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: 0.22
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

$1.09

23 Jul
2026

-0.015

OPEN

$1.12

-1.36%

HIGH

$1.15

7,612,144

LOW

$1.07

TARGET
$1.65 51.4% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
OBM: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 10.2 11.2 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 9.3% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 9.4 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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx10.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx404.3 M
Book Value Per Share xxxxxxxxxxxxxxx15.2
Net Operating Cash Flow xxxxxxxxxxxxxxx190.5 M
Net Profit Margin xxxxxxxxxxxxxxx46.03 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx97.13 %
Return on Invested Capital xxxxxxxxxxxxxxx91.11 %
Return on Assets xxxxxxxxxxxxxxx58.13 %
Return on Equity xxxxxxxxxxxxxxx97.13 %
Return on Total Capital xxxxxxxxxxxxxxx50.47 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx76.5 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx28 M
Long Term Debt xxxxxxxxxxxxxxx12 M
Total Debt xxxxxxxxxxxxxxx40 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx84 M
Price To Book Value xxxxxxxxxxxxxxx5.03

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx114.0 M
Capex % of Sales xxxxxxxxxxxxxxx28.20 %
Cost of Goods Sold xxxxxxxxxxxxxxx264 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx25 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

17/07/2026

1

Buy

$1.45

33.03%

UBS observes Ora Banda Mining production was at the lower end of guidance amid impacts from weather and a miss on costs in the June quarter.

Production of 40,000 ounces missed estimates by -12%, although the broker suspects sales will come in above production in the September quarter as there were 3,000 ounces of gold left in the circuit and 8,000 ounces of contained metal in stocks at the end of June.

As the Davyhurst mill expansion has accelerated, UBS forecasts FY27 free cash flow will be negative before heading back up in FY28 as production volumes move to over 300,000 ounces by FY29. Buy rating maintained. Target is reduced to $1.45 from $1.60.

FORECAST
UBS forecasts a full year FY26 EPS of 12.00 cents.
UBS forecasts a full year FY27 EPS of 15.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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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

20/07/2026

1

Buy

$1.40

28.44%

Moelis maintains a Buy rating for Ora Banda Mining with its target price reduced to $1.40 per share.

The broker updated its valuation model to incorporate a pull-forward of capital expenditures in line with company guidance, which primarily drove the -13% target price reduction.

Production for the fourth quarter totalled 39.6koz, just meeting the bottom end of the FY26 guidance range, whilst costs were impacted by higher diesel expenses and weather-related haulage headwinds.

The analyst highlights that growth plans are fully funded without needing to rely on the $200m undrawn debt facility, leaving the company well-positioned for its heavy investment phase.

In the view of the analyst, Ora Banda Mining represents the standout gold growth play in the small-cap space given its production base and significant exploration potential.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.30 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.10 cents.
Access Extra Coverage Research History >

OBM STOCK CHART

FNArena News on OBM

1
Australian Broker Call *Extra* Edition – Jul 21, 2026

Jul 21 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Jul 20, 2026

Jul 20 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Jul 15, 2026

Jul 15 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – May 25, 2026

May 25 2026 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 22-05-26

May 25 2026 - Weekly Reports

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