ORA BANDA MINING LTD — AGM Information 2024

Nov 19, 2024

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Annual General Meeting Presentation Luke Creagh Managing Director 20 November 2024

ASX: OBM

ORA BANDA MINING .COM.AU

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Forward looking statements

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IMPORTANT NOTICE AND DISCLAIMER

This Presentation dated 6 November 2024 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 costs and production targets 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.

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ORA BANDA MINING .COM.AU

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We are Ora Banda Mining

Sustainably growing gold production to unlock longterm value for all stakeholders

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term value for all stakeholders
DAVYHURST GOLD PROJECT (100% ORA BANDA MINING)
► Large land holding with 68 granted tenements over 1,150km [2]
► Belt-scale exploration potential with more than 140km of
highly prospective greenstone strike
► Tenement area covers the convergence of two WAIHI
regionally significant structures
WESTERN
► Established 1.2Mt pa conventional CIP
AUSTRALIA
processing facility
MASSIVE
► Extensive road network, 2 camps totalling
TENEMENT
over 350 rooms and a large water bore field Menzies PACKAGE
Kalgoorlie STRETCHES OVER
RESOURCES AND RESERVES [1] 140km OF STRIKE
PERTH
Total kt g/t Au koz Au PERTH LESS THAN 5% OF
DRILL HOLES BELOW
Mineral Resource Estimate 23,300 2.6 1,950 100 VERTICAL METRES
Ore Reserves 2,217 2.7 190
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ORA BANDA MINING .COM.AU

Corporate overview

ASX: OBM

CAPITAL STRUCTURE

BOARD OF DIRECTORS

CAPITAL STRUCTURE
Share Price*	A$/share	0.725
Shares on issue*	Million	1,866.0
Performance rights on issue*	million	151.9
Market Capitalisation*	A$ million	1,352.9
Cash**	A$ million	48.7
Debt**	A$ million	4.0
Enterprise Value	A$ million	1,308.2

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

REGISTER COMPOSITION

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26.5% 31.4%
4.1%
9.4%
28.5%
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Hawke's Point Institutions Paradice Board and Management Other

SENIOR MANAGEMENT
Doug Warden	Chief Financial Officer and Joint Company Secretary
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

* As of market close on 18 November 2024

• ** As at 30 September 2024. 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 release dated 27 September 2024.

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ORA BANDA MINING .COM.AU

Delivering on our strategy Two years in on our DRIVE to 150 koz pa gold production and beyond

WE FOCUS ON THE FUNDAMENTALS

LEVERAGE ORGANIC OPPORTUNITIES

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1

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2

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Increase exploration spend, extend mine life

Performance executed in line with plan

Improve performance, leverage infrastructure Lower unit costs, increase margin and cashflow Target higher-grade ore sources

Geology first approach to optimise mine plan Increased focus on controllable costs Generation of free cashflow

SUSTAINABLE RESOURCE AND PRODUCTION GROWTH

GUIDED BY OUR VALUES AND ► DELIVERED BY OUR TALENTED PEOPLE

►

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OPTIMISE PERFORMANCE AND GROW THE BUSINESS 3

Maximise free cash flow

Develop new high-margin mines Discover greenfield deposits Expand existing infrastructure

UNLOCKS SUBSTANTIAL LONG-TERM VALUE FOR ALL STAKEHOLDERS

ORA BANDA MINING .COM.AU

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Delivering on our strategy

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Sustainably growing gold production to unlock long-term value for all stakeholders

