Ora Banda Mining Ltd has reported a strong performance in FY25, with gold production climbing to 92.4 thousand ounces—an increase of 32% over FY24. Despite some delays caused by slower ramp-up at Mill1 and mining hold-ups at Riverina Underground, the June quarter production reached 21.9 thousand ounces, augmented by 1.4 thousand ounces realized through third-party ore processing under an arrangement with Norton Gold Fields. Gold sales in the June quarter amounted to 20.2 thousand ounces, and the company ended the financial year with a robust cash balance of $84.2 million, driven by free cash flow of $57.4 million in FY25. Additionally, significant stockpiles have been accumulated, setting a stable foundation for the anticipated growth in FY26. Looking ahead, the company forecasts FY26 gold production in the range of 140 to 155 thousand ounces—a roughly 60% increase over FY25. This optimistic projection is underpinned by full-year contributions from the Sand King Underground Mine and expanded production from Riverina Underground, along with an expected 21 thousand ounces from an ore sale agreement with a third-party processor, as outlined in a non-binding memorandum of understanding. Operational costs are projected with an All-In Sustaining Cost between A$2,800 and A$2,900 per ounce, reflecting the incorporation of additional processing costs, full-year underground mining expenses, increased sustaining development investments, and the impact of higher royalties due to elevated gold prices. To support this growth, Ora Banda Mining Ltd is set to invest $86 million in growth capital spanning underground mine development, process plant improvements, and essential infrastructure upgrades such as an on-site airstrip and upgraded camps. Complementing these measures is a $73 million budget dedicated to exploration and resource development, which is expected to drive nearly 329 kilometers of drilling. The planned expansion of the Davyhurst processing plant, aiming to boost capacity from 1.2 million to approximately 3 million tonnes per annum, seeks to lower processing costs, improve recovery rates, and enable larger-scale mining opportunities. Market sentiment appears divided. Bullish investors find assurance in the company’s strong organic growth in FY25, healthy cash flows, and strategic investments that are anticipated to drive a significant jump in production in FY26. These initiatives, along with aggressive exploration programs and capacity expansions, suggest a promising long-term growth trajectory amid favorable gold prices. On the other hand, bearish sentiment may arise from concerns over potential operational delays, the challenge of managing higher sustaining costs, and uncertainties about finalizing binding agreements with third-party processors. Nonetheless, the overall strategic positioning of Ora Banda Mining Ltd provides a solid foundation for navigating these challenges as it enters the next phase of expansion.