Orion Minerals (ORN) Q1 2026 TU earnings summary

Executive summary

• Advancing two base metal production hubs in South Africa, targeting first copper and zinc output by late 2026/early 2027, with ramp-up goals of >30ktpa copper and >65ktpa zinc at steady state.

• Focused on project execution and funding for Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP) following DFS completion in March 2025.

• Operational readiness at PCZM included tenders for a 20kt/month BOOT plant and recruitment of key personnel, including a new Project Director.

• Electrical supply for PCZM secured with Eskom, matching ramp-up needs.

• OCP work prioritized near-mine exploration and updated geological models.

Significant events and developments

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

• Appointment of Johan van Dyk as Project Director, bringing 40+ years of mining experience.

• Raised A$8.6 million post-quarter via share placement, with a second stage pending shareholder approval.

• Conversion of loans to equity for key stakeholders, preserving cash reserves.

Outlook and guidance

• Aims to finalize project financing and offtake for PCZM Uppers by year-end, enabling transition to production and cash flow.

• On track to become a developer and producer by end of 2026.

• Ongoing due diligence with Glencore, with binding agreement targeted before year-end.