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orionminerals.com.au ASX: ORN | JSE: ORN Accelerating towards production Africa Down Under Conference Denis Waddell – Chairman September 2025 For personal use only
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Important Notices & Disclaimer Page 2 This presentation contains summary information about Orion Minerals Ltd and its subsidiaries (Orion or Company) and their activities and is current as of 1 September 2025. The information in this presentation is a general background and does not purport to be complete or provide all information that an investor should consider when making an investment decision. By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices & Disclaimer”. No representation or warranty, express or implied, is provided by any of Orion, its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers in relation to the accuracy, reliability or completeness of the information. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and the Johannesburg Stock Exchange (JSE), which are available at www.jse.co.za. Subject to law, Orion assumes no obligation and does not undertake to update, review or revise any information contained in this presentation, whether as a result of new information, future events or otherwise. Certain statements contained in this presentation, including information as to the future financial or operating performance of Orion and its projects, may contain forward-looking statements. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward looking statements. Such forward-looking statements: • are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orion Minerals Ltd, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; • involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and • 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. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put reliance on forward-looking statements due to the inherent uncertainty therein. All information in respect of Exploration Results and other technical information should be read in conjunction with the relevant ASX announcements released by the Company (as referenced in the presentation). Orion is not aware of any new information or data that materially affects the information relating to Exploration Results included in the relevant Orion ASX releases. Orion is not aware of any new information or data that materially affects the information for the Mineral Resource and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant Orion ASX releases (as referenced in the presentation) continue to apply and have not materially changed. Orion is not aware of any new information or data that materially affects the production target or forecast financial information derived from the production target and confirms that all material assumptions underpinning the production target and the forecast financial information in the relevant Orion ASX release (Feasibility Studies published on 28 March 2025) 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 materially changed. To the maximum extent permitted by law, Orion and each 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 presentation, 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). Nothing contained in this presentation constitutes investment, financial, legal, tax or other advice. Recipients should not rely on the information provided as advice for investment or other purposes and the information does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, each recipient of this presentation should make its own assessment and take independent professional advice in relation to the information and any action taken on the basis of this presentation. For personal use only
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Competent Person Statements Page 3 The information in this presentation that relates to Orion’s Exploration Results is a compilation of previously released reports to the ASX by Orion Minerals and is based on information compiled by Mr Paul Matthews (Pr.Sci.Nat.), a Competent Person who is a member of the South African Council for Natural Scientific Professionals, a Recognised Professional Organisation (RPO). Mr Matthews is a full- time employee of Orion. Mr Matthews has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. The information in this presentation that relates to Orion’s Mineral Resource for the Prieska Copper Zinc Mine, is a compilation of previously released reports to the ASX by Orion and is based on information compiled by Mr Sean Duggan, a Competent Person who is a Director and Principal Analyst at Z Star Mineral Resource Consultants (Pty) Ltd. Mr Duggan (Pr.Sci.Nat) is registered with the South African Council for Natural Scientific Professionals, an RPO. Mr Duggan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. The information in this presentation that relates to the Ore Reserves for Orion’s Prieska Copper Zinc Mine, is a compilation of previously released reports to the ASX by Orion and is based on mining-related information incorporated under the supervision of Mr Ettienne Oosthuizen, a Competent Person who is a Member of the South African Institute of Mining and Metallurgy (SAIMM) and a Member of the Institute of