Just the Facts: Ora Banda reports strong quarter, pays off Riverina Underground [Video]

Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF).

Ora Banda concluded 2024 in a strong financial position, holding A$57.8 million in cash and having fully paid off its Riverina Underground operations at the Davyhurst Project in Western Australia.

In the December quarter, the company reported A$9.1 million in positive cashflow despite spending A$30.8 million on capital, resource development, and exploration. Riverina Underground repaid its initial capital investment within 18 months and continues to deliver higher-than-forecast cashflow and mined grades.

The Sand King Underground operation achieved first ore within four months of development, with ramp-up on track to deliver up to 21,000 ounces of gold in the second half of FY25. The Davyhurst mill processed 280,000 tonnes of ore during the quarter, marking a 9% improvement from the prior period, with 41% of the feed coming from medium and high-grade Riverina ore.

Quarterly gold production stood at 22,973 ounces, bringing first-half FY25 production to 47,300 ounces. All-in-sustaining costs (AISC) were A$2,536 per ounce sold, with legacy stockpiles now depleted. The company plans to increase annual production to 150,000 ounces by FY26, supported by Sand King’s higher-grade ore and infrastructure upgrades. Ora Banda expects exploration results to further strengthen its portfolio and unlock new opportunities.

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