Ora Banda Mining Limited
Ora Banda Mining's 100%-owned Davyhurst Gold Project in the eastern goldfields of Western Australia delivered a record 40,000-ounce June 2026 quarter, lifting closing cash to A$267.7 million; the company approved its 'DRIVE to 300' growth strategy, including construction of a new A$375 million, 3 Mtpa processing plant, which management intends to largely self-fund from existing cash and future cash flow.
Notable vs. Peers
- All-in sustaining cost of $2,447/oz is 36% higher than the peer producer average of $1,798/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia, Australia — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Davyhurst Gold Project, Western Australia.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Enterprise (Paddington) (Norton Gold Fields Pty Ltd), 55 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.8/10
Nearest producing mine: Enterprise (Paddington) (Norton Gold Fields Pty Ltd), 55 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Ora Banda Mining Limited, appointed CEO 4 Jul 2022, transitioned to Managing Director 28 Sep 2022. Mining engineer with 20+ years' experience in underground hard-rock mining across Australia and overseas, BEng (Mining), University of Queensland, WA First Class Mine Manager's Certificate.
Chief Financial Officer of Ora Banda Mining Limited since 28 Aug 2024, also joint Company Secretary. Chartered Accountant, MBA (Executive), Australian Graduate School of Management. 30+ years leading ASX-listed company finance functions. Career: CFO then interim CEO (Mar-Jun 2024), Core Lithium Ltd, overseeing a $110M equity raise during a lithium-price rout; CFO, Resolute Mining Limited (Sep 2021-2023); 13 years at Iluka Resources Limited culminating CFO & Head of Strategy and Planning (2015-2021); began career in corporate finance/restructuring at KPMG and EY.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Hawke's Point, a dedicated mining-finance investor managed out of the Tetragon group, is Ora Banda's largest shareholder with 17.40% -- 336,549,353 shares. It has backed the company for years at levels as high as 46.64%, which is real specialist conviction, but the direction is down: it sold 50 million shares for A$65.75M in a J.P. Morgan block trade on 13 Aug 2026, cutting the stake from 20.38%. Paradice Investment Management holds a further 8%. Director John Richards bought 120,000 shares on market in June 2026, though that follows much larger selling by Luke Creagh and Peter Mansell in November 2025.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Ora Banda Mining owns 100% of the Davyhurst Gold Project in Western Australia's Eastern Goldfields, where it restarted gold production in 2021 and now mines from open pits and underground, including the Riverina underground mine. It produced a record 40,000 oz of gold in the June 2026 quarter; its all-in sustaining cost for the 2026 financial year was US$2,447/oz (AUD 3,496/oz), and gold made up 99.6% of revenue in the year to 30 June 2026. Measured and indicated resources contain 1,825,000 oz of gold (99,000 oz measured and 1,726,000 oz indicated), plus 1,870,000 oz inferred. The July 2026 resource and reserve statement raised Davyhurst's total resources by 75% to 3.69Moz and its ore reserves by 159% to 610,000 oz, including a maiden 223,000 oz open-pit reserve at Round Dam. Under its 'DRIVE to 300' growth strategy, the company has approved construction of a new A$375 million, 3 Mtpa processing plant, which it intends to fund largely from existing cash and future cash flow.
Ora Banda Mining's Annual Mineral Resources and Ore Reserves Statement for the 100%-owned Davyhurst Gold Project: total Mineral Resource of 56.5 Mt at 2.0 g/t gold for 3.69 Moz (a 75% increase), and total Ore Reserve of 8.4 Mt at 2.3 g/t gold for 610,000 oz (a 159% increase, net of 80,000 oz of mining depletion), reflecting depletion through 1 April 2026. Growth was driven by Round Dam (a maiden 223 koz Ore Reserve from a previously modest inventory) across five principal Davyhurst mining sources: Waihi Underground, Waihi Open Pit, Round Dam Open Pit, Sand King Underground and Riverina Underground.