Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has delivered record revenue, production and cash generation for the year to June 30, 2026, as the ramp-up of its second underground mine, Sand King, transformed the group's operating performance.
Revenue doubled to $807.5 million from $404.3 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 134% to $431.1 million.
Net profit after tax increased 16% to $216.2 million, despite including a $97.7 million non-cash tax expense, while operating cash flow jumped 124% to $426.7 million.
Ora Banda finished the year with $267.7 million in cash, up from $84.2 million a year earlier, after investing more than $235 million in mine development, infrastructure, exploration and resource development.
Record gold production
Gold production increased 53% to a record 140,949 ounces, including 34,300 attributable equivalent ounces, following the ramp-up of Sand King Underground to commercial production in January.
Gold sales rose 51% to 140,641 ounces, while the average realised gold price increased 32% to A$5,742 per ounce.
The combination of higher output and a A$1,398-per-ounce increase in the realised gold price drove the sharp improvement in earnings and cash flow.
All-in sustaining costs increased to A$3,496 per ounce from A$2,693 per ounce in the previous year.
Sand King achieved capital payback within 12 months of the underground portal being established, matching the rapid payback previously achieved at Riverina Underground.
Managing director Luke Creagh described the year as a "step-change" for Ora Banda, with the two-mine underground model delivering record production, cash generation and profitability.
Balance sheet strengthened
Free cash inflow reached $214.5 million, up from $75.5 million, despite substantial investment across the business.
Ora Banda's Mineral Resource Estimate increased 75% during the year and Ore Reserves rose 159%, while more than 6 kilometres of capital development advanced the Riverina and Sand King operations.
The company also completed infrastructure upgrades including camp works, the Riverina airstrip and planning associated with a new mill.
An upsized $200 million revolving credit facility gives Ora Banda more than $468 million in available liquidity.
The company has also put downside protection in place through put options and partial collars covering 167,000 ounces at an A$6,000-per-ounce exercise price between November 2026 and June 2028.
Next steps
Ora Banda enters the new financial year with both Riverina and Sand King established as underground operations, a substantially larger resource and reserve base and its strongest balance sheet to date.
The company plans to continue investing in mine development, exploration and infrastructure as it looks to unlock further value from its gold belt while maintaining exposure to higher gold prices.
About Ora Banda Mining
Ora Banda Mining is a Western Australian gold producer operating the Riverina and Sand King underground mines and the Davyhurst processing plant in the Eastern Goldfields.
The company controls around 1,140 square kilometres of highly prospective ground covering approximately 130 kilometres of greenstone belt, providing a substantial platform for organic growth.
Alongside extending mine life at Riverina and Sand King, Ora Banda is advancing a pipeline of exploration and development opportunities including Little Gem, Waihi, Mulline and Round Dam as it works to build a larger, sustainable gold business.