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ORABANDAMINING.COM.AU Investor Presentation Luke Creagh Managing Director May 2025 ASX: OBM ORABANDAMINING.COM.AU For personal use only
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ORABANDAMINING.COM.AU Forward looking statements IMPORTANT NOTICE AND DISCLAIMER This Presentation dated 12 May 2025 contains summary information about Ora Banda Mining Ltd ABN 69 100 038 266 (Ora Banda Mining or the Company) and its activities based on information available at the time of preparing the Presentation. The information contained in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). The information contained in this Presentation is a summary only and should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”), which are available at www.asx.com.au. The historical information in this Presentation is, or is based upon, information that has been released to the ASX. This Presentation is authorised for release by the Ora Banda Mining Board. Forward-looking Statements and Forecasts This Presentation contains certain “forward-looking statements” and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance” and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on production or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this Presentation speak only as of the date hereof (unless otherwise stated) and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. When forecasting or providing guidance on costs and production the Company has taken into account current operating costs, cost escalation, required personnel numbers, inputs into the technical document of the Sand King Underground FID including capital estimates, submitted tender rates from contractors and suppliers, and average industry productivity and mining specification metrics. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation (unless otherwise stated). This Presentation is not financial product, investment advice or a recommendation to acquire the Company securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. The Company is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of the Company securities. Disclaimer The Company and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this Presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this Presentation. In particular, this Presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. Endnotes All footnote references in this Presentation have been presented as endnotes in the Appendix. 2 For personal use only
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ORABANDAMINING.COM.AU 3 We are Ora Banda Mining Sustainably growing gold production to unlock long- term value for all stakeholders PERTH DAVYHURST GOLD PROJECT (100% ORA BANDA MINING) ► Large land holding with 67 granted tenements over 1,135km2 ► Belt-scale exploration potential with more than 130km of highly prospective greenstone strike ► Tenement area covers the convergence of two regionally significant structures ► Established 1.2Mt pa conventional CIP processing facility ► Extensive road network, 2 camps totalling over 350 rooms and a large water bore field WESTERN AUSTRALIA PERTH Menzies Kalgoorlie MASSIVE TENEMENT PACKAGE STRETCHES OVER 140km OF STRIKE LESS THAN 5% OF DRILL HOLES BELOW 100 VERTICAL METRES RESOURCES AND RESERVES1 Total kt g/t Au koz Au Mineral Resource Estimate 23,30 0 2.6 1,950 Ore Reserves 2,217 2.7 190 WAIHI For personal use only
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ORABANDAMINING.COM.AU 26.9% 36.8% 9.6% 4.2% 22.6% Hawke's Point Institutions Paradice Board and Management Other 4 Corporate overview ASX: OBM BOARD OF DIRECTORS Peter Mansell Non-executive Chairman (Corporate Lawyer) Luke Creagh Managing Director (Mining Engineer) Alan Rule Non-executive Director (Chartered Accountant) Jo-Anne Dudley Non-executive Director (Mining Engineer) Kathryn Cutler Non-executive Director (Geologist) SENIOR MANAGEMENT Doug Warden Chief Financial Officer Andrew Czerw Chief Development Officer Rhianna Farrell Chief Geologist Katherine Blacklock General Manager People and Culture Mick Horrigan General Manager Operations Kale Ross General Manager HSET Julie Athanasoff General Counsel and Joint Company Secretary CAPITAL STRUCTURE Share Price* A$/share 1.105 Shares on issue* Million 1,883.4 Performance rights on issue* million 152.1 Market Capitalisation* A$ million 2,081.1 Cash** A$ million 80.7 Debt** A$ million 4.0 Enterprise Value A$ million 2,004.4 Undrawn revolving credit facility2 A$ million 50.0 * As of market close on 9 May 2025. **As at 31 March 2025. Note that the remaining $4 million in debt to Hawke’s Point will be offset against consideration subject to completion of the full form WesCEF documentation as per ASX announcement dated 31 January 2025 & 30 April 2025. REGISTER COMPOSITION For personal use only
