Key Highlights

  • Revenue increased to a record $807.5 million in FY26, from $404.3 million in FY25, while EBITDA rose 134% to $431.1 million.
  • Net Profit After Tax increased 16% to $216.2 million, including a $97.7 million non-cash tax expense, compared with FY25 NPAT of $186.1 million which included a $73.1 million tax benefit.
  • Record gold sold of 140,641 ounces, up 51% on FY25's 93,076 ounces, supported by the Sand King Underground mine reaching commercial production in January 2026.
  • Closing cash increased to $267.7 million, from $84.2 million in FY25, with an upsized $200 million Revolving Credit Facility providing more than $468 million in total liquidity.

Ora Banda Mining Ltd (ASX:OBM), trading at $1.61 and up 1.58% on the day, has reported its financial and operating results for the year ended 30 June 2026 (FY26), recording an increase in revenue, Earnings and cash generation as its second underground mine, Sand King, reached commercial production during the year.

FY26 Financial Performance

Revenue increased to a record $807.5 million, from $404.3 million in FY25, a rise of 100%. EBITDA increased 134% to $431.1 million, from $184.6 million previously, while EBIT rose 172% to $313.3 million. Net Profit After Tax increased 16% to $216.2 million, up from $186.1 million in FY25. The current period result includes a $97.7 million non-cash tax expense offset against the Group's deferred tax asset, while the FY25 NPAT included a $73.1 million Net Income tax benefit from recognition of a deferred tax asset associated with carry forward losses. At 30 June 2026, the Group had a carry forward tax loss balance of $27.4 million, after utilising $250.0 million of tax losses during the period.

Cash flow from operations increased 124% to $426.7 million, from $190.5 million in FY25, driven by a $1,398 per ounce increase in the average realised gold price, inclusive of option premiums, to $5,742 per ounce, and an additional 47,565 ounces sold. Closing cash increased by $183.5 million to $267.7 million, from $84.2 million in FY25. Earnings Per Share increased 7% to 10.9 cents, from 10.2 cents previously. All-In Sustaining Cost rose 30% to $3,496 per ounce sold, from $2,693 in FY25.

Production and Operational Highlights

The Group achieved record gold production of 140,949 ounces, including 34.3koz of attributable equivalent ounces, a 53% increase on the prior year, attributed to the ramp-up of the Sand King underground mine, which achieved Capital payback within 12 months of the portal being established, consistent with the payback achieved by Riverina Underground in FY25. Due to current mill constraints, 625 kilotonnes of ore at a grade of 2.0g/t was hauled to Norton Gold Fields' Paddington Mill during the year, compared with 19.5 kilotonnes at 2.5g/t in FY25.

The Group invested more than $235 million in development, infrastructure, exploration and resource development during the year, resulting in a 75% increase in Mineral Resources and a 159% increase in Ore Reserves, more than 6 kilometres of capital development metres progressing the Riverina and Sand King operations, and infrastructure upgrades including camp upgrades, the Riverina airstrip and pre-FID work on a new mill.

Balance Sheet and Hedging

Closing cash of $267.7 million, together with an upsized Revolving Credit Facility increased from $50 million to $200 million, provides the Group with more than $468 million in available liquidity. During the period, the Group executed put options and partial collars providing coverage over 167,000 ounces at an A$6,000 exercise price from November 2026 to June 2028.

Managing Director Luke Creagh said FY26 marked a step-change for the company, with the transition to a two-mine underground operating model driving record production, cash generation and profitability, and said the combination of a rising gold price and disciplined operational execution converted record production into materially stronger earnings and cash flow, leaving the Group with its strongest ever balance sheet.

Conclusion

Ora Banda Mining's FY26 results reflect a period of increased revenue, earnings and cash generation, underpinned by the successful ramp-up of its second underground mine, Sand King, and a rising gold price environment supported by hedging arrangements extending into 2028. With materially expanded Mineral Resources and Ore Reserves and a substantially strengthened balance sheet, the Group's FY27 performance will be shaped by continued execution of its underground mining strategy and progress on planned infrastructure investments, including work toward a new mill.