Wrap Text
March 2025 Quarterly Activities Report
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
March 2025 Quarterly Activities Report
HIGHLIGHTS
• The Definitive Feasibility Study (DFS) for Orion's flagship project, the Prieska Copper Zinc Mine (PCZM), being
the first mine Orion intends to develop, and the DFS for the Flat Mines Project, at the Okiep Copper Project
(OCP), were released at Quarter-end. Both studies delivered favourable outcomes, confirming the ability
to deliver safe, modern, and fully mechanised copper mines.
• The DFS for the PCZM covers both the Upper-Level and Deeps mining, with a post-tax NPV of A$568 million
(ZAR7.105 billion) and an IRR of 26.2% (at an 8% discount rate) over a 13.2-year Life of Mine (LoM).
• The DFS for the Flat Mines Project includes Flat Mine North, Flat Mine East, Flat Mine South and Flat Mine
Nababeep, with a post-tax NPV of A$75 million (ZAR935 million) and an IRR of 23% (at an 8% discount rate)
over a 12-year LoM.
• Updated Crown Pillar +105 Level for PCZM, to support the Feasibility Study:
• Updated total supergene and hypogene sulphide Mineral Resource of 1.1Mt @ 2.8% Cu and 2.2%
Zn, including Indicated Resource of 0.8Mt @ 2.84% Cu and 2.67% Zn and Inferred Resources of
0.3Mt grading 2.6% Cu and 0.9% Zn;
• Improved definition of the mineralisation by separating out the higher grade, more massive
sulphide hanging wall unit has resulted in a 16% increase in the copper grade from 2.4% to 2.8%
Cu; and
• Total Mineral Resource updated to 31Mt grading 1.2% Cu and 3.6% Zn.
• Updated Mineral Resource at the Okiep Copper Project (OCP), to support the Feasibility Study:
• Mineral Resources at Flat Mine (Nababeep) are 0.6Mt at 1.0% Cu for 6,000 tonnes of contained
copper, comprising an Indicated Resource of 0.3Mt at 1.07% Cu and an Inferred Resource of 0.3Mt
at 1.0% Cu; and
• Total Mineral Resources within the Flat Mines Area of the Okiep Copper Project updated to 11.5Mt
at 1.3% Cu for 152,000 tonnes of contained copper.
• Leadership change: Subsequent to Quarter-end, Errol Smart stepped down as Managing Director and
CEO, effective 3 April 2025. Mr Smart was succeeded as Managing Director and CEO by experienced
mining executive Anthony Lennox.
• Convertible loan facility: Subsequent to Quarter-end, the Company announced an unsecured A$2.0
million convertible loan facility.
• Key focus areas for the coming months: project financing; project implementation planning; concentrate
off-take negotiations; agreements with service providers for key early works activities and long-lead time
items.
Orion's Managing Director and CEO, Tony Lennox, commented:
"The key focus of the March 2025 Quarter was the finalisation and publication of the DFS's for both PCZM
and Flat Mines, as announced on the ASX and JSE on 28 March 2025. The PCZM study has demonstrated
robust financial metrics, with a two-stage development strategy that brings forward production from the
Upper level at a relatively modest capital cost. The Deeps will provide long-term production growth and
life to the asset. Our prime focus is on achieving first concentrate production from the Upper level as well
as dewatering the mine and completing other early works to prepare for development of the Deeps
levels.
"Meanwhile, the DFS for Flat Mines is a baseline and requires further optimisation over the coming months.
We remain confident that this will be the first mine that Orion develops at Okiep. The exploration upside
of the region, in addition to the opportunity to increase resources through further resource definition
drilling, is significant. We envisage developing multiple mines at Okiep over time.
"In early April 2025, Errol Smart stepped down as Managing Director and CEO of Orion, and I stepped into
that role, after being a non-executive director on the board since December 2023. My focus is on
transitioning Orion into a base metal producer in the near term.
"My first weeks have been centred on engaging with a range of key stakeholders and while also focusing
on advancing our development plans for the Upper level of PCZM. Together with our Chairman, Denis
Waddell, we are working on a range of project financing options which include debt, equity and off-take
related financing."
EXECUTIVE SUMMARY
OVERVIEW
Orion Minerals Ltd (ASX/JSE: ORN) is a diversified international base metals company which is developing
two complementary base metal production hubs in South Africa's Northern Cape Province, a richly
endowed mineral province and well-established mining jurisdiction.
Orion is well advanced in its transition to developer and operating mining company, focused on the
production of metals that are crucial to a decarbonising world, and which have strong market
fundamentals due to declining supply and grade profiles at major mines and a lack of investment in the
development of new mines. The Company is targeting first production from its key development projects
late 2026 / early 2027, with the aspirational goal of ramping up copper production to more than 50ktpa
by the end of the decade.
QUARTERLY SUMMARY
During the March 2025 Quarter, Orion continued to progress the development of its flagship project, the
Prieska Copper Zinc Mine (PCZM) in South Africa's Northern Cape Province, with the completion of an
updated and optimised Definitive Feasibility Study (DFS). Following an internal review by independent
technical experts, Practara Metals and Mining Advisory (Practara) the DFS was released to the Australian
Securities Exchange (ASX) and the Johannesburg Stock Exchange at the end of the Quarter.
PCZM is a substantial brownfields development asset, underpinned by a JORC (2012) Mineral Resource
of 31Mt grading 1.2% Cu and 3.6% Zn, containing 370kt copper and 1.1Mt zinc including the near-surface
high grade +105 Block with 2.3Mt at 1.7% Cu and 1.6% Zn, containing 38,000t of copper and 35,000t of
zinc in oxide and sulphide mineralisation (refer ASX/JSE release 25 July 2023).
The +105m Block has been identified as an attractive early mining opportunity. Initial mining will focus on
the high-grade sulphide mineralisation within the +105m Block, being 1.3Mt at a grade of 2.4% Cu and
2.1% Zn, for 30,000t of contained copper and 27,000t of contained zinc (refer ASX/JSE release 25 July 2023)
that can be accessed from existing underground development. The mining of this upper section runs
concurrently with the dewatering of the mine to access the Deeps ore body.
The combined Upper-Level and Deeps mining DFS has a post-tax Net Present Value (NPV) of A$568 million
(ZAR7.105 billion) and a post-tax IRR of 26.2% over a 13.2-year LoM. Over this period, the project will
produce 213,055 tonnes of copper (Cu) and 610,630 tonnes of zinc (Zn).
First bulk concentrate production from the Upper-Levels mining is forecast to be 13 months from the start
of mining operations, followed by Deeps concentrate, 29 months later.
Activities will begin with the construction of a 20kt per month Build-Own-Operate-Transfer (BOOT) flotation
plant while the Upper-Level ore body is being mined and the mine is being dewatered to reach the
Deeps orebody 22 months later.
At the Okiep Copper Project (OCP), the DFS was also released at the end of the Quarter.
OCP is a highly strategic asset, located within a prolific copper-producing district that historically
produced over two million tonnes of contained metal.
