Ora Banda Mining loses most in more than two months; Macquarie downgrades citing valuation

Ora Banda Mining

15/09/2025 05:03

** Shares of Australia's Ora Banda Mining OBM.AX fall as much as 13% to A$1.005, their lowest since September 5

** Marks biggest intraday pct drop since July 11

** Analysts at Macquarie downgrade gold miner to 'underperform' from 'outperform', based on the recent increase in the stock's valuation; up 30% in August, 36.7% MTD in September

** TP unchanged at A$0.95/shr

** Note 11% and 4% increase in YTD resources and reserves respectively, entailing higher tonnage of resources, but with reduced 'grades', meaning lower concentration of metal meant for extraction

** See reduced grades from co's Riverina mine in Western Australia driving 9% EPS cut in FY27e

** Expect OBM's FY26 exploration program to enhance growth

** Stock last down 10.2%, trimming YTD gains to 59.6%

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))