Ora Banda Mining's Davyhurst Turnaround Reaches a Major Milestone

A disciplined operational turnaround under CEO Luke Creagh has culminated in board approval for a mill expansion, backed by continued exploration success.

31 Jul 2026 · 3 min read

Ora Banda Mining transformed itself into a leaner, more focused Western Australian gold producer centred on its Davyhurst operations, delivering a disciplined operational turnaround under CEO Luke Creagh that culminated in the board approving the most significant capital decision in the company's history to expand milling capacity.

A repositioned, disciplined turnaround

First Samuel said Ora Banda repositioned itself as a leaner, more focused Western Australian producer centred on Davyhurst, running a program aimed at stabilising output and unit costs, with its fortunes turning in recent years through a combination of an improving gold price and the appointment of Luke Creagh as chief executive in July 2022, pivoting the business toward underground mining to leverage higher-grade ore. Paradice Investment Management said Ora Banda was one of the fund's stronger contributors for the quarter, rebounding sharply after a significant de-rate the previous quarter, remaining supportive of management's disciplined operational turnaround and viewing the exploration pipeline as a key medium-term value driver, with potential for significantly higher production likely requiring further milling investment.

Converting rising gold prices into value

First Samuel said Ora Banda has represented a small but successful holding within its client gold basket portfolios, with the position built when the share price ranged in the low 70 cent range, finishing one week in the high $1.20s despite recent weakness, noting the company has particularly well positioned itself to convert rising gold prices into value even as its all-in sustaining costs of A$3,505 an ounce exceeded market expectations.

A major capital decision, and continued exploration success

First Samuel said its team flew into Davyhurst in February, coming away with a dominant impression of scale and optionality, a district-scale gold system still working through its ramp-up under a management team with the right instincts and a growing body of exploration success. News released on 18 May marked the most significant capital decision in the company's history, with the board approving construction of a mill expansion. Perennial Partners said Ora Banda bucked the trend of weaker gold equity performance in July, returning 7.6 percent for the month, buoyed by a continued string of exploration results implying further mine life extensions.

The news released on 18 May is the most significant capital decision in the company's history. OBM's board has approved construction of a mill expansion.

— First Samuel, Article, May 2026

A gold-agnostic approach that's paid off

Firetrail Investments said the stock fell alongside a weakening gold price driven by US dollar strength and a safe-haven unwind as Middle East peace talks progressed, though the fund does not take strong gold price views, preferring to back the best fundamental opportunities in the sector, having generated more than 20 percent excess returns from gold despite never running more than 1 percent over or underweight.

The fund doesn't take strong gold price views, preferring to back the best fundamental opportunities in the sector, and has generated over 20% excess returns from gold despite never running more than 1% over- or under-weight.

— Firetrail Investments, Monthly Report, June 2026

What fund managers say they are watching next is delivery of the newly approved mill expansion, continued exploration success extending mine life at Davyhurst, whether all-in sustaining costs come down as the operational turnaround matures, and how gold price volatility continues affecting sentiment despite Ora Banda's fundamentally-driven investment approach.