HEALTH AND SAFETY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Health and Safety
A lost time injury (LTI) was reported at PCZM for the quarter when an electrician experienced an electric
shock after accidentally coming into contact with an HT electric switch. The hours worked for the Quarter
and the 2025 financial year to date (YTD) are shown in the table below:
Table 1: Hours worked at the Group's Areachap and Okiep Copper Projects (South Africa).
Category of Work Hours Worked
Quarter FY2025 YTD
Exploration 2,054 36,063
Surface 19,761 59,819
Underground 7,998 21,809
Contractors 22,154 139,019
Total 51,967 256,710
The Lost-Time Injury Frequency Rate (LTIFR) per 200,000 hours worked was 0.78 for the financial year to
date and 3.85 March Quarter. At the end of the Quarter, the team achieved 21 days without a Lost-Time
Injury (LTI).
Community and Stakeholder Engagement
Prieska Copper Zinc Mine (PCZM)
New PCZM Social and Labour Plan
As previously reported, the new 'Cycle 2' Social and Labour Plan (SLP) for PCZM for the period 2025-2029
was completed and submitted to the DMRE for approval in Q4 CY2024.
As required by legislation, the new SLP will be made publicly available once the DMPR has formally
approved the plan. As at end of the Q1 CY2025, the DMPR had not yet provided feedback on the
submission.
During the Quarter, study guides for exam preparation were distributed to Prieska High School and Gariep
High School in fulfilment of the commitments made in the Cycle 1 (2019-2024) SLP.
Siyathemba Golf Day benefits additional deserving causes in host community
As previously reported, Orion hosted a very successful golf day in September 2024 in Prieska, which raised
~A$6,250 (ZAR75,000) for the host communities of Prieska, Marydale, Niekerkshoop and Vanwyksvlei. In
addition to the sponsorship of various community projects reported in Q4 CY2024, the following donations
were made during this Quarter:
• Athletic equipment for CVW Running Academy; and
• Cutlery for Prieska Boarding House, Huis Frank Joubert.
Photo 1: Handover of athletic equipment.
World Down Syndrome Day Event
Orion continued its support for Zenisha's Play and Learning Centre by providing refreshments and
transportation for a special awareness drive in Marydale. This event took place in March on World Down
Syndrome Day in partnership with the Department of Health and the Marydale Clinic. At the event, the
teams from Zenisha's and the Department of Health shared valuable information about Down Syndrome
and Foetal Alcohol Syndrome. Zenisha's provides invaluable support to parents within the community
whose children are affected by these conditions and other disabilities.
Photo 2: Attendees at event held at Zenisha's Play and Learning Centre.
Okiep Copper Project (OCP)
Orion Minerals engages with local Community
Routine engagements with stakeholders within the Nama Khoi host community continued during the
Quarter.
Environmental Management
Making positive contributions to the state of the natural environment, reducing pollution and ensuring
negligible contamination from operational activities are central to Orion's business model and part of the
Company's commitment to delivering the highest level of environmental compliance, while managing
and monitoring the environmental impacts of our activities throughout the exploration and mining
lifecycle.
There were no environmental incidents recorded during the Quarter.
ORION MINERALS' OPERATIONS
PRIESKA COPPER ZINC MINE (PCZM)
Critical Focus Items
During the March 2025 Quarter, the focus was on the operation of the mine dewatering infrastructure
and early works on the main shaft (Hutchings) sub-bank preparation for future shaft refurbishment and
above water level shaft infrastructure inspection.
Progress was made across all these areas, including:
• Dewatering from the main shaft via the 178 Level pump station consistently achieved pumping
rates in excess of the design 500m3/hr;
• The three evaporators installed on the bank of the tailings storage facility (TSF) 80m x 50m overflow
HDPE lined sump intermittently achieving evaporation rates in excess of the design 100m3/hr
during daytime and 50m3/hr during nighttime; and
• The cement cap on the main shaft bank has been core drilled and opened to facilitate the
removal and clearing of old equipment from the man and material hoist compartments.
Photo 3: Hutchings Shaft Cement Slab Opened.
Dewatering & Evaporation Proof of Concept
Photo 4: Mine Dewatering 500m3/hr (proof of concept).
The underground water depth is currently at approximately 273m below surface. All mechanical and
electrical infrastructure is operational and dewatering rates in excess of 500m 3/hr are being achieved
from the shaft. The water level in the shaft has been reduced by around 10m and the water level in the
800 Ramp has receded by 50.5m at the end of March 2025.
Dewatering infrastructure consists of two 220kW submersible pumps installed below water level, a surge
capacity receiving dam on the 178m Level, and two 250kW multi-stage pumps in sequence delivering
water through a lined borehole to the surface storage dams.
From the 8,100m3 intermediate storage dams on surface, water is pumped to the evaporators at the 13ha
overflow sump.
The overflow sump is situated next to the 13ha water storage dam and connected to the water storage
dam via trenches as part of the final TSF design.
The three proof-of-concept evaporators are installed on the north-western bank of the overflow sump to
evaporate at a minimum rate of 100m3/hr during daytime and 50m3/hr during nighttime.
The three evaporators will be relocated to the 13ha water storage dam once the HDPE lining has been
installed. An additional 27 evaporators will be needed to achieve the planned future maximum
1,000m3/hr evaporation rate required for the 22-month mine dewatering schedule outlined in the DFS.
Power Reticulation
With the Cuprum Substation 15MVA upgrade tie-in completed and the installation of the surface
overhead powerlines, all of the surface and underground electrical reticulation installations required for
mine dewatering, forced evaporation at the TSF, Upper-Level Mining and 20 kt/month Flotation Plant is
now in place and operational in readiness for the Project to commence. A further electrical upgrade to
30MVA is required by month 12 from Upper-Level mining start-up to accommodate the 20kt/month Plant
and has been included in the DFS.
The DFS electrical designs and single line diagrams (SLD's) have been completed for the extension of
power to the surface infrastructure, the Upper Levels and Deeps underground workings, the underground
pump stations and ventilation as well as to the 65ha TSF.
The process of applying for the final 60MVA Eskom supply required for full operations 28 months after the
commencement of the Upper-Level mining has also started.
Water Storage Dam
The 13ha TSF Paddock 1 dewatering brine water storage facility within the footprint of the approved 65ha
TSF is ready to be HDPE lined along with the installation of the dewatering evaporators.
The dam will have a single 2mm HDPE liner. The design will allow for a seamless transition into use as a TSF,
minimising additional capital costs. The footprint has been optimised for the planned dewatering rates
and will make use of forced evaporators to concentrate the salts in storage.
By optimising the excavation and civil construction methods and optimising the design for modular
expansion (paddocks) to eventually cover the entire 65ha approved site, the upfront capital costs for
inclusion in the current DFS have been significantly reduced. Construction of TSF Paddock 2 will
commence with the start of Upper-Level mining activities to receive tailings material once the BOOT Plant
is operational after 12 months of construction.
Figure 1: 65ha TSF footprint with paddocks.
Definitive Feasibility Study
The PCZM DFS, which was completed in the March 2025 Quarter, considers an accelerated development
strategy from high-grade near-surface JORC Resources (which have been accessed and prepared for
production during the 2024 Trial Mining Program), while preparing the Deeps ore for extraction at a
production rate of 200ktpm after stockpiling and ramp-up of operations.
