- Last 2026-11-06
- A$1.44
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Company PresentationLatest Operating Presentation
- September 2026 Quarterly Activities ReportLatest Four Activities Reports
- Application for quotation of securities - OBMPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 19All sources ▸- Company PresentationPresentation
- Waihi Underground CommencedOperations
- Notification of cessation of securities - OBMCorporate Action
- Application for quotation of securities - OBMCorporate Action
- FY26 ResultsResults
- Appendix 4EResults
- 2026 Annual ReportResults
- 2026 Annual General Meeting - Key DatesGovernance
- June 2026 Quarterly Activities ReportOperations
- DRIVE to 300 - Key Growth Projects ApprovedGuidance
- March 2026 Quarterly Activities ReportResults
- December 2025 - Half Year ResultsResults
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| SecondquarterFY27remainingwindow | Little Gem maiden resource | Resource Or Reserve | Company Guided | High | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
| Disclosed20October2026expiry | Norton ore-sale agreement expiry | Economic Arrangement | Confirmed | High | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
| AGM18November2026;chairhandoveratAGM | AGM and chair succession | Governance | Confirmed | Medium | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
| SecondhalfFY27 | Round Dam final investment decision | Study | Company Guided | High | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
| Mid-calendar2027 | Waihi first ore | Production | Company Guided | High | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
| Nextquarterrelease;exactdatenotdisclosed | September quarter operating/cash update | Results | Company Guided | High | A new operating, reserve, capital or governance fact can change output, funding or valuation assumptions; update the model when primary evidence confirms it. |
Executive roster
As of 2026-10-13Background checks ▸Annual leadership pages 12–13 and joint secretaries page18, reconciled with later September presentation/AGM information. COO effective 1 July; CDO remains leadership but ceases KMP classification. Chair transition is future at AGM.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Luke Creagh | Managing Director and Chief Executive Officer | Chief Executive · Executive Director | — | 2026 Annual Report |
| Doug Warden | Chief Financial Officer | Finance | — | 2026 Annual Report |
| Steph Prinsloo | Chief Operating Officer effective 1 July 2026 | Operations | — | 2026 Annual Report |
| Andrew Czerw | Chief Development Officer | Technical · Senior Management | — | 2026 Annual Report |
| Katherine Blacklock | General Manager People and Culture | Senior Management | — | 2026 Annual Report |
| Kale Ross | General Manager Health Safety Environment and Training | Senior Management | — | 2026 Annual Report |
| Rhianna Farrell | Chief Geologist | Technical | — | 2026 Annual Report |
| John Sanders | General Counsel and Joint Company Secretary | Commercial · Company Secretary | — | 2026 Annual Report |
| Susan Park | Joint Company Secretary | Company Secretary | — | 2026 Annual Report |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Davyhurst integrated gold mine and deposit group
Australia
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.
- 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
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total inclusive in-situ, excludes surface stockpiles | 56.5M t ore | 2.0 g/t Au | Gold | 2026-04-01 |
| Mineral Resource | Riverina Underground | 8.7M t ore | 2.5 g/t Au | Gold | 2026-04-01 |
| Mineral Resource | Sand King Underground | 3.9M t ore | 2.9 g/t Au | Gold | 2026-04-01 |
| Mineral Resource | Waihi open pit plus underground | 7.3M t ore | 2.1 g/t Au | Gold | 2026-04-01 |
| Mineral Resource | Round Dam | 25.4M t ore | 1.6 g/t Au | Gold | 2026-04-01 |
| Ore Reserve | Total including low-grade in situ and stockpiles | 8.4M t ore | 2.3 g/t Au | Gold | 2026-04-01 |
| Ore Reserve | Riverina Underground | 844K t ore | 3.7 g/t Au | Gold | 2026-04-01 |
| Ore Reserve | Sand King Underground | 1.2M t ore | 3.2 g/t Au | Gold | 2026-04-01 |
| Ore Reserve | Waihi Underground | 825K t ore | 3.8 g/t Au | Gold | 2026-04-01 |
| Ore Reserve | Round Dam Open Pit | 3.7M t ore | 1.9 g/t Au | Gold | 2026-04-01 |
Tenements2
Milestones3
- Waihi underground portal established
Achieved · High materiality
- Waihi first ore mid-CY2027
Pending · High materiality
- New3Mtpa mill commissioning March quarter2028
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Round Dam environmental and mine-development approvals | Western Australia | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Round Dam open-pit PFS | PFS | Current | 2026-05-18 | Round 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
Current 26% non-gold interest, subject to WesCEF sole-funded earn-in potentially reaching 80% partner ownership. Gold rights remain 100% OBM.
