Wrap Text
September 2025 Quarterly Activities Report
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
September 2025 Quarterly Activities Report
HIGHLIGHTS
• PCZM funding and offtake: Orion subsidiary, Prieska Copper Zinc Mine (Pty) Ltd, signed a non-binding term
sheet with a wholly-owned subsidiary of Glencore plc for financing package of US$200-US$250 million and
concentrate offtake for the Prieska Project.
• Project Director appointed: Highly experienced mining executive Johan van Dyk joined Orion as Project
Director. Johan brings over 40 years' experience in coal and base metals operations, large-scale project
delivery and ESG leadership. He has led large, multi-disciplinary teams and built executive leadership
capacity at several major mining operations.
• PCZM focused on project execution: In parallel with the funding negotiations, the team is focused on
operational readiness and value engineering opportunities.
• OCP optimisation: Work to optimise the OCP Flat Mines Project continued, with data from eight additional
nearby prospects collated and integrated into updated resource modelling.
• Post-quarter capital raising: Post Quarter end, Orion finalised the first stage of a A$8.6 million (~ZAR99
million) capital raising via a Placement of Shares at an issue price of 1.5 cents (ZAR17 cents) per Share,
raising A$7.6 million. The second stage of the Placement, being the issue of Shares to Orion Chairman,
Denis Waddell to raise A$1.0 million, is subject to Shareholder approval, which will be sought at the
Company's Annual General Meeting to be held on 27 November 2025.
• Next steps: Key near-term priorities include finalising project financing and concentrate offtake for the
PCZM Uppers development, along with project execution and development activities.
Orion's Managing Director and CEO, Tony Lennox, commented:
"The key highlight of the September Quarter was the signing of a non-binding Term Sheet with Glencore
for financing of US$200-US$250 million and offtake for the Prieska Project. This was a watershed moment
for the Company and our shareholders, which has been duly reflected in an increase in our share price
and market capitalisation in the weeks following the announcement.
"We are continuing to work closely with Glencore and our current funding partners through the due
diligence phase, and we are hopeful of being able to execute a binding agreement before the end of
this calendar year. This will unlock a significant tranche of funding that will allow Orion to move swiftly into
first production and cash-flow from mining the Uppers, along with commencing early works on the Deeps
as outlined in our DFS earlier this year.
"We believe that when we deliver on these objectives, Orion will move towards the close of 2025 in a
position of strength, firmly on track to make the transition to developer and producer by the end of 2026.
"In parallel with these important financing and offtake activities, the team continued progressing project
execution activities during the Quarter, specifically at PCZM. Optimisation work also continued at pace
at the OCP Flat Mines Project. The significant progress achieved during the Quarter allowed us to raise
A$8.6 million via an upsized placement in early October, and we also welcomed highly experienced
mining executive Johan Van Dyk as our new Project Director, to lead the development team at PCZM."
EXECUTIVE SUMMARY
OVERVIEW
Orion Minerals Ltd (ASX/JSE: ORN) is developing two complementary base metal production hubs in South
Africa's Northern Cape Province – a richly endowed mineral province and globally significant mining
region.
The Company is advancing from developer to operating status, targeting first copper and zinc
production by late 2026/early 2027, with the aspirational goal of ramping up production to >30ktpa
copper and >65ktpa zinc when both projects reach steady-state production.
QUARTERLY SUMMARY
Following 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 continued to focus in the September 2025 Quarter
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
prepared for upcoming project requirements including a 20kt per month build-own-operate-transfer
(BOOT) plant for the Uppers development, incorporating a revised plant design including equipment
rental options to deliver significant post-DFS capital savings.
As part of operational readiness preparations, recruitment of key personnel progressed with the
appointment of the Project Director and project execution team members. Electrical supply for the
project was confirmed with Eskom, aligned with a staggered power delivery schedule to match
operational ramp-up requirements.
At Okiep, work focused on advancing 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 into updated geological
models – supporting ongoing optimisation of the project's development plan.
HEALTH AND SAFETY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Health and Safety
There were no injuries or incidents reported for the quarter. The hours worked for the Quarter and the 2026
financial year to date (YTD) are shown in the table below:
Table 1: Hours worked at the Group's Areachap and Okiep Copper Projects (South Africa).