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ORABANDAMINING.COM.AU 26.8 48.7 57.8 80.7 50.0 0 20 40 60 80 100 120 140 Jun-24 Sep-24 Dec-24 Mar-25 Revolving Credit Facility Closing Cash 5 Strengthening Balance Sheet Execution of $50M Syndicated Facility Agreement provides over $100M in liquidity2 100Koz of Put options for FY26 at A$4,400/oz provides insurance - retain full exposure to gold price upside2 SYNDICATED FACILITY AGREEMENT (SFA) FY26 HEDGING – PUT OPTIONS ► SFA executed with ANZ and CBA for $50 million ► 2-year revolving credit facility with option for one-year extension ► Competitive terms and customary covenants for facility of this nature, including conditions precedent and third-party consents ► No mandatory hedging ► Insurance on gold price, underpinning strong cash flows, whilst still providing full exposure to the upside in gold price ► Put options spread evenly over FY26, with premium payments deferred to ~$1.2M per month over FY26 1 2 $50M RCF, plus improved cash position provides +$130M in liquidity Key details: Hedged ounces (spread evenly over FY26) 100,000oz Exercise price A$4,400 Premium (deferred) $14.2 million IMPROVED LIQUIDITY POSITION For personal use only
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ORABANDAMINING.COM.AU 6 Delivering on our strategy DRIVE to 150 underpins growth target of 150 koz in FY26 and beyond WE FOCUS ON THE FUNDAMENTALS LEVERAGE ORGANIC OPPORTUNITIES OPTIMISE PERFORMANCE AND GROW THE BUSINESS SUSTAINABLE RESOURCE AND PRODUCTION GROWTH GUIDED BY OUR VALUES AND DELIVERED BY OUR TALENTED PEOPLE UNLOCKS SUBSTANTIAL LONG-TERM VALUE FOR ALL STAKEHOLDERS► ► • Performance executed in line with plan • Geology first approach to optimise mine plan • Increased focus on controllable costs • Generation of free cashflow • Increase exploration spend, extend mine life • Improve performance, leverage infrastructure • Lower unit costs, increase margin and cashflow • Target higher-grade ore sources • Maximise free cash flow • Develop new high-margin mines • Discover greenfield deposits • Expand existing infrastructure 1 2 3 For personal use only
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ORABANDAMINING.COM.AU 150 0 200 0 250 0 300 0 350 0 400 0 450 0 200 00 400 00 600 00 800 00 100 000 120 000 140 000 160 000 180 000 FY23 (Actual) FY24 (Actual) FY25 (Guidance, mid)*** FY26 (Outlook, mid) Open pit + stockpiles (oz Au) Sand King Underground mine (oz Au) Riverina Underground mine (oz Au) AISC/oz (A$) 7 Delivering on our strategy Sustainably growing gold production to unlock long-term value for all stakeholders FOCUS ON THE FUNDAMENTALS LEVERAGE ORGANIC OPPORTUNITIES OPTIMISE PERFORMANCE AND GROW THE BUSINESS ► Production up ► Riverina Underground brought online ► Unit costs trending down ► Riverina production fully ramped-up ► Sand King ounces set to fill the mill ► Unit costs continue to improve FY25 COST AND PRODUCTION GUIDANCE3,4,5*1 2 3 ► Maximise cashflow generation, drive down costs ► Extend existing mine life ► $41 million in Exploration and Res Dev in FY254** ► $92 million in Capital Expenditure in FY254** 48 koz 70 koz 102.5 koz5 150 koz A$2,425/oz5 A$2,767/oz A$3,065/oz *FY26 Outlook includes Inferred Resources. **Increased investment in exploration, resource development and capital due to exploration success. *** FY25 cost guidance increased as per announcement on 30 April 2025. For personal use only
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ORABANDAMINING.COM.AU 8 1. We focus on the fundamentals Delivering a transformational twelve months with Riverina Underground production now fully ramped up For personal use only
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ORABANDAMINING.COM.AU 9 1. H1 FY25 – Delivering on underground strategy Strategy change to focus to underground delivered record revenues and operating cash flows 24.5 32.2 35.1 47.8 3,183 2,729 2,802 2,402 0.0 500.0 1,000.0 1,5 00.0 2,000.0 2,500.0 3,000.0 3,500.0 - 10.0 20.0 30.0 40.0 50.0 6 months to Jun-23 6 months to Dec-23 6 months to Jun-24 6 months to Dec-24 HIGHLIGHTS FROM H1 FY256 ► Over two years LTI free ► EBITDA* increased by 254% to $84.2 million (H1 FY24: $23.8 million) ► NPAT increased 371% to $50.8 million (H1 FY24: $10.8 million) ► Riverina UG achieved capital payback only 18 months after commencement Continuing from the H1 successes, the