Orion Minerals (ORN) Investor Update summary

Market context and project overview

• Copper demand is forecast to outstrip supply by 30% in the next decade, driving M&A activity in the sector.

• Two fully permitted brownfield projects, Prieska Copper-Zinc (PCZM) and O'Kiep/Okiep Flat Mines, are positioned for development in South Africa, with DFS published in March 2025.

• Prieska is a flagship VMS deposit with a two-stage development plan (uppers and deeps), while Okiep offers additional exploration potential and is undergoing optimisation.

• Both projects are ready for execution, pending final funding arrangements, and have significant brownfield exploration upside.

• Tenement holdings cover 3,582km² in two highly prospective regions.

Funding and capital strategy

• Recent capital raise serves as bridge financing until full project funding is secured, including placement and loan conversions totaling A$5.8M.

• Funding negotiations are advanced, targeting full funding by October to enable concentrate production by December 2026.

• Prieska's total peak capital requirement is AUD 578 million, with initial phases requiring AUD 70 million; Okiep's peak capital is AUD 103 million.

• Project financing includes ZAR250M IDC Convertible Loan and $10M Triple Flag early funding arrangement, with ongoing discussions with off-take partners.

• SPP has been extended by a week to allow broader shareholder participation.

Project execution and operational readiness

• Project execution team assembled with over 200 years of combined underground mining experience, led by a steering committee and dedicated project directors.

• Value engineering and operational readiness are key focuses, targeting 5–10% capital cost savings and minimising project value erosion.

• Prieska's uppers expected to deliver first concentrate by Christmas 2026, transitioning to deeps for higher output; Okiep optimisation underway.

• Construction and critical path activities are mapped, with early value engineering already commenced.

• Operational readiness and phased ramp-up are designed to ensure smooth transition to production and cash flow.