Ora Banda Mining Ltd

This report is an updated version of the report published on 23 July 2025 at 11:30 AM AEST.

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview: Ora Banda Mining Limited (ASX: OBM) is a gold exploration and production company based in Western Australia. The company owns a large, highly prospective landholding of over 1,000 square kilometers in the Eastern Goldfields region, centered around its Davyhurst processing hub. OBM is focused on developing a sustainable and scalable gold mining operation through a combination of underground and open-pit mining, strategic exploration, and targeted capital investment. Its key assets include the Riverina and Sand King underground mines, and the company continues to expand its resource base through aggressive exploration and feasibility studies aimed at boosting production capacity and mines’ life. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

 1.2 The Key Positives, Negatives, Investment Highlights, and Management Insights

1.3 Top 10 Shareholders:

The top 10 shareholders together form 56.99% of the total shareholding. Hawke's Point Holdings I, Ltd and Paradice Investment Management Pty. Ltd hold maximum stakes in the company at 26.18% and 8.09%, respectively.

1.4 Key Metrics: OBM’s revenue from FY21 to FY24 was propelled by the initial ramp-up and subsequent stabilisation of gold production, with the company capitalising on periods of elevated gold prices, increased processing throughput, disciplined cost management, and the successful exploration and integration of new ore sources. These combined forces supported OBM’s evolution from post-redevelopment recovery into a phase of stable, mature operations and consistent revenue generation.

Early in this period, EBITDA was limited by the high costs associated with restarting and scaling up production. However, as operational consistency improved—particularly following the expansion of the Davyhurst mill and open-pit mining—EBITDA strengthened, although it continued to reflect lingering pressure from ongoing development and rising input costs throughout FY21 and FY22. From FY23 onwards, enhanced operational efficiencies, larger production volumes, and generally favourable gold prices drove accelerated EBITDA growth, culminating in a notable step change in FY24 with the launch and acceleration of high-grade underground mining at Riverina. Below are captured the key metrics:

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Financial Highlights: Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock price has corrected by around 15.41% in the last 1 month; however, the stock price has gained by around 81.88% in the past 1 year. The stock has a 52-week low and 52-week high of AUD 0.385 and AUD 1.325, respectively, and is currently trading below its 52-week mid-level.

 (Source: REFINITIV; Analysis by Kalkine Group)

4.2 Fundamental Valuation

Valuation Methodology: Price/Cash Flow Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 23 July 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.