Ora Banda Mining Emerges as 'Compelling, Self-Funded Growth Story' After Delivering Significant Resource Growth, Euroz Hartleys Says

Ora Banda Mining (ASX:OBM) is emerging as a "compelling, self-funded growth story" after delivering a 75% increase in the mineral resource estimate for its Davyhurst gold project in Western Australia, Euroz Hartleys said in a Tuesday note. The total mineral resource estimate now stands at 56.5 million tonnes at 2 grams per tonne grade of gold for about 3.7 million ounces, the equity research firm said. Ora Banda is also committed to an additional 340,000 meters of drilling in fiscal year 2027, focused on the key project areas of Round Dam, Sand King, and Little Gem. Reserve and resource growth has been an important driver of the company's growth strategy, providing a clear pathway to production growth of over 300,000 ounces annually from fiscal year 2029 for "a step-change in earnings and cash flow generation," the investment firm said. It maintained a buy recommendation on Ora Banda Mining with a price target of AU$2.05 per share. The company's shares were 5% lower in recent Tuesday trade.