Ora Banda’s Record Quarter Shows Davyhurst Moving Beyond Restart Status

Ora Banda reported record quarterly gold production of 38,766 ounces for the March 2026 period, with Davyhurst also posting record plant throughput of 343,200 tonnes and recoveries of 93 per cent.

The company said output was up 21 per cent on the previous quarter and was accompanied by record cashflow from operations. 

The significance of the result lies in how many operating indicators improved at once. Throughput, recoveries, ounces produced and cash generation all moved higher in the same quarter, lifting free cash flow to A$76.3 million and closing cash to A$231.7 million. That gives Ora Banda greater balance sheet flexibility while it continues to invest in growth across the Davyhurst belt. 

There is also a wider structural element to the story. Davyhurst has spent much of its recent history being discussed in terms of recommissioning and operating reset. That framing starts to lose relevance when a mine begins to generate consistent production records and self-funded expansion capacity. Ora Banda highlighted the recently expanded Round Dam Mineral Resource of 1.33 million ounces alongside ongoing growth investment across the wider project area. 

In a strong gold price environment, that combination is significant. Davyhurst is starting to look less like a repaired asset and more like an operating hub with room to absorb additional ore sources and sustain a larger district-scale mining profile over time.