ORA BANDA MINING LTD — Capital/Financing Update 2021

May 26, 2021

ASX Announcement

27 May 2021

Davyhurst Gold Project Operational Update

Mining Activities

• Missouri open pit mining on schedule to commence in June 2021, with key items of the mining fleet and site facilities delivered to site. Missouri is a source of higher grade, harder primary ore feed which will improve mill throughput and gold production.

• Riverina open pit mining operations continue to perform ahead of plan, with increasingly harder transitional and primary material being mined from June 2021.

• Golden Eagle underground mining operations have increased production rates during May 2021 following the successful introduction of specialised mining equipment, providing increased quantities of primary ore.

Davyhurst Processing Plant

• Process plant throughput continues to be negatively impacted by the high proportion of viscous, low density oxide material within the initial Riverina ore blend.

• Increasingly harder transitional and primary material from Riverina together with increasing quantities of primary ore from Golden Eagle and the commencement of primary ore deliveries from Missouri in late June will see a more uniform ore blend available for processing at Davyhurst from July.

• This more uniform ore blend is expected to increase monthly gold production to DFS levels during the September quarter.

Outlook

• Contained gold within ore mined to date (26 koz) plus ore scheduled to be mined to 30 June 2021 (9 koz) remains in line with the DFS estimate of 35 koz, whilst the gold production outlook for FY21 is revised to 13 to 18 koz.

• FY22 gold production outlook of 82koz recovered, remains unchanged and consistent with the DFS.

Ora Banda Mining Limited (ASX:OBM) ( Ora Banda or the Company ) is pleased to advise that it continues to make significant progress with the ramp up of activities at its Davyhurst Gold Project in Western Australia.

Since the Company provided production and sales guidance in its March 2021 Quarterly Activities Report (refer ASX announcement dated 30 April 2021 ) , several important actions have been taken to ensure the Company delivers at least the DFS production levels of approximately 82,000 ounces recovered for FY22.

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au

Open pit and underground mining productivity and production levels have and continue to be impacted by Covid 19 related travel restrictions and the associated extremely tight and highly competitive labour market in Western Australia, which has led to abnormally high workforce turnover levels. The Company is currently implementing a range of strategies to assist in this area moving forward.

Processing plant throughput during April and May 2021 has also continued to be negatively impacted by low slurry densities caused by the high proportion of viscous, low density oxide material from Stage 1 of the Riverina Open Pit, important actions have been implemented to increase the availability of fresh rock to the mill which is expected to increase gold production levels to DFS levels during the September quarter.

Missouri Open Pit

The Missouri open pit mine will provide an immediate source of higher grader, harder primary ore feed from the commencement of mining activities, expected in June 2021. Key items of the mining fleet have arrived at the Missouri open pit together with required site facility materials. In the Definitive Feasibility Study, Missouri was planned to be mined in a single stage, which incorporated a three-month pre-strip. The Company has now redesigned the Missouri Open Pit into two stages, which allows ore mining to commence after a modest amount of site preparation.

The Missouri Ore Reserve grade of 2.6gpt Au (1,500kt @ 2.6g/t for 130 koz) is materially higher than the Riverina Ore Reserve grade of 1.8gpt Au and therefore mining of the Missouri open pit will increase the average gold grade processed through the Davyhurst mill from July 2021. ( Refer to Appendix 1 for full details on the Company’s JORC Resource and Reserve )

Riverina Open Pit

Mining at Riverina remains slightly ahead of schedule, having to date delivered more ore tonnes at a slightly lower grade for more total ounces than estimated in the DFS. Whilst process plant throughput has been impacted by the high proportion of Riverina low density oxide feed, increasingly harder transitional and primary material is scheduled to be mined at Riverina from June 2021. After lower initial mine ore grades being delivered to the processing plant due to ore stockpiling space restrictions, the Company is now utilising high, medium and low grade stockpiles on the mine ore pad to optimise the processed ore blend.

Golden Eagle Underground

Ora Banda has been working with the underground mining contractor to improve underground production rates with May production to date from the Golden Eagle underground mine of 25,620 dry metric tonnes (dmt) exceeding the total of production of 25,235dmt during the whole of the March quarter.

Following initial development activities at the Golden Eagle underground mine, new information has led to a review of the geological interpretation of the southern mining area. The southern mining area of Golden Eagle had previously been interpreted as a sub vertical shear, similar to the very consistent north zone. Development activities identified a fold nose, which has so far been followed up dip for 60m. This fold nose results in a moderately flat limb to the mineralisation which changes the orientation of the lode. The new geometry suggests an increased potential for wider, flatter dipping ore zones combined with the narrower sub vertical zones previously modelled. Whilst reinterpration of the mineralisation is underway and needs to be completed, the flat lying nature of the mineralisation has the potential to increase the ounces per vertical metre in the Golden Eagle underground mine.