- Ownership
- 26%
- Commodity
- Lir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Siberia Tank exploration JV
Australia
Disclosed 90% exploration JV interest with no separately reconstructable economics.
- 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
- 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
- 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
- —
- 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
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX OBM quoted ordinary shares | Ordinary Share | 1.9B | — | — |
| OBMAG conditional performance/retention rights, maximum potential dilution | Performance Right | 1M | A$0 | — |
| OBMAH conditional performance/retention rights, maximum potential dilution | Performance Right | 2.7M | A$0 | — |
| OBMAAA conditional performance/retention rights, maximum potential dilution | Performance Right | 1.3M | A$0 | — |
| OBMAAB conditional performance/retention rights, maximum potential dilution | Performance Right | 727.2K | A$0 | — |
| OBMAAC conditional performance/retention rights, maximum potential dilution | Performance Right | 6.3M | A$0 | — |
| OBMAAD conditional performance/retention rights, maximum potential dilution | Performance Right | 231.8K | A$0 | — |
| OBMAZ conditional performance/retention rights, maximum potential dilution | Performance Right | 6.2M | A$0 | — |
| OBMAT conditional performance/retention rights, maximum potential dilution | Performance Right | 1.5M | A$0 | — |
| OBMAU conditional performance/retention rights, maximum potential dilution | Performance Right | 3.5M | A$0 | — |
| OBMAV conditional performance/retention rights, maximum potential dilution | Performance Right | 12.5M | A$0 | — |
| OBMAW conditional performance/retention rights, maximum potential dilution | Performance Right | 4M | A$0 | — |
| OBMAE conditional performance/retention rights, maximum potential dilution | Performance Right | 11.4M | A$0 | — |
| OBMAF conditional performance/retention rights, maximum potential dilution | Performance Right | 24M | A$0 | — |
| OBMAP conditional performance/retention rights, maximum potential dilution | Performance Right | 2.8M | A$0 | — |
| OBMAQ conditional performance/retention rights, maximum potential dilution | Performance Right | 14.5M | A$0 | — |
| OBMAR conditional performance/retention rights, maximum potential dilution | Performance Right | 500K | A$0 | — |
| OBMAX conditional performance/retention rights, maximum potential dilution | Performance Right | 10.2M | A$0 | — |
| OBMAY conditional performance/retention rights, maximum potential dilution | Performance Right | 152.8K | A$0 | — |
KPI history
Operating metrics · Davyhurst integrated gold mine and deposit group
| Metric | Unit | Trend | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Gold produced including attributable equivalent ore sales | oz Au | 30,595 | 32,036 | 38,766 | 39,552 | |
| Gold sold including attributable equivalent ore sales | oz Au | 31,336 | 31,247 | 38,637 | 39,421 | |
| Unrestricted cash balance | AUD | 122,676,000 | 155,436,000 | 231,718,000 | 267,704,000 | |
| Group AISC including attributable ore-sale ounces | AUD/oz Au | 2,872 | 3,505 | 3,612 | 3,870 |
Operating metric source table16
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Gold produced including attributable equivalent ore sales | Davyhurst Gold | 2025-09 quarter | Quarter | 30,595 oz Au | Reported |
| Gold sold including attributable equivalent ore sales | Davyhurst Gold | 2025-09 quarter | Quarter | 31,336 oz Au | Reported |
| Unrestricted cash balance | Davyhurst Gold | 2025-09 balance | Point In Time | 122,676,000 AUD | Reported |
| Gold produced including attributable equivalent ore sales | Davyhurst Gold | 2025-12 quarter | Quarter | 32,036 oz Au | Reported |
| Gold sold including attributable equivalent ore sales | Davyhurst Gold | 2025-12 quarter | Quarter | 31,247 oz Au | Reported |
| Unrestricted cash balance | Davyhurst Gold | 2025-12 balance | Point In Time | 155,436,000 AUD | Reported |
| Gold produced including attributable equivalent ore sales | Davyhurst Gold | 2026-03 quarter | Quarter | 38,766 oz Au | Reported |
| Gold sold including attributable equivalent ore sales | Davyhurst Gold | 2026-03 quarter | Quarter | 38,637 oz Au | Reported |
| Unrestricted cash balance | Davyhurst Gold | 2026-03 balance | Point In Time | 231,718,000 AUD | Reported |
| Gold produced including attributable equivalent ore sales | Davyhurst Gold | 2026-06 quarter | Quarter | 39,552 oz Au | Reported |
