Ora Banda Mining rallies after recording 21% quarterly gold production increase
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The news: Shares in Ora Banda Mining rallied in afternoon trade after the miner recorded a 21% increase of gold production in the March quarter, amounting to 38,766 ounces produced and 38,637 ounces sold.
Shares had risen 10.08% to $1.44 at 1:25pm AEST.
The numbers: The miner reported free cashflow of $76.3 million, lifting its closing cash to $231.7 million after spending $52.5 million on capital projects and exploration, alongside $4 million on put option premium payments.
Ora’s Davyhurst Project resulted in a tenfold increase in round dam mineral resources during the period, increasing the group’s total mineral resources by 57% to 3.3 million ounces.
The context: Ora attributed the strong quarterly production to the success across its Davyhurst Project, including positive drill results from Golden Pole, the discovery of the new “Sapphire” trend at Little Gem, and the 25% increase in mined ounces from its Sand King project.
What they said: “The team has done an outstanding job with the ramp-up of operations during FY26 with this quarter showing a 21% increase in ounces produced over the December period which has delivered $76.3 million in free cashflow after substantial investments into future growth projects,” CEO Luke Creagh said.
The source: ASX
