Ora Banda posts record $336.3m half-year revenue as EBITDA more than doubles Proactive uses images sourced from Shutterstock

Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has reported record half-year revenue of $336.3 million for the six months to December 31, 2025, up 80% from $186.4 million in the prior corresponding period, supported by higher gold sales and a stronger realised gold price.

EBITDA increased 106% to $173.2 million, while EBIT rose 170% to $140.7 million and profit before tax lifted 176% to $140.1 million.

NPAT rose 89% to $96.3 million, including a $43.8 million non-cash tax expense. The company held $190.8 million in carry-forward tax losses at 31 December 2025 after utilising $86.7 million during the half.

Operating cash flow climbed 102% to $184.0 million and cash in bank closed at $155.4 million, up from $57.8 million at December 31, 2024, and $84.2 million at June 2025.

“The half year further demonstrated the Group’s operational strength with its second underground mine, Sand King, achieving capital payback within 12 months of portal establishment. This follows Riverina Underground, which in FY25, achieved payback in 18 months. These outcomes contributed to the generation of more than $71 million in free cash flows, with a closing cash position of $155.4 million," Ora Banda’s managing director, Luke Creagh, said.

“With uncommitted put options, the Group still has full exposure to the rising gold price environment, driving a 106% increase in EBITDA to $173 million. With put options ensuring a floor price of A$6,000/oz price for the remainder of FY26 and majority of FY27, the Group has a very robust balance sheet.

“Liquidity in excess of $200 million, including an undrawn $50 million revolving credit facility, allows the Group to continue unlocking the potential of its highly prospective belt, as evidenced by the numerous high-grade intercepts disclosed over the first half of FY26. The Group’s strong financial position and expected free cash flow generation in H2 allows for continued investment to advance key growth projects, including recommencement of open pit mining at Waihi, further accommodation upgrades and progressing studies on a new ~3mtpa mill, as disclosed subsequent to period end.”

Production rises to 62.6 koz as AISC lifts to $3,188/oz

Gold produced increased 32% to 62.6 koz and gold sold rose 31% to 62.6 koz. Average realised gold price increased 45% to $5,652/oz.

All-in sustaining costs rose to $3,188/oz sold from $2,402/oz.

Ora Banda attributed the production lift to ramp-up at its Sand King underground mine, which it said achieved capital payback within 12 months of establishing the portal, alongside third-party campaigns at Paddington contributing 10.4 koz (attributable equivalent ounces).

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Growth capex totalled $107.3 million, including $47.6 million for Riverina and Sand King underground development, $36.5 million for resource development and exploration, and $23.2 million for growth and sustaining infrastructure.

The company said put options executed during the period provide coverage over 150 koz at a $6,000/oz exercise price across January–June 2026 and October 2026–October 2027, and cited liquidity in excess of $200 million including an undrawn $50 million revolving credit facility.

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