Orion Minerals Limited · ASX:ORN
Orion Minerals — Investor Presentation (April 2026)
35 slides from Orion Minerals's investor presentation, Apr 16, 2026
Slide 1: Investor Presentation ASX/JSE Release
ASX/JSE RELEASE: 16 April 2026 Investor Presentation Orion Minerals Limited (ASX/JSE: ORN) (Orion or Company) is pleased to provide the attached Investor Presentation. In addition to the Investor Presentation, a video providing an overview of Orion’s transition from explorer to producer, including i
Slide 2: Orion Minerals: Moving to execution
Orion Minerals: Moving to execution Anthony Lennox, Managing Director and Chief Executive Officer April 2026 ORIONMINERALS.COM.AU ASX: ORN | JSE: ORN
Slide 3: Important Notices & Disclaimer
Important Notices & Disclaimer This presentation contains summary information about Orion by Orion Minerals Ltd, are inherently subject to Orion is not aware of any new information or data that Minerals Ltd and its subsidiaries (Orion or Company) and their significant technical, materially affects t
Slide 4: Competent Person Statement
Competent Person Statement Competent Person Statement The information in this presentation that relates to Orion’s information that materially affects the Ore Reserves The information on slides 18 and 23, focusing on ‘PCZM – Near- Exploration Results is a compilation of previously released announced
Slide 5: Investment rationale
Investment rationale Flagship Prieska Copper Zinc Mine: Foundation of a multi-asset copper producer PCZM flagship asset Historical benchmark Global Top-30 VMS resource, open along PCZM historical production of 430kt of Cu strike and at depth. and 1,010kt of Zn*. Okiep district produced more then 2,0
Slide 6: Skilled strategic direction and high-quality project execution team
Skilled strategic direction and high-quality project execution team Anthony (Tony) Lennox Denis Waddell Godfrey Gomwe Patience Mpofu Mark Palmer Managing Director and Chief Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Executive Officer Denis is a Charte
Slide 7: Company snapshot
Company snapshot Company snapshot Capital Structure Summary Current Current Share Significant Shareholders Issue % Shares on issue (10 Apr‘26) 8,229M Tembo Capital (UK) 13.2 Delphi Group (EU/Germany) 10.1 Options on issue (10 Apr’26) 351M Ratel Growth (T Borman holdings) (Australia) 7.9 IDC Sharehol
Slide 8: South Africa's Northern Cape
South Africa’s Northern Cape The country’s most prospective copper jurisdiction STABLE & MINING FRIENDLY • Democracy since 1994, mining history since 1850s, major base metals, iron ore and manganese mining province. • Established mining title system. • Strong political and social support for mining.
Slide 9: Two highly prospective regions within the Northern Cape base metals province
Two highly prospective regions within the Northern Cape base metals province Two highly prospective regions within the Northern Cape base metals province 3,400km2 of prime exploration and mining rights 10 9 8 7 Upington Oranjemund 6 1. Prieska (Cu-Zn) 2. Flat Mines (Cu) 3. Jacomynspan Pofadder 5 4 3
Slide 10: Three strategic priorities
Three strategic priorities Current activity Medium term Medium to long term 11 2 3 Prieska Copper Zinc Okiep Flat Mines project Exploration Mine (PCZM) Drilling and optimisation Building a pipeline of projects Priority project: From underway in the Northern Cape base exploration to production metals
Slide 11: Orion strategic schedule
Orion strategic schedule 2026 2027 2028 2029 2030 Month 0 12 24 3 36 48 1 PCZM Uppers construction Uppers production @ 0.24 Mtpa Uppers Ore handling, plant construction & Production @ 2.4 Dewatering and shaft refurbishment Deeps resource definition and extension Mtpa 2 Okiep Optimisation DFS Constru
Slide 12: Binding agreement with Glencore
Binding agreement with Glencore Signed binding prepayment agreement with Glencore in February 2026. Prepayment of US$250 million in 2 tranches: • Tranche A of US$40 million to be used for the construction and startup of the Uppers at Prieska • Tranche B of US$210 million to be used for the construct
Slide 13: PCZM well positioned on the global cost curve
PCZM well positioned on the global cost curve Optimisation targeting second quartile for Okiep 500 450 All-in Sustaining Cost Curve - Copper 400 350 Optimisation 300 1st Quartile 2nd Quartile 3rd Quartile Okiep 4th Quartile 251.22 250 200 150 PCZM Ai SC(USc/lb) 94.36 (¢/lb) 100 50 AISC - 00 000 00 0
Slide 14: 2026 execution and foundations for our people
2026 execution and foundations for our people 2026 execution and foundations for our people OUR PURPOSE OUR VALUES Safe and responsible actions Working together We work in a way that protects We listen, communicate and people, communities, and the collaborate. Unlocking environment striving for Zero
Slide 15: Approach for improving our mines in the Northern Cape
