Orion Minerals (ORN) H2 2026 earnings summary

Executive summary

• Transitioned from explorer to copper and base metals producer, advancing Prieska and Okiep projects in South Africa's Northern Cape.

• Raised A$30m in capital and secured a US$250m Glencore financing/offtake package for Prieska, with South African Reserve Bank approval.

• Achieved 473 days without a lost-time injury and zero environmental incidents, reflecting strong safety and ESG performance.

• Board and management strengthened governance, operational readiness, and stakeholder engagement as the company moves toward production.

Financial highlights

• Net loss after tax for FY2026 was $12.69m, an improvement from $15.36m in FY2025.

• Cash on hand at 30 June 2026 was $14.46m, up from $0.21m the previous year.

• Net cash from financing activities totaled $30.34m, mainly from share issues and options exercised.

• No dividends declared or paid for the year.

Outlook and guidance

• Prieska targets first production in Q3 2027, with a 13.2-year mine life and staged development (Uppers and Deeps).

• Okiep Flat Mines Project remains in optimisation, with construction targeted from 2028.

• Exploration focus is on near-mine growth and regional pipeline development, leveraging BHP Xplor program participation.

• Further capital raising anticipated in FY2027 to fund ongoing activities.