Ora Banda Mining has released its 1Q FY23 activity and cashflow report

Ora Banda Mining Limited (ASX: OBM) is reported its March 2023 quarter operations:

• The company had a period of considerable upheaval during which it took steps to improve its balance sheet and redeploy resources to start building the Riverina Underground mine.
• To fund the construction of Riverina underground and further exploration on its leases, Ora Banda secured legally binding pledges for up to AU$44.2 million during that time or entered into agreements for payments of that amount to the company.

Project Report

The company sold 12,445 oz for AU$3,257/oz. Although net cashflow was negative for the quarter due to greater capital investment and one-time maintenance charges, the Missouri open pit mine grade increased from 1.6g/t in the previous quarter to 2.5g/t in the March-23 quarter.

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