Convertible Notes to be Converted into Orion Shares 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 (“Orion” or “the Company”) CONVERTIBLE NOTES TO BE CONVERTED INTO ORION SHARES Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that it has received conversion notices from all Convertible Noteholders, requesting the conversion of the Convertible Notes held by them into fully paid ordinary shares (Shares) in the Company. The Convertible Notes were issued as part of a previous capital raising in 2017 which allowed Orion to exercise its option to acquire its flagship asset, the Prieska Copper-Zinc Project in the Northern Cape Province in South Africa, where it recently completed a Bankable Feasibility Study and is now advancing towards project financing and development. A total of 232.69 million Convertible Notes to the value of $6.05 million (each with a face value of $0.026) were issued on 17 March 2017 to various sophisticated and professional investors (Convertible Notes), as part of a previously announced capital raising (see ASX release: 7 February 2017). The Company obtained Shareholder approval for the issue of the Convertible Notes on 13 March 2017. The maturity date of the Convertible Notes is 30 September 2019 (Maturity Date). Key terms of the Convertible Notes are set out in the Company’s ASX release dated 8 March 2017 and 25 January 2019. The Company will issue Shares to the Noteholders on or before the Maturity Date. Upon issue of the Shares, the Company’s current liabilities will reduce by $5.8 million (as 10.3 million Convertible Notes were converted into Shares in April 2019) and the security held by Noteholders over certain assets of the Company and its subsidiaries will be released. The conversion of Convertible Notes into Shares and the release of security by Noteholders represents a strong vote of confidence by the Noteholders in the future of the Company and marks an important step for Orion in progressing the financing for the development of the Prieska Project. Errol Smart Managing Director and CEO 25 September 2019 ENQUIRIES Investors Media JSE Sponsor Errol Smart – Managing Nicholas Read Barnaby Hayward Rick Irving Director & CEO Denis Waddell – Chairman Read Corporate, Australia Tavistock, UK Merchantec Capital T: +61 (0) 3 8080 7170 T: +61 (0) 419 929 046 T: +44 (0) 787 955 1355 T: +27 (0) 11 325 6363 E: info@orionminerals.com.au E: nicholas@readcorporate.com.au E: orion@tavistock.co.uk E: rick@merchantec.co.za Suite 617, 530 Little Collins Street Melbourne, VIC, 3000 Date: 25/09/2019 09:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.