• Revenue up 93% to $186.4 million
• Net profit after tax up 371% to $50.8 million
• Riverina Underground mine achieves commercial production and payback in 18 months

Ora Banda Mining Ltd reported a strong financial performance in the first half of 2024, with revenue up 93% to $186.4 million and net profit after tax increasing by 371% to $50.8 million. The company's shift in strategy from lower-grade open pit mining to higher-grade underground operations, starting with the Riverina Underground mine, has been a key driver of this performance. Riverina Underground achieved commercial production on 1 August 2024 and reached payback in the December 2024 quarter, generating positive cash flows just 18 months after the portal was established. The company also approved the Final Investment Decision for its second underground mine, Sand King, which is expected to commence production in the March 2025 quarter and reach steady-state production of around 60,000 ounces per annum in the June 2025 quarter. Exploration and resource development programs at both Riverina and Sand King have also delivered positive results, with significant high-grade intercepts extending mineralization. The company's strong financial position, with cash of $57.8 million as at 31 December 2024, provides a solid foundation to continue advancing its growth strategy.

The company expects to achieve FY25 production guidance from its Riverina Underground and Sand King Underground mines, with Sand King expected to contribute 21,000 ounces in a stronger second half of FY25.

Ora Banda Mining is well-positioned to continue its growth trajectory, with the successful ramp-up of Riverina Underground and the commencement of production at Sand King Underground. The company's exploration and resource development programs have also identified opportunities to further extend the mine life of its operations.