Materials, Minerals and Mining (IMMM), an RPO. Mr Oosthuizen is an employee of A & B Global Mining (Pty) Ltd which consults to Orion. Mr Oosthuizen has sufficient experience that is relevant to the type of mining and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Orion confirms that the information prepared under the supervision of Mr Oosthuizen remains factually correct and it is not aware of any information that materially affects the Ore Reserves announced. The information in this presentation that relates to Orion’s Mineral Resource for the Okiep Copper Project, is a compilation of previously released reports to the ASX by Orion and is based on information compiled by Mr Sean Duggan, a Competent Person who is a Director and Principal Analyst at Z Star Mineral Resource Consultants (Pty) Ltd. Mr Duggan (Pr.Sci.Nat) is registered with the South African Council for Natural Scientific Professionals, an RPO. Mr Duggan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. The information in this presentation that relates to the Ore Reserves for Orion’s Okiep Copper Project, is a compilation of previously released reports to the ASX by Orion and is based on mining-related information incorporated under the supervision of Mr Jonathan Hudson (Pr.Sci.Nat), a Competent Person who is a Fellow registered with the South African Institute for Mining and Metallurgy (SAIMM), an RPO. Mr Hudson is also a Professional Engineer registered with the Engineering Council of South Africa (ECSA). Mr Hudson has sufficient experience that is relevant for the Ore Reserve aspects of the release as Competent Person. Mr Hudson is an employee of JHK Consulting (Pty) Ltd. Mr Hudson has sufficient experience that is relevant to the type of mining and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Orion confirms that the information prepared under the supervision of Mr Hudson remains factually correct and it is not aware of any information that materially affects the Ore Reserves announced. All announcements are available to view on Orion’s website: http://www.orionminerals.com.au/investors/asx-jse- announcements/ For personal use only
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Company snapshot Page 4 Capital Structure Summary Current Post Proposed Share Issue Shares on issue (1 Sep’25) 1, 2 7,502M 7,561M Options on issue (1 Sep’25) 235M 235M IDC Shareholder Loan 3 AUD6.8M (USD4.4M) PCZM Project Financing 4 AUD31.7M (USD20.7M) Market capitalisation (AUD1.1cps) 5 AUD82.5M (USD53.8M) Board of Directors Senior Management Denis Waddell, Chairman Peet van Coller, CFO Anthony Lennox, MD & CEO Martin Bouwmeester, Company Secretary Godfrey Gomwe, NED Marcus Birch, Executive: Sustainability and Business Support Patience Mpofu, NED John Paul Hunt, Executive: Exploration Mark Palmer, NED Avishkar Nagaser, Executive: Corporate Communication & Investor Relations Significant Shareholders Current Share Issue % Tembo Capital (EU/Netherlands) 14.4 Delphi Group (EU/Germany) 10.6 Clover Alloys (SA) (South Africa) 8.3 Ratel Growth (T Borman holdings) (Australia) 6.8 Orion Directors (excluding M Palmer) (South Africa & Australia) 1.9 Total 42.0 1. Orion is acquiring the controlling interest in the Okiep Copper Project. The purchase consideration payable by Orion is ~ZAR60M (~$4.9M), which purchase consideration will be adjusted in certain inflation-related respects and settled partly in cash ~ZAR13M (~$1.1M) and partly by way of Orion Shares ~ZAR47M (~$3.8M). The first phase of settlement, totaling ~ZAR46M (~$3.8M), was completed in May’24 by way of cash payment of ZAR11M and the issue of 206.6M (ZAR35M) Orion Shares. Settlement of second and third phases are pending, subject to certain completion conditions. Refer ASX/JSE releases 17 Apr’24, 8 May’24 and 18 Oct’24 for further detail. 2. On 8 Jul’25, Orion announced a capital raising comprising a placement of ~289M Shares and agreement to convert outstanding loan amounts owed by Orion to equity via the issue of ~233M Shares, for a total aggregate value of ~A$5.8M (~ZAR67M). In total, ~522M Shares will be issued under the placement and loan conversions, with 477M Shares having been issued to date. At the general meeting of Shareholders held on 28 Aug’25, Orion received shareholder approval for the issue ~14M Shares to Webb Street Capital in lieu of cash payment for services provided to Orion. The Webb Street Capital Shares will be issued in the coming month. Refer to ASX/JSE releases 8 Jul’25, 28 Jul’25 and 1 Sep’25 for more information. 3. Refer to Orion’s 31 Dec’24 Interim Financial Report for information on the agreement for pre-development funding at the Okiep Copper Project entered into with the Industrial Development Corporation of South Africa Limited (IDC). Balance shown as at 30 Jun’25. 4. The Prieska Copper Zinc Mine (PCZM) project has two funding agreements in place, being the ZAR250M (~$20M) IDC Convertible Loan and the $10M (~ZAR122M) Triple Flag early Funding Arrangement (together PCZM Project Financing). Refer to 31 Dec’24 Interim Financial Report for further detail regarding PCZM Project Financing. Balance shown as at 30 Jun’25. 5. Current Shares on Issue, volume weighted average price (30 day) at 29 Aug’25 of ORN Shares trading on the ASX and JSE. For personal use only
