Orion Minerals (ORN) Investor Presentation summary

Strategic focus and project overview

• Advancing two fully permitted brownfield projects: Prieska Copper Zinc Mine (PCZM) and Flat Mines at Okiep Copper Project (OCP), both with DFS published in March 2025.

• PCZM is prioritized for initial development, with an integrated approach starting at Uppers and transitioning to Deeps; OCP Flat Mines is undergoing further optimization.

• Combined tenement holdings cover 3,582km² in highly prospective regions, offering significant exploration upside.

• Project execution is supported by a skilled leadership team and deliberate processes to ensure governance, operational readiness, and value engineering.

• Targeting first concentrate production from PCZM Uppers by Christmas 2026, 13 months after financing.

Financials, capital structure, and funding

• Market capitalization stands at AUD80.1M (USD52.2M) as of July 2025, with 7,282M shares on issue.

• Recent capital raising includes a placement and loan conversions totaling AUD5.8M, with further share issues pending shareholder approval.

• PCZM project financing includes a ZAR250M (USD20M) IDC Convertible Loan and a USD10M (ZAR122M) Triple Flag early funding arrangement.

• Ongoing funding workflow involves equity raises, offtake negotiations, and multiple funding options to unlock both Uppers and Deeps phases.

Project economics and resource estimates

• PCZM DFS: NPV AUD568M, post-tax IRR 26%, peak capital AUD578M, AISC USD2.06/lb Cu, capital intensity USD9,174/t Cu Eq pa.

• Flat Mines (OCP) DFS: NPV AUD75M, post-tax IRR 19%, peak capital AUD103M, AISC USD2.39/lb Cu, capital intensity USD10,383/t Cu Eq pa.

• PCZM Mineral Resources: 31Mt @ 1.2% Cu & 3.6% Zn (370kt Cu, 1.12Mt Zn); Probable Ore Reserves: 15.6Mt @ 1.1% Cu & 3.1% Zn (164kt Cu, 458kt Zn).

• OCP Flat Mines Mineral Resources: 10Mt @ 1.3% Cu (132kt contained Cu); Probable Ore Reserves: 6.1Mt @ 1.2% Cu (71kt contained Cu).

• PCZM is positioned in the first quartile of the global copper cost curve, with Okiep targeting the second quartile.