Ora Banda Mining (OBM) AI Stock Analysis

• Market Cap: AU$2.46B
• Dividend Yield: N/A
• Average Volume (3M): 11.83M
• Price to Earnings (P/E): 13.0
• Beta (1Y): 1.11
• Revenue Growth: 88.71%
• EPS Growth: 541.56%
• Country: AU
• Employees: 7
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.07
• Shares Outstanding: 1,921,863,500
• 10 Day Avg. Volume: 8,065,426
• 30 Day Avg. Volume: 11,830,942
• PEG Ratio: 0.02
• Price to Book (P/B): 5.07
• Price to Sales (P/S): 3.59
• P/FCF Ratio: 19.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$1.66
• Price Target Upside: 29.69% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: AU$1.50 ▲(17.19% Upside)

Score is driven primarily by strong financial performance (high profitability, low leverage, and improving cash generation), partially offset by mixed near-term technical signals (below 20-day average and softer RSI) and a valuation that appears reasonable but not clearly discounted based on the provided P/E.

Positive Factors

High profitability margins

Ora Banda’s very high net (46.01%) and robust EBIT/EBITDA margins reflect strong cost control and processing efficiency. Persistent margin strength supports durable free cash generation and resilience through operating cycles, enabling reinvestment and sustaining returns over months.

Low leverage and solid capital structure

A low debt-to-equity ratio and high equity ratio indicate conservative financial structure, reducing refinancing and interest risks. Combined with a high ROE, this gives flexibility for sustaining capex, funding exploration or buffering downturns without undermining long-term operational stability.

Material improvement in cash generation

Large free cash flow growth and strong operating-cash-to-income conversion show improving quality of earnings and liquidity. Enhanced cash conversion supports sustaining capital, debt containment and funding exploration, underpinning operational continuity and strategic optionality over months.

Negative Factors

Historical volatility in results

The company’s past fluctuations in revenue, margins and cash flows reduce predictability of earnings and free cash over the medium term. This volatility complicates capital allocation, budgeting and forecasting, raising execution and financing risk despite recent strong metrics.

Concentrated exposure to gold price and production

OBM’s revenue model is tightly linked to gold price and physical production metrics (grade, recovery, ounces). This single-commodity exposure creates structural revenue sensitivity to metal cycles and operational performance, limiting diversification and making cashflow dependent on external commodity dynamics.

Very small headcount

A corporate employee base of seven suggests heavy reliance on contractors or third parties for operations and execution. That structure can constrain internal capacity for project delivery, oversight and scaling, raising operational and governance risks over the medium term if contractor cost or availability shifts.

Ora Banda Mining Business Overview & Revenue Model

Company Description

Ora Banda Mining Limited engages in the exploration, operation, and development of mineral properties in Australia. The company explores for gold, nickel, copper, lithium, and base metal deposits. It holds 100 % interest in the Davyhurst Gold project comprises 92 tenements covering an area of approximately 1,210 square kilometers located in North-West of Kalgoorlie, Western Australia. Its production deposits also include the Riverina, Sand King, Missouri, Waihi, Callion, Lady Ida, Mulline, and Golden Eagle projects. The company was formerly known as Eastern Goldfields Limited and changed its name to Ora Banda Mining Limited in June 2019. Ora Banda Mining Limited was incorporated in 2002 and is based in West Perth, Australia.

How the Company Makes Money

Ora Banda Mining generates revenue primarily through the extraction and sale of gold from its mining operations. The company's revenue model is built around the production of gold, which is then sold in the global market. Key revenue streams include the direct sales of gold bullion and the potential for gold concentrate sales, depending on the processing methods employed. Additionally, OBM may benefit from strategic partnerships with other mining companies or stakeholders that facilitate resource sharing, technology exchange, or joint ventures, which can enhance operational efficiencies and reduce costs. Factors contributing to its earnings include gold market prices, operational efficiency, and the successful execution of its exploration and development projects.

Ora Banda Mining Financial Statement Overview

Summary

Strong fundamentals supported by high revenue growth (32.86%), very strong net margin (46.01%), solid operating margins (EBIT 28.35%, EBITDA 40.92%), low leverage (debt-to-equity 0.14), and strong cash generation (FCF growth 202.96%, OCF/NI 1.02). Score is moderated by noted historical volatility in revenue, margins, and cash flows.

Income Statement

Ora Banda Mining has shown a strong revenue growth rate of 32.86% in the latest year, indicating a significant improvement in its operational performance. The company has achieved a high net profit margin of 46.01%, reflecting effective cost management and profitability. The EBIT and EBITDA margins are also robust at 28.35% and 40.92%, respectively, showcasing operational efficiency. However, the historical volatility in revenue and profit margins suggests potential risks in maintaining these levels.

