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

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30/09/2025

2

Accumulate

$1.35

7.14%

Ord Minnett has updated its commodity price forecasts as the Sept quarter wraps up, following a robust performance for commodities over the period.

The impacts of the US tariffs and trade war seem, at this stage, less than feared and, combined with supply-side challenges, commodities have held up well over the quarter.

The broker has raised most of its price forecasts, highlighting a rise in copper by 11% for 2026; gold up 5% for 2025 and 18% for 2026; thermal coal up 11% for 2026; and lithium spodumene up 25% in 2026 on more balanced supply.

The preferred stocks are Rio Tinto ((RIO)) over BHP Group ((BHP)); Alcoa ((AAI)) for aluminium; and in the golds, Newmont Corp ((NEM)) and Capricorn Metals ((CMM)).

EPS forecast for Ora Banda Mining lifted by 35% for FY26 and by 58% for FY27.

Target rises to $1.35 from $1.20. Accumulate retained.

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17/09/2025

3

Downgrade to Hold from Buy

$0.88

-30.16%

Moelis downgrades its rating for Ora Banda Mining to Hold from Buy, citing the recent share price rally has eroded valuation upside despite encouraging exploration results and resource additions. The target is increased to 88c from 85c.

The analyst highlights spot price sensitivity could imply valuation near $1.10 per share, though also points out shorter mine life versus peers increases risk. 

While remaining positive on geological potential, Moelis stresses exploration requires time and success is not assured. 

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.80 cents.