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Focus on two highly prospective regions Page 5 3,582km2 of prime exploration and mining rights Springbok Prieska Upington Pofadder Oranjemund Copperton Nababeep Prieska Copper Zinc Mine Okiep Copper Project 450 km For personal use only
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Prieska Copper Zinc Mine and Flat Mines (at Okiep) Page 6 Two fully permitted, brownfield projects Flat Mines (OCP) DFS ▪ Total Mineral Resources: 10Mt @ 1.3% Cu resulting in contained Cu of 132kt ▪ Total Probable Ore Reserves: 6.1Mt @ 1.2% Cu resulting in contained Cu of 71kt ▪ NPV: AUD75 million ▪ IRR (post tax): 19% ▪ Peak Capital: AUD103 million ▪ AISC: USD2.39/lb Cu ▪ Capital Intensity: USD10,383/t Cu (pa) PCZM DFS ▪ Total Mineral Resources: 31Mt @ 1.2% Cu and 3.6% Zn resulting in contained Cu of 370kt and contained Zn of 1.12Mt ▪ Total Probable Ore Reserves: 15.6Mt @ 1.1% Cu and 3.1% Zn resulting in contained Cu of 164kt and contained Zn of 458kt ▪ NPV: AUD568 million ▪ IRR (post tax): 26% ▪ Peak Capital: AUD578 million ▪ AISC: USD2.06/lb Cu ▪ Capital Intensity: USD9,174/t Cu Eq (pa) Photo: PCZM Underground Refer ASX/JSE Releases 28 March 2025 For personal use only
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PCZM Page 7 Cross and long sections 31Mt @ 1.2% Cu, 3.6% Zn 2.6km 1,250m Refer ASX/JSE release 25 July 2023 For personal use only
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PCZM Page 8 Project development Refer ASX/JSE release 25 July 2023 N W S E Phase 1: Shallow Mining Plan aims to target mining from shallow underground, while dewatering underway producing a bulk concentrate Phase 2: Deeps Mining Plan – building up to annual production of 22kt copper and 65kt zinc For personal use only
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Progressing into execution phase • Project development strategy • Two fully permitted brownfield projects with DFS’s published in March 2025 • Flagship project PCZM to be developed first – integrated project, commencing with Uppers and transitioning into Deeps • Flat Mines at OCP undergoing optimisation • Range of funding options in progress • Focus areas at PCZM • Project execution governance • Operational readiness • Value engineering • Concentrate by Christmas 2026 - first concentrate from Uppers expected 13 months after financing • Significant exploration upside across the portfolio – continuing work on upside at PCZM and OCP Page 9 Accelerating towards production For personal use only
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Jan 31 Orion development strategy Page 10 Macro view of defined orebodies Funding + Project Deliver Governance + Value Engineering May 29 Sept 25 Nov 25 Feb 26 May 26 Aug 26 Nov 26 Feb 27 May 27 Aug 27 Nov 27 Feb 28 May 28 Aug 28 Nov 28 Feb 29 13 months 29 months 18 months Prieska Okiep NPV: A$568m NPV/Capex: 0.94 NPV: A$75m NPV/Capex: 0.55 23kt trial mining mixed stockpile Phase 1 Uppers Phase 2 Deeps FMN FME FMS Indicative timelines based on DFS’s published 28 March 2025 Optimisation to improve DFS financial metrics Refer ASX/JSE Releases 28 March 2025 For personal use only
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PCZM favourably positioned on the global cost curve Page 11 Optimisation targeting second quartile for Okiep Source: S&P Global Market Intelligence and Fraser McGill Workings 0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000 00000000000000000000000000000000000 00000 0000000000 00000000000000000 000000000000000000000000000000000000000 00 PCZM 94,36 0000000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000 000000000000000 000000000000000000000000000000 0000000000000000000000000000000000000000 000000000000000 0000000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000 0000000000 00000000000000000000 000000000000000000000000000000000000000000000 00000 000000000000000 00000 00000000000000000000 0000000000000000000000000 0000000000000000000000000 0000000000000000000000000 000000000000000000000000000000 0000000000 00000000000000000000000000000000000000000000000000 000000000000000 00000000000000000000 0000000000 0000000000 0000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 00000000000000000000000000000000000 0000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 0 Okiep 251,22 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 0 1500 3000 4500 6000 7500 9000 10500 12000 13500 15000 16500 18000 19500 -300 200 (300) (250) (200) (150) (100) (50) - 50 100 150 200 250 300 350 400 450 500 AiSC (¢/lb) Paid Copper Tonnes ('000) All-in Sustaining Cost Curve - Copper Optimisation AISC (USc/lb) AISC net of by-product credits For personal use only
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Funding workflow to unlock Uppers and then Deeps Page 12 Offtake negotiations underway Underway/Complete Near Term Execution Longer Term Execution Offtake - DD/Agreements/Close Offtake - Partner Selection IDC - Complementary Funding Role IDC - Funding Options Triple Flag Stream Traditional Debt Equity Capital Raise SPP Equity Capital Raise For personal use only
