Ann: June 2024 Quarterly Activities and Cashflow Reports, page-20

Starting to come together at the right time.........

Ora Banda has had its doubters as the company’s Davyhurst mine, east of Kalgoorlie, has claimed several previous operators.

Creagh admitted it had been stressful trying to execute a turnaround with a tiny budget, limited team, and against the macroeconomic backdrop in WA.

“In under two years, we went from zero undergrounds to finding, starting and getting one to commercial production and finding another that’s just about to start, so it’s been remarkably successful on a small budget,” he said.

“Now we’re into the fun stage, because we’re through the fixing stage – it’s finished – the next 12 months is when we really start generating strong cashflows from the underground.”

The record gold price has come at the perfect time for Ora Banda, with production set to rise by 30% in the next 12 months and costs to fall by more than 25%.

“It’s a great place to be at the moment, for sure,” Creagh said.

“The gold price is awesome and it looks strong for the foreseeable future, which is great for the gold companies.”