# Annual Report 2025

Source Brief: https://evesgoldminers.com/research/source-briefs/ora-banda-mining-ltd-2025-06-30-annual-report-2025-62c9a51e
Original source: https://orabandamining.com.au/wp-content/uploads/2025/11/295345120Annual20Report.pdf
Original published: 2025-06-30
EGM generated: 2026-09-04
Company: Ora Banda Mining Ltd (OBM)

## Use Note

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## Extracted Document Text

# Annual Report 2025

Source: https://orabandamining.com.au/wp-content/uploads/2025/11/295345120Annual20Report.pdf
Published: 2025-06-30T00:00:00+00:00
Fetched: 2026-05-12T15:22:52.75+00:00
Source artifact: 62c9a51e-fdc5-4953-b4a1-fd9f0074e144
Normalizer input: text

## Content

# Annual Report 2025
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION
ANNUAL
REPORT
2025
2 ORA BANDA ANNUAL REPORT 2025
ABOUT THIS REPORT
What the report covers References in this report
This annual report is a summary References in this report to a
of Ora Banda’s activities and ‘quarter’, ‘year’ and ‘FY25’ are to
financial results for the year the financial year 1 July 2024 to 30
ended 30 June 2025. All references June 2025, unless otherwise stated.
to ‘Ora Banda’, ‘Ora Banda Mining’, All dollar figures are expressed
‘OBM’, ‘the Company’, ‘we’, ‘us’ and in Australian dollars (AUD) unless
‘our’ refer to Ora Banda Mining otherwise stated.
Limited.
For further information on
the Company's sustainability
performance, it is recommended to
read this Annual Report in conjunction
with Ora Banda’s inaugural 2025
Sustainability Report.
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION 3
Contents
OVERVIEW 4
Our Values, Why and Aspiration 4
Our Strategy 5
FY25 Highlights 6
Chairman’s Review 8
Our Operations 10
Our Leadership Team 11
GOVERNANCE 12
Directors’ Report 12
Remuneration Report 36
RISK MANAGEMENT 56
RESOURCES & RESERVES 62
Mineral Resource Statement 63
Ore Reserve Statement 65
FINANCIAL REPORT 68
Consolidated Financial Statements 69
Notes to the Consolidated Financial Statements 73
Consolidated Entity Disclosure Statement 108
Directors’ Declaration 110
Auditor’s Independence Declaration 112
Independent Auditor's Report 114
CORPORATE INFORMATION 120
Tenement Report 121
Shareholder Information 126
Corporate Directory 129
4 ORA BANDA ANNUAL REPORT 2025
HO
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HARM
H O W WE O P E R AT E
Our Values Our Why
Ore-some Rocks, Awesome People –
H working together to explore,
OW W develop and deliver
E
ACCEPT THE OP
CHALLENGE TO ER
CREATE VALUE A
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OW
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Our Aspiration
W
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Creating value, safely and sustainably –
AT
E building a premier gold business
PURSUE
SOLUTIONS WITH
W HO
INTENT
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OP
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AT E
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION 5
Our Strategy
DRIVE to 150 underpins growth target
of 150 koz in FY26 and beyond
1  2  3
We focus on the Leverage organic Optimise performance
fundamentals opportunities and grow the business
» Performance executed in line » Increase exploration spend, » Maximise free cash flow
with plan extend mine life
» Develop new high-margin
» Geology first approach to » Improve performance, mines
optimise mine plan leverage infrastructure
» Discover greenfield deposits
» Increased focus on » Lower unit costs, increase
» Expand existing infrastructure
controllable costs margin and cash flow
» Generation of free cash flow » Target higher-grade ore
sources
GUIDED BY OUR VALUES AND UNLOCKS SUBSTANTIAL
SUSTAINABLE RESOURCE AND
DELIVERED BY OUR TALENTED LONG-TERM VALUE FOR ALL
PRODUCTION GROWTH
PEOPLE STAKEHOLDERS
Unparalleled growth, delivered sustainably
$
OPERATING WITH A DYNAMIC AND BUILDING A PREMIER
INTEGRITY AND CATALYST-RICH MID-TIER GOLD
DELIVERING OUR YEAR AHEAD MINING BUSINESS
COMMITMENTS