Hours Worked
Category of Work
Quarter FY2026 YTD
Exploration 1,148 1,148
Surface 9,859 9,859
Underground 3,044 3,044
Contractors 16,156 16,156
Total 30,207 30,207
The Lost-Time Injury Frequency Rate (LTIFR) per 200,000 hours worked was 0 for the financial year to date
and 0 for the September Quarter.
At the end of the Quarter, the team achieved 201 days without a Lost-Time Injury (LTI).
Community and Stakeholder Engagement
Prieska Copper Zinc Mine (PCZM)
Routine community and stakeholder engagements with the local host communities continued during the
Quarter.
Okiep Copper Project (OCP)
Orion engages with the local Community
Routine engagements with stakeholders within the Nama Khoi host community continued during the
Quarter.
Environmental Management
Making positive contributions to the state of the natural environment, reducing pollution and ensuring
negligible contamination from operational activities are central to Orion's business model and are part
of the Company's ongoing commitment to delivering the highest level of environmental compliance,
while managing and monitoring the environmental impacts of our activities throughout the exploration
and mining lifecycle.
There were no environmental incidents recorded during the Quarter.
ORION OPERATIONS
PRIESKA COPPER ZINC MINE (PCZM)
Critical Focus Items
During the September 2025 Quarter, activities remained focused on value engineering and operational
readiness.
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.
Progress was achieved across these areas during the quarter, including:
• Commissioning of the dewatering equipment from the Hutchings Shaft via the 178 Level pump,
achieving a 500m3/hr pumping rate;
• Commissioning of evaporation infrastructure with a capacity exceeding 100m3/hr;
• Removal of redundant pipes and pipe clamps up to the 178 Level pump station; and
• Inspection and logging of the condition of all buntings and shaft guides down to the water level
at 265m (Bunting 56).
Photo 1: Hutchings Shaft cement slab opened and removed skips.
Definitive Feasibility Study
The PCZM DFS was completed at the end of the March 2025 Quarter and released via the ASX and JSE
on 28 March 2025.
The PCZM DFS outlines an accelerated development strategy from high-grade near-surface JORC
Resources, while dewatering the shaft and old workings in preparation for the Deeps ore for extraction at
a production rate of 200kt per month.
2026 2027 2028 2029
Activity Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May
Operational Readiness
On-Site Contractors Camp Phase 1
On-Site Contractors Camp Phase 2
On-Site Contractors Camp Phase 3
Bulk earth Works
Surface Infrastructure ULM
Surface Infrastructure DLM
Bulk Power Supply Upgrade
Bulk Water Supply
TSF (Tailing Storage Facility)
Dewatering
Evaporation
Man/Material Winder Installations
Rock Winder Installation
Shaft Refurb
Shaft Bottom
Interim Loading arangement & Associated Infrastructure
957 Station
Ore Conveyors
Process Plant Construction (Upper Level Mining - Supergene)
Process Plant Operations (Upper Level Mining - Supergene) 13
Process Plant Construction (Deeps Mining - Hypogene) 42
Paste Fill Plant
Ventilation ULM
Deeps Vent Raisebore 430m
Deeps Vent Raisebore 750 Level 128m
Upper Level Mining (Development & Stockpile)
Deeps Mining & Stockpiling 28
Decline Refurbisment
-3 -2 -1 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
Legend
Month 13: Start of Month 42: Start of Deeps
Supergene Production Hypogene Production
Critical Path Tasks
Month 28: Start of Deeps
Activity Mining & Stockpiling
Figure 1: Upper-Level & Deeps Integrated Schedule – Execution Plan.
The mining method to be used for the extraction of near-surface ore will be Long-hole Open Stoping
(LHOS). Targeted monthly throughput will be 20kt per month.
4
The DFS has focused on achieving early production from the 13 th month after start of operations of the
Upper-Level section, followed by larger scale extraction from the Deeps section after the dewatering of
the mine is completed.
For the Deeps mining, Orion plans to use a combination of drift & fill and LHOS, with conventional froth-
flotation concentration to produce differentiated copper and zinc concentrates. Dewatering of the mine
will be completed in month 22, followed by six months of Deeps underground construction and
development, before mining commences and ore is extracted to surface via the Koepe rock winder. This
is scheduled to be followed by the first concentrate production from the Deeps in month 42.