following was achieved in Q3: ► Cash further increased by $22.9 million to $80.7 million, after investing $28.6 million in capital, resource development and exploration ► Ounces sold for the 9-months to March 2025 of 71.5koz already exceeds full year FY24 ounces sold by 6%, with one quarter of production remaining ► Sand King remains on schedule after achieving first stope production in March * EBITDA - earnings before interest, tax, depreciation and amortisation. EBITDA is a non IFRS measure RECORD REVENUE OPERATING CASH FLOWS CLOSING CASH A$186.4 million 93% increase from H1 FY24 $91.2 million 765% increase from H1 FY24 A$57.8 million Up $31.0 million from 30 June 2024 SIX MONTHLY SOLD OUNCES AND AISC Sold ounces (koz) AISC/oz sold For personal use only
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ORABANDAMINING.COM.AU 10 Sustainability at Ora Banda Sets the foundation on which our future production growth will be built IDENTIFY ASSESS MONITOR REVIEW ► 12-month TRIFR: 11.8 ► 12-month LTIFR: 0.0 ► Dedicated Sustainability Committee ► Business decision-making guided by our core values ► Environmental management system drives continuous improvement practices ► Highly motivated and engaged employees, with retention at record highs ► Active engagement with community and traditional owners as key stakeholders For personal use only
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ORABANDAMINING.COM.AU 11 2. Leveraging our organic opportunities Riverina and Sand King Underground mines set to fill the Davyhurst mill with high-grade ore For personal use only
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ORABANDAMINING.COM.AU 12 2. Riverina Underground mine Capital payback achieved only 18 months after commencement6 22,591 57,207 27,132 32,498 28,229 1,705 37,103 94,960 83,748 98,455 3,271 14,250 21,458 19,802 18,763 0.0 5,000.0 10,000. 0 15,000.0 20,000.0 25,000.0 30,000.0 35,000.0 40,000.0 - 1,00 0 2,00 0 3,00 0 4,00 0 5,00 0 6,00 0 7,00 0 8,00 0 9,00 0 10,0 00 11,0 00 12,0 00 13,0 00 14,0 00 15,0 00 16,0 00 17,0 00 18,0 00 19,0 00 20,0 00 21,0 00 22,0 00 23,0 00 24,0 00 25,0 00 26,0 00 27,0 00 28,0 00 29,0 00 30,0 00 31,0 00 32,0 00 33,0 00 34,0 00 35,0 00 36,0 00 37,0 00 38,0 00 39,0 00 40,0 00 41,0 00 42,0 00 43,0 00 44,0 00 45,0 00 46,0 00 47,0 00 48,0 00 49,0 00 50,0 00 51,0 00 52,0 00 53,0 00 54,0 00 55,0 00 56,0 00 57,0 00 58,0 00 59,0 00 60,0 00 61,0 00 62,0 00 63,0 00 64,0 00 65,0 00 66,0 00 67,0 00 68,0 00 69,0 00 70,0 00 71,0 00 72,0 00 73,0 00 74,0 00 75,0 00 76,0 00 77,0 00 78,0 00 79,0 00 80,0 00 81,0 00 82,0 00 83,0 00 84,0 00 85,0 00 86,0 00 87,0 00 88,0 00 89,0 00 90,0 00 91,0 00 92,0 00 93,0 00 94,0 00 95,0 00 96,0 00 97,0 00 98,0 00 99,0 00 100 ,000 101 ,000 102 ,000 103 ,000 104 ,000 105 ,000 106 ,000 107 ,000 108 ,000 109 ,000 110 ,000 111 ,000 112 ,000 113 ,000 114 ,000 115 ,000 116 ,000 117 ,000 118 ,000 119 ,000 120 ,000 121 ,000 122 ,000 123 ,000 124 ,000 125 ,000 126 ,000 127 ,000 128 ,000 129 ,000 130 ,000 131 ,000 132 ,000 133 ,000 134 ,000 135 ,000 136 ,000 137 ,000 138 ,000 139 ,000 140 ,000 141 ,000 142 ,000 143 ,000 144 ,000 145 ,000 146 ,000 147 ,000 148 ,000 149 ,000 150 ,000 151 ,000 152 ,000 153 ,000 154 ,000 155 ,000 156 ,000 157 ,000 158 ,000 159 ,000 160 ,000 161 ,000 162 ,000 163 ,000 164 ,000 165 ,000 166 ,000 167 ,000 168 ,000 169 ,000 170 ,000 171 ,000 172 ,000 173 ,000 174 ,000 175 ,000 176 ,000 177 ,000 178 ,000 179 ,000 180 ,000 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Development Tonnes Stope Tonnes Ounces Mined STEADY STATE MINING WITH CONTINUOUS HIGH-GRADE MINERALISATION ► Mar-25 YTD total mining*: 365kt mined at 5.1g/t, compared to reserve grade of 4.2g/t ► Physicals delivering FY25 guidance run-rate & generating strong cash flows ► Level plans demonstrate main lodes are continuous and high-grade COMMERCIAL PRODUCTION AUG-24 MINED GRADE > FORECAST & RESERVE GRADE OUNCES IN LINE WITH GUIDANCE RUN RATE 2275 LEVEL FACE ODS_10 4.6m at 9.0 g/t 2295 N2 510 STOPE QUARTERLY ORE MINED AND OUNCE PRODUCTION * Excluding LG ore mined – 142kt mined at 1.7g/t. For personal use only
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ORABANDAMINING.COM.AU 2. Riverina Underground mine Multiple lodes per level deliver low capital intensity and optionality4 2235 Level Multiple ore drives result in low capital intensity plus optionality in relation to the availability of ore development headings and ultimately high number of stoping panels per level Total ore development metres per level >1,200m 2185 Level (lowest level development) Multiple ore drives result in low capital intensity plus optionality in relation to the availability of ore development headings and ultimately high number of stoping panels per level Total ore development metres per level >1,200m For personal use only
