Ora Banda Mining Limited (ASX: OBM)
Ora Banda Mining Limited (ASX: OBM) reported a solid performance for the December 2024 quarter, showcasing strong cash flow growth and significant progress in its underground mining operations. The company’s cash position increased by A$9.1 million, reaching A$57.8 million, despite investing A$30.8 million into growth projects and exploration. The Riverina Underground operation achieved payback within 18 months, ahead of expectations, and is now generating positive cash flow. This mine continues to perform above expectations, with the mined grade of 5.3g/t exceeding the Ore Reserve grade of 4.2g/t. Ora Banda sold 22,288oz of gold during the quarter, bringing the total sold in the first half of FY25 to 47,824oz, and produced 22,973oz of gold. The Sand King Underground project is progressing as planned, with first development ore mined in December 2024, and stoping ore expected in March 2025. The Davyhurst mill processed 280kt of ore at a head grade of 2.9g/t, with Riverina and low-grade stockpiles comprising a substantial portion of the feed, but higher-grade material from Sand King is expected to boost mill feed in the second half of FY25 and FY26.
The company’s growth strategy remains on track, with key capital and development investments made across its underground operations. A total of A$20.8 million was allocated to the Riverina and Sand King Underground developments, while A$4.5 million was spent on infrastructure, and A$5.5 million on resource development and exploration. With the successful ramp-up of both underground projects, including the progression of Sand King toward steady-state production, the company is well-positioned to increase its production target to 150koz by FY26. As the higher-grade ore from Sand King replaces lower-grade feed in the Davyhurst mill, the company expects both production and cash flow to increase, while costs will decrease. The company’s exploration efforts are expected to further strengthen its portfolio and facilitate rapid expansion in the future.
BlueBet Holdings Limited (ASX: BBT)
BlueBet Holdings Limited (ASX: BBT) has undergone a transformative phase following its merger with betr in July 2024. The integration of betr’s strong customer base with BlueBet’s proprietary technology platform has yielded immediate benefits, particularly evident during the Spring Racing Carnival. With a sharp focus on operational efficiencies and synergies, the combined entity is now positioned as a leading Australian wagering operator, well-equipped to capture further market share. Management remains committed to delivering EBITDA profitability in FY25, underpinned by a disciplined approach to cost optimization and revenue growth.
BlueBet’s core Australian business demonstrated robust performance in FY24, achieving record turnover and net win while outperforming market expectations. Over the past five years, the company has exhibited a strong growth trajectory, with revenue expanding from $16.81 million in 2020 to $58.55 million in 2024. Despite fluctuations in cash reserves—peaking at $56.10 million in 2021 before stabilizing at $24.49 million in 2024—its financial profile remains solid. Notably, the decision to exit the US market was a strategic move to enhance profitability. By successfully closing its ClutchBet sportsbooks by September 2024, BlueBet has unlocked $6–8 million in annual cost savings and released an $11.2 million provision, bolstering its FY25 EBITDA. The swift migration of betr’s customer base onto BlueBet’s platform within 59 days has accelerated customer engagement and retention. The rebranded betr platform, appealing to younger, sports-focused bettors, has seen strong early traction. Additionally, product enhancements such as a personalized promotions engine, improved app functionality, and a more competitive digital offering have further strengthened BlueBet’s market positioning.
Realizing merger synergies has been a key priority, with initial targets exceeded by 20%, now totaling $16.9 million in potential cost savings. BlueBet’s proprietary technology remains a critical enabler of these efficiencies, supporting long-term profitability. As the company maintains a focus on responsible gambling, operational discipline, and market expansion, it is well-positioned to sustain strong growth and enhance shareholder value in the evolving Australian wagering landscape.
Source: Company’s Report
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