Value Engineering & Operational Readiness
With the completion of the DFS in late March 2025, the Owners Team focused on opportunities to improve
on the DFS with Value Engineering and Operation Readiness.
The execution of the PCZM Project has been given a substantial boost with the appointment of Johan
van Dyk, a seasoned mining professional, as Project Director. The appointment supports the operational
readiness activities currently underway. Johan is a strategic executive leader with more than 40 years'
experience in coal and base metal operations, large-scale projects and ESG leadership. He has led large,
multi-disciplinary teams and built significant executive leadership capacity to support operational
delivery.
Orion has also engaged the services of Mark Greene from Australia to support project execution. Mark
will initially focus on project governance and managing project expenditures and allocation of resources
to manage any potential cost or time overruns. This will allow Orion to seamlessly transition from an
exploration company to a fully operational mining company.
Sound Mining has produced a new Upper-Level mining schedule that brings forward stoping tonnes from
the ore drives developed during trial mining. This has allowed Upper-Level Mining operations to start six
months later than originally planned, thereby de-risking the delivery of long-lead mining machines.
Bringing the stoping tonnes forward also provides an opportunity to optimise the stockpile blending
strategy to ensure the correct copper/zinc blend in the Concentrator Plant feed for optimal flotation and
bulk concentrate.
The updated Sound Mining Upper-Level mining schedule has been incorporated into the statement of
works for a mining contractor producing approximately 20kt per month for a total of 43 months. The
tender for the mining contractor will be issued to market in early Q4 CY2025.
The opportunity to utilise the lined 13ha TSF Paddock 1 dewatering pond for storage of supergene
sulphide plant tailings slurry, together with the underground water being evaporated, has proven feasible
due to the limited rise in TSF walls height. A trade-off study has commenced to compare the original DFS
design – which included a surface batching plant producing cemented aggregate fill (CAF) for Upper-
Level Mining stope backfilling – against the option of a paste fill plant. The outcome could significantly
defer the construction of TSF Paddock 2 by substantially more than the initial two years, allowing Paddock
1 to be used for the initial tailings' slurry from the Deeps Concentrator Plant.
A tender has been issued to market for the 20kt per month Upper-Level BOOT plant, incorporating a
revised design with a defined 40-month operating life and including equipment rental options. This has
identified substantial capital saving opportunities compared to the DFS BOOT Plant configuration.
During the DFS, a favourable solution was identified for the underground infrastructure installation time by
allowing development ore to pass only through a static grizzly/hydraulic rock-breaker before being
hoisted to surface. Further optimisation opportunities are now being explored, including reducing the
number of underground conveyors and replacing the DFS locomotive haulage system with a
combination of ore passes and trucking to a gyratory crusher.
Operational readiness activities continue to follow the critical path outlined in the DFS integrated
schedule, with the primary focus on achieving concentrate production milestones. The first phase of on-
site accommodation utilises a 250-person camp, which will support Upper-Level contractor mining and
mitigate the risk of production delays as result of start-up challenges. Tenders have been issued for both
camp construction and management, with contract awards expected in early Q4 CY2025 and start-up
targeted for late Q4 CY2025.
Discussions with underground mobile mining equipment suppliers are progressing well, focusing on local
product support, technical alignment with locally available specialist equipment, and optimised delivery
and logistics schedules and routes. Tenders for the mobile fleet to support Upper-Level Mining and Decline
Rehabilitation will be issued in early Q4 CY2025.
Installation timelines for surface and underground bulk electrical infrastructure are being aligned with the
project's electrical load schedule to enhance resource utilisation and capital efficiency. Eskom has
confirmed that the full 70MVA power requirement for PCZM will be provided in stages, aligned with site
activities. The first 35MVA will be available by month 16 and the outstanding 35MVA by month 28,
coinciding with the commencement of Deeps mining.
Tenders have also been issued for the man and rock winders, geotechnical and definition drilling, FEED
engineering partners, bulk earthworks and surface infrastructure. Evaluation and adjudication of these
tenders is currently underway.