| Gold sold including attributable equivalent ore sales | Davyhurst Gold | 2026-06 quarter | Quarter | 39,421 oz Au | Reported |
| Unrestricted cash balance | Davyhurst Gold | 2026-06 balance | Point In Time | 267,704,000 AUD | Reported |
| Group AISC including attributable ore-sale ounces | Davyhurst Gold | 2025-09 quarter | Quarter | 2,872 AUD/oz Au | Reported |
| Group AISC including attributable ore-sale ounces | Davyhurst Gold | 2025-12 quarter | Quarter | 3,505 AUD/oz Au | Reported |
| Group AISC including attributable ore-sale ounces | Davyhurst Gold | 2026-03 quarter | Quarter | 3,612 AUD/oz Au | Reported |
| Group AISC including attributable ore-sale ounces | Davyhurst Gold | 2026-06 quarter | Quarter | 3,870 AUD/oz Au | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Goldproductionincludingequivalentoresales | davyhurst-gold | FY27 | 125,000 | 140,000 oz Au/year | Current |
| AISC | davyhurst-gold | FY27 | 3,400 | 3,600 AUD/oz Au | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30Ann. 2026-07-16 | Debt | A$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.
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
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
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 %
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
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
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 %
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Operating output increased and the management team has relevant gold mining experience. Former-employer environmental and financial setbacks and a workforce injury warrant attention, with no unsupported inference of personal responsibility.
Decision-relevant facts
Material summary
Luke Creagh
Managing Director and Chief Executive Officer
Prior employer Pogo hazardous-waste settlement
The US EPA said Northern Star (Pogo) was penalized US$600,000 under a settlement for 81 hazardous-waste violations identified after a 2019 inspection, with tank removal and cleanup commitments. KUAC reported the operator said it had enhanced training and disputed that its practices caused environmental damage.
Role overlaps event; causation unproven · Northern Star identified Creagh as COO of Yandal and Pogo in July 2021; the 2019 inspection preceded the dated proof of that specific portfolio. No personal involvement or fault is established.
Ora Banda increased gold production
FY2026 gold output was 140,949 ounces, including attributable equivalent third-party output, up from 92,399 ounces in FY2025. September 2026 output was 33,305 ounces; the company reported wet weather and an extended mill shutdown raised unit costs to A$4,214 per ounce sold.
Role overlaps event; causation unproven · Creagh led the company, but individual contribution cannot be separated from the work of the team and market conditions.
Evidence gaps · 4
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The EPA settlement concerns the operator; his exact 2019 Pogo responsibilities and individual involvement in the cited violations are not established.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Doug Warden
Chief Financial Officer
Core Lithium paused mining during finance leadership
Core said it paused Grants mining in January 2024 as lithium prices fell; FY2024 saw a A$207.0 million net loss including A$119.6 million impairment. Warden was CFO and became interim CEO in March, after the mining pause; processing stopped in June.
Role overlaps event; causation unproven · Warden was CFO and served as interim CEO March–June 2024. The pause predates his interim appointment; no personal causation is established.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Steph Prinsloo
Chief Operating Officer
Operating growth and quarter disruption
The company reports FY2026 output of 140,949 gold ounces and TRIFR 7.65, and a September 2026 quarter with output of 33,305 ounces and costs affected by weather and a mill shutdown.
Role overlaps event; causation unproven · Prinsloo was operations GM in FY2026 and COO from 1 July 2026; the results reflect company-wide execution.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Andrew Czerw
Chief Development Officer
Eastern Goldfields entered administration
Eastern Goldfields reported a A$85.9 million FY2018 net loss and appointment of administrators on 29 November 2018. Creditors approved a deed in February 2019. The company later became Ora Banda.
