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.

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

• Signed a non-binding term sheet with Glencore for US$200–250 million financing and concentrate offtake for PCZM.

• Leadership transition with Anthony Lennox appointed as Managing Director and CEO in April 2025.

Financial highlights

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

• Net cash used in operating and investing activities totaled $23.88 million; cash on hand at year-end was $0.21 million.

• No dividend declared or paid for FY2025.

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.