Ora Banda Mining (ASX: OBM)
Announced the DRIVE to 300 aspiration of delivering Ora Banda’s next phase of growth.
Drive to 300 is an aspirational target for OBM. Statements and projections in this announcement are aspirational goals and not production targets or forecasts.
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Site View – Courtesy of Ora Banda Mining
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| Ora Banda | ASX: OBM | |
| Stage | Production + development | |
| Metals | Gold | |
| Market cap | A$2.6 Billion @ A$1.37 | |
| Location | Western Australia | |
| Website | www.orabandamining.com.au |
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DRIVE to 300 is Ora Banda’s new 3-year aspiration to double production
Ora Banda Mining Ltd (ASX: OBM) (“Ora Banda”, “OBM”, “Company”) is pleased to announce the DRIVE to 300 aspiration of delivering Ora Banda’s next phase of growth .
Drive to 300 is an aspirational target for OBM. Statements and projections in this announcement are aspirational goals and not production targets or forecasts. The Company does not yet have reasonable grounds to believe the “Drive to 300” aspiration can be achieved.
EPC terms have not been agreed and there is no guarantee they will be agreed on the proposed terms or at all
Highlights:
To set up its next stage of growth, the Ora Banda Board has approved the following key projects :
1. The construction of a new, standalone 3.0 Mtpa nameplate processing plant at Davyhurst for A$375 million, including:
• Selecting GR Engineering Services as preferred contractor for EPC contract of A$233 million
• Approving supporting infrastructure and capital contingency of A$142 million
• Works planned to commence early in FY27 with commission ing scheduled for Q3 FY28
2. Waihi Underground as the 3rd underground mine for capital cost of A$90 million, including:
• Portal to be established in Q2 FY27 with focus on fast -tracking development into the high -grade “Golden Pole” lode
• Steady state production scheduled to be reached by Q1 FY28
3. Upsized revolving credit facility of A$200 million (‘revolver’) and additional gold price
protection enhances balance sheet strength and flexibility, in addition to the Company’s
A$232 million cash balance at 31 March 20262
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The key projects approved are targeted to deliver benefits including:
• 4.2 Mtpa of combined milling nameplate capacity for FY29 4
• Substantial unit cost reductions through increased scale, removal of third -party milling costs and operating efficiencies
• Mitigation of single asset risk with dual mill optionality
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Ora Banda’s Managing Director, Luke Creagh, said:
“The DRIVE to 300 is the exciting next phase for Ora Banda, building on earlier success with the achievement of to DRIVE to 100 and DRIVE to 150.
“This doubling of production is currently expected to be capable of being internally funded and has the potential to add material value and position Ora Banda as a long -term sustainable gold business.”
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The full news release can be viewed HERE
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The live gold price can be found HERE
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Disclosure
At the time of writing the author holds shares in Ora Banda Mining.
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