The mining method to be used for the extraction of near-surface Resources will be Longitudinal Long-hole
Open Stoping. The change from the Drift & Fill mining method to Longitudinal Long-hole Open Stoping
has provided an opportunity to increase monthly production from 15kt/month to 20kt/month with a
substantial reduction in mining costs. This has had a major positive impact on the economics of the early
mining phase of the Project.
The optimised DFS has focused on achieving early production from the 13th month after the start of
operations of the Upper-Level Section mining based on extraction of the near-surface resources followed
by larger scale extraction from the Deeps section after the dewatering of the mine is completed.
Orion plans to use underground mining (a combination of Drift & Fill and Long-hole Stoping) with
conventional froth-flotation concentration to produce differentiated copper and zinc concentrates from
the Deeps mining.
Table 2: Key DFS Results (real terms) for the Prieska Copper Zinc Mine. Note that the DFS estimation accuracy level is ± 15%.
Executive Dashboard - Combined LoM Plan
Production and Financial Summary
Weighted Average Price and FX Assumption Unit Value Financial Performance Unit Value Unit Value
Metal price - Cu USD/t 9 401 Net Present V alue (Pre Tax) @ 8% Discount Rate ZAR millions 9 966 AUD millions 797
Metal price - Zn USD/t 2 665 Net Present V alue (Post Tax) @ 8% Discount Rate ZAR millions 7 105 AUD millions 568
Metal price - Au USD/oz 2 160 IRR (pre-tax) % 31% % 31%
Metal price - Ag USD/oz 27 IRR (post-tax) % 26% % 26%
Exchange rate ZAR:USD 18,90 Payback period (from start of concentrate production) years 4,8 years 4,8
Exchange rate ZAR:AUD 12,50 Undiscounted free cash flow (pre-tax) ZAR millions 22 277 AUD millions 1 782
Exchange rate AUD:USD 1,51 Undiscounted free cash flow (Post-tax) ZAR millions 16 559 AUD millions 1 325
Production metrics Unit Value Peak funding ZAR millions 7 230 AUD millions 578
Life of Mine Years 13,17 Capital Intensity (LOM Nameplate Capacity) USD/Cueq(tpa) 9 174 AUD/Cueq(tpa) 13 871
Treatment plant capacity ktpa 2 400 Project Cost Metrics Unit Value Unit Value
Average cash operating unit cost (C1) ZAR/t 1 176 AUD/t 94
ROM Plant Feed Grade - Cu % 1,07% All-in-sustaining cost per unit ROM t ZAR/t 1 389 AUD/t 111
ROM Plant Feed Grade - Zn % 3,21% All-in-sustaining cost per unit Cu eq tonne sold USD/t Cu 4 550 AUD/t Cu 6 880
Overall Plant Recovery - Cu % 85,19% All-in-sustaining cost per unit Cu eq lb sold USD/lb Cu 2,06 AUD/lb Cu 3,12
Overall Plant Recovery - Zn % 83,0% All-in-sustaining cost per unit Zn eq tonne sold USD/t Zn 1 292 AUD/t Zn 1 954
Concentrate tonnage - Cu kt 1 066 152 All-in-sustaining cost per unit Zn eq lb sold USD/lb Zn 0,59 AUD/lb Zn 0,89
Concentrate tonnage - Zn kt 1 229 197 All-in-sustaining margin % 52% % 52%
Concentrate grade - Cu % 19,9% Operating breakeven grade (Cu eq) % 1,00% % 1,00%
Concentrate grade - Zn % 49,7% Project Cashflows Unit Value Unit Value
NSR as % of metal price - Cu % 102,3% LoM net revenue ZAR millions 58 296 AUD millions 4 664
NSR as % of metal price - Zn % 76,5% LoM operating costs (includes Government Royalty) ZAR millions 27 215 AUD millions 2 177
Metal produced (in concentrate) - Cu tonnes 213 055 Project Start-up Capital Expenditure ZAR millions 6 170 AUD millions 494
Metal produced (in concentrate) - Zn tonnes 610 630 Sustaining Capital Expenditure ZAR millions 1 211 AUD millions 97
Metal sold as copper equivalent tonnes 376 922 Income Tax ZAR millions 5 718 AUD millions 457
Metal sold as zinc equivalnet tonnes 1 329 593 Cash Flow After Tax ZAR millions 16 559 AUD millions 1 325
Level of Accuracy of Financial Model ± 15%, LoM = Life of Mine, NSR = Net Smelter Return, NPV = Net Present V alue, IRR = Internal Rate of Return
There is a low level of geological confidence associated with Inferred Mineral Resources and therefore there is no certainty that further exploration work will result in the determination of Indicated
Mineral Resources or that the Production Target or financial forecast information referred to in this Study will be realised.
Upper-Level Mining of the Supergene Ore
Development mining will start in month two of the construction schedule, followed by production mining
in month four. Once the Supergene processing plant is commissioned, copper concentrate is forecast to
be produced from month 13. Production mining will build up to steady-state production of 20,000 tonnes
per month over 15 months and mine 731,000 tonnes over a five-year period.
The ore-body thickness ranges from 3.5 metres to 20 metres and, where the thickness is greater than 12
metres, two adjacent stopes will be planned. Mechanised Long-hole Open Stoping with cemented
aggregate back-fill will be used throughout the Uppers sections. Level spacing will be 12 metres. The
selection is based on orebody geometry and geotechnical characteristics, with smaller strike lengths and
reduced spans in weaker sections to mitigate potential instability. Detailed planning accounts for backfill
strengths, with Uniaxial Compressive Strength (UCS) ranging from 100kPa to 200kPa, ensuring adequate
ground support and stability.
Fresh air for the Upper-Levels will be supplied by the existing decline from surface and two existing shafts
– the main Hutchings shaft and the Beecroft shaft – plus two smaller vent shafts – the Marias and Boehmke
shafts. Return air will be supplied via the existing B500 shaft, which will be equipped with four 75kW fans
and a new raise-bored upcast shaft, also with four 75kW fans.
The Upper Mine consists of three sections, referred to as the North Section, Middle Section and South
Section. The top of the mine design is located approximately 40m below surface. The vertical distance
between the designed levels is 12m (footwall to footwall).
The development and production fleet will consist of 7-tonne LHDs used for loading and 30-tonne trucks
transporting the waste and ore to surface. Maintenance on the mining fleet will be carried out at a
surface workshop. Initial mining activities are planned to be carried out by crews on 2 x 10 hr shifts, over
23 days a month with two blasting times per day.
The crews will be supported by Australian mining specialists who will provide focused operational and
maintenance training to achieve world-class mining performance. The Upper Levels mining crews will
ultimately provide part of the initial Deeps mining complement to drive high levels of efficiency during
the ramp-up and into steady-state production.
Early Production Concentrator Plant Design for PCZM Supergene Ore
Processing of the supergene ore from Upper-Level mining will be conducted at the beginning of PCZM
project utilising a new standalone processing facility using a modified hypogene processing plant design.
Processing of supergene ore will occur in parallel with the dewatering of the underground mine.
The processing of supergene material to produce a bulk copper-zinc concentrate at a small-scale
capacity of 20kt per month of run-of-mine (RoM) material is planned as a 5-year operation under a BOOT
contract framework.
