Orion Minerals (ORN) H1 2026 earnings summary

Executive summary

• Recorded a net loss of $6.42 million for the half year ended 31 December 2025, slightly improved from a $6.52 million loss in the prior year period.

• Focused on advancing the Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP) in South Africa, targeting first concentrate production in early 2027.

• Completed definitive feasibility studies (DFS) for both PCZM and OCP in March 2025, with ongoing project execution planning and funding activities.

• Secured a US$250 million prepayment facility from Glencore for PCZM post-period, supporting development of both Uppers and Deeps.

Financial highlights

• Net loss for the half year was $6.42 million, compared to $6.52 million loss in the same period last year.

• Net cash used in operating and investing activities was $8.35 million, down from $15.74 million in the prior year period.

• Cash on hand at 31 December 2025 was $5.74 million, up from $0.21 million at 30 June 2025.

• Basic and diluted loss per share was 0.06 cents, improved from 0.07 cents in the prior year.

• Proceeds from share issues totaled $13.80 million during the period.

Outlook and guidance

• Targeting first concentrate production from PCZM and OCP in early 2027, with ramp-up to >30ktpa copper and >65ktpa zinc at steady state.

• Ongoing focus on project execution, operational readiness, and securing additional funding for exploration and development.