Ora Banda Mining Ltd. (OBM) remains on track for first gold production from its 100%-owned Davyhurst Gold Project in early first quarter of current year 2021. The development project is located ~120km north-west of Kalgoorlie, WA. The restart of operations at Davyhurst utilises existing processing infrastructure (1.2Mtpa), which requires only modest remedial work, with ore initially to be sourced from 5 open pits and 1 underground mine. Davyhurst reserves are now 6.1Mt grading 2.4g/t Au for 460koz, up ~39% from 4.4Mt grading 2.4g/t Au for 330koz gold (May'20), and includes maiden reserves for the Waihi (108koz) and Callion (21koz) open pits. The delivered reserve position is within expectations (450-500koz), and mine life extensions beyond the initial 5 years is anticipated, especially at depth. OBM is flagging a potential inventory addition of 3.7Mt grading 4.4g/t Au for 500koz, which could convert over time through targeted exploration. The Riverina underground reserve was not included in the study, and would expect Callion to provide additional high-grade underground ores in future. As per the Definitive Feasibility Study (DFS) released at the end of June'20, pre-production capital costs are estimated to be AUD 45 million, which was in-line of expectations. Mining costs of ~AUD 19 million make-up ~43% of the total pre-production capex, with the proposed open pit and underground operations to use contractor miners. On the current timeframes, OBM plans to commence mining in fourth quarter of current year of 2020 and expects that the works on the processing plant will be completed before current year of 2020 end. To fund the final phase of development activities for the restart and to provide some additional working capital, OBM raised AUD 55 million in new equity (~240m shares at 23cps) and retains a strong current cash position of ~AUD 66 million, while being debt free. At the DFS used gold price of AUD 2,100/oz a 14-month payback is anticipated, and <7 months at current spot gold prices. It is also worth noting that the Company has tax losses in excess of AUD 258 million to utilise, which will increase free cash flow, especially in the early years of the operation. Lower production at higher cost, but upside still exists: Latest reserves deliver life of mine (LOM) production of 418koz (recovered), averaging ~81kozpa with peak production of +100kozpa forecast in fiscal year 2023. The average LOM production is lower than had expected, having modelled an average ~91kozpa (90-100kozpa), though had assumed some higher-grade underground mines yet to come. LOM C1 costs are estimated to be AUD 1,427/oz for AISC of AUD 1,566/oz. company had previously forecast an AISC of ~AUD 1,350/oz, with costs largely in-line on a per tonne basis but slightly lower head grades for a lower denominator (/oz). Davyhurst project production in first quarter of Current year 2021: The Davyhurst project is located ~120km north-west of Kalgoorlie, WA. The consolidated project area comprises of the Riverina, Mulline, Davyhurst, Siberia, Lady Ida and Mt Ida project areas, which have historically produced more than 1.5Moz of gold since 1897. OBM's current activities are focused on 5 advanced deposits. The Davyhurst project is located within the largely north striking Davyhurst-Mt Ida Greenstone Belt, a western branch of the Norseman-Wiluna Belt. The project is situated on the boundary between the Eastern Goldfields Province and Southern Cross Province and includes two major structures, the Mt Ida Shear and Zuleika Shear. The Mt Ida Shear Zone marks the boundary between the Barlee Terrane of the Southern Cross Province and the Kalgoorlie Terrane of the Eastern Goldfields Province. The Zuleika Shear separates the Coolgardie and Ora Banda Domains of the Kalgoorlie Terrane. Gold mineralisation at Davyhurst is typical of Late Archaean greenstone hosted mesothermal gold deposits with subtle variations in the deposits throughout the area. The project spans the historical and recent gold mining centres of Mulline, Davyhurst, Round Dam, Callion, Siberia, Lady Ida, Riverina, Sand King and Missouri mines. The Davyhurst project contains key infrastructure including a conventional 1.2Mtpa CIP gold processing plant, well established administration and maintenance buildings, extensive spares inventory, an established bore field, haul roads, licensed tailings storage facility (TSF) and a ~200-person accommodation camp. The plant comprises a three-stage crushing plant, a two-stage milling circuit, gravity circuit and a conventional leach circuit. OBM's predecessor, Eastern Goldfields spent an estimated AUD 28M on the refurbishment of the Davyhurst Plant. Unfortunately, the refurbishment was not fully completed, with limited production reported during the commissioning period. OBM engaged GR Engineering (GNG.asx) to complete a detailed review of the Company's Davyhurst Processing Facility and the plant's associated infrastructure. The estimated capital cost to complete the remedial works and recommission the plant on an EPCM basis is ~AUD 8.7M direct costs with an additional ~AUD 2.6m indirect costs The tailings storage facility (TSF) paddock needs a lift but appears serviceable for over 12 months. Ore reserves have been updated for the Davyhurst DFS, and now consist 6.1Mt grading 2.4g/t Au for 460koz, up ~39% from 330koz gold (May'20). Reserves have now been updated for the DFS, delivering the key outcome of an initial 5-year mining proposition. GR Engineering (GRES, GNG.asx) has been engaged to complete the remedial works for the 1.2Mtpa Davyhurst processing plant. As per the current schedule five deposits will initially be mined via open pit with Golden Eagle to be mined via underground mining methods. Resource definition drilling is expected to be ongoing to upgrade resources to grow reserves (and mine life). The DFS mine plan is summarised below. The latest information provided in the Davyhurst DFS has been used to update modelling. Company assume a restart to gold production at Davyhurst in early First Quarter CURRENT YEAR 2021, ramping-up during CURRENT YEAR 2021 to achieve nameplate throughput rate of ~1.2Mtpa. Company use a LOM average head grade of ~2.4g/t Au, which company expect will improve over time as more underground ore sources are added into the processing mix. Company model a nominal AUD 25 million (~3cps) value for Mt Ida and other exploration (upside potential). Company believe OBM is well positioned for brownfield exploration success at both project areas through extension of the current known orebodies and new discoveries. Company continue to use a 12% discount rate, and will adjust hurdle rate once the production milestone has been reached. Latest OBM NAV has been improved by the DCF roll forward and recent changes to gold price assumptions.