Role overlaps event; causation unproven · The issuer identified Czerw in a resource-development role in 2015 and reported his group tenure from April 2014; the specific duties he held at the November 2018 administration are not independently dated. No personal role in the financing failure is established.
Commissioned technical resource study
An NT geological archive records that Czerw, then Tanami geology manager, commissioned a technical report on Groundrush mineralisation.
Individual involvement documented · The report explicitly names him as requesting the study; it does not demonstrate a discovery made by him.
Evidence gaps · 5
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- His individual role, if any, in Eastern Goldfields’ 2018 financial distress is not established.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
- His precise title and duties on the November 2018 administration date have not been independently established.
Katherine Blacklock
General Manager – People and Culture
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Kale Ross
General Manager – Health, Safety, Environment and Training
Workforce injury and subsequent safety measures
Ora Banda reported that an employee fractured a femur during the June 2025 quarter. The company described changes to housekeeping and hazard awareness; it later reported its total recordable injury frequency rate improved from 10.96 in FY2025 to 7.65 in FY2026 and 5.48 for the 12 months to September 2026.
Role overlaps event; causation unproven · Ross held the health and safety leadership role from September 2023; no personal causation is established.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Rhianna Farrell
Chief Geologist
Company mineral resource growth
Ora Banda reported total resources of 3.7 million ounces at FY2026 year-end, up 75% on the previous year. Resource estimates are not production, and the company result is not a measure of any individual discovery.
Role overlaps event; causation unproven · Farrell was chief geologist; the company does not quantify her individual contribution.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
John Sanders
General Counsel and Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Susan Park
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Kurt Walker
Investor Relations
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Independent verification of credentials, professional memberships, complete employment dates and individual contributions is incomplete.
- Person-specific past-employer, court, regulator, fraud, safety, environmental and governance searches remain partial; this screening is not a clearance.
- Prior-employer identity is not independently bridged to same-name profiles; tenure and qualifications remain unverified.
- The saved search log records one combined broad query per person; separate dedicated searches across every due-diligence topic and prior employer were not completed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-14 · 1,934,617,144 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 31.89% | 616,958,280 | |
| 2 | 21.85% | 422,767,070 | |
| 3 | 14.89% | 288,038,706 | |
| 4 | 3.28% | 63,402,651 | |
| 5 | 2.95% | 57,027,172 | |
| 6 | 2.81% | 54,317,460 | |
| 7 | 2.03% | 39,260,837 | |
| 8 | 1.79% | 34,579,606 | |
| 9 | 1.67% | 32,227,088 | |
| 10 | 1.24% | 24,005,113 | |
| 11 | 0.73% | 14,216,832 | |
| 12 | 0.72% | 13,990,750 | |
| 13 | 0.68% | 13,102,358 | |
| 14 | 0.48% | 9,267,316 | |
| 15 | 0.46% | 8,994,522 | |
| 16 | 0.45% | 8,772,404 | |
| 17 | 0.37% | 7,150,831 | |
| 18 | 0.26% | 4,960,533 | |
| 19 | 0.24% | 4,734,288 | |
| 20 | 0.15% | 2,940,595 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 14.90%Voting power | 2026-09-08 | |
| 7.34%Voting power | 2026-09-07 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Register accounts and issued shares are dated 14 August 2026 and may have changed since.
- Substantial holdings are as last disclosed, not necessarily current; changes below reporting thresholds may not be announced.
- Nominee names do not reveal all beneficial owners; group and register entries may overlap.
- Institutional ownership below the substantial-holder threshold is not comprehensively reported.
Sources
- 2026 Annual Report
Ora Banda Mining Ltd · Published 2026-08-26 · Accessed 2026-10-31
Lists the complete top-20 registered accounts and previously disclosed substantial shareholders.
downloads/OBM/2026/2026-08-26_2026 Annual Report_e3a0712987aee48e.pdf, PDF pages 155 and 157
- Change in substantial holding — Hawke’s Point
Hawke’s Point Holdings L.P. via ASX · Published 2026-09-10 · Accessed 2026-10-31
Form 604 reports the change and present voting power on 8 September.
downloads/OBM/2026/2026-09-10_Change in substantial holding_11ebdc65c20dc313.pdf, pages 1–4
- Change in substantial holding — Paradice
Paradice Investment Management Pty Ltd via ASX · Published 2026-09-09 · Accessed 2026-10-31
Form 604 reports the change and present voting power on 7 September.
downloads/OBM/2026/2026-09-09_Change in substantial holding_48b709e317dc10b6.pdf, pages 1 and 3–4
Disclosed activity
Insider transactions
Trading activity3 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-10-26 | Kathryn Cutler
Details & evidence for Kathryn Cutler on 2026-10-26As disclosed: On-market trade.
