Wrap Text
Reviewed Interim Financial Report for the half year ended 31 December 2024
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 2024
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 2024.
HIGHLIGHTS:
• Prieska Copper Zinc Mine (PCZM) development continued its advancement on several fronts:
o PCZM mine dewatering rate in excess of 500m3/hour achieved from the pump station at the 178m
Level and forced evaporation rate of 100-140m3/hr. Forced evaporation expanded to two shifts (day
and night), successfully improving the dewatering rate.
o Upgrade of the Cuprum electrical sub-station completed for the supply of 15MVA to PCZM, with all
electrical infrastructure installed. PCZM is now fully connected to the Eskom grid, with an electricity
supply agreement in place.
o Civil construction of the13ha water storage dam/future Tailings Storage Facility (TSF) at PCZM
completed.
o The Definitive Feasibility Study (DFS) for PCZM is well advanced and is currently being independently
reviewed by independent technical expert, Practara Metals & Mining Advisory (Practara). Once the
DFS report is completed to the satisfaction of Practara, the Study will then move to review and
approval from the project partners including the Industrial Development Corporation (IDC), Prieska
Resources (Pty) Ltd and Triple Flag Precious Metals Corp.
o The Company received the Australia Africa Minerals & Energy Group (AAMEG) Emerging ESG Leader
Award during the reporting period, which recognises Australian companies performing exemplary ESG
work on the African continent. The award recognises the Group's work in successfully developing a
host community service provider, Quebar Electrical and Civil Construction. This is the third time Orion
has won this prestigious award.
• Okiep Copper Project (OCP):
o Work on the DFS for the Flat Mines Project (FM Project), the first mine that Orion intends to develop at
the OCP, was significantly progressed, with the study nearing completion at the end of the reporting
period. An external review is now underway by Practara. Once the DFS report is completed to the
satisfaction of Practara, it will be considered and approved by the partners of the FM Project including
the IDC.
o The drilling program at OCP confirmed the interpretations that support the current Mineral Resource
models, while also demonstrating the potential for high-grade copper mineralisation.
o Water Use Licence granted for the OCP, Flat Mines Area, representing the final permit required to
progress the OCP to construction and production. The grant also included approval of the TSF design
and proposed location.
• Jacomynspan Nickel-Copper-PGE Project (JMP):
o 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.
o Alternative hydrometallurgical processes are also being reviewed, and value trade-off assessments
are being done to confirm the optimum beneficiation process route.
COMMENTARY:
Orion is building a high-quality pipeline of critical metals assets to supply the demands created by the global
clean energy transition. The Company has set itself the aspirational corporate objective of achieving first
copper sales from its development projects in 2026 and growing copper production of greater than 50ktpa by
the end of the decade.
During the reporting period, Orion continued its transition to developer and operating mining company,
focused on the production of metals that are critical to the global clean energy transition, 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. Orion's work programs focused on the progression of Definitive Feasibility
Studies (DFS) for the Company's flagship Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP).
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 focused on the high-grade
sulphide mineralisation of 1.3Mt at 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.
At the end of the reporting period, the underground water depth was approximately 270m below surface. All
mechanical and electrical infrastructure is operational and dewatering rates in excess of 500m3/hr are being
achieved from the shaft. The water level in the shaft had been reduced by 6.5m and the water level in the 800
ramp had receded by 50.5m at the end of December 2024.
Civil construction of the 13ha dewatering brine water storage facility within the footprint of the approved 65ha
TSF was completed in November 2024. The 13ha water storage dam is positioned in the eastern corner of the
65ha approved TSF footprint. The design minimises the embankment civil construction earthworks required by
following the natural ground contours.
At the OCP, final assay results reported from diamond drill holes completed to test strike and down-dip
extensions of the high-grade copper mineralisation at the Flat Mine South (FMS) deposit added further
momentum to Orion's development strategy, building on the outstanding outcomes of the recently completed
confirmation drilling program.
The confirmation drilling program that commenced in February 2024 and was completed at the end of
August 2024, validated earlier exploration drilling by Goldfields and Newmont (the previous owners of the Flat
Mines deposits) and provided drill-core for geotechnical studies and metallurgical test work.
Each drill program was essential to the finalisation of the DFS, which is progressing through external independent
review and approval processes. While the DFS focuses on immediately available JORC-compliant Mineral
Resources from Flat Mines North (FMN), Flat Mine East (FME) and FMS, the long-term aspirational target is to
restore the Okiep properties to their historical production levels of 20,000-50,000 tonnes of copper production
per annum.
At the Jacomynspan Nickel-Copper-Cobalt-PGE Project (JMP), planning for a trial mining program to support
pilot scale metallurgical test work programs continued. Alternative hydrometallurgical processes are also being
reviewed, alongside Metal Vapour Refining Technology, and value trade-off assessments are being done to
confirm the optimum beneficiation process route.
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 increased to a loss of AUD6.52 million (31 December 2023: operating loss of
AUD5.65 million).
• Basic loss per share improved by AUD0.01 cents to AUD0.07 cents (31 December 2023: basic loss per share
of AUD0.08 cents).
• Headline loss per share improved by AUD0.01 cents to AUD0.07 cents (31 December 2023: headline loss
per share of AUD0.08 cents).
The operating loss for the reporting period was primarily driven by:
• Contractor and advisor expenses of AUD1.18 million.
• Exploration expenditure of AUD2.44 million which, under the Group's deferred exploration, evaluation
and development policy, did not qualify to be capitalised and was expensed.
• Finance income of AUD2.74 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
AUD0.51 million and exploration expenditure of AUD6.73 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 2024 (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/2025/jse/isse/orne/interim25.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).
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.
Errol Smart
Managing Director & CEO
11 March 2025
ENQUIRIES
Investors Media JSE Sponsor
Errol Smart – Managing Director & CEO Nicholas Read Monique Martinez
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: 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: 11-03-2025 09:41:00
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