Key Highlights

  • Ora Banda Mining produced 33,305 oz of gold in the September 2026 quarter and sold 33,939 oz.
  • Cash was A$207.0 million at 30 September 2026, and the revolving Credit Facility was upsized from A$200 million to A$300 million.
  • Waihi Underground development has begun, and construction of the 3.0 Mtpa processing plant is under way, according to the company.

Ora Banda Mining (ASX:OBM) has released its September 2026 quarterly report, saying development of the Waihi Underground has begun ahead of schedule and construction of its new 3.0 Mtpa processing plant is under way on schedule and within budget. The company produced 33,305 oz of gold in the quarter, including 11,609 oz attributable from third-party processing at Paddington, and sold 33,939 oz, 14% lower than the 39,421 oz sold in the June quarter.

At the Davyhurst mill, 271,879 t was processed at 2.7 g/t with 92% recovery, producing 21,696 oz. Throughput was 17% lower than in the prior quarter, which the company attributed to extended mill shutdowns and wet weather. All-In Sustaining Cost was A$4,214 per ounce, up 9% from A$3,870, with the company pointing to lower throughput and the cost of Waihi open pit ore mining. The average realised price was A$5,915 per ounce, compared with A$6,243 in the June quarter, and Revenue from operations was A$204.6 million. Ora Banda said its FY27 guidance is maintained.

At the Sand King underground, 266 kt was mined at 2.5 g/t for 21.4 koz, and development rose 14% to 2,976 m. The company said it expects grade to improve as more stoping fronts open. Riverina has been reduced from two jumbos to one, with 89,475 t at 3.1 g/t forecast for FY27 at the current rate. Waihi open pit mining is expected to finish in late December 2026.

Growth projects

Ora Banda's "DRIVE to 300" programme aims for about 300,000 oz a year, which the company states is an aspiration and not a production target. The new 3.0 Mtpa plant has long-lead items ordered, with delivery expected in early calendar 2028. Waihi Underground development began ahead of plan, with high-grade ore expected from mid-calendar 2027; the Golden Pole lode has an Ore Reserve grade of 5.0 g/t. The Palmerston decline at Sand King North started in early October 2026, and a village of more than 150 rooms at Siberia was completed in October.

Cash, funding and hedging

Cash was A$207.0 million at 30 September 2026, down from A$267.7 million, a net outflow of A$60.7 million after Operating Cash Flow of A$83.3 million and investing outflows of A$133.7 million.

The revolving credit facility with ANZ, CBA and Westpac was upsized from A$200 million to A$300 million, matures in June 2029 and carries no mandatory hedging, with total Liquidity of A$507 million, according to the company. Gold price protection covers about 8.3 koz a month from November 2026 to June 2028, 166.7 koz in total, at a floor of A$6,000 per ounce, with 33,128 oz of call options sold at A$8,400 per ounce over November 2027 to June 2028 as part of partial collars.

Exploration

At Little Gem, Sapphire lodes now define parallel lodes over 2.6 km of strike and 200 m of depth, with a best intercept of 5.0 m at 18.1 g/t. A maiden Mineral Resource is expected in late the second quarter or early third quarter of FY27. Near Waihi, the company reported 11.5 m at 26.0 g/t at Midnight, about 500 m south of the portal. These are exploration results and not Mineral Resources or Ore Reserves.

Other matters

At quarter end Ora Banda Mining (ASX:OBM) had 1,938,756,812 fully paid shares on issue and about 100.5 million unlisted performance rights. Equity fees for non-executive directors were removed from 1 July 2026 and replaced by minimum shareholding guidelines. The next confirmed milestones include the end of Waihi open pit mining in December 2026 and the maiden Little Gem resource.