The plant design employs a stand-alone facility with modular processing units that can be relocated or
repurposed at the end of the supergene processing if viable.
Construction of the Plant will start with the commencement of Upper-Level mining activities to be fully
operational by month 13. The mining ramp-up schedule is aligned with the plant ramp-up schedule to
ensure availability of an adequately sized stockpile ahead of commissioning, in order to accelerate the
achievement of design throughput, recoveries and concentrate grade.
Dewatering
Dewatering of the underground workings is required to allow the shaft refurbishment, underground
rehabilitation and the planned production to take place. A number of solutions were investigated and
dewatering using pumping and natural or forced evaporation was selected.
Dewatering during the Trial Mining phase proved this concept and confirmed that the pumping rates
were achievable. Taking into consideration the volumes contained in the current workings, as well as the
inflow of ground water and natural rainfall for the area, dewatering will take approximately 22 months
(including inter-level moves) to complete.
Dewatering of the approximately 8.2 million m3 of water below the current level of 273m below surface
will be completed in a phased approach where permanent pump stations are installed on levels 178
(completed), 310, 758 and 957 as the water levels drop.
The pump stations are positioned next to the historical settler dams which will be recommissioned to allow
for the removal of suspended solids in the water and therefore facilitate its re-use during mining activities.
These pump stations and settler dams will remain in use as part of the operational water reticulation
system once all flooded areas have been dewatered.
Dewatering will make use of submersible pumps in the shaft delivering to the 178 and 310 level pump
stations until the water level reaches 418m. From here a pontoon mounted multi-stage pumping system
will be installed to dewater to the shaft bottom. The pontoon, which will float on the water and fit inside
the man cage guides, will be installed utilising the permanent man winder.
Dewatering rates increase from 100m3/hr to 500m3/hr and finally reaching 1000m3/hr with the installation
of additional evaporators.
Figure 2: Final Dewatering Infrastructure Layout.
Shaft Refurbishment
After the mine was closed in 1991, natural ground water was left to fill up the underground workings. This
was expected to have some impact on the integrity of the shaft steel work. Examinations and testing of
the shaft steelwork from surface to 30m below the water level – along with the use of a video camera
inspection to 780m below the shaft collar, as well as shaft probing and water quality testing to within 100m
of the shaft bottom – helped determine that most of the shaft is in good order.
Certain areas of the shaft – such as the shaft skip loading level, pump and water columns, power cables,
communication and signalling cables – will need to be replaced. The four levels that will be used as
permanent pump stations will have 100% of the steelwork replaced. Buntons and guides will be replaced
on an inspection and assessment basis. It is estimated that 33% of all shaft steel work will be replaced. The
shaft refurbishment will be carried out concurrently with the dewatering process to reduce construction
time.
Shaft refurbishment is planned in phases. From surface to 418 Level, a Sky jack with an interim working
platform, together with a 15-tonne single drum winch for material and equipment lifting, will be used for
removal of redundant and rusted steal followed by the permanent installation of piping and other
services. By the time shaft refurbishment reaches 418 Level, the refurbishment, installation and
commissioning of the headgear and man winder will have been completed. Completion of the
headgear and winder refurbishment allows for the equipping skeleton to be installed in the man winder
compartment and used as a safe working platform. Using the equipping skeleton, the remaining shaft
refurbishment work will be completed to the shaft bottom.
Once the shaft refurbishment is complete, the installation skeleton will be removed, and the man cage
will be installed.
Deeps Mining of the Hypogene Ore
The Deeps area of the mine is currently under water to 273 metres below surface and mine dewatering,
shaft refurbishment and underground construction is required before production can start. The timeline
for these activities to be completed is expected to be 27 months from Project commencement.
Development and production mining will start in month 28 and build up over a further 27 months to a
steady-state rate of 200ktpm or 2.4Mtpa.d
For production mining, mechanised Long-hole Open Stoping (LHOS) with Paste-Fill will be used in the
steeper sections using either Longitudinal (LLHOS) or Transverse (TLHOS) methods depending on the width
of the orebody. Level spacing in these areas will be 20 metres or 30 metres depending on local conditions.
D&F will be used in the flatter sections with panel dimensions of 5 x 5 metres or 6 x 6 metres depending on
the orebody thickness. The mining mix will be 74% from LHOS and 26% from D&F. Paste-fill strengths have
been designed at 500kPa for the D&F sections and up to 2,000kPa for the LHOS sections. Curing times of
28 days have been designed for both LHOS and D&F applications.
All mining activities will be carried out by crews on 2 x 12 hr shifts, 7 days a week with two blasting times
per day. The mining fleet will consist of development and long-hole drill rigs, 40-tonne trucks and 14-tonne
LHDs, together with explosive vehicles and utility vehicles. For development and production taking place
above 957 Level – which is the main transport level – a rail system will be used to transport rock to the
shaft. Rock mined from D&F and the two LHOS South-East zones will be trucked back up to 926 Level into
rock passes feeding 957 Level.
There is an existing workshop on 957 Level which will be refurbished for regular vehicle services and two
satellite workshops will be built at the N-W and S-E sections of the mine for minor services. An existing
workshop on 836 Level will also be refurbished, for major component change-outs to lessen congestion
on the 957 Level workshop. Major engine or frame re-builds will be carried out off-site by either the Original
Equipment Manufacturer or a certified machine fabricator.
Ventilation of the Deeps will be undertaken using down-cast air through the existing Hutchings shaft and
the existing surface decline. During the de-watering and shaft refurbishment phase, the existing Beecroft
shaft will be used as the upcast shaft. Once the underground production levels are established, a new
return ventilation shaft system will be raise-bored to connect the 957 Level to surface in addition to the
Beecroft return airway shaft.
The total volume of fresh air for the underground mining is 750m 3/s and will be achieved through
combining the Deeps and Upper Levels ventilation sections.
In the first stage of mining, an interim rock handling system will be constructed that will be in use for six
months while the permanent system is being installed. The interim system will make use of temporary
grizzly-rock breaker arrangements where rock will be trucked and discharged into two existing silos and
onto conveyors transporting rock to the skip loading station at the shaft.
The permanent system will involve re-fitting the existing crusher chamber and the installation of a
conveyor system to the top of the silos mentioned above.
Figure 3: Deeps Mining Methods.
Deeps Hypogene Ore Processing
The Deeps process plant will treat the Hypogene ore at a steady-state rate of 200,000 tonnes per month
over the planned 11-year life. Ore processing will involve secondary crushing (following primary crushing
underground), SAG milling with a secondary ball mill and conventional differential froth flotation to
produce separate copper and zinc concentrates at target concentrate grades of at least 20% Cu and
50% Zn.
The flowsheet for processing the Deeps material is similar to that used during the historical mining
operations with the addition of fine grinding circuits for both copper and zinc and splitting zinc flotation
into fast and slow-floating circuits. Copper is extracted first, followed by zinc, and the zinc tailings will either
go to the paste-fill plant or to the tailings storage facility. TSF return water will be recycled to the plant,
where possible.