OKIEP COPPER PROJECT (OCP)
Exploration upside
The Flat Mines Project, particularly the licence area held by New Okiep Mining Company (Pty) Ltd,
presents several target areas for evaluation, with initial efforts focused on near-mine extensions to the
known mineralisation at the Flat Mines deposits. The evaluation program will be conducted systematically,
starting with prospects located closest to the mine and the proposed processing facility.
In the September 2025 Quarter, data from the Nababeep West, Nababeep Kloof, Wheal Heath, Wheal
Heath West, Wheal Heath South, Hoits Mine, Jan Coetzee and Jan Coetzee SW was collated, evaluated
and uploaded to Orion's cloud-based database. Ongoing 3D modelling is aimed at improving the
understanding of mineralisation controls and identifying potential extensions to existing resources.
Figure 2: OCP deposits and prospects under current evaluation.
Geological optimisation work on the outcome of the OCP DFS (refer ASX/JSE release 28 March 2025)
progressed during the Quarter.
JACOMYNSPAN Ni-Cu-Co-PGE PROJECT
The Jacomynspan Nickel-Copper-PGE Project (JMP) is Orion's third project alongside PCZM and OCP,
with the potential to be a significant metals producer.
Orion has established the potential for a large-scale, near-surface bulk mining operation at JMP, with
drilling confirming the presence of shallow sulphide nickel-copper-cobalt-PGE mineralisation within the
ultramafic structure.
JMP has a JORC-defined total Mineral Resource of 65Mt at 0.28% Ni, 0.19% Cu, 0.02% Co, 0.2g/t 2PGE+Au
using a cut-off of 0.2% Ni (refer ASX/JSE release 8 March 2018) including 32Mt of Indicated Mineral
Resource (Table 2).
Table 2: JMP JORC Defined Mineral Resource.
Ni Cu Co Pt Pd Au
Classification Tonnes Ni t Cu t Co t Pt oz Pd oz Au oz
% % % g/t g/t g/t
Indicated 33,000,000 0.26 86,000 0.18 58,000 0.02 6,000 0.10 101,000 0.05 53,000 0.04 44,000
Inferred 32,000,000 0.29 94,000 0.20 63,000 0.02 6,000 0.10 108,000 0.06 60,000 0.04 44,000
Total 65,000,000 0.28 180,000 0.19 121,000 0.02 12,000 0.10 209,000 0.06 113,000 0.04 88,000
The current Mineral Resource extends over less than 1km of strike along a series of outcropping intrusives
where wide-spaced scout drilling by AngloVaal, Newmont, African Nickel (ANL) and Orion, has revealed
a combined 7km strike of identical mineralised outcropping or shallow sub-cropping ultramafic intrusive
bodies.
During the Quarter, Orion continued exploring innovative metallurgical pathways for processing the oxide
resource, which remains untested, with the aim of unlocking further value from the deposit.
Areachap Exploration
The Areachap Project is located in an under-explored belt of the same name, covering an area
exceeding 175,000ha with multiple copper-zinc and nickel-copper-cobalt-PGE-gold intrusive targets
within Orion's tenements. Multiple VMS-style copper-zinc and nickel-copper-cobalt-PGE-gold in
ultramafic intrusive targets are known within the tenements, including numerous unexplored targets.
Chief among these are:
• The Kantienpan zinc-copper VMS project – where a substantial mineralised deposit has been
identified through drill-testing with this project to be progressed to concept level;
• The Witkop copper-gold project – where a preliminary mineralisation assessment has been
completed and further assessment is underway regarding the potential concept level of the
project;
• The Boksputs copper-zinc VMS project – where additional follow-up exploration is required
following geophysical investigation and preliminary drill-testing; and
• Orange River pegmatite swarm – where additional lithium, beryllium and Rare Earth Element (REE)
mineralisation potential is being investigated in an area that traverses the Orion tenements.
Exploration activities in the Quarter included ongoing review, processing and modelling of existing
geophysical survey results, and the planning and design of detailed follow-up geophysical survey
programs.
Australian Projects
Fraser Range – Nickel-Copper Projects (Western Australia)
The Fraser Range Project is a belt-scale project, highly prospective for high-value magmatic nickel-
copper-cobalt sulphide discoveries. The project is a joint venture with ASX-listed IGO Limited (IGO), which
is the dominant landholder in the Fraser Range and owns the Nova Operation, which is mining and
processing the Nova-Bollinger nickel-copper-cobalt sulphide deposit discovered in 2012.