Balance Sheet

The balance sheet reflects a healthy financial position with a low debt-to-equity ratio of 0.14, indicating prudent leverage management. The return on equity is impressive at 64.96%, demonstrating strong profitability relative to shareholder investment. The equity ratio of 64.46% suggests a solid capital structure with a significant portion of assets financed by equity. However, the company's past fluctuations in equity and debt levels may pose risks to financial stability.

Cash Flow

The cash flow statement shows a remarkable free cash flow growth rate of 202.96%, highlighting substantial improvements in cash generation. The operating cash flow to net income ratio of 1.02 indicates efficient conversion of income into cash. The free cash flow to net income ratio of 0.41 suggests a positive cash flow position. Despite these strengths, historical volatility in cash flows could impact future liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	404.29M	404.29M	214.24M	135.89M	154.26M	25.11M
Gross Profit	153.00M	153.00M	22.56M	-31.58M	-6.00M	-8.85M
EBITDA	165.48M	165.48M	54.44M	-23.59M	-45.20M	-14.54M
Net Income	186.08M	186.08M	27.57M	-44.13M	-87.94M	-22.28M
Balance Sheet
Total Assets	444.42M	444.42M	195.81M	114.62M	100.74M	172.51M
Cash, Cash Equivalents and Short-Term Investments	84.18M	84.18M	26.80M	24.73M	27.75M	24.22M
Total Debt	39.90M	39.90M	31.09M	31.80M	24.34M	27.19M
Total Liabilities	158.04M	158.04M	99.03M	83.53M	65.91M	70.49M
Stockholders Equity	286.38M	286.38M	96.79M	31.09M	34.84M	102.02M
Cash Flow
Free Cash Flow	76.47M	76.47M	-32.84M	-40.19M	-14.41M	-58.67M
Operating Cash Flow	190.46M	190.46M	36.25M	-23.47M	24.76M	-11.24M
Investing Cash Flow	-114.99M	-114.99M	-39.49M	-11.24M	-27.60M	-43.32M
Financing Cash Flow	-18.09M	-18.09M	5.31M	31.68M	6.38M	68.20M

Ora Banda Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:OBM, the sentiment is Negative. The current price of 1.28 is below the 20-day moving average (MA) of 1.57, below the 50-day MA of 1.42, and above the 200-day MA of 1.09, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 34.44 is Neutral, neither overbought nor oversold. The STOCH value of 36.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:OBM.

Ora Banda Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OBM	73 Outperform	AU$2.46B	12.96	97.13%	―	88.71%	541.56%
VAU	72 Outperform	AU$6.13B	25.96	13.09%	―	130.98%	―
WGX	69 Neutral	$6.95B	191.17	2.43%	0.46%	89.86%	-81.65%
EMR	68 Neutral	AU$4.92B	55.85	14.25%	―	17.59%	0.98%
CYL	67 Neutral	AU$2.25B	18.70	27.46%	―	14.01%	331.24%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Ora Banda Mining Corporate Events

Ora Banda commits $63m to new plant study, Waihi pit and camp expansion

Ora Banda Mining has approved a suite of growth initiatives at its Davyhurst operations, committing $10 million to move a proposed ~3Mtpa standalone processing plant from definitive feasibility to front-end engineering design, which will refine the design and capital requirements for a new mill alongside its existing 1.2Mtpa plant. The board has also sanctioned $30 million in pre-production capital to start a new open pit at Waihi, expected to become the company’s third mining operation and initially deliver about 12,700 ounces over eight months while supporting potential underground development, and $23.2 million to expand accommodation capacity with a new 150-room camp at Siberia and an extra 100 rooms at Davyhurst, with total camp works estimated at $34 million. These fully cash-funded projects, underpinned by strong cash flows and a reported A$155 million cash balance at year-end 2025, prompt an increase in FY26 growth capital guidance to $143 million and aim to scale production, de-risk future underground opportunities at Waihi, and strengthen Ora Banda’s operational footprint and workforce support in the region.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Lifts Output to Record Levels as Growth Spending and Third-Party Milling Drive Costs Higher

Ora Banda Mining reported record quarterly gold production of 32,036 ounces in the December 2025 quarter, a 5% rise on the prior period and 39% higher than the second half of FY25, alongside robust exploration results at Waihi, Little Gem/Riverina and Sand King that support future mine development. Despite a sharp increase in all-in sustaining costs to A$3,505/oz due to greater reliance on higher-cost third-party processing, the company grew its cash balance by A$32.8 million to A$155.4 million while investing heavily in underground development, infrastructure and exploration, and has approved A$63 million of internally funded growth projects in FY26, including work on a new 3mtpa mill, reaffirming production guidance of 140,000–155,000 ounces (towards the lower end) but lifting full-year cost and capital guidance as it accelerates its organic growth strategy.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Extends High-Grade Mineralisation at Waihi’s Golden Pole Lode

Ora Banda Mining has reported a series of thick, high-grade gold intercepts from follow-up drilling on the Golden Pole lode at its Waihi Project, significantly expanding the known mineralisation envelope and confirming both down-plunge extensions and a new hanging-wall lode. The success at Golden Pole has prompted an immediate 20-hole infill and extensional drill program within an already expanded 97-hole campaign across Waihi, with additional strong results at Waihi East and Homeward Bound and the first signs of a new lode west of Golden Pole, reinforcing Waihi’s potential to become the company’s third underground mine within close proximity to the Davyhurst processing facility and enhancing the project’s strategic importance for future production growth.

