Orion Minerals Limited · ASX:ORN
Orion Minerals — Investor Presentation (February 2026)
24 slides from Orion Minerals's investor presentation, February 2026
Slide 1: Update on Orion Minerals
Update on Orion Minerals Anthony Lennox, Managing Director and Chief Executive Officer February 2026 orionminerals.com.au ASX: ORN | JSE: ORN
Slide 2: Important Notices & Disclaimer
Important Notices & Disclaimer by Orion Minerals Ltd, are inherently subject to Orion is not aware of any new information or data that This presentation contains summary information about Orion significant technical, materially affects the production target or forecast financial Minerals Ltd and its
Slide 3: Competent Person Statements
Competent Person Statements The information in this presentation that relates to Orion’s information that materially affects the Ore Reserves Exploration Results is a compilation of previously released announced. reports to the ASX by Orion Minerals and is based on information compiled by Mr Paul Ma
Slide 4: Company snapshot
Company snapshot Capital Structure Current Share Current Significant Shareholders Issue % Summary Tembo Capital (EU/Netherlands) 13.3 Shares on issue (18 Feb‘26) 1 8,157M Delphi Group (EU/Germany) 10.2 Options on issue (18 Feb’26) 224M Ratel Growth (T Borman holdings) (Australia) 7.9 IDC Shareholder
Slide 5: 2026 execution and beyond: Unlocking resources
2026 execution and beyond 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 Harm. resources Acting with courage through Doing the right thing
Slide 6: Three key priorities
Three key priorities Short to medium term Prieska Copper Zinc Mine (PCZM) Priority project: From exploration to production (Uppers and Deeps) 1 • First production: Q1 2027 • Glencore funding secured Medium term 2 Okiep Flat Mines project Optimisation underway 3 Medium to long term Exploration Buildi
Slide 7: Focus on two highly prospective regions
Focus on two highly prospective regions 3,582km2 of prime exploration and mining rights Upington Oranjemund Okiep Pofadder Copper Project Prieska Springbok Copperton Nababeep Prieska Copper Zinc Mine 450 km Page 7
Slide 8: Binding agreement with Glencore
Binding agreement with Glencore Signed binding prepayment agreement with Glencore on 9 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 constru
Slide 9: BHP Xplor program
BHP Xplor program Selected to be part of the 2026 BHP Xplor accelerator program Benefits: • Orion to receive an aggregate of US$500,000 in equity-free funding • Provides Orion and its various South African exploration project companies access to BHP’s global exploration expertise and networks • Supp
Slide 10: Prieska Copper Zinc Mine: Moving to execution
Prieska Copper Zinc Mine: Moving to execution
Slide 11: 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 of 164kt and contained Zn o
Slide 12: Progressing into execution phase
Progressing into execution phase Accelerating towards production PCZM development strategy • Brownfield project with DFSs published in March 2025 • Flagship project PCZM to be developed first – integrated project, commencing with Uppers and transitioning into Deeps • Range of funding options in prog
Slide 13: PCZM
PCZM What it looks like 1,250m 31Mt @ 1.2% Cu, 3.6% Zn 2.6km Refer to ASX/JSE release 25 July 2023 Page 13
Slide 14: Project definition
Project definition Skilled professionals, deliberate processes, measurable outcomes Operational Readiness Project Value Execution Engineering Governance Project Leadership Construction Team Packages Page 14
Slide 15: PCZM – Near and medium-term exploration
PCZM – Near and medium-term exploration Medium-term plan for resource definition and target extensions SE NW • 22,000m of resource T1 definition drilling • 72,000m from existing and planned development to T2 target extensions • T1 and T2 are current primary targets T4A • 36-month programme T3 T4B T5
Slide 16: Okiep Flat Mines Project: Optimisation underway
Okiep Flat Mines Project: Optimisation underway Page 16
Slide 17: 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 NPV: AUD75 million IRR (post tax): 19% Peak Capital: AUD103 million
Slide 18: Flat Mines at Okiep
Flat Mines at Okiep • Optimisation to be completed in the next 6 months with focus on: • Bringing production forward • Reducing upfront capital • Pumping at Flat Mines North underway • Additional drilling at Flat Mines North has commenced Page 18
Slide 19: OCP – Near and medium-term exploration
OCP – Near and medium-term exploration Deposits and prospects under current evaluation Page 19
Slide 20: Looking ahead
Looking ahead
Slide 21: PCZM favourably positioned on the global cost curve
PCZM favourably positioned on the global cost curve Optimisation targeting second quartile for Okiep 500 All-in Sustaining Cost Curve - Copper 450 400 350 Optimisation 300 1st Quartile 2nd Quartile 3rd Quartile Okiep 4th Quartile 251,22 250 200 A i S C(USc/lb) PCZM 150 94,36 (¢/lb) 100 AISC 50 - 00
Slide 22: Funding workflow to unlock Uppers and then Deeps
Funding workflow to unlock Uppers and then Deeps Glencore binding agreement for US$250m Underway/Complete Near Term Execution Longer Term Execution Equity Capital Equity Capital SPP Raise Raise Offtake - Partner Selection Offtake - Agreements/Close IDC - Funding Options IDC - Complementary Funding R
Slide 23: Conclusion
Conclusion Close Glencore financing transaction Commence execution at PCZM Uppers Complete optimisation of Flat Mines Leverage BHP Xplor for Orion in the Northern Cape Progress other funding workstreams Embed new Purpose and Values into the organisation Strengthen safety and health processes for pro
Slide 24: 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
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