Ora Banda Approves Major Growth Projects Under ‘DRIVE to 300’ Strategy

Ora Banda Mining has approved a series of major capital projects aimed at supporting its next stage of growth, including a new 3.0Mtpa processing plant at Davyhurst, development of the Waihi Underground mine and expanded financing arrangements.

Company Targets Next Phase of Gold Production Growth

The initiatives form part of the company’s new three-year “DRIVE to 300” aspiration, which aims to double production and increase processing capacity across its Western Australian operations. The company emphasised that DRIVE to 300 is an aspirational goal and not a production target or forecast.

The approved projects are expected to increase combined milling nameplate capacity to 4.2Mtpa by FY29 while delivering operational efficiencies, lower unit costs and greater flexibility across the Davyhurst operation.

Board Approves A$375 Million Processing Plant Expansion

The centrepiece of the growth strategy is the construction of a new standalone 3.0Mtpa nameplate processing plant at Davyhurst, representing a total capital investment of A$375 million.

Ora Banda has selected GR Engineering Services as its preferred EPC contractor for the project, with the proposed EPC contract valued at A$233 million. Additional infrastructure, owner’s costs and contingency account for approximately A$142 million of the total project cost.

Construction is scheduled to commence in FY27, with commissioning targeted for the third quarter of FY28. The new facility will be located adjacent to the existing Davyhurst plant, which has a nameplate capacity of 1.2Mtpa and has recently operated at rates of up to 1.4Mtpa.

According to the company, the new processing plant will incorporate a single-stage jaw crusher, SAG and ball milling circuits and a gravity plus hybrid CIL recovery circuit designed to achieve approximately 91% recovery.

Waihi Underground Approved as Third Mining Operation

Ora Banda’s board has also approved development of the Waihi Underground project, which will become the company’s third underground mine.

Located approximately four kilometres from the Davyhurst mill, Waihi is expected to provide access to the high-grade Golden Pole lode and supply higher-grade ore during a period when processing capacity remains constrained.

The project has a maiden Ore Reserve of 825,000 tonnes at 3.8g/t for 101,000 ounces of gold, including the Golden Pole Ore Reserve of 254,000 tonnes at 5.0g/t for 41,000 ounces.

Portal development is scheduled to begin in FY27, with first ore anticipated in the third quarter of FY27 and steady-state production expected by the first quarter of FY28.

Funding Strategy Supports Expansion Programme

To support the expansion programme, Ora Banda has increased its revolving credit facility from A$50 million to A$200 million through an amended syndicated facility agreement with ANZ and Commonwealth Bank of Australia.

The facility has a three-year term extending to June 2029 and is intended to provide additional financial flexibility during the construction and development phase.

The company reported a cash balance of A$232 million as of 31 March 2026, resulting in a pro-forma liquidity position of approximately A$432 million when combined with the undrawn facility.

Ora Banda has also expanded its gold price protection programme through a combination of put options and partial collars designed to manage commodity price risk during the capital investment period.

Management Highlights Long-Term Growth Potential

Luke Creagh, Managing Director, Ora Banda Mining, said:

“The DRIVE to 300 is the exciting next phase for Ora Banda, building on earlier success with the achievement of to DRIVE to 100 and DRIVE to 150.

“This doubling of production is currently expected to be capable of being internally funded and has the potential to add material value and position Ora Banda as a long-term sustainable gold business.”