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ORA BANDA MINING LIMITED
ABN 69 100 038 266
CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2021
For personal use only
ORA BANDA MINING LIMITED
CORPORATE DIRECTORY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
DIRECTORS
Peter Mansell (Non-executive Chairman)
Peter Nicholson (Managing Director)
David Quinlivan (Non-executive Director)
Keith Jones (Non-executive Director)
Mark Wheatley (Non-executive Director)
COMPANY SECRETARY
Tony Brazier
Susan Park
REGISTERED & PRINCIPAL OFFICE ADDRESS
Level 1, 2 Kings Park Road
West Perth WA 6005
Australia
Telephone:
- Within Australia: 1300 035 592
- Outside Australia: +61 8 6365 4548
Email: admin@orabandamining.com.au
Website: www.orabandamining.com.au
SHARE REGISTRY
Computershare Investor Services Pty Limited
GPO Box 2975
Melbourne VIC 3001
Telephone: 1300 555 159
AUDITOR
KPMG
235 St Georges Terrace
Perth WA 6000
SECURITIES EXCHANGE LISTING
Listed on the Australian Securities Exchange under the trading code OBM
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ORA BANDA MINING LIMITED
DIRECTORS' REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
The Directors submit the financial report of Ora Banda Mining Limited (the Company) and its subsidiaries (the Group) for the half-year ended 31 December 2021.
For personal use only
DIRECTORS
The Directors of the Company at any time during the half year and up to the date of this report are set out below. Directors have been in office for this entire period unless otherwise stated.
Peter Mansell (Non-executive Chairman)
Peter Nicholson (Managing Director)
David Quinlivan (Non-executive Director)
Keith Jones (Non-executive Director)
Mark Wheatly (Non-executive Director)
PRINCIPAL ACTIVITIES
The principal activities of the Group during the half year were mine operations and the sale of gold, mine development and exploration, in Western Australia.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of Ora Banda Mining Limited during the period under review.
GROUP FINANCIAL OVERVIEW
Financial Review
The Group recorded a net operating loss of $5.36 million (Half-year ended 31 December 2020: $8.74 million net loss) and a net profit of $6.61 million for the half-year ended 31 December 2021 (Half-year ended 31 December 2020: $8.78 million net loss) and incurred $24.54 million (Half-year ended 31 December 2020: $25.46 million) of mine development and capital expenditure. The profit was the result of the sale of the Mt Ida assets in September 2021.
Revenue for the period totalled $79.60 million from the sale of 32,328 ounces of gold at an average price of $2,458.40 and 3,632 ounces of silver at an average price of $32.52. There were no sales in the previous corresponding period.
During the half-year ended 31 December 2021 the Group recorded net cash outflows of $3.70 million in operating and investing activities, which was funded by existing cash of $24.22 million at 1 July 2021 and cash inflows of $0.85 million from the issue of fully paid ordinary shares (before costs). The Group's closing cash balance as at 31 December 2021 was $15.02 million.
Capital Raising
On 5 July 2021 the Company announced the results of its Share Purchase Plan offer which raised $0.75 million by the issue of 4,382,393 fully paid ordinary shares at an issue price of 17 cents per fully paid ordinary share.
On 18 August 2021 the Company issued 588,236 fully paid ordinary shares at an issue price of 17 cents per ordinary share raising $0.10 million. This completed the $21 million placement announced in June 2021.
Divestment of Mt Ida Pty Ltd
In addition to the funds raised by the issue of fully paid ordinary shares, the Company disposed of Mt Ida Gold Pty Ltd raising $11.04 million before costs.
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ORA BANDA MINING LIMITED
DIRECTORS' REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
REVIEW OF OPERATIONS
Davyhurst Gold Project
Mining
Ore was mined from three mining centres during the period. Total ore mined was 742,149 tonnes at a grade of 1.85 g/t Au for 44,120 contained ounces.
Underground Mining
Golden Eagle underground mine production for the period totalled 204,415 tonnes at 2.59 g/t for 16,999 ounces. Production for the half year exceeded budget, with mining completed in December 2021. The mining contractor demobilised from site in January 2022.
Open Pit Mining
Open pit mining at Riverina totalled 328,210 tonnes at 1.54 g/t for 16,242 contained ounces.
Open pit mining at Missouri totalled 209,524 tonnes at 1.61 g/t for 10,879 contained ounces. Ore tonnages and grades are expected to progressively increase in the second half of the financial year as waste stripping reduces.
Processing
Ore milled for the period totalled 500,883 tonnes at a blended grade of 2.14 g/t Au for 34,521 contained ounces. Recovery during the period was 91.4% with 31,471 ounces being poured. Golden Eagle provided approximately 37% of the mill feed, with the balance sourced from the open pit mines. The Company continued to experience challenges associated with material handling issues during the half year.
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ORA BANDA MINING LIMITED
DIRECTORS' REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
REVIEW OF OPERATIONS (continued)
Group Mining and Production Statistics
Davyhurst Gold Project
Mining Operations | Quarter | ||||
Units | Sep -21 | Dec-21 | YTD | ||
Open Pit | |||||
Riverina | |||||
Waste Mined | bcm | 569,345 | 245,719 | 815,064 | |
Ore Mined | t | 196,961 | 131,249 | 328,210 | |
Grade | g/t | 1.63 | 1.41 | 1.54 | |
Contained Gold | oz | 10,307 | 5,935 | 16,242 | |
Missouri | |||||
Waste Mined | bcm | 953,199 | 1,054,280 | 2,007,479 | |
Ore Mined | t | 75,496 | 134,028 | 209,524 | |
Grade | g/t | 1.36 | 1.76 | 1.61 | |
Contained Gold | oz | 3,303 | 7,576 | 10,879 | |
Underground | |||||
Golden Eagle | |||||
Ore Mined | t | 92,389 | 112,026 | 204,415 | |
Grade | g/t | 2.23 | 2.88 | 2.59 | |
Contained Gold | oz | 6,618 | 10,381 | 16,999 | |
Davyhurst Total | |||||
Ore Mined | t | 364,846 | 377,303 | 742,149 | |
Grade | g/t | 1.72 | 1.97 | 1.85 | |
Contained Gold | oz | 20,228 | 23,892 | 44,120 |
Davyhurst Gold Project
Processing Operations | Quarter | ||||||
Units | Sep -21 | Dec-21 | YTD | ||||
Ore Processed | |||||||
Ore Processed | t | 230,128 | 270,755 | 500,883 | |||
Head Grade | g/t | 1.94 | 2.31 | 2.14 | |||
Contained Gold | oz | 14,383 | 20,138 | 34,521 | |||
Recovery | % | 90.4 | 92.2 | 91.4 | |||
Gold Poured | oz | 14,279 | 17,192 | 31,471 | |||
Gold Sold | oz | 13,522 | 18,806 | 32,328 | |||
Bullion on Hand | oz | 1,614 | - | - |
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Ora Banda Mining Limited published this content on 08 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2022 21:36:20 UTC.