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Results Announcement: Annual Report for the Year ended 30 June 2026
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
RESULTS ANNOUNCEMENT: ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026
Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) is pleased to advise shareholders and investors that
it has today published its Annual Report for the year ended 30 June 2026, providing a comprehensive overview
of project development, exploration, corporate and ESG activities across its business for the 2026 financial year.
HIGHLIGHTS:
• Prieska Copper Zinc Mine (PCZM):
o In February 2026, Prieska Copper Zinc Mine (Pty) Ltd executed a binding agreement with a wholly
owned subsidiary of Glencore plc for a US$250 million Prepayment Facility linked to the sale of bulk,
copper and zinc concentrates from the Prieska Copper Zinc Project. During Q3 of FY2026, approval
from the South African Reserve Bank was received for the facility, fulfilling a key condition for final
execution.
The Prepayment Facility will be made available as follows:
• Tranche A – US$40 million: To fund the construction and start-up of the Uppers; and
• Tranche B – US$210 million: To fund the construction and start-up of the Deeps, including the
potential for an early drawdown of up to US$50 million to commence early works (Early
Drawdown), based on certain conditions being fulfilled.
o The Industrial Development Corporation of South Africa (IDC) partially converted their loan facility into
equity in PCZM HoldCo, releasing it from the security package provided by PCZM to funding partners.
o Further value engineering during the year improved the sequencing of the Uppers development. The
Uppers represents the first phase of production, with development of the Deeps planned to proceed
in parallel.
o The final Uppers mining schedule brings forward stoping tonnes from development completed during
trial mining and allows Uppers mining to commence later than envisaged in the original schedule
without affecting the planned processing timetable. This provides additional time for contractor
mobilisation and equipment delivery while maintaining the overall development program.
o PCZM moved from planning into executable procurement and contracting.
• Okiep Copper Project (OCP):
o Dewatering at Flat Mine North was completed, providing access to historical mining stopes and
development. This creates the opportunity to undertake detailed surveys of previously inaccessible
areas and better understand the condition and geometry of the historical workings.
o Project optimisation - immediate focus is on extensions close to known mineralisation and planned
infrastructure, where additional higher-grade tonnes could meaningfully impact mine economics.
o Drilling results during the year confirmed that the high-grade copper mineralisation at Flat Mine East
continues along strike and at depth. Significant intercepts included:
• OFMED1571: 7.88m at 9.24% Cu including 3.33m at 17.12% Cu; and
1 Refer ASX/JSE release 20 May 2026.
• OFMED1582: 3.96m at 4.64% Cu including 0.95m at 14.19% Cu
o Importantly, drill hole OFMED157 is located 100m along strike from OFMED153, a previously reported drill
hole that returned a strong copper intersection of 49.35m at 5.05% copper, including 21.66m at 9.41%
copper3.
COMMENTARY:
Orion Minerals is a 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.
Following completion of a definitive feasibility study (DFS) for each of the Prieska Copper Zinc Mine (PCZM) and
Okiep Copper Project (OCP) in March 2025, Orion’s focus throughout the reporting period remained on project
execution planning and funding activities to enable development of both projects to move forward.
PCZM is being planned on two integrated phases:
• Phase 1 – Early production from the shallower, higher-grade Uppers while dewatering of the historical
underground workings progresses in parallel. First concentrate is targeted approximately 13 months after
project funding becomes available.
• Phase 2 – Unlock the more extensive Deeps resource as dewatering, shaft rehabilitation and major
infrastructure are completed.
Exploration will continue alongside development. Five extension targets have been identified at depth and are
planned to be evaluated through underground drilling as access improves, providing further potential to
expand the resource base and extend mine life.
During the reporting period, PCZM operational readiness included moving from planning to executable work
packages. Torque Africa was appointed as drilling contractor, with the drilling program structured to support
resource conversion and geotechnical definition ahead of mining. While ENPROTEC was selected to deliver
the 20,000tpm Uppers concentrator under a Build-Own-Operate-Transfer arrangement.