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2. Riverina Underground mine ► Deeper drilling confirms continuity of high-grade gold mineralisation over 400m below the current mine plan ► Extensional drilling in “Shark Bite” show continuity of mineralisation in un-drilled areas → this adds immediate mine life extension with no additional capital ► 2 x surface diamond drill rigs and 3 x underground diamond drill rigs are now operating at Riverina to continue infilling and expanding mineralisation envelope ► At the very early stages of understanding the deposit’s full potential Successful drilling paves way for multi-year mine extension4 14 Recent “Shark Bite” results creating immediate mine life extensions For personal use only
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2. Riverina Trend – Little Gem to Sunraysia Outstanding exploration results at Little Gem confirm greenfields discovery N RIVERINA LONG SECTION LOOKING WEST ► Drilling at Little Gem intersected two wide, high-grade lodes 400 metres below surface (mbs) including 22.7m @ 5.0g/t and 10.9m @ 6.4g/t ► Follow up work has identified that this same lithological unit is present at Sunraysia associated with high -grade gold mineralisation ► 16-hole follow-up program commenced to test entire 4.7km strike of Little Gem carbonate zone down to 400mbs 15 For personal use only
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ORABANDAMINING.COM.AU 2. Sand King Underground mine Mine ramping up on schedule to steady state in June 255,7 N 500 metres LEGEND Collar (Au gm) <1 1-2 2-3 3-5 5-10 >10 Granite Basalt Dolerite Gabbro Ultramafic Deposits/prospects Mineralised lodes 16 BERWICK – MOREING TARGET SAND KING NORTH TARGET SAND KING DEPOSIT MISSOURI UNDER GROUND DEPOSIT PEARLING GROUNDS TARGET SAND KING DAVYHURST 1.2 Mtpa PROCESSING PLANT PALMERSTON – CAMPERDOWN TARGET SAND KING TO ENABLE 150 KOZ PA PRODUCTION OUTLOOK ► Modest capital investment of A$39 million, funded by operating cashflows 2 ► Steady state production currently expected during Q4 FY25 ► Capital infrastructure projects now all completed ► Existing Resource is open in all directions, with initial underground drilling focusing on the wider “blow-out” zones identified in surface drilling ► Mining rates continue to improve with 1,492 development metres advanced in Mar- 25 quarter ► Early grade control drilling indicates 19% uplift in gold endowment SAND KING UNDERGROUND ORE RESERVE ESTIMATE1 DEPOSIT PROVED PROBABLE TOTAL MATERIAL Sand King UG (kt) (g/t Au) (kt) (g/t Au) (kt) (g/t Au) (koz) Total - - 537 3.2 537 3.2 55 PORTAL COMMENCED Q1 FY25 1 FIRST DEVELOPMENT ORE Q2 FY25 2 STOPING COMMENCED Q3 FY25 3 SIBERIA PROJECT PLAN VIEW For personal use only
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2. Sand King Underground mine Numerous intersections outside the current mine plan demonstrate potential for further growth SW SAND KING LONG SECTION LOOKING NORTHWEST: A LARGE MINERALISED GOLD SYSTEM 17 LEGEND Collar (Au gm) 1-3 3-5 5-10 10-20 >20 Granite BD Lodes Mineralised Zone Potential Mineralisation Basalt Ultramafic OPENOPEN OPEN OPEN NE PHASE 1 45,400M UNDERGROUND DRILLING PROGRAM COMMENCED SEPTEMBER CY24 For personal use only
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ORABANDAMINING.COM.AU 18 2. Sand King Underground mine ► First development ore processed reconciled grade was 4.3% above expectations (mine call of 2.3g/t vs actual of 2.4g/t) ► Metallurgical recovery reconciled at 88.2%, which is 1.2% above the expected 87% ► Grade control drilling indicates a 19% uplift in gold ounce endowment thus far (grade control vs. pre- mining Mineral Resource Estimate model), predominantly driven by the consistency of the “Big Dog” and identification of additional discrete ore lodes ► Mine presenting as low capital intensity with one decline accessing multiple lodes every level ► Identification of at least three ‘blow-out’ zones in grade control drilling supports potential for bulk stoping opportunities First development level reconciles positively to FID assumptions in both grade and endowment7 Sand King Underground first Level ore drive results, current pay-run calculations and early grade control results For personal use only
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ORABANDAMINING.COM.AU 3. Our plan for optimising performance and growth Unlock the opportunity at Riverina and Sand King in parallel with targeting additional underground potential at other deposits 19 For personal use only
