ORION MINERALS LIMITED - Share Issue - Notice under Section 708A(5)(e)

Share Issue - Notice under Section 708A(5)(e)

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


Share Issue – Notice under Section 708A(5)(e)


Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) refers to its announcement on 15 March 2023 regarding a $13
million capital raising to sophisticated and professional investors, as well as substantial shareholders Tembo Capital, Delphi
Group, Orion non-executive Director Tom Borman, Orion Chairman Denis Waddell and Orion Managing Director & CEO Errol
Smart, as part of a broader strategic equity funding package that will result in the introduction of Clover Alloys (SA) as a new
cornerstone investor group and which will enable Orion to accelerate the development of both of its key base metal
production hubs in South Africa’s Northern Cape Province.

The capital raising, which is being conducted via a two-tranche placement to sophisticated and professional investors,
pursuant to Section 708A of the Corporations Act 2001 (Placement), comprises the issue of approximately 882 million fully paid
ordinary shares (Share) at an issue price of $0.015 (being ZAR18 cents) per Share and the issue of four free attaching unlisted
options for every Share issued (approximately 3.53 billion unlisted options at an exercise price of $0.017 (being ZAR20 cents)
and an expiry date of 30 November 2023) (Options).

Today, Orion has issued 593,499,999 Shares at an issue price of $0.015 per Share (Placement One Shares), to raise $8.90 million,
following receipt of funds from investors for commitments pursuant to Placement One. The issue of these Placement One
Shares finalises the issue of Shares under tranche 1 of the Placement. The issue of Placement One Options, and the issue of
Shares and Options under tranche 2 of the Placement, is subject to Shareholder approval, which will be sought at a general
meeting to be held on or around 19 May 2023.

In accordance with section 708A(5)(e) of the Corporations Act 2001 (Act), the Company advises as follows:

 1.   this notice is being given under paragraph 708A(5)(e) of the Act;

 2.   the Company issued the Placement One Shares without disclosure to investors under Part 6D.2 of the Act;

 3.   as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to
      the Company;

 4.   as at the date of this notice, the Company has complied with section 674 of the Act; and

 5.   all information of the kind that would be required to be disclosed to the market for the purposes of section 708A(6)(e) of
      the Act has been disclosed to ASX Limited.

For and on behalf of the Board.




Denis Waddell
Chairman



31 March 2023


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.martinez@merchantec.com

Date: 31-03-2023 11:23:00
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