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Outcomes - concentrate by Christmas 2026 Page 13 PCZM integrated execution for phase 1 Uppers and phase 2 Deeps Activity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 EPCM Series of contracts On-site Contractors Camp incl Civils * Surface Infrastructure Bulk Power Supply Upgrade * Bul Water Supply TSF (Tailings Storage Facility) Dewatering Forced evaporation Man/Material Winder Installations * Rock Winder Installations Shaft Refurb Shaft Bottom Interim loading arrangement and associated infrastructure Crusher Rail System Haulage Construction 957 Station Ore Conveyors Process Plant Construction (Upper Level Mining – Supergene) * Process Plant Operations (Upper Level Mining – Supergene) Process Plant Construction (Deeps Mining – Hypogene) Paste Fill Plant Deeps Vent Raisebore from 750 Level (128m) Deeps Vent Raisebore, from surface, (430m) Upper Level Mining (Development and Stockpile) * Upper-Level Ore Mining Deeps Mining and Stockpiling Decline Refurbishment Month 13: Start of Supergene Production Month 28: Start of Deeps Month 42: Start of Deeps Hypogene Production Critical Path Tasks Activity Subject to being fully funded * Early value engineering has commenced For personal use only
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orionminerals.com.au ASX: ORN | JSE: ORN Exploration opportunities at PCZM and OCP For personal use only
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PCZM – Near and medium-term exploration Page 15 Medium-term plan for resource definition and target extensions • 22,000m of resource definition drilling • 72,000m from existing and planned development to target extensions T1 – NW extension 400m+ T2 – SE extension to high grade, thickest intersections T3 – SE extensions to historic stopes T4 – Up-dip western fold limb T5 – extensions to duplication footwall of mineralisation • 36-month program NW SE T1 T5 T4 NW T3 T2 T4 SE For personal use only
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OCP – Near and medium-term exploration Deposits and prospects under current evaluation For personal use only
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orionminerals.com.au ASX: ORN | JSE: ORN Appendix For personal use only
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PCZM Project Mineral Resource Estimates Page 18 Refer ASX/JSE Releases 28 March 2025, 25 July 2023 For personal use only
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PCZM – Metal Equivalents Page 19 Refer ASX/JSE Releases 26 May 2020 & 28 March 2025 - Prieska Feasibility Study Delivers Robust Outcomes Combined Reserves Class Tonnes (Mt) Cu% Zn% Cu Tonnes (kt) Zn Tonnes (kt) CuEq Tonnes (kt) CuEq Grade (%) Probable Uppers 0,6 2,3 - 15 - 15 2,3 Probable Deeps 14,9 1,0 3,1 150 458 234 1,6 TOTAL PROBABLE 15,6 1,1 3,1 164 458 249 1,6 Project Ore Reserves estimated using financial assumptions and modifying factors stated in the FS-25. Tonnes are rounded, which may result in rounding errors. The corresponding Indicated Mineral Resources, disclosed are inclusive of these Ore Reserves. PCZM Combined Reserve Estimate Dated: 31 December 2024 Combined Uppers and Deeps Ore Reserve estimates, reported in accordance with the JORC Code (2012) Combined Reserve plan The combined Uppers and Deeps Levels Ore Reserves estimate is presented in the table below. A combined CuEq grade and CuEq metal is presented; however, the CuEq value presented for the Uppers deposit is equal to the Cu contribution as the zinc currently does not have reasonable potential to be recovered and sold from the Upper Levels. Orion confirms that all elements included in the metal equivalent calculations (Cu and Zn for Deeps and Cu only for Uppers) have a reasonable potential to be recovered and sold. Metallurgical recoveries for copper and zinc are based on recovery models derived from test work reported in the BFS-20 and the feasibility study 2025. Deeps LoM Plan The Deeps LoM plan contains 22.6Mt of material with an underground average mined grade of 1.0% Cu and 3.3% Zn, giving a Cu equivalent (CuEq) grade of 1.6% Cu. The CuEq (%) values presented for the Deeps LoM Plan and Deeps Probable Ore Reserve estimate were determined based on the following: • Orion considers that both Cu and Zn have a reasonable potential to be recovered and sold. • Assumed commodity prices of USD8,900/t Cu and USD2,450/t Zn based on analysts’ consensus as at May 2024. • Net smelter returns (NSRs) of 101.3% and 69.7% for Cu and Zn, respectively based on offtake proposals from concentrate traders and metallurgical details as detailed in JORC Table 1 (ASX/JSE release 28 March 2025). • The following calculation formula which is consistent with BFS-20 refer ASX release 26 May 2020: o CuEq (%) = Cu (%) + 0.185 x Zn (%) Based on 1% Zn = (Zn price x Zn NSR) x (Zn plant recovery) (Cu price x Cu NSR) x (Cu plant recovery) = (2,450 x 69.7%) x (82.1%) (8,900 x 101.3%) (85.8%)= 0.185% Cu For personal use only
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OCP – Flat Mines Project Mineral Resource Estimates Page 20 Refer ASX/JSE Releases 28 March 2025 For personal use only
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orionminerals.com.au ASX: ORN | JSE: ORN Orion Minerals Limited Level 27, 120 Collins Street Melbourne, Vic, 3000 Australia Phone: +61 (0)3 8080 7170 Email: info@orionminerals.com.au Website: www.orionminerals.com.au For personal use only