moz Resource and 190koz Reserve. New ore sources are expected in FY26.

A feasibility study due March quarter 2026 will assess expanding the Davyhurst plant to 3mtpa from 1.2mtpa, potentially lowering costs and improving recoveries, highlight the analysts.

Early Waihi drilling returned a new gold lode of 13.5m at 6.1g/t and 8m at 8.7g/t plus extensions below 350m, positioning Waihi as a likely third underground mine, suggests the broker.

Round Dam results included 8m at 20.6g/t and 2m at 32.4g/t, highlighting to the analysts both open pit and underground potential along the Zuleika Shear.

Canaccord expects exploration success to drive mine life extension and support a possible mill expansion. Target raised to $1.20 from $1.05. Buy rating unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.00 cents.