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2026-11-06
◂ Monitor OBM ASX

ORA BANDA MINING LTD

Producer · Gold · Australia Rating locked: sign in to view v8 · obm-20261024t141022-full
Last 2026-11-06
A$1.44
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2.8B
EV
A$2.6B
Cash
A$267.7M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Davyhurst integrated gold mine and deposit group

Australia

Producer100% ownedGoldSilver

Riverina and Sand King operate; Waihi underground is developing; Round Dam awaits FID. A new 3Mtpa plant is under construction beside the existing 1.2Mtpa plant.

Producer · Producer
Production annualised (attributable)
158.2k ozd
Production (last FY, 100%)
140.9k oz
AISC (latest quarter)
A$3,870/oz
AISC margin at spot
33.9%m
Delivery vs guidance
—
Reserve life
4.3 yrsd
Head grade
2.70 g/t
Published study economicsIssuer or study metrics
Initial capexA$800MPublished capital estimate

Disclosed budgets: new mill375m; supporting infrastructure180m; Waihi85m; Round Dam160m conditional on FID. Combined800m excludes exploration225m and sustaining capital. The3Mtpa new mill is in addition to existing1.2Mtpa capacity.

Resources & reserves10
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal inclusive in-situ, excludes surface stockpiles56.5M t ore2.0 g/t AuGold2026-04-01
Mineral ResourceRiverina Underground8.7M t ore2.5 g/t AuGold2026-04-01
Mineral ResourceSand King Underground3.9M t ore2.9 g/t AuGold2026-04-01
Mineral ResourceWaihi open pit plus underground7.3M t ore2.1 g/t AuGold2026-04-01
Mineral ResourceRound Dam25.4M t ore1.6 g/t AuGold2026-04-01
Ore ReserveTotal including low-grade in situ and stockpiles8.4M t ore2.3 g/t AuGold2026-04-01
Ore ReserveRiverina Underground844K t ore3.7 g/t AuGold2026-04-01
Ore ReserveSand King Underground1.2M t ore3.2 g/t AuGold2026-04-01
Ore ReserveWaihi Underground825K t ore3.8 g/t AuGold2026-04-01
Ore ReserveRound Dam Open Pit3.7M t ore1.9 g/t AuGold2026-04-01
Tenements2
dgp-tenementsGranted1,138 km2 · No expiry supplied
m30-255Granted— None · 2038-01-10
Milestones3
  1. Waihi underground portal established

    Achieved · High materiality

  2. Waihi first ore mid-CY2027

    Pending · High materiality

  3. New3Mtpa mill commissioning March quarter2028

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Round Dam environmental and mine-development approvalsWestern AustraliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Round Dam open-pit PFSPFSCurrent2026-05-18Round Dam PFS13.474Mt at1.7g/t for724koz mined,7.5years,95%recovery;68% of diluted resource ounces Inferred. This is broader than the223koz formal reserve and remains subject to FID.

Other

Davyston non-gold mineral rights JV

Australia

Early Explorer26% ownedLithiumNickel

Current 26% non-gold interest, subject to WesCEF sole-funded earn-in potentially reaching 80% partner ownership. Gold rights remain 100% OBM.

Exploration · Early explorer
Ownership
26%
Commodity
Lir
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Siberia Tank exploration JV

Australia

Early Explorer90% ownedGold

Disclosed 90% exploration JV interest with no separately reconstructable economics.

Exploration · Early explorer
Ownership
90%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Retained0.5%DEPLnon-goldroyalty · Royalty / stream · Pre production
Royalty type
Mineralroyalty
Rate
0.5%d
Underlying asset and operator
Davystonnon-goldrights/WesCEF
Operator's stage
Exploration
Attrib. royalty units per year
—
Royalty receipts (12M)
—
Our attributable value
Locked
New Davyhurst3Mtpa processing plant · Processing plant / refinery · Construction
Product and spec
Gold bullion
Nameplate capacity
3e+06 tpa
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
A$125/(tpa)d
Feed source
Captive Davyhurst gold mine/deposit group
Offtake contracted
—
Existing Davyhurst1.2Mtpa processing plant · Processing plant / refinery · Operating
Product and spec
Gold bullion
Nameplate capacity
1.2e+06 tpa
Throughput (12M)
1.3m t
Utilisation
104.9%d
Capital intensity (capex / tpa)
—
Feed source
Captive Davyhurst gold mine/deposit group
Offtake contracted
—