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Orion Announces A$5 million (ZAR57 million) Capital Raising
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 Announces A$5 million (ZAR57 million) Capital Raising
• Firm commitments received for a Placement to sophisticated and professional investors and
Chairman, Denis Waddell, comprising approximately 333.33 million Shares at an issue price of 1.5
cents per Share (ZAR17 cents) to raise A$5 million (~ZAR57) million
• Orion intends to apply the funds raised from the Placement principally:
• to continue early works at the Prieska Copper Zinc Uppers mine, including ongoing dewatering
and site works, while project funding is being finalised;
• to finalise optimisation studies and ongoing site works at the Okiep Copper Project; and
• for general working capital purposes, including work associated with the finalisation of offtake
related funding for the development of both the Prieska Copper Zinc Uppers and Deeps mining
stages.
Orion's Managing Director and CEO, Tony Lennox, commented:
"This capital raise is important as we progress with the Glencore due diligence process to reach a binding
agreement on the offtake and financing for Prieska. We appreciate the support of our major shareholders
and the South African market. These recent developments at Orion pave the way for the Company to
transition from an exploration and studies company to a mine developer and ultimately a producer. "
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that it has secured
firm commitments for a Placement of new fully paid ordinary shares (Shares) to sophisticated and
professional investors and the Chairman, Denis Waddell to raise ~A$5 million (~ZAR57 million)1 (Placement).
Approximately 333.33 million Shares will be issued under the Placement, at an issue price of 1.5 cents per
Share (ZAR17 cents). The Company reserves the right to accept additional subscriptions to the Placement.
Included in the A$5m placement is A$1m which Tarney Holdings Pty Ltd (an entity associated with
Chairman Denis Waddell) has agreed to subscribe for (subject to shareholder approval) at the same price
as the other Placement Shares above.
The proceeds of the Placement will enable the Company to progress the activities set out below in the Use
of Funds section, while finalising project funding. On 17 September 2025, Orion announced that its subsidiary,
Prieska Copper Zinc Mine (Pty) Ltd, had signed a non-binding term sheet with a wholly owned subsidiary of
Glencore plc for financing of US$200 million to US$250 million and concentrate offtake for the Prieska project.
Placement Details
The Placement to sophisticated and professional investors, which is being conducted pursuant to Section
708A of the Australian Corporations Act 2001 (Cth), comprises the issue of approximately 266.66 million
Shares at an issue price of 1.5 cents (ZAR17 cents) per Share. The issue of these Shares falls within Orion's
15% capacity for issues of equity securities without shareholder approval afforded by ASX Listing Rule 7.1.
The issue to Tarney Holdings Pty Ltd of approximately 66.67 million Shares is subject to shareholder approval.
1 All references to the aggregate amounts to be raised under the Placement are based on an AUD:ZAR exchange rate of ~11.5.
The Placement is expected to be completed on or around 14 October 2025 other than Tarney Holdings Pty
Ltd's Shares which are subject to shareholder approval to be sought at the Annual General Meeting
proposed to be held in late November 2025.
Use of Funds
Orion intends to apply the funds raised from the Placement principally:
• to continue early works at the Prieska Copper Zinc Uppers mine, including ongoing dewatering and
site works, while project funding is being finalised;
• to finalise optimisation studies and ongoing site works at the Okiep Copper Project; and
• for general working capital purposes, including work associated with the finalisation of offtake related
funding for the development of both the Prieska Copper Zinc Uppers and Deeps mining stages.
Appendix 3B filings, for the proposed issue of Shares, will follow this announcement.
For and on behalf of the Board.
Tony Lennox
Managing Director and CEO
30 September 2025
ENQUIRIES
Investors Media JSE Sponsor
Tony Lennox – 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
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: 30-09-2025 01:42:00
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