An on-site laboratory will provide sample analysis for the plant to supplement the on-line analysis at
various points in the process. The plant will be operated by PCZM staff on a 24/7, 365 days basis. Staffing
will leverage off the Upper-Level mining plant as a training facility to develop skills for the Deeps plant
operations.
Tailings Storage Facility
A Tailings Storage Facility (TSF) will be constructed to contain the tailings from the Upper Levels and Deeps
processing plants. All tailings from the Upper-Level plant will be sent to the TSF while approximately 52%
of the Deeps tailings stream will be contained in the TSF with the remainder used in the underground
paste-fill. Tailings will be delivered to the TSF via a single pipeline with an operating and standby pumping
system. The TSF will be developed as an upstream constructed, ring dyke design with a maximum vertical
height of 24 metres, a final footprint of 65Ha and a design life of 18.6 years. Over its life, the TSF will be
constructed in three lifts.
A penstock system will decant surface water off the TSF into a return water dam located at the toe of the
TSF from where the water will be pumped to TSF Paddock 1 for forced evaporation or recycled back into
the process plant.
The TSF will be built in stages as the construction and operations of the mine take place. The first section
will be the evaporation pond for use during the forced evaporation from the shaft de-watering, after
which TSF "Paddock 2" will be built to accommodate the tailings from the Upper Levels process plant and
finally the remainder of the TSF will be completed for the Deeps mining operations.
Figure 4: TSF Final Layout.
Updated +105m Level Crown Pillar Mineral Resource
At the end of the Quarter, the Company reported the completion of an updated Mineral Resource
estimate (MRE) for the supergene sulphide and remnant hypogene sections of the near-surface +105
Level Crown Pillar, reporting a combined Indicated and Inferred Mineral Resource of 1.1 Mt grading 2.8%
Cu and 2.2% Zn (Table 3) (refer ASX/JSE release 28 March 2025).
The updated MRE is based on the incorporation of several additional holes drilled in 2023 and a
reinterpretation of the geology by separating out the lower grade disseminated sulphides in the footwall
unit from the higher-grade massive sulphide-dominated hanging wall unit made possible by extensive
geological observation and data gathering during the trial mining program completed during Q1 and
Q2 CY2024.
Table 3: Global Indicated and Inferred Mineral Resource statement for the +105m Level Resource Block of the PCZM.
Cu Cu Zn Zn
Classification Mineralised Zone Tonnes
(tonnes) (%) (tonnes) (%)
HW Oxide 200,000 1,000 0.48 2,000 0.90
Oxide 490,000 4,000 0.81 4,000 0.73
Indicated Supergene Sulphide 720,000 22,000 2.99 17,000 2.42
Hypogene 80,000 1,000 1.43 4,000 5.00
Total 1,500,000 28,000 1.86 27,000 1.79
HW Oxide 30,000 100 0.4 300 1.0
Oxide 300,000 3,000 1.0 2,000 0.8
Inferred Supergene Sulphide 200,000 6,000 2.6 2,000 0.8
Hypogene 50,000 1,000 2.7 700 1.4
Total 600,000 10,000 1.8 5,000 0.9
+105m Level Mineral Resource Total 2,100,000 38,000 1.8 32,000 1.5
Note: +105m Level Mineral Resource oxide mineralisation interpretation wireframe cut-off = 0.3% Equivalent Cu (CuEq = Cu% + Zn%/2). Resource stated at
0.3% Cu cut-off.
+105m Level Mineral Resource supergene sulphide and remnant hypogene mineralisation interpretation wireframe cut-off = 0.8% Cu. Resources stated
at 0.7% Cu cut-off.
Numbers may not add up due to rounding in accordance with the JORC Code (2012).
The updated MRE for the +105 Level Crown Pillar brings the total Indicated and Inferred Mineral Resource
including the Deep Sulphide Mineral Resource (refer ASX/JSE release 18 December 2018)1 of the PCZM to
31 Mt grading 1.2% Cu and 3.6% Zn (Table 4).
Table 4: Global Mineral Resource for the combined +105m Level and Deep Sulphide Mineral Resources of the PCZM1.
Cu Cu Zn Zn
Resource Classification Tonnes
(tonnes) (%) (tonnes) (%)
Indicated 19,000,000 220,000 1.17 670,000 3.60
Deep Sulphide Resource
Inferred 10,000,000 120,000 1.1 420,000 4.1
Indicated 700,000 5,000 0.73 5,000 0.77
+ 105m Level Oxides Resource
Inferred 300,000 3,000 1.0 2,000 0.8
+ 105m Level Supergene Sulphides Indicated 800,000 23,000 2.84 21,000 2.67
and Hypogene Resource Inferred 300,000 8,000 2.6 3,000 0.9
Total Indicated 20,000,000 240,000 1.22 690,000 3.47
Total Inferred 11,000,000 130,000 1.2 420,000 3.9
Grand Total 31,000,000 370,000 1.2 1,120,000 3.6
Note: Deep Sulphide Resource mineralisation interpretation wireframe cut-off = 3% Equivalent Zn (ZnEq = Zn% + Cu%x2). Resources stated at zero% Cu cut-off
+105m Level Mineral Resource oxide mineralisation interpretation wireframe cut-off = 0.3% Equivalent Cu (CuEq = Cu% + Zn%/2). Resource stated at 0.3% Cu cut-off
+105m Level Mineral Resource supergene sulphide and remnant hypogene mineralisation interpretation wireframe cut-off = 0.8% Cu. Resources stated at 0.7% Cu cut-off.
Numbers may not add up due to rounding in accordance with the JORC Code (2012).
Human Resources
During the Quarter, the Introduction to Mining Course was implemented following the initiation of the
review process of the training database. The course included 36 host community participants that
successfully completed the course. The completion of the Introduction to Mining course is the first step in
the training and development pipeline for host community members. The pipeline facilitates training and
development opportunities that assists in upskilling host community members for possible future mine
employment.
The mine identified 10 employees who were sent for competency B training during the Quarter. This
training will assist in ensuring employees are competent and legally compliant to work underground.
OKIEP COPPER PROJECT (OCP)
Definitive Feasibility Study
Work on the finalisation and drafting of the DFS report for the Flat Mines Project continued throughout the
March 2025 Quarter. The DFS report and supporting technical reports and documentation were submitted
for review by Practara, the independent consultants appointed to undertake the Peer-review of the
report. The executive summary of the completed DFS report was released on 28 March 2025 (refer ASX/JSE
release 28 March 2025).
Concurrent with the release of the completion of the study, Orion declared a maiden Ore Reserve for the
Flat Mines Project, based on a Mining and Processing plan supported by Indicated Resources in the
granted Flat Mines Mining Right area only, exclusive of Inferred Resources. The Ore Reserves were signed
off by Mr Jon Hudson of JHK Consulting, the Competent Person appointed by Orion.
While the DFS completed focuses on immediately available JORC-defined Mineral Resources from Flat
Mines North (FMN), Flat Mines East (FME) and Flat Mines South (FMS), work is in progress to include
additional currently Inferred Resources in the LOM plan.