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ORABANDAMINING.COM.AU 20 3. Unlocking Riverina Gold Camp Systematic exploration focus to uncover the full extent of the system 5,10,11 N 2.5 kilometres RIVERINA MINE 606 koz at 2.8 g/t Au LEGEND Gold Resource Prospect Drill intersection Mafic Ultramafic Dolerite Diorite Intrusion Shear zone RIVERINA GOLD CAMP 730 koz at 2.5 g/t Au BRITISH LION 25 koz at 1.7 g/t Au SILVER TONGUE 21 koz at 3.1 g/t Au FOREHAND 46 koz at 1.7 g/t Au SUNRAYSIA 32 koz at 2.0 g/t Au GREATER PACIFIC ACE RIVERINA STAR GEMSTAR NORTH LITTLE GEM RENMARK SUNRAYSIA NORTH RIVERINA GOLD CAMP MINERAL RESOURCE ESTIMATE1 DEPOSIT MEASURED INDICATED INFERRED TOTAL MATERIAL (kt) (g/t Au) (kt) (g/t Au) (kt) (g/t Au) (kt) (g/t Au) (koz) Riverina 500 1.8 3,759 2.6 2,411 3.5 6,670 2.8 606 British Lion 422 1.7 20 2.0 442 1.7 25 Forehand 844 1.7 844 1.7 46 Silver Tongue 204 3.1 204 3.1 21 Sunraysia 175 2.1 318 2.0 493 2.0 32 TOTAL 500 1.8 4,356 2.5 3,797 2.9 8,653 2.6 730 FY25 EXPLORATION PROGRAM TO FOCUS ON BROADER RIVERINA GOLD CAMP ► Over 10km of underexplored trend without previous systematic/continuous exploration focus ► Surface drilling program underway with diamond and reverse circulation drilling targeting trend for large-scale mineralisation potential PLAN VIEW For personal use only
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3. Underground potential at the Mulline deposit Underexplored trend over 10 km strike located ~8km west of the Riverina Trend N MULLINE LONG SECTION LOOKING WEST: HISTORIC SHALLOW GOLD MINING ► Over 10km trend with old open pit mines, numerous surface anomalies & high grades identified through air core, limited reverse circulation and diamond drilling ► Less than 5% of drill holes are below 100 vertical metres → exploration opportunity for potential high-grade underground mines S MULLINE TREND 10 KM OPEN UNTESTED UNTESTED OPEN LADY GLADYS OFFSET YOUNG AUSTRALIAN PEACH TREE MULLINE ROSE VICTORIA WORKINGS 21ORABANDAMINING.COM.AU OPEN For personal use only
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3. Central Davyhurst UG potential at Waihi Trend Historical underground mined at 29.7g/t head grade with limited down dip exploration of high-grade shoots WAIHI LONG SECTION LOOKING WEST: HIGH GRADE SHOOTS DEMAND FOLLOW UP DRILLING ► Drilling has commenced on the Waihi & Homeward Bound trend, targeting high grade underground resources below 200 vertical metres ► Historical Golden Pole Mine (200m West of Waihi) produced 81kt for 77koz (29.7g/t head grade)8, in the circa early 1900s ► “Boots-on-ground” geology approach focussed on remapping and updating structural and lithological mineralisation targeting framework 22ORABANDAMINING.COM.AU Waihi Plan View 22 For personal use only
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ORABANDAMINING.COM.AU 23 Executing our strategy to deliver value Unparalleled growth, delivered sustainably OPERATING WITH INTEGRITY AND DELIVERING OUR COMMITMENTS A DYNAMIC AND CATALYST-RICH YEAR AHEAD BUILDING A PREMIER MID-TIER GOLD MINING BUSINESS CONTINUING TO DELIVER SUSTAINABLE RESOURCE, PRODUCTION AND PROFITABILITY GROWTH RIVERINA DRILLING SAND KING TO FILL THE MILL WITH HIGHER-GRADE 40% PRODUCTION INCREASE $41M IN EXPLORATION EXECUTING OUR PLAN TO ESTABLISH A PREMIUM, HIGH-MARGIN, HIGH- GROWTH GOLD OPERATIONS PLATFORM For personal use only
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ORABANDAMINING.COM.AU Appendix 24 For personal use only
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ORABANDAMINING.COM.AU Mineral Resource Estimate Statement1 25 Notes: 1. The Riverina Area, British Lion, Callion, Forehand and Silver Tongue Mineral Resources have been updated in accordance with all relevant aspects of the JORC code 2012, and initially released to the market on 2 December 2019, 26 May 2020, 5 June 2020, 9 October 2020, 1 August 2022 & 16 February 2023 (Riverina Area), 15 May 2020 & 29 June 2020 (Callion), 29 July (Forehand, Silver Tongue & British Lion). 2. The Sand King, Missouri and Waihi Mineral Resources have previously been updated in accordance with all relevant aspects of the JORC code 2012, and initially released to the market on 3 January 2017 & 26 May 2020 (Sand King), 15 December 2016 & 26 May 2020 (Missouri), 4 February 2020 (Waihi). Further updates to Sand King and Riverina are provided in the Company’s ASX release, ‘Annual Mineral Resource and Ore Reserve Statement’ dated 2 July 2024. 