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Reviewed Interim Financial Report for the Half Year ended 31 December 2025
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
REVIEWED INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025
Shareholders of Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) are advised that the Company has
today published its Interim Financial Report for the half year ended 31 December 2025.
HIGHLIGHTS:
• Prieska Copper Zinc Mine (PCZM) development continued on several fronts:
o In February 2026, Prieska Copper Zinc Mine (Pty) Ltd executed a binding prepayment agreement for
a US$250 million prepayment facility linked to the sale of bulk, copper and zinc concentrates from the
Prieska Copper Zinc Project. 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 Project governance plan and project execution plan were significantly advanced during the reporting
period and are expected to be completed by mid-Q3 CY2026.
o Commissioning of the dewatering equipment from the Hutchings Shaft via the 178 Level pump,
achieving a 500m3/hr pumping rate, and evaporation infrastructure with capacity exceeding
100m3/hr.
o Inspection and logging of the condition of all buntings and shaft guides down to the water level at
265m (Bunting 56).
• Okiep Copper Project (OCP):
o OCP DFS optimisation work continued, focusing on advancing the near and medium-term exploration
targets.
o Data was incorporated from eight additional prospects adjacent to the Flat Mines Area into updated
geological models.
o Construction of waste water dam is underway, with dewatering of Flat Mine North to commence once
the dam is complete.
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.
The Company is targeting first production from its key development project by late Q1 CY2027, with the
aspirational goal of ramping up copper production to more than 30ktpa and zinc production of 65ktpa when
both projects are in steady state production.
Following the 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 has remained
on project execution planning and funding activities to enable development of both projects to move forward.
At PCZM, activities centred on operational readiness and value engineering. Several tenders were received for
upcoming project requirements for the Uppers development, including a 20kt per month build-own-operate-
transfer (BOOT) plant, contractor mining, decline rehabilitation and Front-End Engineering & Design (FEED)
engineering, each of which are currently being evaluated and short listed, with initial indications showing
substantial cost saving opportunities.
The PCZM project governance plan, along with the project execution plan, were significantly advanced during
the reporting period and are expected to be completed mid-Q3 CY2026.
Operational readiness efforts centred on preparing for mine dewatering operations and advancing early works
on the main Hutchings Shaft, including sub-bank preparation for future shaft refurbishment and inspection and
clearing of shaft infrastructure above the water level.
At Okiep, work focused on optimisation of the DFS and advancing the near and medium-term exploration
targets, with a plan to initially prioritise testing of near-mine extensions to known mineralisation at the Flat Mine
deposits. Data was also incorporated from eight additional prospects adjacent to the Flat Mines Area
(Nababeep West, Nababeep Kloof, Okiep East, Carolusberg West, Hoits Mine, Hoits East Extension, Wheal
Heath, Wheal Heath West, Wheal Heath South, Jan Coetzee and Jan Coetzee SW) into updated geological
models – supporting ongoing optimisation of the project's development plan.
Petrophysical logging commenced on selected drill cores, working towards providing representative values for
use in modelling.
Dewatering of Flat Mine North (FMN) is expected to begin towards the end of the March 2026 Quarter. Ground
work has commenced on building the new waste water dam, with the liner and perimeter fence representing
the final items awaiting completion early in the March 2026 Quarter.
At the Jacomynspan Nickel-Copper-Cobalt-PGE Project (JMP), Orion continued exploring innovative
metallurgical pathways for processing the oxide resource, which remains untested, with the aim of unlocking
further value from the deposit.
Orion strives at all times to achieve a sustainable balance between intense operational effort and maintaining
a strong focus on safety, environment and community.
In addition, the following information is provided in accordance with paragraph 3.46 of the JSE Listings
Requirements:
• Operating loss decreased to a loss of AUD6.42 million (31 December 2024: operating loss of
AUD6.52 million).
• Basic loss per share improved by AUD0.01 cents to AUD0.06 cents (31 December 2024: basic loss per share
of AUD0.07 cents).
• Headline loss per share improved by AUD0.01 cents to AUD0.06 cents (31 December 2024: headline loss
per share of AUD0.07 cents).
The operating loss for the reporting period was primarily driven by:
• Contractor and advisor expenses of AUD1.57 million.
• Exploration expenditure of AUD1.66 million which, under the Group's deferred exploration, evaluation
and development policy, did not qualify to be capitalised and was expensed.
• Finance income of AUD2.44 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
AUD0.48 million and exploration expenditure of AUD2.44 million.
RESULTS ANNOUNCEMENT:
This results announcement is the responsibility of the directors and is only a summary of the information in the
Reviewed Interim Financial Report for the half year ended 31 December 2025 (Interim Financial Report).
Any investment decisions by investors and/or shareholders should be based on a consideration of the Interim
Financial Report as a whole and investors and shareholders are encouraged to review the Interim Financial
Report, which is available on the Company's website, www.orionminerals.com.au and the JSE's cloudlink
https://senspdf.jse.co.za/documents/2026/jse/isse/orne/interim26.pdf. Copies of the Interim Financial 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). As required in terms of paragraph 4.13(e) of
the JSE Listings Requirements, the directors of the Company hereby confirm that the Interim Financial Report
has been prepared in compliance with the applicable JSE Listings Requirements.
The Interim Financial Report was reviewed by Forvis Mazars Audit & Assurance Pty Ltd (Forvis Mazars), who
expressed an unmodified review 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
6 March 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: 06-03-2026 08:29:00
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