Ora Banda Mining Shares Rise 6.6% as Gold Miners Rally and Davyhurst Expansion Moves Ahead on Schedule

SYDNEY — Shares of Ora Banda Mining Ltd. rose 6.6% on Monday, joining a broader rally in gold stocks.

Ora Banda shares gained 9.5 cents to A$1.535, the session high, after trading as low as A$1.4275. About 4.2 million shares changed hands, and the company was valued at about A$3 billion.

Gold miners were among the top gainers as the Materials index rose 1.8%. No new announcement was found on Monday.

Strong week

The stock has recovered from a sharp slump. Ora Banda surged 15.23% to A$1.475 on Nov. 5 as the company advanced underground development at Davyhurst.

That followed a weak quarterly report. The company produced about 33,300 ounces of gold in the September quarter, roughly 17% below the consensus estimate of about 40,000 ounces, blaming an extended mill shutdown and wet weather.

All-in sustaining costs rose to A$4,214 an ounce from A$3,870 in the June quarter.

Expansion on track

Construction of the new Davyhurst processing plant remains on schedule and within budget, while Waihi underground development and the Palmerston decline are moving ahead. Fiscal 2027 guidance remains unchanged.

Ora Banda signed a $233 million contract with GR Engineering in June to build a 3 million tonnes per annum processing plant.

The stock is up about 35% over the past year.