Ora Banda Mining Limited announced an updated estimate of Mineral Resources and a maiden Ore Reserve for its Riverina Underground. OBM's new 3-Year Strategy to pivot from open pits to explore for high-grade underground mines has paid swift dividends with the release of the updated Resource and maiden Reserve for the Riverina Underground Project, with key highlights including: Riverina Underground Mineral Resource doubles to 303,000 ounces at 4.1g/t New Resource is robust with minimum mining width of 1.6m applied Resource remains open in all directions, with Phase 2 of the exploration program to commence in March 2023. Phase 2 program is targeted to extend the mineralisation envelope further south and at depth Riverina underground maiden ore reserve of 73,000 ounces averages 4.3g/t, with more Reserve conversion only limited by drilling density.

Reserves calculated using gold price of AUD 1,850/oz and using a minimum mining width of 2.2m in stoping The Reserve is primarily made up of the Main Lode mineralisation only, with the Murchison lode making up less than 3% of the Reserve due to it having an inferred classification in the resource. Conversion from resources into reserves is a key component of the in-fill grade control drilling. The Phase 1 exploration program drilled 24% more holes in the 6 months from Jul-22 to Dec-22 than the entire amount of diamond drilling at Riverina Underground from 1984 to 2021.

The Company has progressed setting up for the underground mine with key works completed to date including: Riverina pit mined down a further 15m to fresh rock to expose Main Portal and Ventilation Portal accesses. The underground mining tender process is well advanced and expected to be completed in March 2023. A mining commencement notice was submitted to DMIRS on 10 February 2023, with mining able to commence 45 days after this notice, therefore Ora Banda will be able to commence mining after 27 March 2023.

The investment case for the FID is expected to be presented to the Ora Banda Board in the March quarter and is proposed to include consideration of inferred material that will convert to Reserve with further drilling as well as Resource extensions The Company has potential to achieve a production profile above 100koz per annum, underpinned by Reserves, with further production and reserve growth expected from resource conversion. Key points of note for the 100kozpa target include: Primarily based on Riverina Underground Project with the higher reserve grade of 4.3g/t materially increasing production and lowering costs Initial schedules under review demonstrate >600ktpa of ore is achievable and sustainable from Riverina underground. The current underground Resource of more than 300,000oz is open in all directions and a Phase 2 drilling program will target extensions to the mineralisation envelope further south and at depth.