Orion Minerals (ORN) Q4 2025 TU earnings summary

Executive summary

• Transitioning from exploration to project development, with focus on Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP) in South Africa's Northern Cape.

• Targeting first concentrate production from PCZM Uppers by Christmas 2026, with Deeps to follow 29 months later.

• Definitive Feasibility Studies (DFS) for both PCZM and OCP completed, with ongoing optimisation and value engineering.

• Systematic review of near- and medium-term exploration upside underway for both projects.

Financial highlights

• PCZM DFS reports post-tax NPV of A$568 million (ZAR7.105 billion) and IRR of 26.2% at 8% discount over 13.2-year LOM.

• Cash on hand at quarter end was A$0.21 million.

• Post quarter-end, A$5.8 million raised via placement and loan conversions, with up to A$4 million targeted via Share Purchase Plan.

Outlook and guidance

• Immediate priority is finalising project financing and concentrate offtake agreement for PCZM Uppers.

• Aiming for first concentrate production from PCZM Uppers by Christmas 2026; ramp-up to over 30ktpa copper and 65ktpa zinc at steady state.

• OCP Flat Mines Project undergoing optimisation to bring forward production and reduce capital expenditure.