FOCUS ON THE 1 FUNDAMENTALS

• Production up

• Riverina Underground brought online

• Unit costs trending down

LEVERAGE ORGANIC 2 OPPORTUNITIES

• Riverina production fully ramped-up

• Sand King ounces set to fill the mill

• Unit costs continue to improve

OPTIMISE PERFORMANCE 3 AND GROW THE BUSINESS

• Chase new production records

• Maximise cashflow generation

• Extend existing mine life

• Drive down operating costs

• Make new Resource discoveries

180000

160000 FY25 COST AND PRODUCTION GUIDANCE[2] Open pit + stockpiles (oz Au) Sand King underground mine (oz Au)

140000 Riverina underground mine (oz Au) AISC/oz (A$) Note that FY26 outlook includes Inferred Resources 120000

150 koz

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Sand King underground mine (oz Au)
140000 Riverina underground mine (oz Au)
AISC/oz (A$)
Note that FY26 outlook includes Inferred Resources
120000
105 koz
A$3,065/oz
100000 A$2,767/oz
80000
70 koz
60000
A$2,025/oz
48 koz
A$1,840/oz
40000
20000
FY23 (Actual) FY24 (Actual) FY25 (Guidance, mid) FY26 (Outlook, mid)
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4500
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4000
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3500
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3000
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2500
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2000
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1500
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• Investing for the long-term including infrastructure

• ORA BANDA MINING .COM.AU

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Delivering on our strategy

FY25 guidance and FY26 outlook detail

DRIVE TO 150 KOZ PA AND BEYOND

	FY25 GUIDANCE	FY26 OUTLOOK1,2
Location	Low High	Low High
Riverina UG (Reserve grade 4.2 g/t Au)	77 koz 81 koz	90 koz 100 koz
Sand King UG (Reserve grade 3.2 g/t Au)	15 koz 21 koz	50 koz 60 koz
Stockpiles (Reserve grade 1.1 g/t Au)	8 koz 8 koz
Production range (oz sold)	100 koz 110 koz	140 koz 160 koz
AISC/oz range (A$)	A$1,975/oz A$2,125/oz	A$1,740/oz A$1,890/oz
Tonnes milled (t)	1,100,000	1,400,000
Exploration	A$25M	Exploration and growth capital range: A$60M – A$80M
Growth capital total (detail below)	A$63M
Sand King UG (pre-production)	A$39M
Riverina UG	A$10M
Process plant upgrades to target 1.4 Mtpa	A$5M
Other projects (e.g. airstrip and camp upgrades)	A$9M

Note FY26 Outlook includes Inferred Resources.

ORA BANDA MINING .COM.AU

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7
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1. We focus on the fundamentals

Delivering a transformational twelve months with Riverina Underground production now fully ramped up

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ORA BANDA MINING .COM.AU

1. FY24 - A transformational twelve months

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Strategy change to focus on underground delivered record gold production and reduction in AISC/oz

HIGHLIGHTS FROM FY24

RECORD REDUCTION REDUCTION PRODUCTION IN AISC/OZ IN GEARING koz Au million A$2,767 A$7

69.9 koz Au A$2,767

46% increase from FY23 10% reduction from FY23 debt repaid

• Over two years LTI free and FY24 TRIFR of 10.8

• All planned processing plant upgrades complete

• Riverina ramped up to steady state production

• Davyhurst facility delivered 5[th] consecutive quarter of production growth[3,*]

• Underground Mineral Resource and Ore Reserve growth[1]

• Delivered FID for a second underground mine at Sand King[2]

• WesCEF lithium JV complete - A$26 million funds received plus 0.5% royalty[4]

• Stabilised workforce and improved employee engagement

*Additional 2,575 oz produced as part of the Q3 CY23 toll-treatment campaign

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28000 RECORD 6.0
QUARTER
TOTAL PROJECT OUNCES AND GRADES (QOQ)
24.3 koz
 Production ounces
23000 5.0
 Toll treated

Head grade (gold) 19.3 koz
Includes
2.6 koz
17.4 koz
18000 toll treated 16.3 koz 4.0
14.4 koz
12.3 koz 12.2 koz
13000 11.8 koz 3.4 g/t 3.0
2.6 g/t
8000 2.0
2.2 g/t
2.1 g/t
2.0 g/t
1.6 g/t 1.6 g/t
1.4 g/t
3000 1.0
Q4 CY22 Q1 CY23 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Q3 CY24
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ORA BANDA MINING .COM.AU

1. New Riverina Underground production

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Commercial production achieved 1 August 2024[3]

CONSISTENT MINING WITH HIGH-GRADE MINERALISATION

RIVERINA UNDERGROUND OUNCES AND MINED GRADE (QOQ)[3]