Orion maintains a small tenement holding in the Fraser Range under a joint venture with IGO. In terms of
the joint venture, IGO is responsible for the exploration of all the tenements while Orion is free carried by
IGO through to the first Pre-Feasibility Study. This allows Orion to maintain exposure to ongoing exploration
and development of the project, without any ongoing financial commitment.
Walhalla – Gold and Polymetals Project (Victoria)
While the Walhalla-Woods Point District is best known for gold mining, high-grade copper-nickel and PGE
mineralisation also occurs within the belt. Both the gold and copper-nickel-PGE mineralisation within this
district are hosted within dykes from the Woods Point Dyke Swarm, a series of ultramafic to felsic dykes
occurring over a 75km long north-south belt.
No field or exploration work was carried out on the Walhalla Project during the Quarter.
Corporate
Cash and Finance
Cash on hand at the end of the Quarter was A$0.54 million. Payments made to related parties and their
associates during the Quarter was A$230k for director fees and consulting fees as well as A$28k (nett) to
joint venture partners, as listed in Section 6 of the Company's Quarterly Cash Flow Report (Appendix 5B).
Capital Raising
On 30 September 2025, 2 October 2025 and 3 October 2025 the Company announced a A$8.6 million
(~ZAR99 million) capital raising, conducted via a placement to sophisticated and professional investors
and, subject to shareholder approval, Orion's Chairman Mr Denis Waddell (Placement).
The first stage of the Placement, being the issue of 507.3 million Shares raising A$7.6 million was finalised
on 16 October 2025. The second stage of the Placement, being the issue of 66.7 million Shares to Orion
Chairman, Denis Waddell to raise A$1.0 million, is subject to Shareholder approval, which will be sought
at the Company's Annual General Meeting to be held on 27 November 2025.
Project Financing Non-binding term agreement
During the Quarter, the Company's subsidiary, Prieska Copper Zinc Mine (Pty) Ltd (PCZM), signed a non-binding
term sheet with a wholly owned subsidiary of Glencore plc (Glencore) for financing of US$200 million to US$250
million and concentrate offtake (Offtake) for the Prieska project.
Subject to completion of due diligence (which is in progress by Glencore) and moving to a binding
agreement, the financing will be made available to PCZM as follows:
• Tranche A of US$40 million to be used for the construction and startup of the Uppers at Prieska;
• Tranche B of US$160 million – US$210 million to be used for the construction and startup of the Deeps
at Prieska, of which up to US$50 million may be drawn early to commence early works on the Deeps
(Early Drawdown), based on certain conditions being fulfilled,
(together, the Facilities).
Key terms of the Facilities and Offtake agreement were reported in ASX/JSE release 17 September 2025.
Loan Facilities converted during the Quarter
As reported in the June 2025 Quarterly report, the Company proposed to issue shares to Tarney Holdings
Pty Ltd (Tarney Holdings) (an entity associated with Orion's Chairman, Mr Denis Waddell) and Ratel
Growth Pty Ltd (Ratel Growth) (a company associated with former director Mr Tom Borman)1. Tarney
Holdings and Ratel Growth each provided a loan to the Company during 2025.
Upon conversion of the loans, the Shares issued at a deemed issue price of 1.1 cents per Share were:
• 186,398,014 Shares to Ratel Growth, thereby repaying the Ratel Growth Loan Facility (including
interest) in full; and
• 46,205,802 Shares to Tarney Holdings, thereby repaying the Tarney Holdings Loan Facility (including
interest) in full.
Shares in Lieu of Non-Executive Director Fees
To preserve the Company's cash reserves, certain Company Non-Executive Directors have elected,
subject to shareholder approval, to receive a proportion of their accrued Director fees in Shares in lieu of
cash.
1 From April 2019 to October 2023.
Each Director may at any time and at their election, alter the proportion of Director fees to be received
in Director Fees Shares and such election shall apply from the date that the Company receives the
election in writing from the Director. The Director Fees Shares shall be issued in arrears in respect of
accrued Director fees, subject to shareholder approval at the relevant general meeting.
