Completion of DEPL Transaction and Cash Consideration

Ora Banda Mining Ltd (ASX: $OBM) has successfully completed the farm-in arrangement with Davyston Exploration Pty Ltd (DEPL), a wholly-owned company in the Wesfarmers Chemicals, Energy & Fertilisers division. The company has received a second cash payment of $11.71 million from DEPL, with the remaining $4.29 million to be paid on 30 April 2024, totaling the full $26 million cash consideration from DEPL.

Executive Commentary

We are delighted to reach completion on this deal with a world-class joint venture partner focused on lithium and other base metal prospectivity. We are now looking forward to what WesCEF and Ora Banda's combined efforts can achieve as we continue to unlock the full exploration potential of the Davyhurst belt.

Summary of Completion and Future Prospects

Ora Banda Mining Ltd (ASX: $OBM) has successfully completed the DEPL Transaction, receiving $11.71 million in cash consideration with the remaining $4.29 million to be paid on 30 April 2024. The company will also receive a 2% royalty from DEPL in respect of all Other Minerals. Additionally, Ora Banda expects to receive an additional $4 million from Hawkes Point for effectively on-selling 1.5% of that 2% royalty. With the completion of this deal, Ora Banda is optimistic about the future prospects and the combined efforts with WesCEF to unlock the full exploration potential of the Davyhurst belt.