ORA BANDA MINING LIMITED (OBM)
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OBM

OBM - ORA BANDA MINING LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.07
Index: ASX200 | ASX300 | ALL-ORDS

Ora Banda Mining is a Western Australian gold producer operating mines and processing infrastructure at the Davyhurst Gold Project.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.27

29 Oct
2026

0.030

OPEN

$1.27

2.42%

HIGH

$1.30

6,082,979

LOW

$1.26

TARGET
$1.817 43.0% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
OBM: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 10.9 8.1 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 6.8% - 25.9% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 15.5 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx10.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx826.1 M
Book Value Per Share xxxxxxxxxxxxxxx27.9
Net Operating Cash Flow xxxxxxxxxxxxxxx426.7 M
Net Profit Margin xxxxxxxxxxxxxxx26.17 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx52.51 %
Return on Invested Capital xxxxxxxxxxxxxxx51.57 %
Return on Assets xxxxxxxxxxxxxxx32.65 %
Return on Equity xxxxxxxxxxxxxxx52.51 %
Return on Total Capital xxxxxxxxxxxxxxx74.42 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx212.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx29 M
Long Term Debt xxxxxxxxxxxxxxx3 M
Total Debt xxxxxxxxxxxxxxx32 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx268 M
Price To Book Value xxxxxxxxxxxxxxx3.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx213.8 M
Capex % of Sales xxxxxxxxxxxxxxx25.88 %
Cost of Goods Sold xxxxxxxxxxxxxxx461 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx32 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx43 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

26/10/2026

1

Upgrade to Outperform from Neutral

$1.30

2.36%

Ora Banda Mining provided first quarter production of 33,300 ounces, missing Macquarie's forecasts by -17%. AISC of $4,214/oz was 18% above estimates.

The miss stemmed from a mill shutdown and wet weather that affected haulage for the open pits. Guidance has been retained and the broker notes the balance sheet is not distressed.

The new plant construction remains on track and the Little Gem maiden resource due in the second/third quarter should be an important catalyst, Macquarie adds.

The stock has fallen sharply following the soft start to the year and because of the dip in gold prices, hence the broker upgrades to Outperform from Neutral. Target is reduced to $1.30 from $1.50.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.20 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of 13.30 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

26/10/2026

1

Buy

$1.40

10.24%

Moelis maintains a Buy rating for Ora Banda Mining with its target price decreased to $1.40 from $1.55 following a soft first-quarter production result featuring 33.3koz of gold output.

Operations fell short of estimates due to weather impacts and a planned shutdown at the Davyhurst processing facility, resulting in elevated all-in sustaining costs of $4,214 per ounce.

Elevated capital spending combined with lower sales volumes drove a material cash drawdown, leaving the quarter-end cash position at $207m.

The analyst anticipates the company will extend third-party toll treating to maximise headline production ounces, pushing near-term cost profiles higher.

Moelis's estimates incorporate these lower volume and higher cost assumptions, driving a -40.9% reduction in FY27 EPS forecasts to 6.1c and a -7.7% reduction in FY28 EPS estimates.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.10 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 11.20 cents.
Access Extra Coverage Research History >

OBM STOCK CHART

FNArena News on OBM

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 30-10-26

Oct 30 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Oct 27, 2026

Oct 27 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Oct 26, 2026

Oct 26 2026 - Daily Market Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 23-10-26

Oct 23 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Oct 19, 2026

Oct 19 2026 - Daily Market Reports

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