Ora Banda posts record production and cash flow as Davyhurst gains momentum Proactive uses images sourced from Shutterstock

Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has delivered a record March quarter, with strong operational performance at its Davyhurst gold project driving a sharp lift in production, cash flow and balance sheet strength.

Gold production rose 21% quarter-on-quarter to 38,766 ounces, while total gold sold reached a record 38,637 ounces, underpinning $76.3 million in free cash flow and lifting cash on hand to $231.7 million.

Quarterly ounce production (including attributable ounces) and head grade.

The result reflects continued ramp-up across the company’s expanding mining base, alongside improved plant performance and increasing contributions from multiple ore sources.

Managing director Luke Creagh said the March quarter marked a step-change in operational delivery, supported by ongoing investment across the asset base.

“The team has done an outstanding job with the ramp-up of operations during FY26, with this quarter showing a 21% increase in ounces produced over the December period, which has delivered $76.3 million in free cash flow after substantial investments into future growth projects,” he said.

Production growth across multiple fronts

Performance was driven by gains across Ora Banda’s underground and processing operations, with both Riverina and Sand King contributing higher volumes.

At Riverina, mined ounces rose 36% to 19,900 ounces on the back of increased tonnes and improved grades, while Sand King lifted output by 25% to 19,300 ounces following its transition to commercial production in January.

Quarterly mined ounces by source (including Low Grade).

The Davyhurst processing plant also delivered record throughput of 343,182 tonnes for the quarter, up 17% from the December period, alongside improved recoveries of 93%.

Davyhurst milled tonnes & head grade.

Ora Banda continued to supplement mill feed with third-party ore processed through Norton Gold Fields’ Paddington plant, contributing 10,907 attributable ounces during the quarter.

Costs rise as growth investments continue

All-in sustaining costs (AISC) increased to $3,612 per ounce, reflecting higher volumes of ore processed through third-party facilities, which typically carry elevated costs.

Full-year production guidance remains unchanged at 140,000–155,000 ounces, although cost guidance has been revised higher to $3,250–$3,350 per ounce.

The company expects costs to moderate over time as it advances plans for a new standalone 3-million-tonnes-per-annum (Mtpa) processing plant, with a development decision targeted for the June quarter.

Exploration builds long-term pipeline

Exploration remained a key focus, with $24.9 million spent during the quarter and multiple high-impact results delivered across the Davyhurst tenure.

Story Continues

A standout was the tenfold increase in the Round Dam mineral resource to 1.33 million ounces, helping lift the company’s total resource base by 57% to 3.3 million ounces.

Drilling at Little Gem continued to expand the mineralised footprint, with the system now extending more than 1.5 kilometres along strike and 750 metres at depth, alongside the discovery of a parallel “Sapphire” trend.

Location of the main Little Gem and Sapphire Trends in relation to the Riverina UG mine (facing north).

At Waihi, high-grade results from the Golden Pole lode reinforced the potential for further resource growth, with an updated mineral resource estimate expected in the June quarter.

MMS mobilised at Waihi Open Pit operations.

Funding growth from cash flow

Ora Banda is increasingly funding its growth internally, with $63 million in investment approved to advance key projects, including:

Restarting open pit mining at Waihi Advancing the new processing plant study to FEED stage Expanding accommodation infrastructure to support workforce growth

With a strengthened balance sheet and expanding resource base, the company is positioning Davyhurst for continued production growth and operational scale in the year ahead.

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