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au

Managing Director Comment

Commenting on the operational update, Ora Banda’s Managing Director Mr David Quinlivan stated:

“Whilst there are always challenges when commissioning a mining project, we are encouraged by the refinements we are making to improve gold production towards the DFS estimates. The advancement of Missouri in the production schedule will go a long way to conquering ore viscosity issues encountered during commissioning. We are also seeing improvements in a number of other areas of the project, in particular at Riverina and Golden Eagle, which we believe will bode well as we accelerate our ramp-up."

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Dump Truck arriving at Missouri

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Digger awaiting final assembly at Missouri

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Photo of Golden Eagle underground mineralised zone with flat lying orientation

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au

On Site Preparation Laboratory

With heightened mining exploration activity in Western Australia, assay turnaround times have ballooned, with the Company’s exploration assays currently taking several months to be processed and returned. Ora Banda is currently awaiting results on approximately 18,000 assays (incorporating grade control, resource definition and exploration samples). The Company, working with one of its primary commercial assay laboratories, has identified an opportunity to significantly decrease sample turnaround times by installing an accredited onsite sample preparation laboratory at commercially attractive terms. The Company has begun initial studies to further investigate this opportunity.

This announcement was authorised for release to ASX by David Quinlivan, Managing Director.

For more information about Ora Banda Mining please visit our website at www.orabandamining.com.au

Investor & Media Queries: David Quinlivan Peter Nicholson Managing Director Chief Executive Officer +61 8 6365 4548 +61 8 6365 4548 info@orabandamining.com.au info@orabandamining.com.au

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au

Appendix 1

Mineral Resource Table

PROJECT	Cut-Off	('000t) (g/t Au) MEASURED	('000t) (g/t Au) MEASURED	INDICATED	INDICATED	INFERRED	INFERRED	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL
			(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)
GOLDEN EAGLE	2.0	-	-	247	4.1	146	3.4	393	3.9	49
LIGHTS OF ISRAEL	3.0	-	-	74	4.3	180	4.2	254	4.2	34
MAKAI SHOOT	1.0	-	-	1,985	2.0	153	1.7	2,138	2.0	137
Open Pit	0.5	-	-	1,948	2.4	131	2.9	2,079	2.4	159
WAIHI Underground	2.0	-	-	188	3.7	195	4.0	383	3.8	47
TOTAL		-	-	2,136	2.5	326	3.5	2,462	2.6	206
Central Davyhurst Subtotal		-	-	4,442	2.4	805	3.3	5,247	2.5 427
LADY GLADYS	1.0	-	-	1,858	1.9	190	2.4	2,048	1.9	125
Open Pit	0.5	116	1.8	2,694	1.8	183	3.0	2,993	1.9	183
RIVERINA AREA Underground	2.0	-	-	226	5.7	502	6.1	728	5.9	139
TOTAL		116	1.8	2,843	1.8	685	5.3	3,721	2.7	322
Open Pit	0.5					523	1.8	523	1.8	30
RIVERINA SOUTH Underground	2.0					122	3.3	122	3.3	13
TOTAL						645	2.1	645	2.1	43
FOREHAND	1.0	-	-	386	1.7	436	1.9	822	1.8	48
SILVER TONGUE	1.0	-	-	155	2.7	19	1.3	174	2.5	14
SUNRAYSIA	1.0	-	-	175	2.1	318	2.0	493	2.0	32
Riverina-Mulline Subtotal		116	1.8	5,494	1.9	2,293	3.0	7,903	2.3 583
Open Pit		-	-	1,252	3.4	128	3.3	1,380	3.4	150
SAND KING Underground	0.5	-	-	438	3.7	698	3.8	1,136	3.7	136
TOTAL	2.0	-	-	1,690	3.5	826	3.7	2,516	3.5	286
Open Pit		-	-	1,460	3.4	17	3.5	1,477	3.4	160
MISSOURI Underground	0.5	-	-	364	3.4	258	3.4	622	3.4	68
TOTAL	2.0	-	-	1,824	3.4	275	3.4	2,099	3.4	227
PALMERSTON / CAMPERDOWN	1.0	-	-	118	2.3	174	2.4	292	2.4	23
BEWICK MOREING	1.0	-	-	-	-	50	2.3	50	2.3	4
BLACK RABBIT	1.0	-	-	-	-	434	3.5	434	3.5	49
THIEL WELL		-	-	-	-	18	6.0	18	6.0	3
Siberia Subtotal		-	-	3,632	3.4	1,777	3.5	5,409	3.4 592
Open Pit	0.5	-	-	241	3.7	28	1.6	269	3.5	30
Callion Underground	2.0	-	-	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	1.0	32	2	112	1.8	238	2.5	382	2.3	28
SALMON GUMS	1.0	-	-	199	2.8	108	2.9	307	2.8	28
WALHALLA	1.0	-	-	448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH	1.0	-	-	94	2.4	13	3.0	107	2.5	9
MT BANJO	1.0	-	-	109	2.3	126	1.4	235	1.8	14
MACEDON	1.0	-	-	-	-	186	1.8	186	1.8	11
Walhalla Subtotal		32	2.0	962	2.1	887	2.0	1,881	2.1 125
IGUANA	1.0	-	-	690	2.1	2,032	2.0	2,722	2.0	175
LIZARD	1.0	106	4	75	3.7	13	2.8	194	3.8	24
Lady Ida Subtotal		106	4.0	765 ,	2.3	2,045 ,	2.0	2,916 ,	2.1 199
Davyhurst Total		300	2.7	15,800	2.5	8,000	2.8	24,000	2.6	2,030
BALDOCK	-	-	-	136	18.6	0	0.0	136	18.6	81
METEOR	-	-	-	-	-	143	9.3	143	9.3	43
WHINNEN	-	-	-	-	-	39	13.3	39	13.3	17
Mount Ida Total		-	-	140	18.6	180	10.2	320	13.8	140
Combined Total		300	2.7	15,900	2.6	8,200	3.0	24,300	2.8	2,170

