Ora Banda Mining (ASX:OBM) is "delivering well to plan" and is poised to meet fiscal 2026 production target of over 150,000 ounces per annum, Euroz Hartley said in a Thursday note.

The company's total gold production for the December 2024 quarter came in at 22,973 ounces, with an all-in-sustaining cost of AU$2,536 per ounce.

The result was in line with expectations, but slightly lower than Euroz Hartley's production target and at a higher cost, the financial services firm said.

While less gold was sold in the quarter, the higher gold prices helped maintain revenue of AU$92 million, consistent with the previous quarter, Euroz Hartleys added.

Euroz Hartley also noted both underground mines are delivering well to plan, with the Riverina deposit providing similar grade ores quarter-on-quarter, though with slightly less material.

Euroz Hartleys has a buy rating on Ora Banda Mining.

Shares of Ora Banda Mining fell past 3% in recent Friday trade.