During the Quarter, following receipt of shareholder approval at the general meeting held on 28 August
2025, the Company issued 3.86 million Shares to Non-Executive Director Mr Godfrey Gomwe and
Managing Director & CEO Mr Anthony Lennox. The Shares were issued at a deemed issue price of 1.1
cents per Share, being the same issue price as the Shares issued under the Placement announced 8 July
2025.
Shareholder Meetings
A General Meeting of Shareholders was held on 28 August 2025, all resolutions put forward were passed
by a poll.
The Annual General Meeting of Shareholders of Orion will be held on 27 November 2025 at the offices of
Clayton Utz, Level 27, QV1 Building, 250 St Georges Terrace, Perth, Western Australia.
Tenement Table
Ownership Change in
Tenement Project Joint Venture Partner
Interest Quarter
South Africa
NC30/5/1/1/2/11850PR
Bartotrax 100% --- ---
NC30/5/1/1/2/13528PR
Prieska Copper Zinc
NC30/5/1/2/2/10138MR 70% --- ---
Mine
Prieska Copper Zinc
NC30/5/1/2/2/10146MR 70% --- ---
Mine
NC30/5/1/1/2/12257PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12258PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12287PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/12405PR Prieska Near Mine-OE5 100% --- ---
NC30/5/1/1/2/11840PR
Doonies Pan 70% --- ---
NC30/5/1/1/2/13752PR
NC30/5/1/2/2/10032MR Namaqua-Disawell 25% --- Namaqua Nickel Mining (Pty) Ltd
NC30/5/1/1/2/12216PR Namaqua-Disawell 25% --- Namaqua Nickel Mining (Pty) Ltd
NC30/5/1/1/2/13397PR Namaqua-Disawell 25% --- Disawell (Pty) Ltd
NC30/5/1/1/2/13398PR Namaqua-Disawell 25% --- Disawell (Pty) Ltd
NC30/5/1/1/2/12197PR Boksputs North 70% --- ---
NC30/5/1/1/2/11125PR
Okiep 100% --- ---
NC30/5/1/1/2/13395PR
NC30/5/1/1/2/12357PR Okiep 100% --- ---
NC30/5/1/1/2/12897PR Okiep 100% --- ---
Industrial Development Corporation
NC30/5/1/2/2/10150MR Okiep 56.25% ---
of South Africa Limited (IDC)
Industrial Development Corporation
NC30/5/1/1/2/12850PR Okiep 56.25% ---
of South Africa Limited (IDC)
10
Ownership Change in
Tenement Project Joint Venture Partner
Interest Quarter
--- Industrial Development Corporation
NC30/5/1/1/2/12755PR Okiep 56.25%
of South Africa Limited (IDC)
--- Industrial Development Corporation
NC30/5/1/1/2/12848PR Okiep 56.25%
of South Africa Limited (IDC)
NC30/5/1/1/2/12852PR Okiep 100% --- ---
NC30/5/1/1/2/12854PR Okiep 100% --- ---
Western Australia
IGO Limited & Geological
E39/1653 Fraser Range 35% ---
Resources Pty Ltd
Victoria
EL6069 Walhalla 100% --- ---
EL5042 Walhalla 100% --- ---
This Quarterly report is authorised by the Board.
24 October 2025
JSE Sponsor
Merchantec Capital
Reference to Previous Reports
The information on the Jacomynspan Project (JMP) Mineral Resources is extracted from the report entitled
"Geological Modelling Confirms Compelling Targets Surrounding the Jacomynspan Ni-Cu-Co-PGE Intrusive" dated 8
March 2018, available to view on https://www.orionminerals.com.au, and compiled by Mr Jeremy Charles Witley
(BSc Hons, MSC (Eng.)), a Competent Person who is registered with the South African Council for Natural Scientific
Professionals (Registration No. 400181/05), an RPO, included in a list posted on the ASX website from time to time. Mr
Witley is a Principal Resource Consultant at the MSA Group (Pty) Ltd and a consultant to Orion. Mr Witley 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 Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Witley's findings presented have not been
materially modified from the original market announcement. Orion 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.
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: 24-10-2025 08:50:00
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