ORION MINERALS LIMITED - Orion increases Capital Raising by $1.3M to $7.7M following additional investor support

Orion increases Capital Raising by $1.3M to $7.7M following additional investor support

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”)


Orion increases Capital Raising by $1.3M to $7.7M following additional investor support


-   Placement to sophisticated and professional investors increased by $1.3M to $7.7M.
-   As previously advised, funds will be used primarily to complete BFS optimisation studies and early stage
    works for the Prieska Copper-Zinc Project, ongoing exploration on the Company’s tenements in the
    Northern Cape of South Africa and working capital.

Further to its announcement of 25 October 2019, Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company)
is pleased to announce that it has increased its Share placement to sophisticated and professional investors by
$1.3M to $7.7M, by way of the placement of 308.7M fully paid ordinary shares (Shares) at $0.025 per Share
(Placement).

On 1 November 2019 and 5 November 2019, the Company issued a total of 254.8M Shares in the Company at
$0.025 per Share, to raise $6.4M, following the receipt of funds from investors for Placement commitments. The
Company expects to issue the remaining Placement Shares shortly.

The Company intends to utilise proceeds raised from the Placement for Bankable Feasibility Study (BFS)
optimisation studies and early works at its flagship Volcanic Massive Sulphide Prieska Copper-Zinc Project
(Prieska Project), with the remainder earmarked for exploration on the Company’s tenements in the Northern
Cape of South Africa and working capital.

The Placement has been made to sophisticated investors, pursuant to Section 708A of the Corporations Act
2001. The issue of the Placement Shares falls within the 15% capacity for issues of equity securities without
shareholder approval afforded by ASX Listing Rule 7.1. Petra Capital acted as sole bookrunner and sole lead
manager to the Placement.

Share Purchase Plan
In addition to the Placement, Orion also announced on 24 October 2019, a Share Purchase Plan (SPP) providing
shareholders with an opportunity to increase their shareholding in the Company as it continues to advance the
development opportunity at the Prieska Project. The SPP offer gives Eligible Shareholders the opportunity to
participate in the Company's capital raising on substantially the same terms as the Placement (refer above).

The SPP opened on 30 October 2019 and is expected to close on 29 November 2019.


Errol Smart
Managing Director and CEO

14 November 2019


ENQUIRIES

Investors                                   Media                                       JSE Sponsor
Errol Smart – Managing Director & CEO       Nicholas Read                               Rick Irving
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: rick@merchantec.co.za

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


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: 14/11/2019 08:08:00
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