1 Mineral Resource reported in ASX release of 18 December 2018: "Landmark Resource Upgrade Sets Strong Foundation" available to the public on
www.orionminerals.com.au/investors/market-news. Competent Person: Orion's Mineral Resource: Mr. Sean Duggan. Orion confirms it is not aware of
any new information or data that materially affects the information included above. For the Mineral Resources, the Company confirms that all material
assumptions and technical parameters underpinning the estimates in the ASX release of 18 December 2018 continue to apply and have not materially
changed. Orion confirms that the form and context in which the Competent Person's findings are presented here have not materially changed.
Additional Inferred Resources are known to exist as extensions to the Flat Mines deposits in the Mineral
Resource Area, as well as in the contiguous Prospecting Right area which was granted in Q4 CY2024.
Table 5: Key DFS Results for the Flat Mines Project. Note that the Study estimation accuracy level is ± 15%.
Executive Dashboard
Production and Financial Summary Key Parameters
Price and FX Assumptions Unit Value Financial Performance Unit Value Unit Value
Metal price – Cu USD/t 9,396 NPV pre- tax @ 8% discount rate ZAR M 1,423 AUD M 114
Metal price – Au USD/oz 2,157 NPV post- tax @ 8% discount rate ZAR M 935 AUD M 75
Metal price – Ag USD/oz 27 IRR pre- tax % 23
Exchange rate ZAR:USD 18.90 IRR post- tax % 19
Exchange rate ZAR:AUD 12.50 Payback from first production Years 5.25
Undiscounted free cash flow pre- tax ZAR M 2,744 AUD M 219
Peak funding ZAR M 1,290 AUD M 103
Capital intensity * USD/Cu t 10,383 * AUD/Cu t 15,699
Production Metrics Unit Value Project Cost Metrics Unit Value Unit Value
Life of Mine Years 12.08 Average cash operating unit cost ZAR/t 769 AUD/t 62
Treatment plant capacity Ktpa 780 All- in- sustaining cost per unit ROM t ZAR/t 1,078 AUD/t 86
ROM Plant Feed – tonnage kt 7,235 All- in- sustaining cost per unit Cu t sold USD/t Cu 5,270 AUD/t Cu 7,968
ROM Plant Feed – grade - Cu % 1.18% All- in- sustaining cost per unit Cu t sold USD/lb Cu 2.39 AUD/lb Cu 3.61
Concentrate grade - Au g/t conc 0.9 Price received (net of NSR) - Cu USD/t Cu 8,944 AUD/t Cu 13,523
Concentrate grade - Ag g/t conc 31.4 All- in- sustaining margin % 41%
Overall Plant Revocery % 91.90% Operating breakeven grade (Cu) % 0.73%
Concentrate Tonnage (wet mass) - Cu kt 285 Project Cash Flows Unit Value Unit Value
Concentrate Grade - Cu % 30% LoM net revenue ZAR M 12,701 AUD M 1,016
NSR as % of metal price – Cu % 95.20% LoM operating costs (+ Royalty and Tax) ZAR M 6,608 AUD M 529
Metal Sold (in concentrates) - Cu tonnes 78,340 Project Start- up Capital Expenditure ZAR M 894 AUD M 71
Total Cu Sales tonnes 78,340 Total Project Capital (incl Contingency) ZAR M 1,604 AUD M 128
Contingency ZAR M 90 AUD M 7
Sustaining Capital Expenditure ZAR M 768 AUD M 61
Income Tax ZAR M 977 AUD M 78
Cash Flow after tax ZAR M 2,744 AUD M 219
Level of Accuracy of Financial Model ± 15%, LoM = Life of Mine, NSR = Net Smelter Return, NPV = Net Present Value, IRR = Internal Rate of Return
There is a low level of geological confidence associated with Inferred Mineral Resources and therefore there is no certainty that further exploration work will result in the
determination of Indicated Mineral Resources or that the Production Target or financial forecast information referred to in this Study will be realised.
Updated FMNb Mineral Resource
At the end of the Quarter, Orion reported an update in the Mineral Resource Estimate for Flat Mine
(Nababeep) (FMNb) that forms part of the Okiep Copper Project (OCP). The Indicated and Inferred
Mineral Resources, as stated in Table 6 below, have been re-estimated for the FMNb deposit, and are
now 0.6 Mt grading 1.0% Cu for 6,000 tonnes of contained copper (Table 6).
Together with the previously reported Mineral Resources for Flat Mine North (FMN), Flat Mine East (FME)
and Flat Mine South (FMS) (refer ASX/JSE release 28 August 2023) of 9.4 Mt grading 1.3% Cu including a
Measured and Indicated Mineral Resource of 7.4 Mt grading 1.35% Cu (Table 6) and an Inferred Mineral
Resource for Jan Coetzee Mine and Nababeep Kloof Mine (refer ASX/JSE release 29 March 2021) of 1.5
Mt grading 1.3% Cu (Table 6), this latest resource estimate revises the total Mineral Resource at the OCP
to 11.5 Mt grading 1.3% Cu for 152,000 tonnes of contained copper (Table 6). The total Measured and
Indicated Mineral Resource at the OCP has increased from 7.4 Mt grading 1.35% Cu to 7.7 Mt grading
1.34% Cu.
Table 6: Total Mineral Resource Statement for the Flat Mines Area of the OCP.
Measured Indicated Inferred
Mine / Prospect
Tonnes % Cu t Cu Tonnes % Cu t Cu Tonnes % Cu t Cu
Flat Mine (Nababeep) - - - 300,000 1.07 3,000 300,000 1.0 3,000
Jan Coetzee Mine - - - - - - 1,000,000 1.4 14,000
Nababeep Kloof Mine - - - - - - 500,000 1.2 6,000
Flat Mine North 440,000 1.13 5,000 940,000 1.42 13,000 200,000 1.5 4,000
Flat Mine East - - - 3,400,000 1.37 47,000 1,000,000 1.0 9,000
Flat Mine South - - - 2,600,000 1.35 35,000 800,000 1.6 13,000
Total 440,000 1.13 5,000 7,200,000 1.36 98,000 3,900,000 1.3 49,000
*Numbers may not add up due to rounding in accordance with the JORC Code (2012) guidance.
Resources are reported at a 0.7% Cu cut-off grade for FMN, FME, FMS, Jan Coetzee and Nababeep Kloof. Resources are
reported at a 0.5% Cu cut-off grade for FMNb.
Figure 5: SAFTA prospecting and mining rights showing prospects with previously reported (yellow) and updated (grey) Mineral
Resources.
Geophysical Exploration Program
Adding to the geophysical orientation surveys completed in the previous Quarter, an Audio-
Magnetotelluric (AMT) survey was piloted over the FMS area to prospect for extensions to known
mineralisation or other undiscovered mineralisation at depths in the 600m-2,000m range, depths not
achievable by most other geophysical methods. Results are in the process of being modelled and,
following favourable indications, a broader survey may be required.
TSF Design Approved
No further work on the TSF design was undertaken. Costs for the construction of the TSF and the stormwater
diversion infrastructure were updated.
Metallurgical Test Work
Metallurgical test work required for completion of the DFS was completed in Q4 CY2024. The test work
was reviewed by Practara in Q1 CY2025 and was reported to be comprehensive and robust for the design
of a suitable Process Design and prediction of copper recoveries that can be expected in future
operations.
