Orion Minerals (ORN) Q4 2026 TU earnings summary

Executive summary

• Advanced toward production status, targeting first bulk copper concentrate in H2 CY2027 and ramping up to >30ktpa copper and >65ktpa zinc at steady state.

• Major progress on Glencore US$250M financing and offtake agreements, with Tranche A expected to become unconditional by end of August 2026, enabling construction commencement.

• Prieska Copper Zinc Mine (PCZM) construction readiness advanced, with project execution planning, contractor selection, and value engineering completed.

• Okiep Copper Project (OCP) optimisation and drilling yielded high-grade copper intercepts, supporting resource optimisation.

• $15.4M capital raising completed in June 2026 to support project execution.

Financial highlights

• $15.4M capital raised via placement to investors, with strong support from existing and new shareholders.

• Cash on hand at quarter-end was $14.45M.

• IDC converted its ZAR344.5M loan to equity in PCZM HoldCo, now holding 23.8% of PCZM HoldCo and 16.7% effective interest in PCZM.

Outlook and guidance

• Focus for remainder of CY2026: finalise Glencore agreements, commence PCZM Uppers construction, and complete Flat Mines optimisation.

• First copper concentrate production targeted for H2 CY2027, with ramp-up to full production thereafter.