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au

1. The Missouri, Sand King, Riverina, Riverina South, Waihi, Callion & Golden Eagle Mineral Resources have been updated in accordance with all relevant aspects of the JORC code 2012, and initially released to the market on 15 December 2016 & 26 May 2020 (Missouri), 3 January 2017 & 26 May 2020 (Sand King), 2 December 2019 & 26 May 2020 (Riverina), 4 February 2020 (Waihi), 15 May 2020 & 29 June 2020 (Callion), 8 April 2020 (Golden Eagle) and 9 October 2020 (Riverina South).

2. All Mineral Resources listed above, with the exception of the Missouri, Sand King, Riverina, Riverina South, Waihi, Callion & Golden Eagle Mineral Resources, 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.

3. The Riverina, Riverina South, Waihi, Sand King, Missouri and Callion Open Pit Mineral Resource Estimates are reported within a A$2,400/oz pit shell above 0.5g/t. The Riverina, Waihi, Sand King, Missouri, Callion and Golden Eagle Underground Mineral Resource Estimates are reported from material outside a A$2,400 pit shell and above 2.0 g/t.

4. The values in the above table have been rounded.

Ore Reserve Table

PROJECT	PROVED	PROVED	PROBABLE	PROBABLE	TOTAL MATERIAL	TOTAL MATERIAL	TOTAL MATERIAL
	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz.)
Sand King	-	-	1,300	2.6	1,300	2.6	110
Missouri	-	-	1,500	2.6	1,500	2.6	130
Riverina Open Pit	-	-	1,400	1.8	1,400	1.8	81
Golden Eagle	-	-	130	3.8	130	3.8	16
Waihi	-	-	1,500	2.3	1,500	2.3	110
Callion	-	-	240	2.6	240	2.6	21
TOTAL	-	-	6,100	2.4	6,100	2.4	460

Notes:

1. The table contains rounding adjustments to two significant figures and does 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 LUC Mineral Resource estimate at zero grade. The in-pit global dilution is estimated to be 29% at Sand King, 43% at Missouri, 22% at Riverina, 13% at Waihi and 23% at Callion all of which were applied at zero grade. The lower dilution at Riverina, Waihi and Callion reflecting the softer lode boundary and allows for inherent dilution within the lode wireframe. All Inferred Mineral Resources were considered as waste at zero grade.

3. The Open Pit Ore Reserve was estimated using incremental cut-off grades specific to location and weathering classification. They range from 0.54 g/t to 0.69 g/t Au and are based on a price of A$2100 per ounce and include ore transport, processing, site overheads and selling costs and allow for process recovery specific to the location and domain and which range from 85% (Sand King fresh ore) to 95%.

4. Approximately 100,000 t at 1.8 g/t at Riverina was downgraded from Proved to Probable due to uncertainty at the time surrounding metallurgical recovery. Subsequent test work estimated the Riverina recoveries to be 90.1%, 97.6% and 94.3% for oxide, transition and fresh, respectively.

5. The underground Ore Reserve was estimated from practical mining envelopes derived from expanded wireframes to allow for unplanned dilution. A miscellaneous unplanned dilution factor of 5% at zero grade was also included. The global dilution factor was estimated to be 32% with an average grade of 0.77 g/t Au.

6. The underground Ore Reserve was estimated using stoping cut-off of 2.7 g/t Au which allows for ore drive development, stoping and downstream costs such as ore haulage, processing, site overheads and selling costs. An incremental cut-off grade of 0.7 g/t Au was applied to ore drive development and considers downstream costs only. Cut-off grades were derived from a base price of A$2100 per ounce and allow for an assumed process recovery of 92%. Subsequent test work estimated the Golden Eagle fresh recovery to be 90.6%.

ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au