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Orion Minerals: Moving to execution Anthony Lennox, Managing Director and Chief Executive Officer September 2026 ASX: ORN | JSE: ORNORIONMINERALS.COM.AU
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Page 2 This presentation contains summary information about Orion Minerals Ltd and its subsidiaries (Orion or ) and their activities and is current as of 28 August 2026. 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. Important Notices & Disclaimer
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Competent Person Statement Competent Person Statement 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 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, a Recognised Professional Organisation (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 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. The information on focusing on ‘PCZM – Near- and medium- term exploration’ and ‘New Okiep Mining: Flat Mines projects’ respectively, is extracted from the reports entitled: • ASX/JSE release: Thick, high-grade zinc-copper intercepts in final assays from Deep Sulphide drill-out ahead of impending Resource update at Prieska (Created on 5 November 2018) • ASX/JSE release: Landmark Resource Upgrade Sets Strong Foundation for Development of Prieska Zinc-Copper Project (Created on 18 December 2018) • ASX/JSE release: More Outstanding Hits at Okiep Copper Project, Flat Mine East – High-Grade Potential Confirmed (24 June 2024) • ASX/JSE release: New Standout Intercepts Confirm Down- Dip Continuation of High-Grade Copper Mineralisation at Flat Mine South (23 October 2024) • ASX/JSE release: Significant New Intercept Confirms Down- Dip Continuity of High Grade Copper Zone at Flat Mine East, Okiep Copper Project (29 June 2026) The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. All announcements are available to view on Orion’s website: http://www.orionminerals.com.au/investors/asx-jse- announcements/
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What we stand for What we stand for OUR PURPOSE OUR VALUES Safe and responsible actions We work in a way that protects people, communities, and the environment striving for Zero Harm. Doing the right thing We act with integrity and maintain trust by keeping our word. Owning what we do We own our actions. We follow through, fix what needs fixing, and learn from every result. Working together We listen, communicate and collaborate. Acting with courage We inspire and deliver great results. Taking care We show kindness, are inclusive and act with respect. Unlocking resources through people to improve the world Page 4
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Company snapshot Company snapshot Page 5 Significant Shareholders Current Share Issue % Tembo Capital (UK) 12.1 Delphi Group (EU/Germany) 9.2 Sujajo Investments S.A (T Borman holdings) (Luxembourg & Australia) 8.7 Clover Alloys (SA) (South Africa) 7.0 Orion Directors (South Africa & Australia) 2.3 Total 39.3 1. Refer to Orion’s 31 Dec’25 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’26. 2. The Prieska Copper Zinc Mine (PCZM) project has a funding agreement in place, being the AUD10M (~ZAR118M) Triple Flag early Funding Arrangement. Refer to 31 De c’25 Interim Financial Report for further detail regarding PCZM Project Financing. Balance shown as at 30 Jun’26. 3. Orion’s subsidiary Prieska Copper Zinc Mine (Pty) Ltd executed a binding agreement with a wholly owned subsidiary of Glencore plc for a US$250M pre-payment facility linked to the sale of bulk, copper and zinc concentrates from the Prieska Copper Zinc Project. When unconditional, the facility will fund the Uppers Mine Development and partially fund the De eps Mine Development at Prieska. Refer ASX/JSE release 9 Feb’26. 4. Volume weighted average price (5 day) at 28 Aug’26 of ORN Shares trading on the ASX and JSE. Glencore non- binding BHP Xplor & Glencore binding Capital Structure Summary Current Shares on issue (28 Aug‘26) 8,954M Options on issue (28 Aug’26) 724M IDC Shareholder Loan 1 AUD7.7M (USD5.3M) PCZM Project Financing 2, 3 AUD10.0M (USD6.9M) Market capitalisation (AUD2.5cps) 4 AUD223.9M (USD160.9M)
