OBM - Ora Banda Mining

[houtman]

@mullokintyre

April post.
Back into these today.

They are building nicely, cashflow positive with solid growth potential.

Trying to keep it simple in the gold space.

 

[rcw1]

Good evening
Great day for gold today, (11/04/25). OBM nice 14.81% gain.

Chart update:

Daily

One minute

Not holding

Kind regards
rcw1

 

[finicky]

Ora Banda Mining (OBM) -6.13% fell on its quarterly release after lowering its full-year production guidance due to planned plant maintenance and equipment upgrades.

Not Held

 

[houtman]

@mullokintyre
May update.

OBM look to be bedding down their 2 x underground mines, forecasting 105koz FY25 and 150koz in FY26.

Current EV is close to $2B, similar to RMS for comparison, however RMS currently produces about 3x OBM.

The Riverina/Little Gem corridor is being touted as the way forward, the last results(Mid March) presented in a
157 page announcement(tl:dr).

To be followed up with a 10 week program with results 4 weeks later, we are at about week 10 now.

Important results one way or the other.

 

[houtman]

It's been all downhill since OBM announced a disappointing FY25 guidance update on 6/6, from $1.13 to now 78c.

The reason given was plant upgrades taking longer than expected.

Month of June guidance is 12.5koz, if it can be maintained then back on track for 150koz for FY26.

 

[houtman]

It's been all downhill since OBM announced a disappointing FY25 guidance

It's still downhill.

FY25 Production Results & FY26 Guidance was released today and not great.

Amongst other things -

- AISC guidance for FY26 is now $2800-2900, in their November 2024 annual report presentation they were forecasting $1840 AISC for 2026.

- What was guidance of 150kOz for 2026 is now 140-155kOz and also comes with an * .
*FY26 Guidance of 140–155koz produced includes ~21koz of attributable equivalent production from a proposed ore sale agreement with NGF3. They go on to state that it is a non-binding MOU signed on 10/7/25, that's ....yesterday. Feels a little hasty.

- They also missed June guidance that was issued on 6th June.

OBM has probably lost a few supporters with their continual Guidance misses.

 

[houtman]

OBM have plateaued lately after getting marked down for missing production guidance and AISC guidance(AISC by a lot).

EV down from above $2B to now about $1.25B.

The next production guidance announcement is important, OBM is now back in the pack of small/medium gold producers so plenty of options for investors if they miss again.

 

[houtman]

Excellent drilling update for Sand King today.

Step out drilling and infill both had good numbers.

Here's a few -
Drilling demonstrates the potential for high-grade shoots as well as lower grade bulk tonnes, with significant intercepts outside the existing LOM plan including:
o 1.7m @ 1,371.2 g/t inc 0.4m @ 5 ,545.0 g/t S

o 5.6m @ 346.3 g/t inc 3.5m @ 551.5 g/t

o 3.6m @ 78.4 g/t inc 2.6m @ 107.6 g/t

o 2.6m @ 85.9 g/t inc 1.0m @ 215.8 g/t

o 4.1m @ 51.1 g/t inc 0.9m @ 225.0 g/t

Still have to sort their production and AISC misses but otherwise looks OK.