Ora Banda hits record quarterly gold haul from WA Goldfields

Ora Banda Mining has jumped out the gates to kick off FY26 with a blistering September quarter, churning out a record 30,595oz of gold – more than 25 per cent higher than its previous high water-mark of a little over 24,000 ounces exactly a year ago. The company banked a hefty $38.5 million in free cash flow, pushing its piles of cash to $122.7 million. 

The numbers, while a touch shy of lofty 35,000-ounce expectations, cement the company’s climb as a serious Australian gold player. The production increase at its Davyhurst hub in Western Australia couldn’t come at a better time with gold prices hitting another record, north of an unfathomable $6000 an ounce. 

The quarter’s gold haul included 3,564oz from third-party milling under an ore sale deal with Norton Gold Fields, with total gold sales hitting 31,300 ounces, up a cracking 39 per cent from the prior quarter’s 21,900oz. 

Ora Banda says its Sand King underground mine ramp-up is now humming, after FY25’s heavy capital injection, paired with tweaks to the Davyhurst plant for better throughput and recoveries. 

The company is not resting on its laurels either, forecasting heavier output for each subsequent quarter throughout the financial year as Sand King scales up to keep the mill fed at an impressive head-grade north of 3.5 grams per tonne (g/t) gold. 

Ora Banda is also sticking to its bold target for the year of 140,000-155,000 ounce, an ambitious 60 per cent leap from last year’s 92,400 ounces.

It says it can churn out the gold bars at an all-in sustaining cost of just $2800 to $2900 an ounce, now less than half the going rate for the white-hot yellow metal. 

Ora Banda managing director Luke Creagh said: “The cash build of $38.5M in the quarter shows the improving operational and financial performance of the Company, even as we continue to reinvest significantly into organic growth through the drill bit and infrastructure upgrades.”

Outside of gold production at its extensive Davyhurst gold hub, a $73 million war chest is fuelling Ora Banda’s 329,000m drilling push, chasing extensions at Riverina and Sand King, plus new discoveries at its Waihi and Little Gem prospects. 

Bonanza-grade gold results from Sand King continue to flow as potential future Sand King replacements throw their hands up with a myriad of high-grade gold. The company’s Waihi and Round Dam Trend prospects point to even greater potential for Ora Banda’s Davyhurst mill to be filled to the gills with resource upgrades a plenty for the foreseeable future.

The company is also eyeing a plant upgrade from its chocked full 1.2 million tonne per annum mill to a 3Mtpa scenario. Feasibility studies are underway to handle the growing ore flood. 

With $122.7 million in the bank and gold prices looking unbelievably strong, Ora Banda’s got plenty of runway to chase its big 150,000 ounce per annum ambitions. 

The recent record quarterly production could be just the tip of the iceberg for Ora Banda. If drilling keeps hitting paydirt and the mill expansion comes off, the company may well make its move from a mid-capped miner to Australian gold mainstay in a remarkably short period of time.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au