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Jacomynspan Nickel-Copper-PGE Project Agreement Extended
Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
ORION EXTENDS AGREEMENT TO CONSOLIDATE OWNERSHIP OF HIGHLY PROSPECTIVE JACOMYNSPAN
NICKEL-COPPER-PGE PROJECT, SOUTH AFRICA
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) advises that it has reached agreement to extend
the final completion deadline date of a previously announced transaction to acquire the remaining vendor
interests at its highly prospective Jacomynspan Nickel-Copper-PGE Project, located 65km north of its Prieska
Copper-Zinc-Project in South Africa (Jacomynspan Project).
Orion and the other current shareholders in the Jacomynspan Project have extended the date by which the
agreement must become unconditional from 27 February 2022 to 30 April 2022, with the extension providing
additional time for the parties to discuss a potential expanded and revised transaction whereby additional
prospective Southern African nickel projects will be combined with the Jacomynspan Project (New Transaction).
Background to the Jacomynspan Sale Agreement
In September 2017, Orion entered into a binding earn-in agreement to acquire the earn-in rights over the
Jacomynspan Project from two companies, Namaqua Nickel Mining (Pty) Ltd and Disawell (Pty) Ltd (Namaqua
Disawell Companies), which hold partly overlapping prospecting rights (some of which may be subject to
amendment) and a mining right (which is subject to notarial execution).
On 13 July 2020, the Company announced that it had entered into an agreement whereby Orion (or its nominated
subsidiary) would acquire the remaining shares in the Namaqua Disawell Companies held by the other
shareholders in the Namaqua Disawell Companies (Selling Shareholders) (refer ASX / JSE release 13 July 2020). The
transaction was designed to simplify the ownership and management structure of the Jacomynspan Project.
On 31 August 2020, the parties entered into a comprehensive formal written agreement incorporating the principal
terms and conditions set out in the initial agreement (Sale Agreement). The Sale Agreement is subject to the
satisfaction or waiver of specified suspensive conditions.
While certain suspensive conditions have been fulfilled, the Sale Agreement remains subject to the satisfaction or
waiver of certain remaining suspensive conditions, including that, on or before 27 February 2022 (Final Completion
Deadline Date), all regulatory approvals as may be required for the purposes of implementing the transaction
have been received.
Extension of the Final Completion Deadline Date
The parties to the Sale Agreement have now agreed to extend the Final Completion Deadline Date from
27 February 2022 to 30 April 2022. During this period, Orion and the Selling Shareholders will aim to negotiate a
potential New Transaction and to reach agreement in relation to the key principal commercial terms of the
potential New Transaction (Initial Agreement).
Should this occur, the Final Completion Deadline Date will be automatically further extended to
30 September 2022. During this time, the parties will then seek to finalise a comprehensive formal written
agreement incorporating the principal terms and conditions set out in the Initial Agreement. If the parties are
unable to enter into the Initial Agreement on or before 30 April 2022, the Sale Agreement will terminate and the
parties will be restored to their respective positions as at 28 February 2022.
Orion Minerals Limited www.orionminerals.com.au
Incorporated in the Commonwealth of Australia
Suite 617, 530 Little Collins Street Melbourne, Victoria 3000 ASX Code: ORN
ACN: 098 939 274 JSE Code: ORN
Ordinary shares on issue: 4,382m I Options on issue: 232m ISIN: AU000000ORN1
Since finalising the earn-in agreement, Orion has advanced exploration programs on the Jacomynspan Project,
with expenditure held in a shareholder loan account and Orion is now entitled to a total interest of 50% (subject
to, inter alia, certain regulatory approvals) in the Jacomynspan Project.
Orion is the manager and operator of the joint venture. Orion’s earn-in is held via its wholly-owned subsidiary
company, Areachap Investments 3 B.V., and its South African subsidiary company, Area Metals Holdings No 3 (Pty)
Ltd.
About the Jacomynspan Project
The Jacomynspan Project, located on the Namaqua Disawell Companies mining and prospecting rights, contains
an intrusive-hosted, sulphide JORC Ni-Cu-PGE Mineral Resource of 6.8Mt containing 39,000 tonnes nickel at 0.5%
Ni, 22,000 tonnes Copper at 0.3% Cu and 1,800 tonnes cobalt at 0.03% Co, drilled between 1971 and 2012 (refer
ASX / JSE release 23 September 2021).
Importantly, the Mineral Resource remains open along strike and down-dip, presenting a compelling exploration
opportunity.
For and on behalf of the Board.
Errol Smart
Managing Director and CEO
4 March 2022
ENQUIRIES
Investors Media JSE Sponsor
Errol Smart – Managing Director & CEO Nicholas Read Monique Martinez
Denis Waddell – Chairman Read Corporate, Australia Merchantec Capital
T: +61 (0) 3 8080 7170 T: +61 (0) 419 929 046 T: +27 (0) 11 325 6363
E: info@orionminerals.com.au E: nicholas@readcorporate.com.au E: monique@merchantec.co.za
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things,
statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results,
capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be
based on assumptions and estimates related to future technical, economic, market, political, social and other events. Forward-
looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Orion. Actual results and developments may vary materially from those
expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-
looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking statements made in this
release to reflect events or circumstances after the date of this release. All information in respect of Exploration Results and
other technical information should be read in conjunction with Competent Person Statements in this release (where
applicable). To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their
officers, employees, agents, associates and advisers:
• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in
expectations or assumptions;
• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the
information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed
or implied in any forward-looking statement; and
• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for
negligence).
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Date: 04-03-2022 08:36:00
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