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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$267.7M2025-09-30: 122,676,000 A$2025-12-31: 155,436,000 A$2026-03-31: 231,718,000 A$2026-06-30: 267,704,000 A$ Self Funding
Debt A$0 Net cash A$267.7M
Basic shares 1.9B 2026-09-01
Runway Self Funding FY26 reported net cash increase183.527m follows operating inflow426.695m, investing outflow212.235m and financing outflow30.933m. Historical burn runway is not meaningful for a cash-generating producer.

Liquidity

Financial position

Reported30June cash267.704m and undrawn revolver200m are distinct. FY27 growth425m is larger than opening cash and depends on operating generation and facility availability. No eligible September cash statement was located; valuation-date cash is explicitly estimated in the valuation bridge.

Inventory composition3

Reported33.970m inventory comprises ore stockpiles15.081m, gold in circuit11.156m, and materials/supplies7.733m; June physical gold totals10,818oz. All are operating balances.

Ore stockpiles
A$15.1M carrying · 7,771 oz Au contained
Gold in circuit and on hand
A$11.2M carrying · 3,047 oz Au
Materials and supplies
A$7.7M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.9B
Fully diluted
2B

Use latest Appendix 2A post-issue 1,935,777,242 ordinary shares. Its unquoted 104,483,873 rights include conversions but exclude simultaneous Appendix 3H lapses of 355,489 + 249,407 + 18,798 + 363,121 = 986,815. Remaining 103,497,058 rights plus ordinary shares = 2,039,274,300 maximum diluted shares, consistent with September presentation rounded 103m rights. All rights are included despite conditional vesting; no unannounced raising assumed.

Security classes19
ClassTypeQuantityStrikeExpiry
ASX OBM quoted ordinary sharesOrdinary Share1.9B——
OBMAG conditional performance/retention rights, maximum potential dilutionPerformance Right1MA$0—
OBMAH conditional performance/retention rights, maximum potential dilutionPerformance Right2.7MA$0—
OBMAAA conditional performance/retention rights, maximum potential dilutionPerformance Right1.3MA$0—
OBMAAB conditional performance/retention rights, maximum potential dilutionPerformance Right727.2KA$0—
OBMAAC conditional performance/retention rights, maximum potential dilutionPerformance Right6.3MA$0—
OBMAAD conditional performance/retention rights, maximum potential dilutionPerformance Right231.8KA$0—
OBMAZ conditional performance/retention rights, maximum potential dilutionPerformance Right6.2MA$0—
OBMAT conditional performance/retention rights, maximum potential dilutionPerformance Right1.5MA$0—
OBMAU conditional performance/retention rights, maximum potential dilutionPerformance Right3.5MA$0—
OBMAV conditional performance/retention rights, maximum potential dilutionPerformance Right12.5MA$0—
OBMAW conditional performance/retention rights, maximum potential dilutionPerformance Right4MA$0—
OBMAE conditional performance/retention rights, maximum potential dilutionPerformance Right11.4MA$0—
OBMAF conditional performance/retention rights, maximum potential dilutionPerformance Right24MA$0—
OBMAP conditional performance/retention rights, maximum potential dilutionPerformance Right2.8MA$0—
OBMAQ conditional performance/retention rights, maximum potential dilutionPerformance Right14.5MA$0—
OBMAR conditional performance/retention rights, maximum potential dilutionPerformance Right500KA$0—
OBMAX conditional performance/retention rights, maximum potential dilutionPerformance Right10.2MA$0—
OBMAY conditional performance/retention rights, maximum potential dilutionPerformance Right152.8KA$0—

KPI history

Operating metrics · Davyhurst integrated gold mine and deposit group

Gold produced including attributable equivalent ore sales shown
011,07522,14933,22444,2982025-09: 30,595 oz Au2025-092025-12: 32,036 oz Au2025-122026-03: 38,766 oz Au2026-032026-06: 39,552 oz Au2026-06
MetricUnitTrend2025-092025-122026-032026-06
Gold produced including attributable equivalent ore salesoz Au2025-09: 30,595 oz Au2025-12: 32,036 oz Au2026-03: 38,766 oz Au2026-06: 39,552 oz Au30,59532,03638,76639,552
Gold sold including attributable equivalent ore salesoz Au2025-09: 31,336 oz Au2025-12: 31,247 oz Au2026-03: 38,637 oz Au2026-06: 39,421 oz Au31,33631,24738,63739,421
Unrestricted cash balanceAUD2025-09: 122,676,000 AUD2025-12: 155,436,000 AUD2026-03: 231,718,000 AUD2026-06: 267,704,000 AUD122,676,000155,436,000231,718,000267,704,000
Group AISC including attributable ore-sale ouncesAUD/oz Au2025-09: 2,872 AUD/oz Au2025-12: 3,505 AUD/oz Au2026-03: 3,612 AUD/oz Au2026-06: 3,870 AUD/oz Au2,8723,5053,6123,870
Operating metric source table16
MetricProjectPeriodPeriod typeValueStatus
Gold produced including attributable equivalent ore salesDavyhurst Gold2025-09 quarterQuarter30,595 oz AuReported
Gold sold including attributable equivalent ore salesDavyhurst Gold2025-09 quarterQuarter31,336 oz AuReported
Unrestricted cash balanceDavyhurst Gold2025-09 balancePoint In Time122,676,000 AUDReported
Gold produced including attributable equivalent ore salesDavyhurst Gold2025-12 quarterQuarter32,036 oz AuReported
Gold sold including attributable equivalent ore salesDavyhurst Gold2025-12 quarterQuarter31,247 oz AuReported
Unrestricted cash balanceDavyhurst Gold2025-12 balancePoint In Time155,436,000 AUDReported
Gold produced including attributable equivalent ore salesDavyhurst Gold2026-03 quarterQuarter38,766 oz AuReported
Gold sold including attributable equivalent ore salesDavyhurst Gold2026-03 quarterQuarter38,637 oz AuReported
Unrestricted cash balanceDavyhurst Gold2026-03 balancePoint In Time231,718,000 AUDReported
Gold produced including attributable equivalent ore salesDavyhurst Gold2026-06 quarterQuarter39,552 oz AuReported
Gold sold including attributable equivalent ore salesDavyhurst Gold2026-06 quarterQuarter39,421 oz AuReported
Unrestricted cash balanceDavyhurst Gold2026-06 balancePoint In Time267,704,000 AUDReported
Group AISC including attributable ore-sale ouncesDavyhurst Gold2025-09 quarterQuarter2,872 AUD/oz AuReported
Group AISC including attributable ore-sale ouncesDavyhurst Gold2025-12 quarterQuarter3,505 AUD/oz AuReported
Group AISC including attributable ore-sale ouncesDavyhurst Gold2026-03 quarterQuarter3,612 AUD/oz AuReported
Group AISC including attributable ore-sale ouncesDavyhurst Gold2026-06 quarterQuarter3,870 AUD/oz AuReported
Company guidance2
MetricProjectPeriodLowHighStatus
Goldproductionincludingequivalentoresalesdavyhurst-goldFY27125,000140,000 oz Au/yearCurrent
AISCdavyhurst-goldFY273,4003,600 AUD/oz AuCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-07-16DebtA$200M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Audited annual accounts and notes, current Appendix 4E, September presentation and original DEPL execution. Gold rights are 100%; non-gold JV ownership and retained benefit royalty are separate. Includes the 1% Hawke gold royalty, signed GR mill EPC, ore sale, bounded hedges and revolver. No unannounced ore-sale extension.