Mine Planning
Mine planning continued throughout the March Quarter, focusing on optimisation of the FMS mine layouts
to reduce underground development. This additional work ultimately resulted in a delay in the finalisation
of the mine schedule and financial evaluation of the Project.
The LOM schedule presented as the base case mine design is inclusive of 18% of Inferred Resources in the
Flat Mines deposits. For the purposes of the determination of Reserves, a separate mine schedule
exclusive of any Inferred Resources was used in the Financial Model to demonstrate the economic
viability of the Project based on the mining of Measured and Indicated Resources only.
Infrastructure
A Cost Estimate Letter (CEL) was received from Eskom on 13 March 2025 following an application for a 10
MVA supply submitted to Eskom in January 2024. The CEL confirmed the provisional network extensions
and costing that had been estimated to inform the decision to take bulk power for the project through
the Nama Khoi Local Municipality (NKLM) transmission network. The design and costing of the power
supply for the project has been finalised on this basis.
The main source of process water supply for the project is treated effluent water from the Nababeep
Sewage Works (Nababeep WWW). New Okiep Mining Company (NOM) has been assisting the NKLM in
the refurbishing of this plant by carrying out the cleaning out of the Clarigesters and repairs to the Biofilter
structures, aeration systems and biofilter media. NOM completed the agreed work programmes in
February 2025 and continues to participate in the project in collaboration with the Engineering
Consultants and NKLM Management.
A new contractor has been appointed (following the termination of the previous non-performing
contractor) to complete the refurbishing works. NOM site management participates in the oversight of
progress with regular site meetings with the Contractor and monthly progress meetings arrangement by
the Project Consultants.
JACOMYNSPAN Ni-Cu-Co-PGE PROJECT (JMP)
The JMP Nickel-Copper-PGE Project is Orion's third project alongside PCZM and OCP with potential to be
a significant metals producer.
Orion sees compelling potential for a large-scale, near-surface bulk mining operation at Jacomynspan,
with drilling confirming the presence of shallow sulphide nickel-copper-cobalt-PGE mineralisation within
the ultramafic structure, commencing at a depth of around 85m vertically below the surface.
Planning continued for a trial mining exercise to generate a sufficient scale representative bulk sample
of Jacomynspan ore to evaluate innovative metallurgical refining/battery pre-cursor production on a
pilot scale.
JMP has a JORC-defined Mineral Resource of 65Mt at 0.28% Ni, 0.19% Cu, 0.02% Co, 0.2g/t 2PGE+Au using
a cut-off of 0.2% Ni (refer ASX/JSE release 8 March 2018). The current Mineral Resource extends over less
than 1km of strike of a series of outcropping intrusives where wide-spaced scout drilling by Anglovaal,
Newmont, African Nickel (ANL) and Orion has revealed a combined 7km strike of identical mineralised
outcropping or shallow sub-cropping ultramafic intrusive bodies.
Metals Vapour Refining Project
Orion continued to review and evaluate the potential for application of Chloro and Carbonyl metal
vapour refining to produce premium value chemical and electronic quality metal products. Other
competing hydrometallurgical methods will also be considered going forward.
Several technology development groups have been identified to work alongside the team involved in
the project to date, with the objective of accelerating the development pathway.
Areachap Exploration
The Areachap Project is located in an under-explored belt of the same name, covering an area
exceeding 175,000ha with multiple copper-zinc and nickel-copper-cobalt-PGE-gold intrusive targets
within Orion's tenements. Multiple VMS-style copper-zinc and nickel-copper-cobalt-PGE-gold in
ultramafic intrusive targets are known within the tenements, including numerous unexplored targets.
Chief among these are:
• The Kantienpan zinc-copper VMS project – where a substantial mineralised deposit has been
identified through drill-testing with this project to be progressed to concept level;
• The Witkop copper-gold project – where a preliminary mineralisation assessment has been
completed and discussions are underway regarding the potential concept level of the project;
• The Boksputs copper-zinc VMS project – where additional follow-up exploration is required
following geophysical investigation and preliminary drill-testing; and
• Orange River pegmatite swarm – where additional lithium, beryllium and Rare Earth Element (REE)
mineralisation potential is being investigated in an area that traverses the Orion tenements.
Exploration activities in the Quarter included ongoing review, processing and modelling of existing
geophysical survey results, and the planning and design of detailed follow-up geophysical survey
programs.
Australian Projects
Fraser Range – Nickel-Copper Projects (Western Australia)
The Fraser Range Project is a belt-scale project, highly prospective for high-value magmatic nickel-
copper-cobalt sulphide discoveries. The project is a joint venture with ASX-listed IGO Limited (IGO), which
is the dominant landholder in the Fraser Range and owns the Nova Operation, which is mining and
processing the Nova-Bollinger nickel-copper-cobalt sulphide deposit discovered in 2012.
Orion maintains a tenement package in the Fraser Range under a joint venture with IGO. In terms of the
joint venture, IGO is responsible for the exploration of all the tenements while Orion is free carried by IGO
through to the first Pre-Feasibility Study. This allows Orion to maintain exposure to ongoing exploration and
development of the project, without any ongoing financial commitment.
Walhalla – Gold and Polymetals Project (Victoria)
While the Walhalla-Woods Point District is best known for gold mining, high-grade copper-nickel and PGE
mineralisation also occurs within the belt. Both the gold and copper-nickel-PGE mineralisation within this
district are hosted within dykes from the Woods Point Dyke Swarm, a series of ultramafic to felsic dykes
occurring over a 75km long north-south belt.
No field or exploration work was carried out on the Walhalla Project during the Quarter.
Corporate
Cash and Finance
Cash on hand at the end of the Quarter was A$1.66 million. Payments made to related parties and their
associates during the Quarter was A$145k for director fees and consulting fees as well as A$(45)k (nett)
to joint venture partners, as listed in Section 6 of the Company's Quarterly Cash Flow Report (Appendix
5B).
Subsequent to Quarter end, Ratel Growth Pty Ltd (Ratel), a company of which former Director Mr Thomas
Borman is the controlling shareholder, provided an unsecured A$2.0 million loan facility (Loan
Facility). Under the terms of the Loan Facility, the loan amount, interest and any amount capitalised
under the Loan Facility will be automatically set off against the amount to be paid by Ratel for the issue
and allotment of ordinary shares in Orion (Shares) to Ratel under any capital raising undertaken by Orion
on or before the repayment date of 31 August 2025 (subject to any Orion shareholder approval, if
required) (refer ASX/JSE release 24 April 2025).
Okiep Copper Project – Settlement of Phases
The Company anticipates completion of phases two and three of the acquisition, which are each subject
to the granting of the relevant mineral rights (Mineral Rights) to Southern African Tantalum Mining (Pty)
Ltd, Nababeep Copper Company (Pty) Ltd and Bulletrap Copper Co (Pty) Ltd (as the case may be)
(each a Target Entity) and, if applicable, approval from the Minister of the Department of Mineral and
Petroleum Resources (or his lawful delegate) in terms of the South African Mineral and Petroleum
Resources Development Act, 2002 for the transfer of the relevant Mineral Right(s) from each Target Entity
to the relevant Orion subsidiary (section 11 consent), in the coming months.