Change of Director's Interest Notice - K. Cutler ↗ | PurchaseFully paid ordinary shares | 95,151 | — | — | 95,151 |
| 2026-10-26 | John Richards
Details & evidence for John Richards on 2026-10-26As disclosed: On-market trade.
Director · Start not disclosed Change of Director's Interest Notice - J. Richards ↗ | PurchaseFully paid ordinary shares | 100,000 | — | — | 220,000 |
| 2026-06-10 | John Richards
Details & evidence for John Richards on 2026-06-10The filing does not identify the currency represented by '$' or state aggregate cash paid. As disclosed: On-market trade.
Director · Start not disclosed Change of Director's Interest Notice - J. Richards ↗ | PurchaseFully paid ordinary shares | 120,000 | — | AUD 1.136689Disclosed price | 120,000 |
Disclosed holding observations1 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-06-10 | John Richards
Details & evidence for John Richards on 2026-06-10Reported direct position after the on-market purchase on this date.
Director · Start not disclosed Change of Director's Interest Notice - J. Richards ↗ | PositionFully paid ordinary shares | 120,000 | — |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory23 documents
Latest eligible local OBM ordinary-share closeMarket Data · HighExtracted
Local database market data provider raw ordinary close selected by miners.reference_price; no external stale substitute.
- Document ID
- doc-obm-2026-10-13-price
- Published UTC
- 2026-10-13T06:00:00+00:00
- Projects
- —
- Commodities
- gold
Dated COMEX gold observation and trailing twelve-month meanCommodity Data · HighExtracted
Eligible local market series: continuous futures observation USD4,177.2998046875/oz on13October; October2025–September2026 mean USD4,445.320311/oz,251observations. Neither is a long-run forecast.
- Document ID
- doc-gold-2026-10-13
- Published UTC
- 2026-10-13T06:00:00+00:00
- Projects
- —
- Commodities
- gold
Eligible RBA AUD/USD exchange-rate observationMarket Data · HighExtracted
Local RBA observation AUD/USD0.6941; this is a dated conversion input, not a currency forecast.
- Document ID
- doc-rba-2026-10-10
- Published UTC
- 2026-10-10T06:00:00+00:00
- Projects
- —
- Commodities
- gold
Company PresentationPresentation · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-09-22-pres
- Published UTC
- 2026-09-21T22:20:49+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Waihi Underground CommencedOperations · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-09-10-waihi
- Published UTC
- 2026-09-09T22:23:18+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Notification of cessation of securities - OBMCorporate Action · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-09-04-3h
- Published UTC
- 2026-09-04T07:15:09+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Application for quotation of securities - OBMCorporate Action · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-09-04-2a
- Published UTC
- 2026-09-04T07:16:29+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
FY26 ResultsResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-08-26-results
- Published UTC
- 2026-08-25T23:54:45+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Appendix 4EResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-08-26-4e
- Published UTC
- 2026-08-25T22:55:00+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
2026 Annual ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-08-26-annual
- Published UTC
- 2026-08-25T23:53:50+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
2026 Annual General Meeting - Key DatesGovernance · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-08-26-agm
- Published UTC
- 2026-08-25T22:40:00+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
June 2026 Quarterly Activities ReportOperations · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-07-16-june
- Published UTC
- 2026-07-15T22:17:58+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Waihi and Round Dam Mineral Resource and Ore Reserve Statement (corrected)Resource Update · HighPartial
Original mine-plan disclosure distinguishes formal reserves from Round Dam724koz PFS (68%Inferred,7.5years,95%recovery,~A$2,800/oz cash costs) and Waihi160koz FID (34%Inferred). Resource totals are superseded by July/annual estimates.
