Ora Banda Mining (OBM) H2 2025 earnings summary

Executive summary

• FY25 marked a transformational year with the transition to two underground mines, record gold production of 91koz, and revenue up 89% to $404.3M year-over-year.

• Cash reserves increased by $57.4M to $84.2M, despite $124M invested in capital, exploration, and development.

• Significant sustainability improvements: LTIFR of 0.7 (below industry average), 50% reduction in turnover, and female participation at 24%.

• FY26 guidance targets 140-155koz gold production at AISC of $2,800–$2,900/oz, with major reinvestment in growth and exploration.

Financial highlights

• Revenue rose 89% to $404.3M compared to FY24, driven by higher gold sales and prices.

• EBITDA increased 243% to $184.6M; EBIT up 271% to $115.4M.

• Net profit after tax surged 575% to $186.1M, including a $73.1M deferred tax asset recognition.

• Operating cash flow grew 425% to $190.5M; free cash inflow was $75.5M.

• Cash at bank at year-end was $84.2M, up from $26.8M.

Outlook and guidance

• FY26 gold production guidance: 140-155koz, a ~60% increase, with AISC of $2,800–$2,900/oz.

• $86M allocated to growth capital (mine development, plant upgrades, infrastructure).

• $73M for exploration/resource development, with 329km of drilling planned (largest in project history).

• Feasibility study underway to expand Davyhurst plant to 3Mtpa, results due March 2026.