ORION MINERALS LIMITED - Response to Media Speculation

Response to Media Speculation

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” or “the Company”)


RESPONSE TO MEDIA SPECULATION


Orion Minerals Ltd (ASX/JSE: ORN) (Orion or Company) notes recent media speculation regarding the Company
undertaking an $8M capital raising priced at $0.04 per fully paid ordinary share (Share), being a 30% premium to
its last ASX traded price, and that South African investors will subscribe for about half the shares on offer in the
placement as part of the Company’s Black Economic Empowerment obligations with Orion’s biggest
shareholder, London-based Tembo Capital, taking another significant chunk of shares.

On 11 April 2019 the Company requested that the ASX place an immediate trading halt on the Company’s
securities and today the Company requested that its securities be placed in voluntary suspension from the
commencement of today’s trading (Voluntary Suspension). The Voluntary Suspension was put in place by the
ASX pending release of an announcement in relation to a capital raising and finalisation of agreements related
to restructuring of the Company’s Broad Based Black Economic Empowerment (B-BBEE) partnerships.

In response to these reports, Orion confirms that it is in the process of undertaking a pivotal capital raising of
approximately $8M capital raising at an issue price of $0.04 per Share, together with one free attaching option
for every two Shares issued (exercise price of $0.05 and a term of approximately six months), to be conducted
via a placement to sophisticated and professional investors (Capital Raising).

The Capital Raising is likely to be underpinned by a group of high-profile black South African investors as part of
a broader restructuring of the Company’s Black Empowerment Equity at operating level, achieving compliance
with the South African Mining Charter 3.

The interrelated transactions will represent a pivotal milestone for Orion ahead of the expected imminent grant
of the Mining Right for its flagship Prieska Zinc-Copper Project (Prieska Project), in South Africa’s Northern Cape
Province and the delivery of the Bankable Feasibility Study later this quarter.

In addition to strengthening its balance sheet as it moves towards project financing, the transactions will result in
the introduction of a high-profile South African investor group to its share register, ensure an appropriate
alignment and restructuring of its Black Economic Empowerment interests across both project and listed
company levels, and significantly elevate its profile amongst South African institutional investors as it prepares to
develop the Prieska Project.

The Company anticipates making a material announcement in relation to the proposed capital raising upon
cessation of the Voluntary Suspension, which the Company anticipates will end at the commencement of
trading on Tuesday, 16 April 2019.

The Company confirms that it is in compliance with ASX Listing Rule 3.1 (Continuous Disclosure).


Denis Waddell
Chairman

15 April 2019


ENQUIRIES

Investors                              Media                                                         JSE Sponsor
Errol Smart – Managing                 Nicholas Read                      Barnaby Hayward            Rick Irving
Director & CEO
Denis Waddell – Chairman               Read Corporate, Australia          Tavistock, UK              Merchantec Capital
T: +61 (0) 3 8080 7170                 T: +61 (0) 419 929 046             T: +44 (0) 787 955 1355    T: +27 (0) 11 325 6363
E: info@orionminerals.com.au           E: nicholas@readcorporate.com.au   E: orion@tavistock.co.uk   E: rick@merchantec.co.za

Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000




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