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

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OBM - ORA BANDA MINING LIMITED

FNArena Sector : Gold & Silver

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 0.07

Index: ASX200 | ASX300 | ALL-ORDS

Ora Banda Mining is a Western Australian gold producer operating mines and processing infrastructure at the Davyhurst Gold Project.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.42 08 Oct 2026	-0.010 OPEN $1.42	-0.70% HIGH $1.44	3,086,589 LOW $1.39

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.42

08 Oct
2026

-0.010

OPEN

$1.42

-0.70%

HIGH

$1.44

3,086,589

LOW

$1.39

TARGET

$1.933

+0.05 change from previous day

36.2% upside

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FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY25 Actual	FY26 Actual	FY27 Forecast	FY28 Forecast
EPS (cps)	xxx	10.9	9.5	xxx
DPS (cps)	xxx	0.0	0.0	xxx
EPS Growth	xxx	6.8%	- 13.1%	xxx
DPS Growth	xxx	N/A	N/A	xxx
PE Ratio	xxx	N/A	15.4	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%

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2026 FactSet UK Limited. All rights reserved

Title	2021	2022	2023	2024	2025	2026
EPS Basic	xxx	xxx	xxx	xxx	xxx	10.9
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	826.1 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	27.9
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	426.7 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	26.17 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2021	2022	2023	2024	2025	2026
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	52.51 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	51.57 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	32.65 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	52.51 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	74.42 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	212.9 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	2021	2022	2023	2024	2025	2026
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	29 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	3 M
Total Debt	xxx	xxx	xxx	xxx	xxx	32 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	268 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	3.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2021	2022	2023	2024	2025	2026
Capex	xxx	xxx	xxx	xxx	xxx	213.8 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	25.88 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	461 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	32 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	43 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

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
UBS	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
Macquarie	02/10/2026	3	Neutral	$1.50	5.63%	Macquarie has turned more cautious on gold near term, citing higher real yields, sticky inflation and a stronger US dollar, although central-bank buying, geopolitical uncertainty and concerns over Fed independence remain supportive. The broker lifts 2026 gold price forecast by 2% to US$4,485/oz, cuts 2027 by -3% to US$4,150/oz, before raising 2028-2030 forecasts by 3%-6% to US$4,000-US$3,700/oz, respectively, with its long-term forecast unchanged at US$3,100/oz. Applying the gold forecast price changes results in average gold stock EPS forecast -2% for FY27 and -16% for FY28, with upgrades across FY29-FY30. Ora Banda Mining remains Neutral rated with an unchanged $1.50 target. This is a summary of research released by Macquarie yesterday. FORECAST Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents. Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of 13.20 cents.
Ord Minnett	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

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

UBS

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

02/10/2026

Neutral

$1.50

5.63%

Macquarie has turned more cautious on gold near term, citing higher real yields, sticky inflation and a stronger US dollar, although central-bank buying, geopolitical uncertainty and concerns over Fed independence remain supportive.

The broker lifts 2026 gold price forecast by 2% to US$4,485/oz, cuts 2027 by -3% to US$4,150/oz, before raising 2028-2030 forecasts by 3%-6% to US$4,000-US$3,700/oz, respectively, with its long-term forecast unchanged at US$3,100/oz.

Applying the gold forecast price changes results in average gold stock EPS forecast -2% for FY27 and -16% for FY28, with upgrades across FY29-FY30.

Ora Banda Mining remains Neutral rated with an unchanged $1.50 target.

This is a summary of research released by Macquarie yesterday.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of 13.20 cents.

Ord Minnett

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

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	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Canaccord Genuity	01/09/2026	1	Buy	$1.85	30.28%	Canaccord Genuity maintains a Buy rating for Ora Banda Mining with its target price increased to $1.85 from $1.65 following an FY26 result featuring EBITDA of $431m and free cash flow of $214m. The company finished the period with $268m in cash and nil debt, alongside maintaining FY27 production guidance of 125,000 to 140,000 ounces at an all-in sustaining cost between $3,400 and $3,600 per ounce. Growth capital expenditure guidance remains unchanged at -$350m, providing funding for a new processing facility and the development of the Waihi underground operation. The analyst updates financial models to reflect a higher proportion of capitalised exploration spend, lifting FY27 to FY29 EBITDA estimates by an average of 10%.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

xx/xx/xxxx

xxxx

$xx.xx

xx.xx%

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

Canaccord Genuity

01/09/2026

Buy

$1.85

30.28%

Canaccord Genuity maintains a Buy rating for Ora Banda Mining with its target price increased to $1.85 from $1.65 following an FY26 result featuring EBITDA of $431m and free cash flow of $214m.

The company finished the period with $268m in cash and nil debt, alongside maintaining FY27 production guidance of 125,000 to 140,000 ounces at an all-in sustaining cost between $3,400 and $3,600 per ounce.

Growth capital expenditure guidance remains unchanged at -$350m, providing funding for a new processing facility and the development of the Waihi underground operation.

The analyst updates financial models to reflect a higher proportion of capitalised exploration spend, lifting FY27 to FY29 EBITDA estimates by an average of 10%.

Access Extra Coverage Research History >

OBM STOCK CHART

FNArena News on OBM

1	Australian Broker Call Extra Edition – Sep 14, 2026 Sep 14 2026 - Daily Market Reports

2	Weekly Ratings, Targets, Forecast Changes – 11-09-26 Sep 14 2026 - Weekly Reports

3	Australian Broker Call Extra Edition – Sep 01, 2026 Sep 01 2026 - Daily Market Reports

4	Weekly Ratings, Targets, Forecast Changes – 28-08-26 Aug 31 2026 - Weekly Reports

5	In Case You Missed It – BC Extra Upgrades & Downgrades – 28-08-26 Aug 28 2026 - Weekly Reports

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Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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ORA BANDA MINING LIMITED (OBM)
Share Price Analysis and Chart