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Results Announcement: Annual Report for the Year ended 30 June 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
RESULTS ANNOUNCEMENT: ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025
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 2025, providing a comprehensive overview
of project development, exploration, corporate and ESG activities across its business for the 2025 financial year.
HIGHLIGHTS:
• Prieska Copper Zinc Mine (PCZM):
o Definitive Feasibility Study (DFS) completed: covering both the Upper-Level and Deeps mining,
delivering a post-tax net present value (NPV) (at an 8% discount rate) of A$568 million (ZAR7.105 billion)
and a post-tax IRR of 26.2% over a 13.2-year Life of Mine (LoM).
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 PCZM mine dewatering and forced evaporation mechanical and electrical infrastructure successfully
installed, allowing a dewatering rate from the pump station at the 178m Level in excess of 500m3/hour
and forced evaporation of 100-140m3/hr.
o Civil construction of the 13ha water storage dam/Paddock 1 of the future 65ha tailings storage facility
(TSF) at PCZM completed.
o Total Mineral Resource updated to 31Mt grading 1.2% Cu and 3.6% Zn for 370,000 tonnes of contained
copper and 1,120,000 tonnes of contained zinc. This includes 20Mt of Indicated Resources at 1.22% Cu
and 3.47% Zn.
• Okiep Copper Project (OCP):
o DFS delivered for the Flat Mines Project, including the Flat Mine North, Flat Mine East, Flat Mine South
and Flat Mine Nababeep deposits, delivering a post-tax NPV(at an 8% discount rate) of A$75 million
(ZAR935 million) and a post-tax IRR of 19% over a 12-year LoM.
o 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. This includes Indicated Resources of 7.6Mt at 1.35%
Cu.
o Confirmatory drilling completed at Flat Mine North, Flat Mine East, Flat Mine South and Flat Mine
Nababeep.
o Water Use Licence granted for the OCP, Flat Mines Area, representing the final permit required to
progress the OCP to construction and production.
COMMENTARY:
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 completion of the Definitive Feasibility
Studies (DFS) for the Company's flagship Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP).
Each DFS was released on 28 March 2025.
PCZMs DFS considered an accelerated development strategy based on:
• Initial "Upper-Level Phase" – based on mining the near-surface supergene sulphide Resource block,
which is accessible from an existing decline, with first production expected 13 months after start of
construction and continuing for 4.3 years.
• The "Deeps Phase" – to commence following completion of mine dewatering, refurbishment of the main
shaft and construction of the mining infrastructure. Mining of the Deeps has a life of mine (LoM) (life of
mine from first production) of 11 years and will overlap with the last 2.2 years of the Upper-Level mining.
This gives a combined LoM of 13.2 years.
Following the delivery of the Flat Mines DFS, potential has been identified to enhance the financial outcomes
through an optimisation process. The following areas are being optimised:
• Earlier production from Flat Mine North (FMN);
• Mining higher grades from FMN by improved selectivity;
• Review of development layouts to reduce waste development;
• Review of the Flat Mine South (FMS) Mineral Resource Estimate and mine design to include the 2024
diamond drilling in FMS the results of which were unavailable for inclusion in the DFS; and
• Value engineering targeting capital reduction.
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 AUD15.36 million (30 June 2024: operating loss of AUD7.94 million).
• Basic loss per share increased by AUD0.09 cents to AUD0.18 cents (30 June 2024: basic loss per share of
AUD0.09 cents).
• Headline loss per share increased by AUD0.09 cents to AUD0.18 cents (30 June 2024: headline loss per
share of AUD0.09 cents).
The operating loss for the reporting period was primarily driven by:
• Contractor and advisor expenses of AUD1.72 million.
• Exploration expenditure of AUD6.34 million which, under the Group's deferred exploration, evaluation
and development policy, did not qualify to be capitalised and was expensed.
• Finance income of AUD4.92 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
AUD2.0 million and exploration expenditure of AUD4.24 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/2025/jse/isse/orne/ye25.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
1 October 2025
ENQUIRIES
Investors Media JSE Sponsor
Tony Lennox – 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: 01-10-2025 08:50:00
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