Ora Banda Mining Limited’s quarterly activities report for March 2025 highlights a number of encouraging operational milestones alongside some near‐term challenges. The company reported no lost time injuries during the quarter and bolstered its cash balance to A$80.7 million—a A$22.9 million increase from the previous period—despite spending A$28.6 million on capital projects, resource development, and exploration. Gold production reached 23,150 ounces and gold sold increased by 6% to 23,643 ounces, while the all‐in sustaining cost was reported at A$2,470 per ounce, reflecting a 3% reduction compared to the previous quarter. Operations at the Riverina Underground mine were particularly strong, with 127,000 tonnes of ore mined at an average grade of 4.6 g/t—exceeding the reserve grade by 10% in the current quarter and by 21% year‐to‐date. Meanwhile, the Sand King Underground operation registered its first production stope in March, with ore grades at or above reserve expectations and promising early development metrics. Although upgrades at the Davyhurst processing plant resulted in a six‐day shutdown and a 7% reduction in throughput, the plant’s head grade increased by 7% as higher grade ore from Sand King displaced lower grade open pit stockpiles. Stockpiling has also increased, positioning the company for an improved performance in the second half of the June quarter. Exploration efforts continue to be a bright spot. Intensive drilling at Riverina has extended known high-grade mineralisation to depths exceeding 1 km, while early results from the Little Gem prospect have unveiled multiple high-grade intercepts—with grades as high as 36.0 g/t—suggesting the potential for a new multi‐lode system. Given these stellar results, a 16-hole follow-up diamond drilling program has been immediately approved to further test an extensive prospective zone. Revisions to fiscal guidance reflect both the operational gains and cost pressures. Ora Banda Mining Limited has adjusted its full year 2025 production guidance to between 100,000 and 105,000 ounces—down from the previous high end of 110,000 ounces—while its AISC guidance has been increased to A$2,350–2,500 per ounce, driven by higher operating costs, the commencement of a third jumbo at Riverina, and increased royalty payments driven by a higher gold price. Meanwhile, a secured syndicated facility agreement has provided the company with a A$50 million revolving credit facility and included the purchase of put options covering 100,000 ounces at a strike price of A$4,400 per ounce to help safeguard operating cash flows. Bullish sentiment centers on the company’s healthy cash position, strong mining and exploration performance, and strategic capital investments that are expected to drive increased throughput and support long-term growth. The promising high-grade drilling results and expanded production capabilities, particularly at Riverina and Little Gem, provide confidence in Ora Banda Mining Limited’s ability to extend mine life and boost outputs in future quarters. Conversely, bearish perspectives may focus on the temporary operational disruptions caused by processing plant downtime and the upward revisions in both production and cost guidance. These adjustments, coupled with higher operating costs and the short-term impacts from plant upgrades, could pressure near-term profitability. Investors should consider both the solid cash fundamentals and strategic investments alongside these near-term challenges when evaluating the company’s outlook.