Wrap Text
Short-Form: Interim Financial Report for the Period ended 31 December 2021
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
SHORT-FORM: INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021
Shareholders of Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) are advised that the Company has
today published its Interim Financial Report for the period ended 31 December 2021. Copies thereof are
available on the Company's website, www.orionminerals.com.au and at
https://senspdf.jse.co.za/documents/2022/jse/isse/orne/interim22.pdf.
HIGHLIGHTS:
• Orion’s project holdings expanded through the acquisition of a second base metals project in the Northern
Cape of South Africa. The Company’s core asset portfolio now comprises:
o Prieska Copper-Zinc Project: fully permitted and ‘shovel-ready’.
o Okiep Copper Project: mineral-rich copper project with potential for near-term production restart.
• Prieska Copper-Zinc Project development advancing on several fronts.
o Financing, funding and pre-development activities continued.
o Lender’s Independent Technical Expert’s Review of Prieska Project Bankable Feasibility Study nearing
completion.
• Okiep Copper Project.
o Option exercised to acquire a controlling interest in several properties within the Okiep Copper Project.
o Significant, high-powered, SkyTEMTM survey completed covering 1,872km2.
o Flat Mines area feasibility studies commenced.
o Maiden drill program completed, confirming the presence of shallow, high-grade mineralisation.
Targets now being plotted for follow-up drilling.
• Ownership consolidation at Jacomynspan Project:
o Agreement to extend the final completion deadline date of a previously announced transaction to
acquire the remaining minority vendor interests in the Jacomynspan Nickel-Copper-PGE Project (South
Africa), located 65km north of the Prieska Copper-Zinc-Project.
• Australia – Fraser Range, Western Australia (IGO JV):
o Diamond drilling underway to test compelling nickel-copper targets.
COMMENTARY:
During the half year, Orion continued to progress its strategy of building the next significant base metals
producer, progressing financing and pre-development activities at the development-ready Prieska
Copper-Zinc Project (Prieska Project), while also exercising its option to acquire a controlling interest in several
properties within the Okiep Copper Project (OCP), where exploration programs and feasibility studies are now
underway. The OCP presents a significant growth opportunity, with the potential to become a second base
metal production hub for Orion. Both the Prieska Project and the OCP are located in the mineral-rich Northern
Cape Province of South Africa.
Following the completion of the updated Prieska Bankable Feasibility Study in May 2020 (BFS-20) (refer ASX /
JSE release 26 May 2020), Orion’s primary focus at Prieska during the reporting period was on financing and
pre-development activities. Funding activities and discussions continued, with the lender’s Independent
Technical Expert’s Review of the BFS-20 nearing completion.
Updates to Environmental Permitting were also finalised while selection of the engineering, procurement and
construction management (EPCM) contractor continued. Preliminary site works were also completed in
readiness for construction.
Subsequent to reporting period end, the Company commenced investigations into bringing forward the start
of production from the Prieska Project through re-scheduling of the open pit mining to occur during the
development phase of the Deeps Mine (refer ASX / JSE release 20 January 2022).
In August 2021, Orion exercised its exclusive option to directly acquire the mineral rights and other assets held
by the selling entities in the Okiep Copper Complex, an extensive copper mining complex located 570km north
of Cape Town in the Northern Cape Province of South Africa.
Orion completed a 1,872km2 high-powered SkyTEMTM survey over the OCP covering twenty-six historical copper
mines and a large number of known copper prospects. Sixteen priority ‘late-time’ electromagnetic targets
were selected from an initial review of the data, including several conductors close to known copper deposits.
Advanced feasibility studies for the Flat Mines area of the OCP commenced during the reporting period and
are due for completion by June 2022.
Two drilling programs were undertaken during the reporting period. A maiden program at the OCP delivered
positive results, confirming the presence of shallow high-grade copper mineralisation. A diamond drilling
program was also undertaken at Orion’s Boksputs prospecting right located within the Masiqhame licence
holding. The Boksputs program intersected sulphide mineralisation up-dip of a high-priority target detected
during the fixed loop electromagnetic survey over the project area.
In the Fraser Range Province in Western Australia, Orion’s joint venture partner, IGO Limited (ASX: IGO),
commenced a diamond drilling program to test compelling nickel targets.
The Company strives at all times to achieve a sustainable balance between intense operational effort and
maintaining a strong focus on safety, environment and community.
In addition, the following information is provided in accordance with paragraph 3.46 of the JSE Listings
Requirements:
• Operating profit decreased to a loss of AUD10.47 million (31 Dec 2020: operating profit of AUD0.1 million).
• Basic loss per share decreased by AUD25 cents (31 Dec 2020: basic profit per share of AUD2 cents).
• Headline loss per share decreased by AUD25 cents (31 Dec 2020: headline profit per share of AUD2 cents).
The operating loss for the reporting period was primarily driven by an unrealised foreign exchange loss of AUD5.2
million and exploration expenditure incurred of AUD4.3 million which, under Orion’s deferred exploration,
evaluation and development policy, did not qualify to be capitalised and was expensed. The operating profit
for the previous corresponding period reflected an unrealised foreign exchange gain of AUD2.9 million, finance
income of AUD1.3 million and exploration expenditure incurred of AUD1.0 million.
SHORT-FORM ANNOUNCEMENT:
This short-form announcement is the responsibility of the directors and is only a summary of the information in
the full announcement.
Any investment decisions by investors and/or shareholders should be based on a consideration of the full
announcement as a whole and investors and shareholders are encouraged to review the full announcement,
which is available as detailed herein. Copies of the full announcement may also be requested from the
Company via email at info@orionminerals.com.au or from the sponsor at sponsorteam@merchantec.co.za, at
no charge.
For and on behalf of the Board.
Denis Waddell
Chairman
4 March 2022
ENQUIRIES
Investors Media JSE Sponsor
Errol Smart – Managing Director & Nicholas Read Monique Martinez
CEO
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).
Date: 04-03-2022 08:49:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