FIRST ORE FIRST STOPES STEADY STATE ACHIEVED COMPLETE PRODUCTION    Q2 FY24 Q3 FY24 Q4 FY24

• Planned 2.2m stoping widths consistently achieved

• Mining areas on the Main Riverina West Lode presenting as high-grade zone

► Q1 FY25 grade reconciliation confirmed 4.5g/t Au, +7% on Reserve grade[3]

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2275 LEVEL FACE
2295 N2
ODS_10
510 STOPE
4.6m at 9.0 g/t
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UNDERGROUND RAMP UP 7.0 THROUGH Q2 AND Q3 CY24

 Production ounces

 Mined grade (gold)

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24.0 koz
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6.0
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6.0
5.0
15.9 koz
4.5 g/t 4.0
3.8 g/t
3.0
2.0
1.0
0.0
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3.3 g/t
2.8 g/t
4.4 koz
1.2 koz
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0 0.0
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Dec 23
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Mar 24
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Jun 24

Sep 24

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ORA BANDA MINING .COM.AU

1. Q1 FY25 Delivers Strong Cash Flow Generation

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Sustaining Cash Flow generation of $53.3m during record production quarter[3]

STRONG CASHFLOW AS UNDERGROUND STRATEGY TAKES EFFECT

QUARTERLY CASH MOVEMENT ($’000)

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Closing cash of $48.7 million, a $21.9 million increase from the prior Increase Decrease Total
[[3]]
53,373
80,000
Expenditure included:
► $23.4 million on growth capital including $16.3 million on Operational outflows
70,000
incurred in Q1 that have
Riverina & Sand King Underground development been removed with
-16,254 completion of capital
► $4.4 million on growth infrastructure 60,000 -2,715 projects
-4,642
► $2.7 million on resource development & exploration activities
50,000 -4,366 -1,000 48,693
-2,506
40,000
A strong platform is now set to deliver FY25 and setup the DRIVE to 150 30,000
26,804
20,000
10,000
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• Closing cash of $48.7 million, a $21.9 million increase from the prior quarter[[3]]

• Expenditure included:

A strong platform is now set to deliver FY25 and setup the DRIVE to 150

Cash 30Jun24 Sustaining CF Mine Dev Expl & ResDev Corp & Admin Growth Capex Bank Deposit One-off costs Cash 30Sep24

Sustaining cash flows is calculated as revenue less operating costs & less sustaining capex.

Bank deposits relate to cash backed bank guarantees that are treated as restricted cash and does not form part of the closing cash balance noted above.

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ORA BANDA MINING .COM.AU

2. Levering our organic opportunities

Riverina and Sand King Underground mines set to fill the Davyhurst mill with high-grade ore

ORA BANDA MINING .COM.AU

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2. Riverina Underground mine

At the very early stages of understanding the deposit’s full potential

RIVERINA LONG SECTION LOOKING WEST: SHOWING PLANNED DEVELOPMENT AND STOPING SHAPES

• Deposit open at depth and to the north and south  over 93,000 drill metres planned in FY25 including grade control, res-dev and exploration

• ► Over 2.5 km of mineralised strike defined to date with only 62,000 metres drilled from July 2022 to June 2024

► Targeting Resource and Reserve growth – second ug diamond rig commenced Q1 FY25 and two diamond rigs operating from surface from Q2 FY25

S

RIVERINA UNDERGROUND MAIN LODE GREATER THAN 2.5 KM

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BRITISH LION DEPOSIT
UNTESTED
UNTESTED
OPEN
OPEN OPEN
OPEN
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LEGEND Sample (Au gm) <1 1-5 5-10 10-20 20-50 50-100 >100 High-grade zone Mineralised shoot

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N
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ORA BANDA MINING .COM.AU

250m

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DAVYHURST
1.2 Mtpa PROCESSING PLANT
BERWICK –
MOREING TARGET
SAND KING
PALMERSTON –
CAMPERDOWN TARGET
SAND KING
NORTH TARGET
SAND KING
DEPOSIT
PEARLING GROUNDS
TARGET
LEGEND
Collar (Au gm)
<1
1-2
2-3
3-5
5-10
>10
Granite
Basalt
N Dolerite
Gabbro
Ultramafic
Deposits/prospects
MISSOURI UNDER Mineralised lodes
GROUND DEPOSIT
500 metres 14
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2. Sand King Underground mine

