Ora Banda Mining (ASX:OBM) continues to execute its growth strategy, with positive development news from its second underground mine, Euroz Hartleys said in a Dec. 19 note.
Diamond drilling at the company's Sand King underground mine, part of its Davyhurst gold project in Western Australia, yielded up to 6 meters at 9.5 grams per tonne (g/t) of gold, including 3.5 meters at 13.7 g/t gold. The mine is on track to deliver its first shipping ore in the March 2025 quarter.
Euroz Hartleys said the results put the company on its path to gold production of over 150,000 ounces per annum, with unhedged output continuing to benefit from "strong" Australian dollar gold price.
The financial services firm retained its buy rating and price target of AU$0.90 on the gold explorer and developer.
Ora Banda Mining's shares fell 6% in recent Tuesday trade.
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