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Springbok Prieska Pofadder Oranjemund 450 km Upington Prieska Copper Zinc Mine (ORN: 53.3%) Copperton 8 7 6 5 4 2 1 3 1. Prieska (Cu-Zn) 2. Flat Mines (Cu) 3. Jacomynspan (Ni-Cu-Co-PGE) 4. Gamsberg (Zn- Pb) 5. Black Mountain (Zn-Pb) 6. Haib (Cu-Mo) 7. Rosh Pinah (Zn) 8. Skorpion (Zn) 9. Sishen (Fe) 10.Mamatwan- Hotazel (Mn) Note: 1 – 3 Orion Projects 4 – 10 Non Orion Projects Okiep Copper Project NOMC (ORN: 50.6%) NOEC (ORN: 70%) Two highly prospective regions within the Northern Cape base metals province Two highly prospective regions within the Northern Cape base metals province Page 6 3,400km2 of prime exploration and mining rights 9 10
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Page 7 1 Medium term Medium to long term Okiep Flat Mines project Drilling and optimisation underway • Further extension of high- grade intersections Exploration Building a pipeline of projects in the Northern Cape base metals province 1 2 3 Current activity Prieska Copper Zinc Mine (PCZM) Priority project: From exploration to production (Uppers and Deeps) • First production: Q3 2027 • Glencore funding secured • Jacomynspan Project • Greater Areachap tenements • Okiep district • Leverage BHP Xplor Three strategic priorities
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Strategic schedule PCZM Uppers Deeps Okiep Exploration BHP Xplor Jacomynspan 2026 2027 2028 2029 Page 8 2030 Uppers construction Month 0 12 24 36 48 Uppers production @ 0.24 Mtpa Dewatering and shaft refurbishment Ore handling, plant construction & resource definition and extension Optimisation Resource drilling Construction Xplor Revised concept study Feasibility study 1 2 3 3 DFS review Production Production @ 2.4 Mtpa Orion’s systematic and sustained activity
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00 000 00 0 0 00 00000 PCZM 94.36 Okiep 251.22 1st Quartile 2nd Quartile 4th Quartile 0 1500 3000 0000000 00 0 0000 0 0 0 0 0 0 0 00000 0000000 00000000 000 4500 6000 7500 19500 (50) (100) (150) (200) (250) (300) - 500 450 400 350 300 250 200 150 100 50 AiSC (¢/lb) 00 00 00 0 00 0 00 000 0 00 0000 00 0000 0 000 0 00 00000 0 0 0 0 0 0 0 0000 00 00000 0 0 0 0 0 0 9000 10500 12000 13500 15000 16500 18000 Paid Copper Tonnes ('000) All-in Sustaining Cost Curve - Copper Optimisation 3rd Quartile AISC (USc/lb) Optimisation targeting second quartile for Okiep Coppr Project Source: S&P Global Market Intelligence and Fraser McGill Workings AISC net of by-product credits Page 9 Prieska Copper Zinc Mine well positioned on the global cost curve
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Prieska Copper Zinc Mine: Our flagship and key priority Page 10
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Prieska Copper Zinc Mine Prieska Copper Zinc Mine Flagship project ready for execution 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 ▪ Production (life of mine): ▪ Bulk concentrate: 70,553dmt ▪ Cu concentrate: 995,598dmt ▪ Zn concentrate: 1,229,197dmt ▪ Contained metal: ▪ Cu: 213,055t ▪ Zn: 610,630t ▪ NPV (post tax): ▪ IRR (post tax): ▪ Payback: ▪ Peak Funding: AUD568 million 26% 4.8 years from start of concentrate production AUD578 million ▪ AISC: ▪ Capital Intensity: USD0.94/lb Cu** USD9,174/t Cu Eq (pa) * Refer to ASX/JSE release 28 March 2025 ** Assumes Zn revenue is a by-product credit Page 11
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Prieska Copper Zinc Mine progressing into execution phase Prieska Copper Zinc Mine progressing into execution phase Accelerating towards production PCZM development strategy • Brownfield project with DFS published in March 2025 • Two-phase project development, commencing with Uppers before transitioning to Deeps • Glencore funding close to being finalised – US$250m prepayment facility and concentrate offtake Page 12 Focus areas at PCZM • Project execution governance • Operational readiness • Value engineering • Concentrate by end Q3 CY2027 - 13 months after financing • Significant exploration upside at depth at PCZM
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Prieska Copper Zinc Mine – Near- and medium-term exploration Medium-term plan for resource definition and target extensions OCOD137-D2****: 11.3m @ 3.70% Cu, 4.42% Zn D378****: 26.65m @ 1.45% Cu, 3.70% Zn SE • 22,000m of resource definition drilling • 72,000m from existing and planned development to target extensions OCOD120-D1***: 11.9m @ 1.36% Cu, 5.10% Zn 12.05m @ 1.40% Cu, 5.40% Zn OCOD068-D3**: 12.62m @ 2.94% Cu, 3.33% Zn OCOD066-D4*: 22.20m @ 1.69% Cu, 2.70% Zn Refer to ASX/JSE releases: * 12 December 2017 ** 1 February 2018 *** 18 September 2018 **** 5 November 2018 Page 13 • T1 and T2 are current primary targets • 36-month program 1.25km