Share Issue – Short Term Incentive (STI)
On 7 February 2025, the Company issued 12,167,670 Shares at a deemed issue price of $0.0176 (being
ZAR20 cents) (calculated by applying the volume weighted average price for the 180 days ending 17
December 2024) to key management personnel and management of the Company (Personnel), as part
of a short term incentive (STI) scheme approved by the Board.
Orion Personnel are eligible to participate in the STI scheme, to receive awards of a percentage of fixed
annual remuneration per annum. The Shares issued to such Personnel follows achievement of certain key
performance indicators and performance objectives, as previously determined by the Board.
Leadership Transition
Subsequent to Quarter end, the Company announced that following the recent achievement of key
milestones with its South African base metal projects, Errol Smart decided to step down as Managing
Director and Chief Executive Officer, effective 3 April 2025.
Mr Smart was succeeded as Managing Director and CEO by Anthony Lennox, who has been a non-
executive director of the Company since December 2023. Mr Lennox is a highly experienced operational
leader with vast experience in the construction, development and operation of large-scale mining
projects (refer ASX/JSE release 3 April 2025).
Tenement Table
Ownership Change in
Tenement Project Joint Venture Partner
Interest Quarter
South Africa
NC30/5/1/1/2/11850PR
Bartotrax 100% --- ---
NC30/5/1/1/2/13528PR
Prieska Copper Zinc
NC30/5/1/2/2/10138MR 70% --- ---
Mine
Prieska Copper Zinc
NC30/5/1/2/2/10146MR 70% --- ---
Mine
NC30/5/1/1/2/12257PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12258PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12287PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12405PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/11840PR
Doonies Pan 70% --- ---
NC30/5/1/1/2/13752PR
NC30/5/1/2/2/10032MR Namaqua-Disawell 25% --- Namaqua Nickel Mining (Pty) Ltd
NC30/5/1/1/2/12216PR Namaqua-Disawell 25% --- Namaqua Nickel Mining (Pty) Ltd
NC30/5/1/1/2/13397PR Namaqua-Disawell 25% --- Disawell (Pty) Ltd
NC30/5/1/1/2/13398PR Namaqua-Disawell 25% --- Disawell (Pty) Ltd
NC30/5/1/1/2/12292PR Masiqhame 50% --- Masiqhame 855 (Pty) Ltd
NC30/5/1/1/2/12197PR Boksputs North 70% --- ---
NC30/5/1/1/2/11125PR
Okiep 100% --- ---
NC30/5/1/1/2/13395PR
NC30/5/1/1/2/12357PR Okiep 100% --- ---
NC30/5/1/1/2/12897PR Okiep 100% --- ---
NC30/5/1/2/2/10150MR Okiep 56.25% --- Industrial Development Corporation
of South Africa Limited (IDC)
NC30/5/1/1/2/12850PR Okiep 56.25% --- Industrial Development Corporation
of South Africa Limited (IDC)
NC30/5/1/1/2/12755PR Okiep 56.25% --- Industrial Development Corporation
of South Africa Limited (IDC)
NC30/5/1/1/2/12848PR Okiep 56.25% --- Industrial Development Corporation
of South Africa Limited (IDC)
NC30/5/1/1/2/12852PR Okiep 100% --- ---
NC30/5/1/1/2/12854PR Okiep 100% --- ---
Western Australia
IGO Limited & Geological
E39/1653 Fraser Range 35% ---
Resources Pty Ltd
Victoria
EL6069 Walhalla 100% --- ---
EL5042 Walhalla 100% --- ---
This Quarterly report is authorised by the Board.
29 April 2025
JSE Sponsor
Merchantec Capital
Reference to Previous Reports
Information on the Deep Sulphide Mineral Resource was reported in ASX/JSE Release of 18 December 2018:
"Landmark Resource Upgrade Sets Strong Foundation for Development of Prieska Zinc-Copper Project", the +105
Level Mineral Resource (Supergene and Hypogene Sulphide) was reported in ASX/JSE Release of 28 March 2025
"Prieska Crown Pillar +105 Level Mineral Resource Update", and the +105 Level Mineral Resource (HW Oxide and
Oxide) was reported in ASX/JSE Release of 25 July 2023: "Prieska Mineral Resource Increases Ahead of Trial Mining",
each available to view on https://www.orionminerals.com.au, and compiled by Mr Sean Duggan (Pr.Sci.Nat), a
Competent Person who is registered with the SACNASP (Registration No. 400035/01) and an employee of Z* which is
independent of Orion. Orion confirms that it is not aware of any new information or data that materially affects the
Deep Sulphide Mineral Resource, the +105 Level Mineral Resource (Supergene and Hypogene Sulphide) and the
+105 Level Mineral Resource (HW Oxide and Oxide) included in the original market announcements and that all
material assumptions and technical parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed. Orion confirms that the form and context in which the
Competent Person's findings are presented have not been materially modified from the original market
announcement.
Information on the Flat Mine North (FMN), Flat Mine East (FME), and Flat Mine South (FMS) Mineral Resources is
extracted from the report entitled 'Orion upgrades Mineral Resources at the Flat Mines Area, Okiep Copper Project
as BFS nears completion' dated 28 August 2023, available to view on https://www.orionminerals.com.au, and
compiled by Mr Sean Duggan (Pr.Sci.Nat), a Competent Person who is registered with the SACNASP (Registration No.
400035/01) and an employee of Z* which is independent of Orion. Orion confirms that it is not aware of any new
information or data that materially affects the FMN, FME and FMS Mineral Resources included in the original market
announcement and that all material assumptions and technical parameters underpinning the estimates in the
relevant market announcement continue to apply and have not materially changed. Orion confirms that the form
and context in which the Competent Person's findings are presented have not been materially modified from the
original market announcement.
Information on the Flat Mine Nababeep (FM-Nap) Mineral Resources is extracted from the report entitled "Orion
Updates Mineral Resources at Okiep Copper Project" dated 28 March 2025, available to view on
https://www.orionminerals.com.au, and compiled by Mr Paul Matthews (Pr.Sci.Nat.), a Competent Person who is a
member of SACNASP (Registration No. 116880/17 and a full-time employee of Orion. Orion confirms that it is not
aware of any new information or data that materially affects the FM-Nap Mineral Resource included in the original
market announcement and that all material assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not materially changed. Orion confirms that the
form and context in which the Competent Person's findings are presented have not been materially modified from
the original market announcement.
Information on the Feasibility Studies is extracted from the reports entitled "Prieska Feasibility Study Delivers Robust
Outcomes" and "Robust Development Pathway for Okiep Copper Project" dated 28 March 2025, available to view
on https://www.orionminerals.com.au, Orion confirms that it is not aware of any new information or data that
materially affects the information included in the relevant original market announcement and, in the case of
estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have not materially changed. Orion
confirms that the form and context in which the Competent Person's Mr Paul Matthews, Mr Sean Duggan, Mr Ettienne
Oosthuizen, Ms Vannessa Clark & Mr John Edwards (PCZM), Mr Jon Hudson & Mr John Edwards (OCP) findings are
presented have not been materially modified from the original market announcement.
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
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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;
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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: 29-04-2025 08:45:00
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