The most recent analyst rating on (AU:OBM) stock is a Hold with a A$1.37 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Seeks ASX Quotation for 250,000 New Shares

Ora Banda Mining Ltd has applied to the ASX for the quotation of 250,000 new fully paid ordinary shares, issued on 16 December 2025. The modest enlargement of the company’s quoted share capital reflects the conversion or exercise of existing securities and marginally increases the free float, but does not signal a major change to its capital structure or operational strategy.

The most recent analyst rating on (AU:OBM) stock is a Hold with a A$1.22 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Cancels 174,582 Unvested Performance Rights

Ora Banda Mining has notified the market of the cessation of 174,582 performance rights (security code OBMAX) that were due to expire on 30 June 2029 under its FY25 long-term incentive plan. The rights lapsed on 24 December 2025 because the relevant performance or vesting conditions were not met or were no longer capable of being satisfied, resulting in a reduction of potential future equity dilution for existing shareholders and a modest adjustment to the company’s issued capital profile.

The most recent analyst rating on (AU:OBM) stock is a Hold with a A$1.22 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Reports Significant Mineralisation Extensions at Sand King

Ora Banda Mining has announced significant progress in its drilling operations at the Sand King project within the northern corridor, uncovering extensive mineralisation outside the current life-of-mine plan. With promising high-grade findings from surface and underground drilling, this development signals potential for robust growth in resource inventory and mine life extensions, reinforcing the project’s significance for the company’s long-term objectives.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Announces Quotation of New Securities

Ora Banda Mining Ltd has announced the quotation of 5,000,000 ordinary fully paid securities on the Australian Securities Exchange, effective December 10, 2025. This move is part of the company’s strategy to enhance its capital structure, potentially impacting its market position and offering new opportunities for stakeholders.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

UBS Group AG Ceases Substantial Holding in Ora Banda Mining

Ora Banda Mining Ltd has announced that UBS Group AG and its related bodies corporate have ceased to be substantial shareholders as of November 18, 2025. This change in shareholding may impact the company’s stockholder dynamics and could influence its market perception, although specific implications for stakeholders were not detailed in the release.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Secures Shareholder Support at AGM

Ora Banda Mining Ltd announced that all resolutions presented at its Annual General Meeting were successfully carried by a poll. This outcome reflects strong shareholder support for the company’s current management and strategic direction, potentially reinforcing its market position and stakeholder confidence.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Outlines Future Plans Amid Industry Challenges

Ora Banda Mining Ltd has released a presentation highlighting its current activities and future plans. The presentation includes forward-looking statements regarding production and financial performance, emphasizing a non-binding Memorandum of Understanding with Norton Gold Fields, which is expected to lead to a binding ore sale agreement. The company cautions that actual outcomes may differ from these projections due to various risks and uncertainties. Stakeholders are advised to consider these factors when evaluating potential investments.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Reports Transformative Year with Record Growth and Sustainability Focus

Ora Banda Mining Ltd has reported a transformative year in FY25, marked by the successful commissioning of its Sand King mine, leading to record production and significant financial growth. The company has invested heavily in capital projects and sustainability initiatives, achieving notable improvements in safety, workforce diversity, and community engagement. Looking ahead, Ora Banda plans to increase production by 60% in FY26 and undertake extensive exploration and development activities, positioning itself as a stronger mid-tier gold mining business.

The most recent analyst rating on (AU:OBM) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.

Ora Banda Mining Outlines Future Prospects at Barrenjoey Conference

Ora Banda Mining Ltd presented at the Barrenjoey Conference in Hong Kong, highlighting its current activities and future outlook. The presentation included forward-looking statements about production and financial performance, emphasizing the company’s strategic plans and potential agreements, such as the non-binding Memorandum of Understanding with Norton Gold Fields. The company’s positioning and future prospects were discussed, although the presentation cautioned about the inherent uncertainties and risks associated with forward-looking statements.

The most recent analyst rating on (AU:OBM) stock is a Hold with a A$1.40 price target. To see the full list of analyst forecasts on Ora Banda Mining stock, see the AU:OBM Stock Forecast page.