Final Investment Decision achieved for new underground mine[2]

SAND KING TO ENABLE 150 KOZ PA PRODUCTION OUTLOOK

PORTAL FIRST STOPING TO 1 COMMENCED 2 DEVELOPMENT 3 COMMENCE Q1 FY25 ORE Q2 FY25 Q3 FY25

• Modest capital investment of A$39 million, funded by operating cashflows[2]

• Maximum cash draw down expected to be approximately A$32 million[2]

• Steady state production currently expected during Q4 FY25

• Mine plan also includes drill drives and infrastructure, with first drill rig in Q2 FY25

• Existing Resource is open in all directions, with initial underground drilling focusing on the wider “blow-out” zones identified in surface drilling

• Any additional Resource growth to further improve mine plan

SAND KING UNDERGROUND ORE RESERVE ESTIMATE[1,2]

DEPOSIT	PROVED	PROBABLE	TOTAL MATERIAL
Sand King UG Total	(kt) (g/t Au)	(kt) (g/t Au) 537 3.2	(kt) (g/t Au) (koz) 537 3.2 55.2

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ORA BANDA MINING .COM.AU

2. Sand King Underground mine

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Set to fill the mill with higher grade ore

SAND KING LONG SECTION LOOKING NORTHWEST: A LARGE MINERALISED GOLD SYSTEM

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SW NE
PHASE 1
45,400M
UNDERGROUND
DRILLING PROGRAM
COMMENCED
SEPTEMBER
CY24
LEGEND
Collar (Au gm)
1-3
3-5
5-10
OPEN 10-20
>20
Granite
BD Lodes
Mineralised Zone
Potential Mineralisation
Basalt
Ultramafic
OPEN
OPEN OPEN
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Sustainability at Ora Banda

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Sets the foundation on which our future production growth will be built

OVER TWO YEARS LOST TIME INJURY FREE

• FY24 TRIFR: 10.8

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IDENTIFY
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• 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

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ORA BANDA MINING .COM.AU
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REVIEW
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MONITOR
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ASSESS
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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

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ORA BANDA MINING .COM.AU

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LEGEND
RIVERINA GOLD CAMP
Gold Resource 730 koz at 2.5 g/t Au
Prospect
Drill intersection
Mafic
Ultramafic
Dolerite
Diorite Intrusion GREATER PACIFIC
Shear zone
SILVER TONGUE
21 koz at 3.1 g/t Au
RIVERINA MINE FOREHAND
606 koz at 2.8 g/t Au 46 koz at 1.7 g/t Au
BRITISH LION
25 koz at 1.7 g/t Au ACE
RIVERINA STAR
LITTLE GEM
GEMSTAR NORTH
SUNRAYSIA NORTH
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3. Unlocking Riverina Gold Camp

Systematic exploration focus to uncover the full extent of the system

FY25 EXPLORATION PROGRAM TO FOCUS ON BROADER RIVERINA

• 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

RIVERINA GOLD CAMP MINERAL RESOURCE ESTIMATE[1]

DEPOSIT	MEASURED	MEASURED	INDICATED	INDICATED	INFERRED	INFERRED	TOTAL MATERIAL	TOTAL MATERIAL	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

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RENMARK
SUNRAYSIA
32 koz at 2.0 g/t Au
N
2.5 kilometres 18
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ORA BANDA MINING .COM.AU

3. Unlocking Riverina Gold Camp

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Mineralised system remains wide open at depth

RIVERINA LONG SECTION LOOKING WEST: NUMEROUS SURFACE ANOMALIES

• Highly encouraging gold mineralisation identified through soil sampling, aircore and reverse circulation drilling

• Limited follow up drilling below 100m to understand and drill test the underground potential

S

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N
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RIVERINA TREND GREATER THAN 7.5 KM

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SUNRAYSIA SUNRAYSIA NORTH LITTLE GEM BRITISH LION RIVERINA
PLANNED RIVERINA
UNTESTED UNDERGROUND STOPES
AND DEVELOPMENT
UNTESTED
OPEN OPEN
OPEN
UNTESTED
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ORA BANDA MINING .COM.AU

