Wrap Text
Short-Form: Interim Financial Report for the Period Ended 31 December 2020
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 2020
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 2020. Copies thereof are
available on the Company's website, www.orionminerals.com.au and at
https://senspdf.jse.co.za/documents/2021/jse/isse/orne/interim21.pdf.
HIGHLIGHTS:
• Prieska Copper-Zinc Project, Northern Cape Province officially “shovel-ready” and one of the few
advanced, fully-permitted base metal projects worldwide.
• Prieska Project development advancing on several fronts.
• High-impact near-mine and regional exploration re-commenced.
o Significant zones of copper, zinc and nickel-copper-PGE mineralisation intersected across all key
prospects tested as part of high-impact near-mine and regional drilling program.
o Results confirm the under-explored nature of the Areachap Province and the substantial opportunity for
a major discovery (refer ASX release 25 January 2021). A key focus will be an emerging VMS copper
system at Boksputs, 125km north-west of Prieska.
• Ownership consolidation at Jacomynspan Project:
o Agreement to acquire the remaining minority vendor interest in the Jacomynspan Nickel-Copper-PGE
Project (South Africa).
• Orion receives the inaugural Emerging ESG Leader Award at the AAMEG Africa Awards, a prestigious
industry award recognising its pioneering ESG work at Prieska.
• Australia – Fraser Range, Western Australia (IGO JV):
o Air-core drilling continued on key nickel-copper targets, ahead of planned diamond drilling.
o Preparations continued for drilling on key nickel-copper targets.
• Successful AUD6.2 million capital raising completed October 2020, enabling Orion to progress pivotal
funding discussions and advance the previously announced partnering process for the Prieska Project.
• Following half year end, Orion announced a strongly supported AUD25 million capital raising, which will
significantly strengthen Orion’s balance sheet, allowing it advance both the Prieska and OCC assets while
also progressing a multi-pronged exploration campaign across the Northern Cape Province.
COMMENTARY:
During the half year, Orion continued to progress its portfolio of South African base metal projects, with the main
focus being on optimisation works, final permitting, pre-development activities and funding discussions for its
flagship Prieska Project, located in the Northern Cape Province of South Africa.
This followed the completion of the Prieska Bankable Feasibility Study (BFS) completed in June 2019 (refer ASX
release 26 June 2019) and the updated BFS completed in May 2020 (refer ASX release 26 May 2020).
Subsequent to the end of the half year, Orion announced on 2 February 2021 that it had entered into an
agreement giving it exclusive rights and a clear pathway to acquire and consolidate a significant interest in an
extensive copper mining complex, the Okiep Copper Complex (OCC), located approximately 570km north of
Cape Town in the Northern Cape Province of South Africa.
This potentially significant growth opportunity could become a future second base metal production hub for
Orion in the Northern Cape alongside the Prieska Project, which is located 450km east of OCC. The Company
has also subsequently reported a maiden JORC compliant Mineral Resource for three deposits which form part
of the OCC (refer ASX release 10 February 2021).
Further, Orion announced on 15 February 2021 that it had secured the right to acquire the freehold title to the
partially furnished original O’Okiep Copper Mines head office and data archives housing detailed records of
more than 60 years of high intensity and high-quality mining and exploration work undertaken across most of the
Northern Cape region of South Africa.
The Option also includes the work undertaken by an Australian company to scan and digitise a significant
proportion of the exploration and drilling records and produce preliminary digital models to evaluate selected
targets. The cost of acquisition of data relating to OCC, which amounts to approximately half of the data
acquisition price, is deductible from the OCC acquisition price announced on 2 February 2021.
The Option excludes some data covering approximately 30% of the area of the historic O’Okiep Copper Mines
mining properties currently owned by third parties.
During the half year, the Company also progressed exploration activities at a number of near-mine and regional
projects in the Areachap Province of the Northern Cape region, further strengthening the Company’s growth
pipeline surrounding the Prieska Project.
In the Fraser Range Province in Western Australia, Orion’s joint venture partner, IGO Limited (ASX: IGO), continued
air-core drilling of key nickel-copper targets, moving-loop electro-magnetic (EM) surveys and interpretation of a
Passive Seismic survey. Preparations are continuing for drilling on key nickel-copper targets, with drilling
scheduled to commence in Q4 FY2021.
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 loss decreased by 102% to a profit of $0.1 million (31 Dec 2019: loss of $5.16 million).
• Basic earnings per share increased by $0.22 cents, up 110% (31 Dec 2019: loss of $0.20 cents).
• Headline earnings per share increased by $0.22 cents, up 110% (31 Dec 2019: loss of $0.20 cents).
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 2021
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
conditions. These forward-looking statements are based on management’s expectations and beliefs concerning future
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: 04-03-2021 02:23:00
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