Ora Banda Mining Ltd. announced that it has entered into an agreement with Lamerton Pty Ltd. and Geoda Pty Ltd. (together, the Purchasers) for the sale of certain non- core Lady Ida tenements for a total consideration of $10 million. The Company has entered into an agreement for the initial grant of gold and silver rights in respect of, and the subsequent sale of, M16/0262, M16/0263, M16/0264, L15/224, L16/58, L16/62 and L16/103 and applications for L 16/138 and L16/142 (Sale Tenements) to the Purchasers for $10 million (Transaction). With effect from receipt of the $10 million, the Purchasers will be granted the rights to explore for and mine gold and silver in respect of the Sale Tenements.

The grant of gold and silver rights commences on receipt of the $10 million, but the sale of the Sale Tenements is subject to the conditions precedent being satisfied, as summarised along with other material terms in the annexure. The terms of the mineral sharing arrangement with the Purchasers, pursuant to which OBM will retain all minerals other than gold and silver, are also summarised in the annexure. The mining leases included in the Sale Tenements are the subject of applications for forfeiture and related Supreme Court proceedings.

The Purchasers are affiliates of the applicant for forfeiture and transfer of the Sale Tenements will bring OBM's defence of the forfeiture applications to an end.