Ora Banda Mining Limited announced results from Phase 1 drilling continue to expand and enhance the Riverina system for underground mining potential. Drilling has significantly extended Riverina's high-grade mineralisation more than 100m to the south and 100m vertically. The deposit remains open in all directions.

The exciting results to date (29 holes from a 46 diamond hole program) have doubled the depth of known mineralisation from 240m to 480m. New significant intercepts include: 2.5m @ 29.0 g/t Main Lode East 2.4m @ 26.4 g/t Main Lode East; 1.2m @ 51.0 g/t Main Lode East; 3.4m @ 14.3 g/t Main Lode East; 2.8m @ 9.52 g/t Main Lode East; 1.0m 14.6 g/t Main Lode East; 2.0m @ 13.2 g/t Main Lode West (including 1.0m @ 25.1g/t); 1.4m @ 14.2g/t Main Lode West; 1.0m @ 40.3 g/t Murchison Lode; 0.9m @ 30.5 g/t Murchison Lode; 0.7m @ 26.1g/t Murchison Lode. The deepest hole drilled to date has intersected visible gold returning 1.0m @ 14.6g/t (Main Lode East) and 1.4m @ 14.2g/t (Main Lode West) at 480 vertical metres below surface.

The exploration window and plunge continuity at depth remains untested by drilling. The deepest hole drilled to date on the Murchison Lode has intersected visible gold returning 0.7m @ 26.1g/t at a depth of 410 vertical metres - again further enhancing the exploration window at depth and along plunge. The program also hit a parallel structure known as Reggie's Lode at depth.

The intercept returned 0.7m @ 4.2 g/t & 0.5m @ 6.8 g/t and adds to Riverina's prospectivity. 46 diamond holes for 13,046 metres have now been completed. Given the excellent results, the program was expanded to 54 holes for a total of 15,331 design metres.

Results have been returned from 29 holes with a further 17 holes currently being processed. Eight diamond holes remain to be drilled. Given the outstanding drilling results returned to date, a Phase 2 drilling program is being designed to help the Company accelerate a potential mining decision.

Main Lode Drilling: The Main Lodes are made up of two parallel structures (East and West) that are sub-vertical and approx. 10 metres Apart; The Main Lode East is the prominent mineralised structure; The current drilling results has further proven the strike continuity of the Main Lode structure for more than 1km and demonstrated that the system is open in all directions including high grade intercepts at depth; The success of the deepest hole drilled to date (Hole 049) greatly enhances the exploration window at depth and down plunge to the south; The high grade drilling intersection in Main Lode West (1.4m @ 14.2g/t) bodes well for further extensions at depth on this lode horizon. Murchison Lode ­ Emerging High Grade Potential at Depth: A new, narrow vein and high-grade extension of the Murchison lode has been identified in deeper drilling that runs parallel to the existing Main Lode; The Murchison Lode is located between approx.

20m and approx. 80m east of Main Lode and is presenting as an attractive, high-grade, narrow vein underground mining target; This lode system was not targeted in historical drilling as previous drilling in this area was shallow and largely from the West; therefore there were no deeper intersections; The Murchison Lode has five of the top ten grades ever sampled in the Riverina system and has a proven strike of over 700m and is considered poorly tested below 200m. Reggies Lode ­ Emerging exploration window: The first hole to hit Reggies Lode at depth returned 0.7m @ 4.2 g/t & 0.5m @ 6.8 g/t greatly enhancing this untested exploration window; All previous drilling on Reggies Lode was relatively shallow targeting near surface open pit resource; Reggies at depth remains a high priority exploration target.

Riverina ­ Ideal geometry for low capital selective mining: Single decline and infrastructure can access all lodes at the same time, improving equipment efficiency and increase production rates; Grade control drilling can be done from stockpiles as the decline advances which allows for fast and accurate geological data and the ability to identify high-grade trends; Access drives off the decline can easily be optimised to ensure they are targeting the highest grade ore, such that waste development is minimized. OBM's Underground Exploration Strategy: A key pillar of OBM's 3-Year Strategy to create value is by committing exploration expenditure targeting high-grade underground ore enhancing the potential to increase production above 100kozpa. OBM prioritised drilling of the underground extensions at Riverina in July 2022, considering: The project had an existing high-grade underground resource of 151koz at 6.6 g/t; Historical mining down to approx.

120 vertical metres extracted 100kt at approx. 12 g/t; Developing the Riverina Underground is considered a relatively quick, low capex option given the existing infrastructure in the area and the ability to develop a mine portal from the base of the current open pit; and Riverina ore has been processed at the Davyhurst mill and has recoveries of approx. 92%.

There has been limited deep drilling in the overall system which is open in all directions and was poorly tested below 250 vertical metres. The program currently underway is the first diamond drilling exploration program in more than 12 months on the tenement package. OBM is in the process of collating all exploration data and anticipates announcing a resource update in the March quarter.