6 ORA BANDA ANNUAL REPORT 2025
FY25 Highlights
»  Riverina Underground achieved capital payback only 18 months
after commencement
»  Operations commenced at the Group’s second underground mine,
Sand King, with all key metrics achieved on schedule
RECORD REVENUES CLOSING CASH EBITDA
$404.3M $84.2M $184.6M
↑ 89% [FY24: $214.2M] ↑ $57.4M [FY24: $26.8M] ↑ 243% [FY24: $53.8M]
NET PROFIT EXPLORATION & SAFETY
AFTER TAX RESOURCE DEVELOPMENT PERFORMANCE
$186.1M $28M LTIFR 0.7
↑ 575% [FY24 $27.6M] Invested, delivering: Below industry average
Including a $73.1M net » Identification of Little Gem Lost Time Injury Frequency Rate
income tax benefit from the »  High-grade intercepts at industry average 1.6
recognition of a deferred tax Riviera at depth
asset associated with carry
» High-grade intercepts at Waihi
forward losses
PEOPLE FEMALE PARTICIPATION SUSTAINABILITY
→
50%
in turnover
↑
24% 74hectares
From 34.4% to 16.7% Of total employees Land rehabilitated
(as at 30 June 2025)
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION 7
»  Executed a Syndicated Facility Agreement with ANZ and CBA for a
revolving credit facility of A$50 million for an initial 2-year term
»  Record gold sold from the Davyhurst mill of 91,687oz at an
AISC of $2,693/oz (FY24: 67,255oz at an AISC of $2,767/oz)
LIQUIDITY ($M)
→
50
Cash build following Riverina $50M RCF plus improved cash balance
UG entering commercial provides + $130M in liquidity
production in Q1 FY25.
→
80.7 84.2
57.8
48.7
26.8
JUN SEP DEC MAR JUN
24 24 24 25 25
Closing Cash Revolving Credit Facility
PROFIT/(LOSS) AFTER TAX ($M)
186
28
(22)
(44)
(88)
FY21 FY22 FY23 FY24 FY25
8 ORA BANDA ANNUAL REPORT 2025
Chairman's Review
Dear Shareholder » The successful rehabilitation of the Missouri
waste dump;
I am pleased to present Ora Banda Mining Ltd’s (‘Ora
» A lift in workforce engagement, with more than
Banda’ or ‘Company’) Annual Report for the financial
80% now highly engaged; and
year ended 30 June 2025 (‘FY25’).
» Continued active engagement with community
FY25 was a transformational year for Ora Banda, and traditional owners, as key stakeholders.
marked by the transition from a single underground
Further to these outcomes, Ora Banda has released
operation at Riverina to the commissioning and
its inaugural 2025 Sustainability Report. This marks
ramping up of Sand King as our second underground
a significant step in formalising our Environment,
mine. This build up continues our journey of focusing
Social and Governance (ESG) commitment and
on high-grade underground gold mining, which has,
setting a clear baseline to measure future progress.
in turn, delivered record production of 91koz from
The report is available on our website and provides
the Davyhurst mill, lifted revenue to $404 million (a
more detail on our FY25 Sustainability performance.
89% increase on FY24) and grown cash reserves by
$57.4 million to $84.2 million. All in all, FY25 has been an outstanding year that has
set the platform for FY26 and beyond.
In addition to improving financial performance
and strengthening the balance sheet, the Company For FY26, Ora Banda has increased its production
also invested more than $124 million into capital guidance by ~60% to 140–155koz at an AISC of
projects, exploration and development. This has A$2,800 – A$2,900/oz and includes ~21koz of
started to demonstrate the potential growth of the attributable equivalent production from a proposed
Davyhurst Project, including extensions of Riverina Ore Sale Agreement with Norton Gold Fields. Whilst
mineralisation to one kilometre below surface, the this will deliver meaningful cash flows and a
Sand King extension to the south and Little Gem as a stronger business, we are most excited about the
greenfields discovery. reinvestment back into the business to continue to
But, it hasn’t just been our operational and create further value for our shareholders.
financial improvements that have marked FY25 This reinvestment includes:
as a successful year. We focussed on improving