3. All Mineral Resources listed adjacent, with the exception of the Missouri, Sand King, Riverina Area, British Lion, Waihi, Callion, Forehand and Silver Tongue were prepared previously and first disclosed under the JORC Code 2004 (refer Swan Gold Mining Limited Prospectus released to the market on 13 February 2013). These Mineral Resources have not been updated in accordance with JORC Code 2012 on the basis that the information has not materially changed since it was first reported. 4. The Riverina, British Lion, Waihi, Missouri, Callion, Forehand and Silver Tongue Open Pit Mineral Resource Estimates are reported within a A$2,400/oz pit shell above 0.5g/t. The British Lion, Waihi, Missouri, Callion, Forehand and Silver Tongue Underground Mineral Resource Estimates are reported from material outside a A$2,400 pit shell and above 2.0 g/t. Riverina Underground Mineral Resource Estimates are reported from fresh material below the A$2,400/oz pit shell within Mine stope optimised solids of dimensions 10m x 10m x 1.6m minimum width at a diluted cut-off grade of 1.3g/t. Sand King Underground Mineral Resource Estimates are reported from fresh material below 350mRL (base of open pit) within Mine stope optimised solids of dimensions 10m x 10m x 1.6m minimum width at a diluted cut-off grade of 0.8g/t. 5. Resources are inclusive of in-situ ore reserves and are exclusive of surface stockpiles. 6. The above table may contain rounding adjustments.. PROJECT MEASURED INDICATED INFERRED TOTAL MATERIAL ('000t) (g/t Au) ('000t) (g/t Au) ('000t) (g/t Au) ('000t) (g/t Au) ('000oz.) LIGHTS OF ISRAEL - - 74 4.3 180 4.2 254 4.2 34 MAKAI SHOOT - - 1,985 2.0 153 1.7 2,138 2.0 136 WAIHI Open Pit - - 2,057 2.3 95 2.0 2,152 2.3 157 Underground - - 278 3.6 324 3.5 602 3.5 68 TOTAL - - 2,335 2.5 419 3.5 2,754 2.5 225 Central Davyhurst Subtotal - - 4,394 2.3 752 3.3 5,146 2.4 396 LADY GLADYS - - 1,858 1.9 190 2.4 2,048 1.9 125 RIVERINA AREA Open Pit 476 1.7 2,118 1.6 117 1.5 2,711 1.6 138 Underground 24 3.8 1,641 3.8 2,294 3.6 3,959 3.7 468 TOTAL 500 1.8 3,759 2.6 2,411 3.5 6,670 2.8 606 BRITISH LION Open Pit - - 386 1.6 17 1.6 403 1.6 21 Underground - - 36 3.2 3 3.8 39 3.2 4 TOTAL - - 422 1.7 20 2.0 442 1.7 25 FOREHAND Open Pit - - - - 691 1.5 691 1.5 33 Underground - - - - 153 2.5 153 2.5 12 TOTAL - - - - 844 1.7 844 1.7 46 SILVER TONGUE Open Pit - - - - 127 2.3 127 2.3 9 Underground - - - - 77 4.5 77 4.5 11 TOTAL - - - - 204 3.1 204 3.1 21 SUNRAYSIA - - 175 2.1 318 2.0 493 2.0 32 Riverina-Mulline Subtotal 500 1.6 6,214 2.2 3,987 2.9 10,701 2.5 854 SAND KING Open Pit - - 0 0.0 0 0.0 Underground 113 1.9 1,444 2.7 1,858 2.9 3,415 2.8 304 TOTAL 113 1.9 1,444 2.7 1,858 2.9 3,415 2.8 304 MISSOURI Open Pit - - - - - - - - - Underground - - 464 3.4 246 4.9 710 3.9 89 TOTAL - - 464 3.4 246 4.9 710 3.9 89 PALMERSTON / CAMPERDOWN - - 118 2.3 174 2.4 292 2.4 23 BLACK RABBIT - - - - 434 3.5 434 3.5 49 Siberia Subtotal 113 1.9 2,026 2.9 2,712 3.1 4,851 3.0 465 CALLION Open Pit - - 241 3.7 28 1.6 269 3.5 30 Underground - - 255 6.0 156 5.5 411 5.8 77 TOTAL - - 496 4.9 184 4.9 680 4.9 107 Callion Subtotal - - 496 4.9 184 4.9 680 4.9 107 FEDERAL FLAG 32 2 112 1.8 238 2.5 382 2.3 28 SALMON GUMS - - 199 2.8 108 2.9 307 2.8 28 WALHALLA - - 448 1.8 216 1.4 664 1.7 36 WALHALLA NORTH - - 94 2.4 13 3.0 107 2.5 9 MT BANJO - - 109 2.3 126 1.4 235 1.8 14 MACEDON - - - - 186 1.8 186 1.8 11 Walhalla Subtotal 32 2.0 962 2.1 887 2.0 1,881 2.1 125 Davyhurst Total 600 1.8 14,100 2.4 8,500 3.0 23,300 2.6 1,950 For personal use only
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ORABANDAMINING.COM.AU Ore Reserve Statement1 26 DAVYHURST GOLD PROJECT ORE RESERVE BY DEPOSIT PROJECT AREA PROVED PROBABLE TOTAL MATERIAL (kt) (g/t Au) (kt) (g/t Au) (kt) (g/t Au) (koz) Riverina UG 651 4.2 651 4.2 87 Sand King UG 537 3.2 537 3.2 55 Total UG 1,188 3.7 1,188 3.7 142 Davyhurst Waihi OP 307 2.4 307 2.4 24 Low-grade mines 123 1.1 123 1.1 4 Stockpiles 600 1.1 600 1.1 20 Total other 600 1.1 123 1.1 1,030 1.5 48 Grand Total 600 1.1 1,311 3.5 2,217 2.7 190 Notes: 1. The table contains rounding adjustments to reflect accuracy and may not total exactly. 2. This Ore Reserve was estimated from practical mining envelopes and the application of modifying factors for mining dilution and ore loss. 3. For the open pit Ore Reserve, dilution skins were applied to the undiluted Mineral Resource estimate. The method also included internal and edge dilution resulting from forming practical mineable shapes. Dilution was incorporated in the model at the background grades estimated into the model: The average grade of dilution for Waihi was 0.16 g/t. The estimated average dilution at Waihi was estimated to be 27%. Ore loss was incurred in the Auto Stope Designer (ASD) Deswik process due to variation between mineralised lode geometry and practical dig block geometry. In addition, a nominal 5% loss was applied for further mining losses occurring through normal operations. 