Approach for improving our mines in the Northern Cape Our Sustainability Policy will deliver a flywheel for continuous improvement PEOPLE GOALS • Understand human • Live our values rights • Manage risks • Encourage our • Uphold standards workforce • Enhance biodiversity IMPROVE TRACK • Engage stakeh
Slide 16: Prieska Copper Zinc Mine: Our flagship and key priority
Prieska Copper Zinc Mine: Our flagship and key priority Page 15
Slide 17: Prieska Copper Zinc Mine
Prieska Copper Zinc Mine Prieska Copper Zinc Mine Flagship project ready for execution PCZM DFS* ▪ Total Mineral Resources: 31Mt @ 1.2% Cu and 3.6% Zn resulting in contained Cu of 370kt and contained Zn of 1.12Mt ▪ Total Probable Ore Reserves: 15.6Mt @ 1.1% Cu and 3.1% Zn resulting in contained Cu o
Slide 18: PCZM progressing into execution phase
PCZM progressing into execution phase PCZM progressing into execution phase Accelerating towards production PCZM development strategy • Brownfield project with DFS published in March 2025 • Two-phase project development, commencing with Uppers before transitioning to Deeps • Range of funding options
Slide 19: PCZM – Near- and medium-term exploration
PCZM – Near-and medium-term exploration Medium-term plan for resource definition and target extensions SE • 22,000m of resource definition drilling • 72,000m from existing and planned development to target 1.25km extensions • T1 and T2 are current primary targets OCOD120-D1***: 11.9m @ • 36-month pr
Slide 20: PCZM process flow sheets
PCZM process flow sheets Uppers Supergene 0.24 Mtpa Deeps Hypergene 2.4 Mtpa Small BOOT plant Full-size base metals concentrator • Modular construction • SAG/Ball milling circuit • Differential flotation • Established provider • Products: Low risk process • Copper concentrate • Simple processing del
Slide 21: Okiep Flat Mines Project: Drilling and optimisation underway
Okiep Flat Mines Project: Drilling and optimisation underway Okiep Flat Mines Project: Drilling and optimisation underway Page 20 Page 20
Slide 22: Okiep Flat Mines project
Okiep Flat Mines project Okiep Flat Mines project Optimisation underway Okiep Flat Mines DFS* ▪ Total Mineral Resources: 10Mt @ 1.3% Cu resulting in contained Cu of 132kt ▪ Total Probable Ore Reserves: 6.1Mt @ 1.2% Cu resulting in contained Cu of 71kt ▪ Production (life of mine): ▪ Cu concentrate: 2
Slide 23: Okiep Flat Mines project
Okiep Flat Mines project Project focus • Dewatering at Flat Mines North underway to facilitate Resource extension drilling • Drilling at Flat Mines East to follow • Flat Mines East drilling to further assess 49.35m at 5.05% Cu* • Flat Mines South to further assess 59m at 3.14% Cu** • Optimisation to
Slide 24: Okiep Flat Mines project
Okiep Flat Mines project N FME Tailings storage facility Industrial mining complex OFMED153** OFMSD080* 49.35m @ 5.05% Cu 59m @ 3.14% Cu * Refer to ASX/JSE release 24 June 2024 ** Refer to ASX/JSE release 23 October 2024 Page 23
Slide 25: Okiep Copper Project: Near and medium-term exploration
Okiep Copper Project: Near and medium-term exploration Okiep Copper Project: Near and medium-term exploration Deposits and prospects under current evaluation Page 24
Slide 26: BHP Xplor
r HP Xplor Page 25
Slide 27: BHP Xplor program
BHP Xplor program BHP Xplor program Aligned to Orion’s third strategic priority of building an exploration pipeline Selected to be part of the 2026 BHP Xplor accelerator program BOTSWANA Benefits: Rehoboth Craton • Orion to receive an aggregate of US$500,000 in equity- free funding NAMIBIA Kheis • P
Slide 28: Looking ahead
Looking ahead Page 27
Slide 29: 12-Month focus
12-Month focus Close Glencore financing Progress other funding workstreams transaction Embed Purpose and Values for the Commence construction at PCZM operating phase Uppers Complete optimisation of Flat Strengthen safety and health Mines processes for production Leverage BHP Xplor for Orion in the N
Slide 30: Appendix
Appendix Page 29
Slide 31: PCZM Project Mineral Resource Estimates
PCZM Project Mineral Resource Estimates PCZM Project Mineral Resource Estimates * Refer ASX/JSE Releases 28 March 2025, 25 July 2023 Page 30
Slide 32: Resources within LOM
Resources within LOM * Refer ASX/JSE release 28 March 2025 Page 31
Slide 33: PCZM – Metal Equivalents
PCZM – Metal Equivalents PCZM – Metal Equivalents Deeps LoM Plan The Deeps LoM plan contains 22.6Mt of material with an underground average mined grade of 1.0% Cu and 3.3% Zn, giving a Cu equivalent (CuEq) grade of 1.6% Cu. The CuEq (%) values presented for the Deeps LoM Plan and Deeps Probable Ore
Slide 34: OCP – Flat Mines Project Mineral Resource Estimates
OCP – Flat Mines Project Mineral Resource Estimates OCP – Flat Mines Project Mineral Resource Estimates * Refer ASX/JSE release 28 March 2025 Page 33
Slide 35: Contact us
Contact us Contact us Orion Minerals Limited Level 27, 120 Collins Street Melbourne, Vic, 3000 Australia Phone: +61 (0)3 8080 7170 Email: info@orionminerals.com.au Website: www.orionminerals.com.au ASX: ORN | JSE: ORN