Orion Minerals
Primary ticker: ASX:ORN, JSE:ORN
Stage of development: Exploration, Development
Primary minerals: Copper, Zinc, Nickel, Cobalt, PGEs, Gold, Silver
Project to promote: Prieska Copper-Zinc Project, Okiep Copper Project, Jacomynspan Project
Project location: Northern Cape Province, South Africa
Website: www.orionminerals.com.au
Orion Minerals Ltd (ASX: ORN | JSE: ORN) is a base metals development company with two fully permitted copper projects located in the Northern Cape Province of South Africa – Prieska Copper Zinc Mine and Okiep Copper Project. Orion is listed on the ASX and the JSE. The bankable feasibility studies for both projects are expected to be completed before the end of Q1 2025, with development of both projects expected to commence shortly thereafter. The company expects annual copper production of 30kt on a sustainable basis from these two projects.
The company is also advancing the Jacomynspan Nickel-Copper-Cobalt-PGE sulphide project, also in the Northern Cape Province, South Africa.
Underpinned by a strong ESG focus, a commitment to adopt renewable energy as part of its goal of achieving net-zero carbon emissions, and next-generation work practices, Orion is on track to become a significant producer of critical, future facing metals in the coming years.
Cash: AUD$10M
Debt: AUD$38M
Major shareholders:
Tembo Capital – 15.82%
Delphi Group – 11.66%
Clover Alloys – 7.84%
Fairtree Capital – 6.09%
Mr Tom Borman – 4.78%
Management ownership – 1.71%
Financials
Management Profile
Errol Smart, Managing Director & CEO
Errol is a geologist, registered for JORC purposes, and has 30 years of industry experience across all aspects of exploration, mine development and operations with experience in precious and base metals. He has held positions in Anglogold, Cluff Mining, Metallon Gold, Clarity Minerals LionGold Corporation and African Stellar Holdings. Errol’s senior executive roles have been on several boards of companies listed on the TSX, JSE and ASX and currently serves as a Director on the Board of the Mineral Council of South Africa.
What is your rationale for taking part 121 Mining Investment?
• To engage with institutional and retail investors, as well as broking firms and analysts,
to update them on Orion’s recent progress at the Prieska Copper Zinc Mine (PCZM) and
Okiep Copper Project. This includes the results of the feasibility studies for both
projects (to be released in early 2025) and recent exploration success and confirmation
drilling, including additional drilling to test mineralisation at the Okiep Project.
• To engage with potential strategic partners, financiers and customers for the critical
minerals to be produced at Prieska, Okiep and Jacomynspan.
• To raise the profile of Orion globally as a near-term base metals producer, with an
exciting growth trajectory as it approaches development decisions and financing for its
key South African base metal projects.
What recent news would you like to highlight to investors attending?
The results of the bankable feasibility studies for both Prieska Copper Zinc Mine and the Okiep Copper Project are expected to be released early in 2025.
Prieska Copper Zinc Mine – Project Status
– Fully permitted
– Trial mining successfully completed
– Power – fully connected to the Eskom grid, electricity supply agreement in place
– Process water – pumping and pipeline in place from Orange River
– Mine dewatering and forced evaporation mechanical and electrical infrastructure
successfully installed
– Starter TSF being constructed
– Key site team employed
– Supply chain and logistics established
– Updated BFS expected in Q1 2025
• Updated PCZM +105 Mineral Resource reported, increasing the Resource to 2.3Mt at
1.7% Cu and 1.6% Zn including an Indicated Resource of 1.9Mt at 1.82% Cu and 1.70%
Zn. The update increases the total PCZM Mineral Resource to 31Mt grading 1.2% Cu and
3.6% Zn.
• Commencement of discussions with the Central Energy Corporation (CENEC) to
investigate the potential inclusion of the Prieska Project as part of CENEC’s landmark
Prieska Power Reserve Project, a mega-scale renewable energy and hydrogen hub
currently being planned for the Prieska district.
Okiep Copper Project
• Drilling to test down-dip continuity of high-grade copper mineralisation at Flat Mine area
in progress.
• Confirmation drill program completed at Flat Mines area of OCP, with results confirm
high quality of large historical drilling database inherited from Newmont and Goldfields
• Drilling at Flat Mine East – standout intercept as one of the highest-grade intercepts
reported in South Africa for the past 40 years. OFMED153: 49.35m at 5.05% Cu from
231.00m, which includes 21.66m at 9.41% Cu from 258.69m.
Strong New Copper Intercepts Indicate Significant Additional Potential of Flat Mine South – Okiep Project – 17 December 2024
Jacomynspan
• High grade, near surface Ni-Cu-Co-PGE sulphide drill intersections confirm upward
extension of sulphide mineralisation in JORC resource.
What are your key goals for the next 3, 6 and 12 months?
3 Months:
• Prieska – Complete Bankable Feasibility Study
• Okiep – Complete Bankable Feasibility Study and drilling campaigns
• Jacomynspan – Execute Mining Right and complete metallurgical test work
program to investigate production of pre-cursor battery metal products
• Progress funding plan and strategic partnership discussions
6 Months:
• Secure funding and development financing
• Final Investment Decision for both Prieska and Okiep
• Progress near-mine exploration projects
12 Months:
• Progress development of both Prieska and Okiep.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
• Completion of feasibility studies for PCZM and OCP and subsequent project
financing
o All workstreams well advanced – studies expected to be complete in early 2025
• Completion of all permitting and permissions for mining at Jacomynspan
o Orion’s engineering team advancing feasibility studies and permitting expeditiously
What do you think makes your company such a compelling investment?
• Advanced base metal projects with Mining Rights granted.
• Two fully permitted projects ready for mine development and then production.
• Training and development of local community members underway, in preparation for roles at mine site. Supporting local suppliers and host communities.
• Jacomynspan large tonnage Nickel sulphide deposit on granted mining right to be reviewed with innovative metallurgical processes under review.
What are the top 3 key investor takeaways?
1. Two fully permitted & development-ready projects – Prieska Copper Zinc Mine & Okiep
Copper Project.
2. Near term production projects, short pay-back periods.
3. Upside of ground holdings surrounding main projects, potential to extend mine life and
grow production.