4. For the underground Ore Reserve, dilution skins were applied to the Mineral Resource estimate. Dilution was included at the background grade estimated into each model. The Riverina dilution is estimated to average 59% while Sand King is estimated to average 29%, reflecting mining shapes and orebody widths appropriate for each deposit. 5. The Inferred Mineral Resource within the mining envelope was considered as waste when defining limits of these envelopes; however, minor amount of inferred material was included within the Riverina Underground and Sand King Underground mine plan due to practical mining geometries and orebody characteristics. 6. The Waihi open pit Ore Reserve was primarily estimated using a cut-off grade of 1.2 g/t based on a gold price of A$2,600/oz. Low Grade reserve was based on A$3,000/oz. Costs used in the cut-off grade calculation allow for ore transport, processing, site overheads and selling costs as well as a historical global process recovery of 92%. 7. The Ore Reserve is inclusive of surface stockpiles above cut-off. All surface stockpiles were classified as Proved. 8. All low grade material is in situ. 9. The Underground Ore Reserve was estimated using a cut-off grade of 2.5 g/t Au based on a gold price of A$2,250/oz, stopes were further spatially optimised. Costs used in the cut-off grade calculation allow for ore transport, processing, site overheads and selling costs as well as process recovery specific to the location. Process recoveries range for the project were estimated to be 87% or above, based on recent metallurgical test work. 10. Inferred material within total Underground Ore Reserve equates to 24,250t at a grade of 4.5g/t. This material is included at the edges of the mining envelope and equate to 2.5% of the Ore Reserve inventories. 11. Costs were derived from the FY25 budget estimate including underground contract pricing current at the date of this Ore Reserve and budget level contract pricing for Waihi. Unit costs for haulage, processing and site overheads were estimated based on scheduled process plant throughput of material above the economic cut-off grade. Full utilisation of process capacity is reliant on realising expected conversion of further Mineral Resource to Ore Reserve. For personal use only
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ORABANDAMINING.COM.AU ASX Listing Rule 5.23 Statements Mineral Resources and Reserves The information in this Presentation that relates to Mineral Resources and Ore Reserves has been extracted from the Company’s ASX release, ‘Annual Mineral Resource and Ore Reserve Statement’ dated 2 July 2024; and is available to view at www.orabandamining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that ASX release and that all material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. Exploration Results The information in this Presentation regarding Exploration Results has been extracted from the Company’s ASX releases set out below, which are available to view at www.orabandamining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in those ASX releases. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from those ASX releases. . For further information on historical significant intercepts please also refer to the Company’s website www.orabandamining.com.au/technical-data. Riverina: ‘Exploration Results at Little Gem’ dated 19 March 2025, ‘Outstanding Results at Little Gem Confirm Greenfields Discovery’ dated 13 March 2025, ‘Successful Exploration Drilling at Riverina Paves the Way for Multi-year Mine Life Extension’ dated 13 February 2025, ‘Davyhurst Gold Project Update’ dated 3 September 2024, ‘Riverina Underground & Sand King Update’ dated 4 April 2024, ‘Company Update – Key Milestones Achieved’ dated 28 November 2023, ‘Exploration Update’ dated 3 August 2023, ‘Exploration Update’ dated 16 May 2023, ‘Riverina Exploration Update’ dated 10 February 2023, ‘Riverina Exploration Update’ dated 7 December 2022, ‘Riverina Exploration Update’ 19 October 2022, ‘Riverina Underground Infill and Extension Drilling Delivers Strong Results’ dated 2 August 2021, ‘First Pass Exploration Success – Grass roots exploration intersects significant mineralisation’ dated 30 July 2021, ‘Riverina South & Riverina Underground Infill and Extension Drilling Delivers Further Strong Results’ dated 8 March 2021, ‘Infill Drilling at Riverina South Delivers Further Strong Results’ dated 10 February 2021, , ‘Further Strong Results from Riverina South’ dated 10 August 2020, ‘Initial Drilling at Riverina South Delivers Strong Results’ dated 9 April 2020, First Phase of Drilling at Riverina Finalised Upgraded Minerals Resource Estimate Underway’ dated 8 October 2019, ‘High Grade Results from Riverina Phase 1 Drilling Continue’ dated 16 September 2021, ‘High Grade Assay Results Continue at Riverina’ dated 26 August 2019, ‘High Grade Assay Results Received including 23m@9.1g/t Au’ dated 29 July 2019, and ‘Riverina Drilling Update’ dated 17 Apr 2018. 