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Corporate Spotlight

Ora Banda Mining (ASX: OBM) is a uniquely positioned gold exploration and development company, and 100% owner of the Davyhurst Gold Project in the highly prospective Eastern Goldfields region of Western Australia.
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Ora Banda Mining discusses Waihi Orebody assays

CORPORATE PRESENTATION

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LOWER THAN FORECAST

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Cost of Process Plant Remedial Work Lower Than Forecast

ASX Announcement 2 August 2019 


EPCM Cost Estimate 43% Lower at A$8.5M


Highlights

  • Detailed review of Davyhurst Process Plant and associated plant infrastructure undertaken by GR Engineering Services Ltd (“GRES”) 
  • EPCM (+/- 15%) capital cost estimate for remedial work program is A$8.5M 
  • EPCM estimate includes contingency of A$0.84 million 
  • Re-start capital cost now approximately A$6.5m lower than earlier estimates 
  • Lower capital cost seen as a significant benefit, enhancing potential project returns


Ora Banda Mining Limited (ASX:OBM) (“Ora Banda”, “Company”) is pleased to advise that a detailed review of the Company’s Davyhurst Gold Processing Plant and the plant’s associated infrastructure, has now been completed, with a clear positive outcome.


GRES has estimated the capital cost to complete remedial works and recommission this processing plant on an EPCM basis to be A$8.52 million. This represents a 43% reduction in the Company’s previous capital cost estimate* and includes a contingency of A$0.84 million


Summary tables of major items included in this cost estimate are included on the following page


Ora Banda also advises that GRES have estimated the time to complete the remedial works program and recommission the Davyhurst processing plant to be only 24 weeks from commencement of the remedial works**.


Ora Banda Managing Director, David Quinlivan, said: 

“We are pleased to provide further clarity on the capital cost estimate to complete outstanding remedial works and to recommission the Davyhurst Gold Processing Plant. We are also pleased that our previous estimate of A$15 million* for this remedial work program has proven to be conservative and believe these projected capital cost savings will significantly enhance the overall economics of this project.


Table 1 – GR Engineering Services Ltd Cost Summary by Area 

Table 2 – GR Engineering Services Ltd Major Components of Capital Estimate 


Click here to view the full announcement

QUARTERLY

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JUNE 2019 – QUARTERLY ACTIVITIES REPORT 

Recapitalisation Process Completed & Securities Requoted on ASX

ASX Announcement 31 July 2019 


Highlights for the 3 Months to 30 June 2019: 

  • $30 million fund raising completed 
  • Deed of Company Arrangement (DOCA) effectuated 
  • Well funded to undertake nominated exploration and resource drill out work programs 
  • New board appointed 
  • Securities reinstated to official quotation on ASX 
  • Exploration and resource drill programs have commenced 
  • Samples collected from previous work programs dispatched for analysis


Ora Banda Mining Limited (ASX:OBM) (“Ora Banda”, “Company”) is pleased to report on its activities for the June quarter, a quarter in which the Company’s securities were reinstated to official quotation on ASX (28 June 2019) after a successful $30 million recapitalisation process.


Following completion of the recapitalisation Ora Banda is now debt free with $14.1 million cash at bank and a compelling resource drilling and exploration program to be undertaken over the coming 12 month period.


Resource & Reserve Drilling 

Detailed planning in preparation for the recommencement of resource and reserve drilling operations continued during the quarter with a focus on resource infill, resource conversion and extensional programs at five key prospects.


Riverina 

Riverina is the first of the Company’s five key prospects on which a resource drill out program has been planned. A drill rig mobilised to site at the end of the June Quarter and commenced drilling at Riverina shortly thereafter.


Regional Exploration 

Regional exploration activity during the quarter was limited to ensuring minimum required expenditure commitments were met.


Five RC holes (580 metres) were completed at the Juniper prospect (Mt Ida) during the quarter to follow up several coincident (auger and RAB) anomalies and to test the area adjacent to old mine workings previously mapped in the area. The Juniper Prospect mineralisation is hosted in a fine to medium grain amphibolite with the gold associated with a shear hosted quartz vein, similar in nature to that of the high-grade Mt Ida deposit. 