At the OCP, following the delivery of the Flat Mines DFS, the project team completed an evaluation to
determine whether changes to mining methods, access and sequencing could improve the economics of Flat
Mine North, Flat Mine East and Flat Mine South.
Dewatering at Flat Mine North was completed, providing access to historical mining stopes and development.
This creates the opportunity to undertake detailed surveys of previously inaccessible areas and better
understand the condition and geometry of the historical workings.
At Flat Mine East, drilling returned further high-grade copper intersections and confirmed the down-dip
continuity of the lower mineralised zone.
Two significant intersections were reported during the year, confirming the strength and continuity of high-
grade copper mineralisation within the deposit. Together with earlier drilling, these results enhance the
geological interpretation of Flat Mine East and support ongoing assessment of potential additions to the
resource base.
For Okiep, the focus now is to bring the mining, access, resource and metallurgical work together into an
updated development case that defines the preferred Flat Mines configuration, sequencing, capital
requirements and economics. This will determine the pathway towards the project’s next stage of development
and, ultimately, construction.
2 Refer ASX/JSE release 29 June 2026.
3 Refer ASX/JSE release 24 June 2024.
In addition, the following information is provided in accordance with paragraph 6.35 of the JSE Listings
Requirements:
• Operating loss decreased to a loss of AUD12.69 million (30 June 2025: operating loss of AUD15.36 million).
• Basic loss per share decreased by AUD0.06 cents to AUD0.12 cents (30 June 2025: basic loss per share of
AUD0.18 cents).
• Headline loss per share decreased by AUD0.06 cents to AUD0.12 cents (30 June 2025: headline loss per
share of AUD0.18 cents).
The operating loss for the reporting period was primarily driven by:
• Contractor and advisor expenses of AUD3.55 million.
• Exploration expenditure of AUD2.65 million which, under the Group’s deferred exploration, evaluation
and development policy, did not qualify to be capitalised and was expensed.
• Finance income of AUD4.90 million, principally related to interest receivable on the Company’s
investment in preference shares issued to the Company (through its subsidiary Agama Exploration &
Mining (Pty) Ltd by Prieska Resources Pty (Ltd).
The operating loss for the previous corresponding period reflected an unrealised foreign exchange loss of
AUD1.17 million and exploration expenditure of AUD6.44 million.
RESULTS ANNOUNCEMENT:
This results announcement is the responsibility of the Directors and is only a summary of the information in the
Annual Report.
Any investment decisions by investors and/or shareholders should be based on a consideration of the Annual
Report as a whole and investors and shareholders are encouraged to review the Annual Financial Report,
which is available on the Company’s website, www.orionminerals.com.au and at the JSE’s cloudlink
https://senspdf.jse.co.za/documents/2026/jse/isse/orne/ye26.pdf. Copies of the Annual Report may also be
requested from the Company via email at info@orionminerals.com.au or from the sponsor at
sponsorteam@merchantec.com, at no charge.
Orion Minerals Limited has a primary listing on the Australian Securities Exchange (ASX) and a secondary listing
on the Main Board of the Johannesburg Stock Exchange (JSE).
The Annual Report was audited by Forvis Mazars Audit & Assurance Pty Ltd (Forvis Mazars), who expressed an
unmodified audit conclusion thereon, including a material uncertainty relating to going concern. Shareholders
are advised that, in order to obtain a full understanding of the auditor’s engagement, and more specifically,
the nature of the information reviewed, they should obtain a copy of Forvis Mazars’ report available at the
Company’s website: www.orionminerals.com.au.
For and on behalf of the Board.
Tony Lennox
Managing Director & CEO
17 September 2026
ENQUIRIES
Investors Media JSE Sponsor
Avishkar Nagaser – Executive: Corporate Nicholas Read Monique Martinez
Communications & Investor Relations 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: 17/09/2026 08:40:00
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