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Corporate Update and Impact of COVID-19
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”)
Corporate Update and Impact of COVID-19
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) provides the following update on the Company’s
actions in relation to the COVID-19 pandemic.
Considering the volatile and uncertain global economic and investment outlook, Orion has undertaken the
following actions:
• In line with its overarching commitment to safeguarding the health and safety of its people and the
community at all times, the Company has proactively implemented work-from-home protocols (wherever
possible) from 13 March 2020 and continues to work closely with relevant authorities and key stakeholders
to minimise risk and harm for all;
• The Company has implemented cost savings and asset preservation initiatives across its business. All work
sites have been closed and secured, and staff and contractors have been sent home until further notice;
• Desktop work to finalise the updated Feasibility Study Report for the Prieska Copper-Zinc Project in South
Africa’s Northern Cape Province (Prieska Project) is currently being completed by the study team working
remotely; and
• The Company has re-evaluated the process and timing of its project finance activities in relation to the
development of the Prieska Project. This has resulted in the postponement of debt financing activities until
global macro economic and market conditions stabilise,
such action having been taken (and continuing to be taken) in compliance with the applicable laws and
regulations and, where necessary, in consultation with the applicable regulatory authorities.
The Company’s key focus is the optimisation studies for the development of the Prieska Project. Following the
completion of the Prieska Project Bankable Feasibility Study (BFS) in June 2019, Orion has been progressing
optimisation studies and preparations for mine construction. The outcomes of these studies are currently being
incorporated into updated operating plans which will support the updated Feasibility Study Report and determine
the final finance and business case. Orion is targeting the completion of all technical and engineering work by
early Q2 CY2020 in order to present and demonstrate the positive impact of the optimisation work.
In parallel with the completion of BFS optimisation studies, the Company is also having exploratory discussions with
parties, who have the potential to enhance project value through the introduction of a project-level strategic
equity partner/investor in the Prieska Project.
Orion’s Managing Director and CEO, Errol Smart, commented:
“While we have made the decision to postpone debt financing activities for Prieska until global market conditions
stabilise, we are fortunate that the Company will shortly be finalising its active Feasibility Study work and permitting
activities, with a resultant reduction in spending requirements. We will be able to weather the storm by dramatically
reducing spending, while preserving a top-class, build-ready base metal project that can be activated as soon
as global manufacturing and metal demand re-commences.”
This announcement is authorised by the Board.
Errol Smart
Managing Director and CEO
24 March 2020
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
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: 24-03-2020 08:37:00
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