• Sand King Underground mine development tracking to plan with first ore intersected just four months after portal establishment
• Initial grade control drilling confirms multiple mineralised lodes per level, including high-grade lodes in addition to bulk tonnage opportunities
• Surface Diamond Drilling extends and enhances 090 lodes in northern Sand King

Ora Banda Mining Limited is pleased to provide an update on its Sand King Underground mine, which forms part of the Davyhurst Gold Project and together with the Riverina Underground are the centrepiece of the Company's DRIVE TO 150 Project with an annual production outlook of 140,000oz to 160,000oz in FY26. Sand King has achieved its first major milestone, intersecting multiple ore lodes in the first crosscut on the 315 Level. This is in line with internal planning and the mine remains on track to deliver first stoping ore in the March-25 Quarter. Steady state production of ~60kozpa is expected to commence in the June-25 Quarter. Since the establishment of the Sand King portal in late August this year, mine development has advanced on schedule and in good ground conditions with 427 decline metres and a total of 835 development metres achieved to date. Underground diamond drilling for grade control is also underway at the mine with the rig completing 5,477 metres to date of the planned 45,400 metre program. This initial program has confirmed multiple discrete high grade lodes and additional bulk tonnage opportunities at Sand King. The Company also recently conducted a small surface exploration drilling program at Sand King North, which successfully infilled and extended the known lodes along strike.

The Sand King Underground mine plan incorporates design elements such as drill drives and infrastructure to benefit from any Mineral Resource conversion or extension. The current Mineral Resource is open in all directions and has only been drilled to a depth of ~300m below surface. The Sand King Underground Mineral Resource Estimate increased by 176% to 3.4 million tonnes at 2.8g/t for 304k ounces, up from 110k ounces. The maiden Sand King Underground Ore Reserve Estimate is 537k tonnes at 3.2g/t for 55k ounces.

As the ounce production from Sand King increases month-on-month, Ora Banda is set up for a strong second half of the financial year. The combination of Riverina and Sand King high-grade ore delivers a step change to the company's production profile and cashflows, with a production outlook of 140,000oz to 160,000oz in FY26.