• Cash builds to $57.8 million with Riverina Underground fully paid back
• $30.8 million invested into growth projects and exploration
• Sand King Underground on track to deliver additional higher-grade feed

Ora Banda Mining Ltd (ASX: OBM) has reported a strong December 2024 quarter, demonstrating the robustness of its underground strategy. The Riverina Underground operation achieved payback of its capital investment within 18 months of the portal being established, and the Sand King Underground mine intersected first ore just four months after the portal was established. Riverina Underground continued to deliver physicals in line with the required run-rate to achieve FY25 production guidance, with total ounces mined for the quarter at 22,187oz at 4.4g/t, including low-grade material. The Sand King Underground mine achieved first development ore in December 2024 and remains on track to achieve first stoping ore in March 2025. The Davyhurst mill processed 280,409t of ore at a head grade of 2.9g/t, producing 22,973oz. The company spent $30.8 million on growth projects and exploration, including $20.8 million on Riverina and Sand King Underground development, $4.5 million on growth infrastructure, and $5.5 million on resource development and exploration activities. Closing cash increased to $57.8 million, a $9.1 million increase from the prior quarter.

Ora Banda is targeting steady state production of ~60kozpa from the Sand King Underground mine commencing in the June-2025 quarter.

As the business strengthens and the results start to come through on the exploration programs, Ora Banda will be in a position to rapidly advance any additional opportunities that exist in its portfolio.