Gold-bearing ore sale pays gold value less direct processing charges. Latest disclosed expiry20October2026; March–October contract570kt +/-10%.

Tolling Or Processing · Active
Counterparties
Norton Gold Fields Pty Ltd trading as Paddington Gold Pty Ltd
Applies to
Davyhurst integrated gold mine and deposit group · Gold
Economic direction
Mixed
Period
2026-03-01 to 2026-10-20
Key terms
Contract ore quantity: 570,000 t ore
FY26 net processing deduction: 63,700,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Disclosed puts cover99,996oz November2026–October2027 and66,664oz November2027–June2028 at6,000AUD/oz. Written calls cover33,128oz in the latter period at8,400AUD/oz. June premium liabilities44.769m.

Commodity Hedge · Active
Counterparties
Bank counterparties not individually identified in selected note
Applies to
Davyhurst integrated gold mine and deposit group · Gold
Economic direction
Mixed
Period
2026-11-01 to 2028-06-30
Key terms
Put floor: 6,000 AUD/oz
Sold call cap: 8,400 AUD/oz
Remaining option premiums: 44,769,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Executed JV/mineral-sharing agreements cover non-gold minerals. Appendix4E current OBM interest26%; partner can earn to80% through exploration spending.

Farm Out · Active
Counterparties
Davyston Exploration Pty Ltd, Wesfarmers Chemicals Energy and Fertilisers
Applies to
Davyston non-gold mineral rights JV · Lithium · Nickel
Economic direction
Mixed
Period
From 2025-09-12; no end date stated
Key terms
Current OBM non-gold interest: 26 %
Partner earn-in maximum: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Original2% non-gold royalty less1.5% on-sale leaves0.5%. The4m consideration offset the Hawke loan on execution.

Royalty · Active
Counterparties
Davyston Exploration Pty Ltd · Hawke’s Point
Applies to
Davyston non-gold mineral rights JV · Lithium · Nickel
Economic direction
Benefit
Period
From 2025-09-12; no end date stated
Key terms
Retained non-gold royalty: 0.5 %
On-sale consideration already received as debt offset: 4,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Undrawn200m ANZ/CBA revolver at30June2026, three-year tenor endingJune2029; no mandatory hedging requirement disclosed in May release.

Other · Active
Counterparties
ANZ · Commonwealth Bank of Australia
Applies to
Davyhurst integrated gold mine and deposit group · Gold
Economic direction
Mixed
Period
2026-06-30 to 2029-06-30
Key terms
Undrawn revolver: 200,000,000 AUD
Borrowings: 0 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Appendix4E discloses90% OBM interest in the Siberia Tank exploration joint operation.

Joint Venture · Active
Counterparties
Siberia Tank JV partner not named in Appendix4E
Applies to
Siberia Tank exploration JV · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
OBMinterest: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold NSR1% payable from1January2024; FY26 expense8.804m and unpaid June balance2.957m.

Royalty · Active
Counterparties
Hawke’s Point
Applies to
Davyhurst integrated gold mine and deposit group · Gold
Economic direction
Burden
Period
From 2024-01-01; no end date stated
Key terms
Gold net smelter return royalty: 1 %
FY26 expense: 8,804,000 AUD
Unpaid royalty: 2,957,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Signed233m EPC is a component of the375m new-mill budget. June capital commitments256.668m relate principally to the EPC contract.

Other · Active
Counterparties
GR Engineering Services Ltd
Applies to
Davyhurst integrated gold mine and deposit group · Gold
Economic direction
Burden
Period
From 2026-06-15; no end date stated
Key terms
Signed EPC contract: 233,000,000 AUD
Total group capital commitments: 256,668,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.