Ora Banda Mining's (ASX:OBM) execution of its ambitious fiscal year 2026 exploration program established a solid foundation for self‐funded growth, Euroz Hartleys said in a May 5 note.

The exploration program was underpinned by a budget of AU$73 million and roughly 330 kilometers of drilling, an investment that has already yielded a 57% boost in group resources to 3.3 million ounces with more near-term growth on the horizon, the equity research firm said.

The company's Waihi gold prospect in Western Australia "is advancing rapidly from a small open pit to portal position for the next underground mine," Euroz Hartleys said.

It added that the Riverina and Sand King underground mines are running at steady‐state and appear to be supporting long mine lives, with Sand King continuing to benefit from dual declines and a recent 25% uplift in mined ounces.

Euroz Hartleys maintained a buy rating on Ora Banda and raised its price target to AU$1.92 per share from AU$1.88, saying the company "remains a compelling growth story leveraged to exploration success."