Turnaround Gold Miner Ora Banda Poised for Breakout Growth

• Ora Banda Mining possesses an unexplored gold-rich region with 100km of strike near Kalgoorlie, historically focused on open-pit low-grade mining.
• the company shifted its strategy to focus on high-grade underground mining.
• Ora Banda has made operational improvements, resulting in increased productivity and a stronger financial position.
• The company's future strategy involves further exploration, aiming for over 100,000 ounces in FY25, with a focus on sustainability and maximizing impact.

Ora Banda Mining is an Australian gold mining company with extensive landholdings and high potential for growth in the coming years. Led by an experienced management team, the company has made major transformations over the past year to position itself for significantly increased production. With a strengthened balance sheet, reduced costs, and high-grade underground deposits coming online, Ora Banda offers investors an attractive opportunity in the gold mining space.

Ora Banda is led by Luke Creagh, an accomplished mining engineer with over 20 years of experience in Australia and overseas. As Managing Director since 2021, Creagh has driven major changes in the company's strategy, culture, and operations to unlock the potential of its large tenement package.

Previously focused on low-grade open pit mining, Creagh pivoted Ora Banda towards targeting high-grade underground deposits. This involved rebuilding departments, enhancing processes, and fostering a "scrappy" culture among employees to promote ongoing improvements.

The operational enhancements have led to significantly increased productivity and lower costs. Creagh has also strengthened the balance sheet and assembled a new board and management team to provide expertise and support Ora Banda's growth.

Large Land Package with Immense Exploration Potential

Ora Banda controls over 100km of highly prospective ground along major regional fault structures near Kalgoorlie in Western Australia. Despite its excellent location, the area has seen limited modern exploration targeting high-grade underground mineralization. The company now has a clear strategy focused on discovering multiple underground deposits that can leverage its 1.2M tonne per annum processing plant. Recent high-grade drilling results at the flagship Riverina deposit confirm the big potential that lies beneath shallow open pits across its tenements.

Ora Banda is also assessing prospects for lithium, nickel, and other minerals within its land package. The vast under-explored area provides substantial upside as further discoveries are made.

Near-Term Production Growth from Underground

In an impressive timeframe, Ora Banda has discovered, financed, and commenced mining the high-grade Riverina underground deposit. Early underground production is ramping up and will support a 40% increase in gold output to over 60,000 ounces in FY 2024.

The initial Riverina mine plan contains reserves grading 4.3g/t gold and will be a consistent source of ore over a 3-year mine life. Extensions of the deposit and additional underground targets nearby are expected to extend the mine life beyond initial reserves. Ora Banda is also benefitting from enhanced productivity and lower strip ratios in its Missouri open pit, further contributing to rising production. As the underground mines hit their stride, the company anticipates achieving over 100,000 ounces per year within the next 2-3 years.

Reduced Costs and Strengthened Financial Position

The ramp-up of high-grade underground ore will drive lower operating costs through better mill feed and economies of scale. Cash costs are anticipated to reduce substantially as more high-grade ore displaces the low-grade stockpiles currently being processed.

Prudent financial management has provided Ora Banda with a strong cash balance of nearly $25 million and debt of only $11 million. With rising production and falling costs, the business is poised to generate significant free cash flow in the coming years. This will allow for reinvestment into targeted exploration and potential dividends in the future. Ora Banda now has a sustainable platform from which to pursue its growth ambitions.

With an experienced leadership team, a large prospective land package, near-term production growth, falling costs, and solid financial footing, Ora Banda Mining presents a compelling investment case:

• Transformed business strategy and culture focused on unlocking value from extensive tenements
• Significant exploration potential from over 100km of under-explored ground
• Production increase of 40% in FY2024 from high-grade underground ramp-up
• Clear path to +100,000 ounce production as underground mines expand
• Strengthened balance sheet and anticipated strong cash flow generation
• Upside from low-cost resource growth through exploration success

The Investment Thesis for Ora Banda Mining‍

Leverage to Gold Price Upside‍

As a gold mining company, Ora Banda provides leverage to potential increases in the gold price. With production costs expected to decrease as high-grade underground ore comes online, a rising gold price would boost revenues and profit margins significantly. Gold often sees increased investment demand during uncertain economic times, offering a potential hedge.

Value Not Yet Reflected in Share Price

Despite the major transformations made over the past year, Ora Banda's share price has yet to reflect the increased value potential. As the company continues to deliver on production growth and lowered costs, a re-rating upside exists as the market recognizes its improved prospects. This could provide strong returns for investors able to buy in at currently discounted levels.

Takeover Potential

Once Ora Banda establishes itself as a 100koz+ per year gold producer with low costs and extensive exploration upside, it could become an attractive takeover target for a larger gold mining company. Its large land package with multiple targets in a Tier-1 location creates additional value.

Experienced Team to Unlock Potential

Ora Banda's Managing Director Luke Creagh and his new management team have proven ability to transform mining operations. Their operational enhancements and strategic realignment of the business in a short period of time provides confidence in their plans to continue growing in a cost-effective manner.

Environmental, Social and Governance (ESG) Focus

Ora Banda's sustainability focus delivers value for shareholders while also addressing its social license to operate. Integrating ESG helps reduce risks and access capital. This supports long-term growth plans.

Ora Banda offers re-rating potential underpinned by production growth, cost reductions, exploration upside, strong leadership and strategic location. It represents an attractive opportunity for investors seeking gold exposure with significant leverage to rising prices.