ORA BANDA MINING LTD — Capital/Financing Update 2023

Jun 27, 2023

ASX Announcement (ASX: OBM)

28 June 2023

COMPANY UPDATE

Extended crusher circuit downtime affects Q4 Guidance by ~14% Open Pit performing well with over ~40% increase in mined ounces[1] Riverina Underground in line with forecast at over 225m advanced[2 ]

• Ø Low crushing circuit availability and bearing failure in late June on the secondary crusher has impacted June 2023 quarter performance by ~2koz or ~14%

• Ø Revised guidance is ~12,000 ounces for the June 2023 quarter, down from previously stated guidance of 14,000 ounces

• Ø Repairs and maintenance on the secondary crusher are ongoing, and the crushing circuit is expected to be operational by 1 July 2023

• Ø Total ounces produced for FY23 forecast to be ~48koz

• Ø Open pit mining performing well, with over 15,000 ounces forecast to be mined[1] in the June 2023 quarter, an increase by over 40% compared to the average of the previous three quarters

• Ø Development at Riverina commenced in May with Byrnecut Australia mobilised with portal established in mid-May

• Ø Decline advance rate is in line with forecast, with total advance of 225.7m completed[2] including 194.3m in the main decline and a further 31.4m in other development

Ora Banda Mining Limited (ASX: OBM) (“ Ora Banda ”, “ Company ”) would like to advise that its previously stated guidance of 14,000 ounces for the June 2023 quarter (see ASX release 27 April 2023) has been impacted by low crushing circuit availability and bearing failure in late June on the secondary crusher, resulting in revised guidance of ~12,000 ounces produced for the quarter. The crushing circuit is expected to be fully operational by 1 July 2023.

Open Pit mining at Missouri has been performing well, with both the WMC and Monarch lodes now exposed and being mined, with ounces mined increasing as expected to over 15koz in the June 2023 quarter, which is an increase of over 40% compared to the average of the previous 3 quarters[1 ] (see Figure 1).

1. Forecast includes reconciled mined ounces to 31 May 2023, plus actual unreconciled mined ounces to 26 June 2023 plus forecast mined ounces from 27 to 30 June 2023.

2. Actual reconciled advance metres to 25 June 2023.

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ADDRESS Level 1, 2 Kings Park Road, West 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 ENQUIRIES admin@orabandamining.com.au

Figure 1 Mined ounces by quarter for FY23

FY Ounces mined by Qtr[1]

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----- Start of picture text ----- 18,000Ounces mined forecast to increase byover 40% compared to previous 16,000quarters 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Sep-22 Qtr Dec-22 Qtr Mar-23 Qtr June-23 Qtr (Forecast)1Ounces mined by qtr----- End of picture text -----

Riverina Underground development is performing in line with expectations, with mobilisation commenced and the underground portal established in May (see ASX release 9 May 2023). Development advance rates have been in line with the forecast, with total advance of 225.7m completed[2] (as of 25 June 2023), including 194.3m in the main decline and a further 31.4m in other development (see Figures 2 and 3).

1. Forecast includes reconciled mined ounces to 31 May 2023, plus actual unreconciled mined ounces to 26 June 2023 plus forecast mined ounces from 27 to 30 June 2023.

2. Actual reconciled advance metres to 25 June 2023.

ADDRESS Level 1, 2 Kings Park Road, West Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 2 / 4 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRIES admin@orabandamining.com.au

Figure 2 - Riverina Portal (left) and Riverina Decline (right)

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Figure 3 – Jumbo boring out the face on 26 June

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ADDRESS Level 1, 2 Kings Park Road, West 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 ENQUIRIES admin@orabandamining.com.au

Ora Banda Managing Director, Luke Creagh, commented:

“ Whilst the crushing circuit downtime is disappointing, it is a short-term impact that is not expected to have any long-term implications to the business. We expect the current circuit to be fully operational by 1 July 2023, and the previously announced crusher upgrades in FY24 will ensure the crushing circuit is no longer a bottleneck to performance .”

This announcement was authorised for release to the ASX by Luke Creagh, Managing Director.

For further information about Ora Banda Mining Ltd and its projects please visit the Company’s website at www.orabandamining.com.au.

Investor & Media Queries: Luke Creagh Managing Director +61 8 6365 4548 admin@orabandamining.com.au

Forward-looking Statements

This announcement contains forward-looking statements which may be identified by words such as "believes", "estimates", "expects', "intends", "may", "will", "would", "could", or "should" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place.

Such forward-looking statements are provided as a general guide only, are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. These and other factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. The Company cannot and does not give assurances that the results, performance or achievements expressed or implied in the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.

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ADDRESS Level 1, 2 Kings Park Road, West 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 ENQUIRIES admin@orabandamining.com.au