ORA BANDA MINING LTD — Capital/Financing Update 2026

Jan 28, 2026

ASX ANNOUNCEMENT

29 January 2026

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INVESTMENT APPROVED TO ADVANCE KEY GROWTH PROJECTS

Highlights:

• $10 million to progress the ~3Mtpa new processing plant from DFS[1] to FEED[1] , with FEED expected to be completed early in the June quarter (2026)

• $30 million pre-production capital to commence open pit mining works at Waihi, which is located approximately 3km from the Davyhurst processing plant

• $23 million to upgrade accommodation capacity, with the expansion of the existing Davyhurst camp and construction of a new camp at Siberia[2]

• Capital investments fully funded through existing cash[3] reserves and the Company continues to generate strong cashflows from existing operations

• Commencement of Waihi open pit will create Ora Banda’s third mining operation

Ora Banda Mining Ltd (ASX: OBM) (“Ora Banda” or “the Company”) is pleased to announce Board approval for key growth projects as the Company continues to advance its strategy of creating value through organic growth on its 100% owned Davyhurst tenement package.

Progressing the 3Mtpa new processing plant study from DFS to FEED

The Company has committed $10 million to progress the 3Mtpa processing plant study from definitive feasibility study (“DFS”) through to front-end engineering design (“FEED”) stage, expected to be completed early in the June quarter (2026). This investment will refine final design and capital requirements for the standalone construction of a new mill, next to Ora Banda’s existing 1.2Mtpa Davyhurst processing plant.

Commencement of open pit mining at Waihi

Located ~3km from the existing processing facility at Davyhurst, Waihi is targeted to be Ora Banda’s third mining operation, with exploration drilling continuing to yield outstanding results (notably at Golden Pole[4] ). On the back of this success, the Company has made the decision to commence a small open pit mining operation at Waihi, which in addition to providing ore to the existing Davyhurst mill, will also provide suitable portal locations should drilling continue to support an underground mine. Key metrics for the Waihi Open Pit include:

• $30 million has been approved for pre-production capital works, comprising: o ~$16 million for the open pit infrastructure

  • ~$14 million for waste stripping

• Commence mining during March 2026 quarter, LOM strip ratio of 7.4:1

• ~235kt at 1.7g/t for 12.7koz mined over ~8 months, with ounces to be milled in FY27

1 “DFS”- Definitive feasibility study, “FEED”- Front end engineering design

2 The Company expects total capital works for these camp expansions to be $34 million, with $23 million expected to fall within FY26, with the remainder to be spent in FY27.

3 Ora Banda cash at 31 December 2025 of A$155 million – refer ASX Announcement 28 January 2026 “Quarterly Activities Report”

4 Refer ASX Announcement 15 January 2026 “High-Grade results at Golden Pole Expands Waihi’s Mineralisation Envelope”

A: Level 2, 1 Hood Street Subiaco, WA, 6008 T: + 61 8 6365 4548 E: admin@obmltd.com.au ASX: OBM ABN: 69 100 038 266

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Ora Banda continues to advance drilling and resource work at Waihi focussing on the underground potential, with a resource model update planned early in the June quarter (2026) that will include the recent successful drilling from the Golden Pole lode for the first time[3] .

Increased Camp capacity

To support the continued growth of the operation, the Company has committed $23.2 million for the construction of a new 150-room accommodation village at Siberia, as well as an expansion of 100 rooms at the existing Davyhurst village to increase its capacity to 400 rooms. The Company expects total capital works for these camp expansions to be $34 million, with $23 million expected to fall within FY26, with the remainder to be spent in FY27.

Updated growth capital guidance

The Company expects to undertake these key growth projects during the second half of FY26 and as such, has elected to update its FY26 capital guidance. Furthermore, updated FY26 guidance includes a $7 million adjustment for minor capital project work that has been deferred.

Metric	Unit	FY26 Guidance(Revised)	Change($M)
Exploration and Resource Development	$M	73	-
Growth Capital	$M	143	+57

This announcement was authorised for release to the ASX by the Board of Directors of Ora Banda. For further information about Ora Banda 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@obmltd.com.au

Kurt Walker Investor Relations +61 8 6365 4548 admin@obmltd.com.au

Forward Looking Statements

This announcement contains forward-looking statements which may be identified by words such as “forecast”, “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.

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. When forecasting or providing guidance on costs and production the Company has taken into account (amongst other things) current operating costs, designs, plans of the Company, cost escalation, required personnel numbers, capital estimates, submitted tender rates from contractors and suppliers, and average industry productivity and mining specification metrics. 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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