Samples from the Juniper Prospect have been submitted into the assay laboratory for analysis.


Two RC holes (220 metres) were completed at the Tyred Cow Prospect (Lady Ida) during the quarter to follow up several coincident (auger and RAB) anomalies. Tyred Cow is a prospect located between Salmon Gums and Two Gums Dam in sand-covered area void of outcrop.


Samples from the Tyred Cow Prospect have been submitted into the assay laboratory for analysis.


Click here to view the full announcement

BOARD OF DIRECTORS

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BOARD OF DIRECTORS

The Board has extensive experience in the mining industry covering the key disciplines of geology, operations, project finance and legal.


DIRECTORS


Peter Mansell
Non-Executive Chairman

Mr Mansell has extensive experience in the mining, corporate and energy sectors, both as an advisor and as an independent Non-Executive Chairman and director of listed and unlisted companies.


Mr Mansell practised corporate and resources law for a number of years in South Africa and Australia. He was previously a partner at Freehills (the predecessor of the law firm Herbert Smith Freehills), including the Managing Partner for over 10 years, and the National Chairman.


He retired from legal practice in 2004 and has since held directorships in a number of companies including BWP Management Ltd, Foodland Associated Ltd, OZ Minerals Ltd, WA Newspaper Holdings Ltd (Chairman), Electricity Networks Corporation (trading as Western Power) (Chairman) and Zinifex Ltd (Chairman). Mr Mansell also chaired the Advisory Board of Pacific Aluminium Ltd in anticipation of its intended float in 2014.


Mr Mansell’s current external appointments include Non-Executive Director of Foodbank of Australia Ltd and Energy Resources of Australia Ltd.


David Quinlivan
Managing Director

Mr Quinlivan is a mining engineer with significant mining and executive leadership experience having 11 years of service at WMC Resources Limited, followed by a number of high-profile mining development positions. Since 1989, Mr Quinlivan has served as principal of Borden Mining Services, a mining consulting services firm, where he has worked on a number of mining projects in various capacities.


He has served as Chief Executive Officer of Sons of Gwalia Ltd (post appointment of administrators), Chief Operating Officer of Mount Gibson Iron Ltd, President and Chief Executive Officer of Alacer Gold Corporation and Chairman of Churchill Mining PLC.
He is currently the Non -Executive Chairman of Silver Lake Resources Limited.


Keith Jones
Non-Executive Director

Mr Jones is a chartered accountant with 38 years’ industry experience . He lead the Western Australian practice of Deloitte for 15 years, the Energy and Resources Group, and Chairman of Deloitte Australia.


He is currently Chairman of Gindalbie Resources Limited and Chairman of Cannings Purple.


Mark Wheatley
Non-Executive Director

Mr Wheatley is a chemical engineer with over 30 years in mining and related industries. He has held executive roles at BHP Ltd, Bankers Trust Australia, Goldfields Limited, Aurion Gold Limited, Chairman and CEO of Southern Cross Resources Inc., MD of BMA Gold Ltd and Executive Chairman of Xanadu Mines Limited. He was Chairman of gold producers Gold One International Ltd and Norton Gold Fields Ltd. He has also held directorships of St Barbara Ltd, Uranium One Inc, Uranium Resources Inc. and Riversdale Resources Limited.


He is currently Non-Executive Director of Peninsula Energy Ltd.


MANAGEMENT


Tony Brazier
Chief Financial Officer

Mr Brazier is a chartered accountant and senior finance professional with over 25 years’ experience across a range of industries including mining & metals, oil & gas, infrastructure and manufacturing.


He has extensive experience in project modelling and financing, process optimisation, financial reporting and analysis, corporate governance and risk management.


Andrew Czerw
GM Resource Development

Mr Czerw is a highly experienced geoscience professional with over 25 years of significant senior management experience in Australia and overseas. He has extensive exploration, project development, surface and underground operational experience with a strong bias towards team building.


His previous roles include General Manager for Tanami Gold NL, Director of Operations for Tectonic Resources Ltd and Chief Geologist for Emperor Gold Mining Company Ltd.


WWW.ORABANDAMINING.COM.AU

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