our sustainability performance across safety, » $86 million in growth capital for mine
culture, diversity, environmental and stakeholder development, plant upgrades, and infrastructure;
engagement - all underpinned by our foremost core » $73 million for exploration and resource
value of We Target Zero Harm. development, targeting mine life extension at
Riverina and Sand King, and advancing Little Gem,
Pleasingly, this translated into strong results in FY25,
Waihi, and Round Dam; and
which included:
» A Feasibility Study to expand Davyhurst processing
» A LTIFR of 0.7 being below the industry average of capacity to ~3Mtpa, with results due in the March
1.6; 2026 Quarter.
» A 50% reduction in workforce turnover from 34.4% It is worth noting that the FY26 drilling program,
to 16.7%; totalling over 329km, is the largest in the Davyhurst
» Diversity improvement - with female participation goldfield’s 130-year history - nearly double the
now at 24% of all employees; drilling of the past three years combined and we
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION 9
look forward to what this may uncover. We still
have ambitious plans for the next few years to
derisk the Company’s operations while, at the same
time achieving profitable growth and enhanced
shareholder value.
In conclusion, FY25 has laid a robust foundation
for Ora Banda’s future. With strong financials, a
committed workforce, and a clear growth strategy,
we are well-positioned to continue our journey
building a premier, mid-tier gold mining business.
I extend my sincere thanks to our directors,
employees, contractors, business partners and
shareholders for their continued support during this
dynamic and exciting year.
Peter Mansell
Non-Executive Chairman
10 ORA BANDA ANNUAL REPORT 2025
Our Operations
Sustainably growing gold production to unlock long-term value for all stakeholders
" MENZIES
MENZIES
RIVERINA
DAVYHURST
DAVYHURST
Processing Plant
1.2Mtpa
1.2 MtpaPROCESSING
Processing Plant
PLANT
WESTERN
AUSTRALIA
SAND KING
MENZIES #
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RIGHTS
KALGOORLIE
KUNDANA
25 Kilometres "
PERTH FROGS LEG
IDA FAULT
COOLGARDIE "
MASSIVE TENEMENT PACKAGE DAVYHURST GOLD PROJECT
(100% ORA BANDA MINING)
» Stretches over 140km of strike
» 329km of drilling planned for FY26 » Large land holding with 67 granted tenements over
looking to unlock the potential of the 1,135km2
package » Belt-scale exploration potential with more than
140km of highly prospective greenstone strike
» Tenement area covers the convergence of
two regionally significant structures
» Established 1.2Mtpa conventional CIP
processing facility
» Extensive road network, 2 camps totalling
over 500 rooms and a large water bore field
CONTENTS OVERVIEW GOVERNANCE RISK MANAGEMENT RESOURCES & RESERVES FINANCIAL REPORT CORPORATE INFORMATION 11
Our Leadership Team
Key Management Personnel
Luke Creagh Doug Warden Andrew Czerw
Managing Director/ Chief Financial Officer Chief Development Officer
Chief Executive Officer
Mr Warden has over 30 Mr Czerw is a highly experienced
Mr Creagh is a mining years’ experience in leading geoscience professional with
engineer with more than 20 finance, strategy and business over 25 years of significant
years’ experience working development for ASX listed senior management experience
for both contracting and companies. His previous roles in Australia and overseas. He
mining companies at projects include CFO of Iluka Resources has extensive exploration,
throughout Australia and Ltd, Resolute Mining Ltd and project development, surface
overseas. Mr Creagh has most recently Core Lithium Ltd. and underground operational
a Bachelor of Engineering Mr Warden began his career experience with a strong bias
(Mining) from the University of in corporate finance and towards team building.
Queensland and holds a Western restructuring with KPMG and EY. Commenced April 2014
Australia first class mine Commenced August 2024
manager

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