Orion Minerals (ORN) H2 2025 earnings summary

Executive summary

• Completed definitive feasibility studies (DFS) for Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP), confirming robust economics and project readiness for both assets.

• PCZM DFS shows a post-tax NPV of A$568 million and IRR of 26.2% over a 13.2-year life; OCP Flat Mines DFS shows a post-tax NPV of A$75 million and IRR of 19% over 12 years.

• Raised A$21.1 million through placements, SPPs, and debt-to-equity conversions to fund project development and exploration.

• Signed a non-binding term sheet with Glencore for US$200–250 million financing and concentrate offtake for PCZM, with Tranche A (US$40 million) for construction and startup of the Uppers.

• Leadership transition: Anthony Lennox appointed CEO in April 2025, succeeding Errol Smart.

Financial highlights

• Group recorded a net loss after tax of $15.36 million, mainly due to $15.21 million in exploration expenditure expensed and a $1.18 million unrealised FX loss.

• Net cash used in operating and investing activities was $23.88 million; net cash from financing activities was $15.83 million.

• Cash on hand at year-end was $0.21 million.

• Basic and diluted loss per share was 0.18 cents.

Outlook and guidance

• Targeting first concentrate production from PCZM Uppers by December 2026, with Deeps to follow 29 months later.

• OCP Flat Mines Project optimisation underway to enhance financial outcomes and bring forward production.

• Ongoing funding discussions with IDC and other parties to secure full project financing.