The Ora Banda board has approved the final investment decision of the Sand King mine, paving the way for the project to become the company’s second underground mine at the Davyhurst gold project in WA.
Underground resource for the project recently increase by 176 per cent, now sitting at 3.4 million tonnes.
Ora Banda is targeting first development ore in the December 2024 quarter, with stoping to commence in the March 2025 quarter.
“It is a very exciting time for the company as the Ora Banda team has achieved a significant amount in a short period, finding two underground mines in less than two years since changing strategies – a success rate which also indicates the significant prospectively of the belt,” Ora Banda managing director Luke Creagh said.
“The Riverina underground continues to ramp up well and with the support of the Sand King underground, is expected to deliver 40 per cent year-on-year growth.”
Ora Banda is forecasting production to reach 100,000 ounces for the 2024–25 financial year (FY25), with an exploration spend of approximately $25 million budgeted to focus on expanding the Riverina trend.
This, coupled with the approval of Sand King underground, Ora Banda is on the pathway to deliver 150,000 ounces in FY26.
“Our drive to 150 plan to target 150,000 ounces in FY26 firmly places us on the pathway to becoming a mid-tier gold producer, and the most exciting part is that we are only just getting started on unlocking the highly prospective and under-explored tenement package,” Creagh said.