3. Underground potential at the Mulline deposit

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Underexplored trend over 10 km strike located ~8km west of the Riverina Trend

MULLINE LONG SECTION LOOKING WEST: HISTORIC SHALLOW GOLD MINING

• Over 10km trend with old open pit mines, numerous surface anomalies & high grades identified through through air core, limited reverse circulation and diamond drilling

S

• Less than 5% of drill holes are below 100 vertical metres  exploration opportunity for potential high-grade underground mines

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N
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MULLINE TREND 10 KM

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LADY GLADYS OFFSET YOUNG AUSTRALIAN PEACH TREE MULLINE ROSE VICTORIA WORKINGS
UNTESTED UNTESTED
OPEN OPEN
OPEN
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ORA BANDA MINING .COM.AU

3. Central Davyhurst UG potential at Waihi Trend

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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

• Waihi & Homeward Bound trend results to date show underground potential, with limited drilling following up high-grade down plunge continuity

• Historical Golden Pole Mine (200m West of Waihi) produced 81kt for 77koz (29.7g/t head grade)[5 ] , in the circa early 1900s

• “Boots-on-ground” geology approach focussed on remapping and updating structural and lithological mineralisation framework

ORA BANDA MINING .COM.AU

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21

Executing our strategy to deliver value

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Unparalleled growth, delivered sustainably

OPERATING WITH INTEGRITY AND DELIVERING OUR COMMITMENTS

CONTINUING TO DELIVER SUSTAINABLE RESOURCE, PRODUCTION AND PROFITABILITY GROWTH

A DYNAMIC AND BUILDING A CATALYST-RICH PREMIER MID-TIER YEAR AHEAD GOLD MINING BUSINESS

RIVERINA DRILLING

EXECUTING OUR PLAN TO ESTABLISH A PREMIUM, HIGH-MARGIN, HIGHGROWTH GOLD OPERATIONS PLATFORM

SAND KING TO FILL THE MILL WITH HIGHER-GRADE 40% PRODUCTION INCREASE

$25M IN EXPLORATION

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ORA BANDA MINING .COM.AU

Appendix

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Mineral Resource Estimate Statement[1]

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	PROJECT	MEASURED	MEASURED	INDICATED	INDICATED	INFERRED	INFERRED	TOTAL MATERIAL	TOTAL MATERIAL	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
OR	Walhalla Subtotal	32	2.0	962	2.1	887	2.0	1,881	2.1	125
	~~ABANDA~~~~MINING.COM.AU~~
			1.8	14,100	2.4	8,500	3.0	23,300	2.6	1,950
	Davyhurst Total	600

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..

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Ore Reserve Statement[1]

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DAVYHURST GOLD PROJECT ORE RESERVE BY DEPOSIT

PROJECT AREA	PROVED	PROVED	PROBABLE	PROBABLE	TOTAL MATERIAL	TOTAL MATERIAL	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.

3. This Ore Reserve was estimated from practical mining envelopes and the application of modifying factors for mining dilution and ore loss.

4. 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.

5. 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.

6. 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.

7. 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%.

8. The Ore Reserve is inclusive of surface stockpiles above cut-off. All surface stockpiles were classified as Proved.

9. All low grade material is in situ.

10. 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.

11. 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.

12. 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.

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ASX Listing Rule 5.23 Statements

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Mineral Resources and Reserves

Exploration Results (Continued)

Sand King: ‘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.

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.

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.

Riverina: ‘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.

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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.

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Endnotes

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1. Refer to ASX release, ‘Annual Mineral Resource and Ore Reserve Statement’ dated 2 July 2024

2. Refer to ASX release, ‘Sand King Approval Lifts FY26 Production Outlook to 150koz’ dated 11 July 2024

3. Refer to ASX release, ‘September 2024 – Quarterly Activities Report’ dated 17 October 2024

4. Refer to ASX release, ‘WesCEF JV Deal Completion’ dated 23 April 2024

5. Historical production figures sourced from internal Company records (updated from Monarch Gold 2008)

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Contact details

LUKE CREAGH

Managing Director

+61 8 6365 4548

admin@orabandamining.com.au

ORA BANDA MINING .COM.AU