Ora Banda Mining Ltd.

Ora Banda Mining Ltd. is a junior gold producer headquartered in Subiaco, Australia, operating primarily in Australia. The company's portfolio consists of 1 operating mine. Key assets include Davyhurst. The business model centers on a strategic shift from open-pit operations to high-grade underground mining, aiming to become a mid-tier producer. This transition is supported by extensive, wholly-owned infrastructure, including a 1.2 Mtpa processing plant, 2 accommodation villages, and a comprehensive power and transport network. The operational approach leverages these existing facilities to process ore from multiple sources, creating synergies and reducing capital requirements for new developments. A key competitive advantage is the control of a large, highly prospective landholding, which provides a strong pipeline for organic growth. The company also emphasizes its human capital, citing high employee engagement and retention as a core strength that underpins its operational performance and future growth initiatives. This integrated model, combining strategic asset development with established infrastructure and a skilled workforce, is designed to drive production growth and lower operating costs.

The organization's 3-year strategy is structured in distinct phases, beginning with a short-term focus on operational fundamentals, progressing to leveraging organic opportunities in the medium term, and culminating in long-term growth driven by performance. A central pillar of this strategy is the "DRIVE to 150" plan, which outlines a significant production profile expansion by FY26, underpinned by a decisive shift to an underground mining model. Capital allocation for FY25 is substantial, with major investments directed towards exploration and growth capital, including the development of a second underground mine funded entirely from existing cash reserves and operating cash flows. The exploration strategy is aggressive, with a multi-million dollar budget for FY25 dedicated to expanding known mineralized systems and discovering new high-grade lodes through extensive drilling with multiple surface and underground rigs. This disciplined, phased approach aims to deliver significant free cash flow and establish the company as a mid-tier producer.

Executive leadership is headed by a Managing Director and CEO with over 20 years of experience as a mining engineer. The board of directors, for the majority of the fiscal year, consisted of 4 members, including a Non-Executive Chairman, the Managing Director, and 2 Non-Executive Directors. A key governance development during the year was the re-establishment of the Remuneration & Nomination Committee and the Audit & Risk Management Committee in May 2024, alongside the creation of a new Sustainability Committee to enhance oversight. The management philosophy is explicitly centered on people, strategy, and culture, with the introduction of new core values credited for a significant improvement in company-wide performance. This focus is evidenced by high employee engagement metrics, with 85% of employees recommending the company as a great place to work and retention reaching record highs, positioning the organization as a "destination employer".

The sustainability framework is built on integrating environmental, social, and governance principles across all operations, guided by a dedicated ESG Working Group. A primary focus is on workplace safety, demonstrated by achieving over 2 years free of lost-time injuries and a 570% increase in proactive safety lead indicators. The company has also completed comprehensive psychosocial risk assessments for all workgroups. Environmental stewardship initiatives include active rehabilitation programs, with 57 hectares of waste rock landforms reshaped and topsoiled during the fiscal year. To ensure the effectiveness of these efforts, the organization plans to implement Landscape Functional Analysis studies. Governance enhancements include a formal review of the Mine Safety Management System and the establishment of a board-level Sustainability Committee. The social component is highlighted by record-high employee retention and survey results indicating 85% of employees would recommend the company as a great place to work.

In FY24, the company finalized a significant joint venture with Wesfarmers Chemicals, Energy & Fertilisers (WesCEF) to explore for non-core minerals, receiving $26 million in cash. Under the agreement, WesCEF can increase its stake by sole-funding exploration, while the company is free-carried through to a definitive feasibility study. A key structural transaction involved the sale of non-core exploration tenements, which was completed in September 2023 for $10 million. The company also streamlined its obligations by terminating a historical royalty with AustSino Resources Group Limited in June 2024 and resolving a legal dispute concerning mineral rights with Riverina Resources Pty Ltd and Greenstone Resources Limited in April 2024, both through cash and share settlements. Hawke's Point Holdings Limited is identified as a major shareholder and is party to a separate royalty agreement with the company.