Ora Banda Mining Limited

Notable vs. Peers

• Financials score of 8/10 is stronger than the peer average of 6.4/10.
• All-in sustaining cost of $2,447/oz is 25% higher than the peer producer average of $1,950/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Riverina Underground was developed within Ora Banda's existing Davyhurst mining tenements (an established, previously-producing gold camp) under pre-existing mining leases; no discrete new-permit-grant event specific to the Riverina decision was found. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Ora Banda's Board approved a mining investment decision for the Riverina underground deposit (~A$30M capital) following a 2023 capital raise; no single release with the exact FID date was located. · Source
3. Construction start

   Reached — date not disclosed · Underground mine development at Riverina was underway by September 2023: portal support works in progress, Byrnecut Australia mobilised as the preferred mining contractor, with first ore extraction then targeted for January/February 2024. No single dated 'construction start' release found; recorded reached-but-undated. · Source
4. First pour / production

   Reached — date not disclosed · Ora Banda reached first (development) ore from Riverina Underground in the December 2024 quarter, feeding the existing Davyhurst plant; by late 2024 Riverina had already recouped its initial capital. Exact day not found in available sourcing. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but a clean single date could not be confirmed from reachable sourcing: Ora Banda Mining (formerly Eastern Goldfields, which collapsed in 2018 leaving Davyhurst on care and maintenance) restarted gold production at its Davyhurst Gold Project in Western Australia in January 2021 -- practical completion of remedial works was reached 2021-01-24, with mining recommencing shortly after and the company's own Managing Director describing it as "our transition from developer to producer," but no source with an explicit "commercial production declared" date/threshold for this original restart was found. A specific underground component within the same Davyhurst complex, Riverina Underground, separately "became commercial" on 2024-08-01 -- noted for completeness but not used as achievedDate, since it is a later addition to an already-producing multi-pit complex (Sand King, Missouri, and other Davyhurst pits also contribute), not the company's original milestone. Rather than force either date, achievedDate is left null and this honest gap is documented. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.