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Ora Banda Mining Ltd (ASX:OBM)

ALERT: Price-sensitive ASX Announcement for OBM
Current share price for OBM : $1.020 -0.335 (-24.72%)+
Announcement
Release
18 May 2026 8:42AM
Price at Release
$1.355
Full Release
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Summary
Ora Banda Mining Ltd has announced the approval of key projects under its 'DRIVE to 300' initiative, aiming to double production over the next three years. The company plans to construct a new 3.0 Mtpa processing plant at Davyhurst, which will work alongside the existing 1.2 Mtpa plant to achieve a combined nameplate capacity of 4.2 Mtpa by FY29. The estimated capital expenditure for the new plant, including associated works and contingencies, is A$375 million. Additionally, Ora Banda will develop a third underground mine at Waihi, with a focus on the high-grade 'Golden Pole' lode. These projects are expected to be funded through the company's existing cash reserves, anticipated future cash flows, and a newly upsized A$200 million revolving credit facility. The initiative also includes measures to strengthen the balance sheet and maintain financial flexibility, including gold price protection strategies.
Key Points
  • Approval of 'DRIVE to 300' initiative to double production.
  • Construction of a new 3.0 Mtpa processing plant at Davyhurst.
  • Combined milling capacity of 4.2 Mtpa targeted by FY29.
  • Estimated capital expenditure of A$375 million for the plant.
  • Development of a third underground mine at Waihi.
  • Funding through existing cash, future cash flows, and A$200 million revolving credit facility.
  • Gold price protection strategies in place.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.