ORA BANDA MINING LIMITED (OBM)
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OBM - ORA BANDA MINING LIMITED

FNArena Sector : Gold & Silver

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 1.06

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$0.67 21 Jul 2025	0.010 OPEN $0.65	1.52% HIGH $0.68	10,156,187 LOW $0.64

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$0.67

21 Jul
2025

0.010

OPEN

$0.65

1.52%

HIGH

$0.68

10,156,187

LOW

$0.64

TARGET

$0.90

34.3% upside

OTHER COMPANIES IN THE SAME SECTOR
A1M . AAM . AAR . ADT . ALK . AMI . ASL . AUC . AUE . BC8 . BEZ . BGL . BTR . CEL . CMM . CNB . CVV . CY5 . CYL . EMR . EVN . EVR . FFM . FFM . GGP . GMD . GOR . GPR . HGO . HRZ . IGO . KCN . KGL . MAU . MEI . MEK . MM8 . MML . NEM . NST . NVA . PDI . PNR . PRU . RMS . RRL . RSG . RXL . RXR . SBM . SMI . SPR . STM . STN . SVL . TBR . TCG . TRE . TTM . USL . VAU . WAF . WGX . WIA . WMX .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	1.6	6.2	xxx
DPS (cps)	xxx	0.0	0.0	xxx
EPS Growth	xxx	N/A	100.0%	xxx
DPS Growth	xxx	N/A	N/A	xxx
PE Ratio	xxx	N/A	11.3	xxx
Dividend Yield	xxx	N/A	0.0%	xxx
Div Pay Ratio(%)	xxx	N/A	N/A	xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	1.6
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	214.2 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	5.2
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	36.3 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	12.87 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	43.12 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	33.61 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	17.76 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	43.12 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	6.21 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-32.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	18 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	13 M
Total Debt	xxx	xxx	xxx	xxx	xxx	31 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	27 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	6.43

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	69.1 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	32.25 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	192 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	17 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	16/07/2025	1	Outperform	$0.90	34.33%	Ora Banda Mining's June quarter production of around 22koz missed Macquarie's estimate by -11% due to mining delays at Riverina, which pushed -3koz of high-grade stopes into July. The broker is disappointed by FY25 guidance with costs (AISC) of $2,800–2,900/oz and capex of -$156m both materially higher than expected, while production guidance of 140–155koz was in line. The analyst explains higher costs include full-year mining expenses, capital at Sand King, and additional third-party processing charges for 200–400kt. Macquarie aligns its forecasts to guidance and raises its long-term cost base by 16%, citing continued reliance on toll treatment and uncertainty around ore supply for the proposed 3mtpa mill expansion. Macquarie lowers its target price to 90c from $1.05 and retains an Outperform rating. FORECAST Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.20 cents. Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.30 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

16/07/2025

Outperform

$0.90

34.33%

Ora Banda Mining's June quarter production of around 22koz missed Macquarie's estimate by -11% due to mining delays at Riverina, which pushed -3koz of high-grade stopes into July.

The broker is disappointed by FY25 guidance with costs (AISC) of $2,800–2,900/oz and capex of -$156m both materially higher than expected, while production guidance of 140–155koz was in line.

The analyst explains higher costs include full-year mining expenses, capital at Sand King, and additional third-party processing charges for 200–400kt.

Macquarie aligns its forecasts to guidance and raises its long-term cost base by 16%, citing continued reliance on toll treatment and uncertainty around ore supply for the proposed 3mtpa mill expansion.

Macquarie lowers its target price to 90c from $1.05 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.20 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.30 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Moelis	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Canaccord Genuity	11/06/2025	3	Downgrade to Hold from Buy	$1.20	79.10%	Canaccord Genuity lowers its target price for Ora Banda Mining to $1.20 from $1.25 and downgrades to Hold from Speculative Buy following a reduction in FY25 production guidance to 95koz at a cost (AISC) of $2,606/oz. The revisions reflect plant upgrade downtime and slower ramp-up, explains the broker, with June quarter production expected to be 24.5koz and costs (AISC) of circa $3,100/oz, though commissioning is now complete. The broker notes mine performance remains solid and anticipates FY26 output rising to 150koz with costs (AISC) falling to around $1,932/oz, supported by contributions from Riverina and Sand King. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents. Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

11/06/2025

Downgrade to Hold from Buy

$1.20

79.10%

Canaccord Genuity lowers its target price for Ora Banda Mining to $1.20 from $1.25 and downgrades to Hold from Speculative Buy following a reduction in FY25 production guidance to 95koz at a cost (AISC) of $2,606/oz.

The revisions reflect plant upgrade downtime and slower ramp-up, explains the broker, with June quarter production expected to be 24.5koz and costs (AISC) of circa $3,100/oz, though commissioning is now complete.

The broker notes mine performance remains solid and anticipates FY26 output rising to 150koz with costs (AISC) falling to around $1,932/oz, supported by contributions from Riverina and Sand King.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.

Access Extra Coverage Research History >

OBM STOCK CHART

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ORA BANDA MINING LIMITED (OBM)
Share Price Analysis and Chart