- Document ID
- doc-obm-2026-05-18-resource
- Published UTC
- 2026-05-18T08:29:00+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
DRIVE to 300 - Key Growth Projects ApprovedGuidance · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-05-18-drive
- Published UTC
- 2026-05-17T22:42:01+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
March 2026 Quarterly Activities ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-04-16--quarterly-activities-report
- Published UTC
- 2026-04-15T22:16:23+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
December 2025 - Half Year ResultsResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-02-27-ember-2025-half-year-results
- Published UTC
- 2026-02-26T21:36:36+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Appendix 4D and 31 December 2025 Interim Financial ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-02-27-025-interim-financial-report
- Published UTC
- 2026-02-26T21:08:01+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
December 2025 Quarterly Activities ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2026-01-29--quarterly-activities-report
- Published UTC
- 2026-01-28T21:13:15+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
September 2025 Quarterly Activities ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2025-10-22--quarterly-activities-report
- Published UTC
- 2025-10-21T21:16:14+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
September 2025 Quarterly UpdateResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2025-10-08-tember-2025-quarterly-update
- Published UTC
- 2025-10-07T21:20:15+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Annual ReportResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2025-09-25-priorannual
- Published UTC
- 2025-09-25T09:20:20+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
DEPL Transaction Documents ExecutedEconomic Arrangement · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2025-09-12-depl
- Published UTC
- 2025-09-11T22:23:47+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
FY25 ResultsResults · HighPartial
Eligible issuer source reviewed from the prepared V8 page cache; current or superseded period retained explicitly.
- Document ID
- doc-obm-2025-08-26-2025-08-26-fy25-results
- Published UTC
- 2025-08-25T22:43:26+00:00
- Projects
- davyhurst-gold
- Commodities
- gold
Evidence facts68
3000000 tpa
2026-09-22construction text
2026-06-30Gold bullion from CIL plant text
2026-06-30375000000 AUD
2026-09-22March quarter2028 date
2026-09-221935777242 shares
2026-09-012039274300 shares
2026-09-0126 %
2026-06-3090 %
2026-06-30267704000 AUD
2026-06-300 AUD
2026-06-3031772000 AUD
2026-06-30200000000.0 AUD
2026-06-30537018000 AUD
2026-06-30807499000 AUD
2026-06-30431123000 AUD
2026-06-30216195000 AUD
2026-06-30426695000 AUD
2026-06-30213805000 AUD
2026-06-3084177000 AUD
2025-06-30100 %
2026-08-2656500000 t
2026-04-012 g/t
2026-04-013690000 oz
2026-04-018403000 t
2026-04-012.3 g/t
2026-04-01610000 oz
2026-04-011825000 oz
2026-04-011200000 tpa
2026-08-26100 %
2026-06-30100 %
2026-06-30100 %
2026-06-301200000 tpa
2026-08-26operating text
2026-06-30Gold bullion from CIL plant text
2026-06-30Captive Davyhurst gold mine/deposit group text
2026-06-30Captive Davyhurst gold mine/deposit group text
2026-06-3027400000 AUD
2026-06-3071356333.333333 AUD
2026-06-30175792000 AUD
2026-06-3039552 oz
2026-06-30140949 oz
2026-06-303870 AUD/oz
2026-06-302.7 g/t
2026-06-3092 %
2026-06-30125-140kozFY27 oz
2027-06-301258483 t
2026-06-301258483 t
2026-06-3092 %
2026-06-3056725000 AUD
2026-06-3054800000 t
2026-04-012 g/t
2026-04-013570000 oz
2026-04-012026-04-01 date
2026-04-01724000 oz Au
2026-04-0168 %
None2800 AUD/oz Au
None7.5 years
None160000 oz Au
NoneMineralroyalty text
2025-09-120.5 %
2025-09-12Davystonnon-goldrights/WesCEF text
2025-09-12Exploration text
2025-09-121.4 AUD/share
2026-10-135687154 shares
2026-10-134177.2998046875 USD/oz Au
2026-10-134445.320311 USD/oz Au
2026-09-300.6941 USD/AUD
2026-10-10Conflicts requiring judgment3
- Round Dam reserve223koz vs233koz slide
Use the audited detailed reserve table223koz; presentation headline233koz mixes the low-grade component and is not added to the group reserve.
- Norton expiry20October vs30October
Later audited annual and June report both disclose20October2026; use that latest term.
- Waihi approved budget85m vs90m
Latest annual/September schedule totals40+40+5=85m; earlier May90m has been superseded.