27 Exploration Results (Continued) Mulline Exploration Long: ‘Operational and Exploration Update’ dated 22 February 2022, ‘Further Exploration Success in Grass Roots and Brownfields Exploration Programs’ dated 25 October 2021 and ‘Exploration Drilling Delivers Encouraging Results‘ dated 20 May 2020. Riverina Exploration Long: ‘Exploration Update’ dated 3 August 2023, ‘First Pass Exploration Success ‘ dated 30 July 2021 and ‘Riverina South & Riverina Underground Infill and Extension Drilling Delivers Further Strong Results’ dated 8 March 2021. Sand King: Sand King Underground Ramp Up On Track With First Ore Batched Through Davyhurst Mill’ dated 28 February 2025, ‘First Ore Intersected at Sand King’ released on 19 December 2024, ‘Davyhurst Gold Project Update’ dated 3 September 2024, ‘Riverina Underground & Sand King Update’ dated 4 April 2024, ‘New High Grade Lode System Discovered at Sand King’ dated 28 February 2024, ‘Exploration Update – Sand King’ dated 6 February 2024, ‘Exploration Update – Sand King’ dated 2 November 2023, ‘Exploration Update’ dated 3 August 2023, ‘High Grade Results for Sand King Validation Drill Program’ dated 27 April 2020, ‘Missouri Deposit Mineral Resource and Reserve Update’ dated 15 December 2016 , ‘Outstanding Siberia Drilling Results Continue’ dated 23 November 2016 , ‘High Grade Results Continue at Siberia’ dated 15 November 2016, ‘High Grade Results Continue at Siberia’ dated 2 November 2016,’Siberia Drilling Update’ dated 25 October 2016, ‘Significant Drilling Results from Siberia’ dated 22 September 2016 and ‘Strong Initial Results from Siberia Diamond Drilling’ dated dated 13 September 2016. Waihi: ‘Further High Grade Assay Results for Waihi’ dated 21 January 2020, ‘High Grade Assay Results Continue at Waihi’ dated 24 December 2019, 22 November 2019 and 6 November 2019, ‘Shallow High Grade Results from Waihi Resource Drilling’ dated 14 October 2019‘, ‘High Grade Assay Results Received including 23m@9.1g/t Au’ dated 29 July 2019, and ‘Impressive Results from Initial Drilling at Waihi Complex’ dated 22 February 2017. Little Gem: ‘Exploration Results at Little Gem’ dated 19 March 2025, ‘Outstanding Results at Little Gem Confirm Greenfields Discovery’ dated 13 March 2025 For personal use only
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28 Endnotes 1. Refer to ASX announcement, ‘Annual Mineral Resource and Ore Reserve Statement’ dated 2 July 2024 2. Refer to ASX announcement, “Balance sheet strengthens with $50m Revolving Credit Facility & Purchase of Put Options at $4,400/oz” dated 7 March 2025 3. Refer to ASX announcement, ‘Sand King Approval Lifts FY26 Production Outlook to 150koz’ dated 11 July 2024 4. Refer to ASX announcement, ‘Successful Exploration Drilling at Riverina Paves the Way for Multi-year Mine Life Extension’ dated 13 February 2025 5. Refer to ASX announcement, ‘March 2025 – Quarterly Activities Report’ dated 30 April 2025 6. Refer to ASX announcements, ‘December 2024 – Half Year Results’ dated 26 February 2025, and the Company’s Appendix 4D: Half Year Report for the Period Ended 31 December 2024 and Condensed Consolidated Interim Financial report for the Half year Ended 31 December 2024, released on 26 February 2025 7. Refer to ASX announcement, ‘December 2024 – Quarterly Activities Report’ dated 16 January 2025 8. Refer to ASX announcement, ‘Sand King Underground Ramp Up On Track with First Ore Batched Through Davyhurst Mill’ dated 28 February 2025 9. Historical production figures sourced from internal Company records (updated from Monarch Gold 2008) 10. Refer to ASX announcement, ‘Outstanding Exploration Results at Little Gem’ dated 13 March 2025 11. Refer to ASX announcement ‘Exploration Results at Little Gem’ dated 19 March 2025 For personal use only
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ORABANDAMINING.COM.AU Contact details LUKE CREAGH Managing Director +61 8 6365 4548 admin@obmltd.com.au For personal use only