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Okiep Flat Mines Project: Drilling and optimisation underway Okiep Flat Mines Project: Drilling and optimisation underway Page 14 Page 14
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Okiep Flat Mines project Okiep Flat Mines project Optimisation underway Okiep Flat Mines 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 ▪ Production (life of mine): ▪ Cu concentrate: 261,133dmt ▪ Contained Cu: 78,340t ▪ NPV (post tax): ▪ IRR (post tax): ▪ Payback: ▪ Peak Funding: AUD75 million 19% 5.3 years from start of concentrate production AUD103 million ▪ AISC: ▪ Capital Intensity: USD2.39/lb Cu USD10,383/t Cu (pa) * Refer to ASX/JSE Release 28 March 2025 Page 15
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• Dewatering at Flat Mines North completed to facilitate Resource extension drilling • Drilling at Flat Mines East ongoing • Flat Mines East drilling to further assess 49.35m at 5.05% Cu* • Flat Mines South to further assess 59m at 3.14% Cu** • Optimisation to be completed in the next 6 months with focus on: • Bringing production forward • Reducing upfront capital Page 18 * ASX/JSE release 24 June 2024 ** ASX/JSE release 23 October 2024 Project focus Okiep Flat Mines project
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Okiep Flat Mines project OFMED153** 49.35m @ 5.05% Cu OFMED157*** 7.88m @ 9.24% Cu OFMED158*** 3.96m @ 4.64% Cu OFMSD080* 59m @ 3.14% Cu FME N Page 17 * Refer to ASX/JSE release 24 June 2024 ** Refer to ASX/JSE release 23 October 2024 *** Refer to ASX/JSE release 29 June 2026 Tailings storage facility Industrial mining complex
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Okiep Copper Project: Near and medium-term exploration Okiep Copper Project: Near and medium-term exploration Deposits and prospects under current evaluation Page 18
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Rehoboth Craton Kheis NAMIBIA BOTSWANA SOUTH AFRICA BHP Xplor program BHP Xplor program Page 20 Selected to be part of the 2026 BHP Xplor accelerator program Benefits: • Orion received US$500,000 in equity-free funding • Provides Orion and its various South African exploration project companies access to BHP’s global exploration expertise and networks • Supports advancement of geological concepts at Orion’s portfolio of exploration projects in South Africa’s Northern Cape Province Orion tenements contain: • 70% of exposed Areachap Belt • 75% of Okiep Copper District Simplified geological map of the tectonic and stratigraphic domains, with: • cover sequences removed • deposit types shown geographically and through time Aligned to Orion Minerals’ third strategic priority of building an exploration pipeline
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Why invest in Orion Minerals? Page 21
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Investment rationale Low-cost producer PCZM 2025 DFS defined an All In Sustaining Cost (AISC) of USD0.94*** per pound, positioned in the lowest quartile of global Cu producers. Proven leadership group and technical team, all with established track records of successful mine development and value creation. New, experienced leadership Historical benchmark PCZM historical production of 430kt of Cu and 1,010kt of Zn*. Okiep district produced more then 2,000kt of Cu**. Extensive historical data to support Orion's return to production. Okiep Copper Project provides near-term growth PCZM flagship asset * Source: Mine records ** Cairncross, Bruce. “History of the Okiep copper district: Namaqualand, Northern Cape Province South Africa.” The Mineralogical Record, vol 35, no. 4, 2004. *** Refer ASX/JSE release 28 March 2025 - Assumes Zn revenue is a by- product credit Page 22 Orion selected for the 2026 BHP Xplor Accelerator Program. Exploration pipeline Optimisation of DFS underway to establish second production hub once PCZM Stage 1 has commenced. Global Top-30 VMS resource, open along strike and at depth. Pre-development activities underway for two-stage underground Cu/Zn mine, with first production in Q3 2027. Flagship Prieska Copper Zinc Mine: Foundation of a multi-asset copper producer
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ASX: ORN | JSE: ORN Contact us Contact us 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