Orion Minerals Limited · ASX:ORN
Orion Minerals — Resources Rising Stars 2025
20 slides from Orion Minerals's conference presentation, December 2025
Slide 1: Resources Rising Stars
Resources Rising Stars Tony Lennox – Managing Director and Chief Executive Officer December 2025 orionminerals.com.au ASX: ORN | JSE: ORN
Slide 2: 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 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 Post Proposed Current Share Capital Structure Summary Current Significant Shareholders Issue % Share Issue Tembo Capital (EU/Netherlands) 13.4 Shares on issue (25 Nov’25) 1, 2 8,071M 8,138M Delphi Group (EU/Germany) 10.3 Options on issue (25 Nov’25) 235M 235M Ratel Growth (T Borman
Slide 5: 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 5
Slide 6: Prieska Copper Zinc Mine and Flat Mines (at Okiep)
Prieska Copper Zinc Mine and Flat Mines (at Okiep) Two fully permitted, brownfield projects 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
Slide 7: Progressing into execution phase
Progressing into execution phase Accelerating towards production Project development strategy • Brownfield projects with DFS’s published in March 2025 • Flagship project PCZM to be developed first – integrated project, commencing with Uppers and transitioning into Deeps • Flat Mines at OCP undergoin
Slide 8: Orion development strategy
Orion development strategy Macro view of defined orebodies Funding + Project Deliver Governance + Value Engineering Sep 25 Prieska Nov 25 Optimisation Okiep to improve DFS NPV: 13 months Feb 26 financial metrics NPV: A$568m 23kt trial mining mixed May 26 A$75m stockpile Aug 26 NPV/Capex Phase 1 NPV/
Slide 9: PCZM
PCZM What it looks like 1,250m 31Mt @ 1.2% Cu, 3.6% Zn 2.6km Refer ASX/JSE release 25 July 2023 Page 9
Slide 10: 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 251,22 250 200 200 AiSC(USc/lb) 150 PCZM (¢/lb) 94,36 100 AISC 50 - 00
Slide 11: Funding workflow to unlock Uppers and then Deeps
Funding workflow to unlock Uppers and then Deeps Glencore non-binding agreement for US$200m-250m Underway/Complete Near Term Execution Longer Term Execution Equity Capital Equity Capital SPP Raise Raise Offtake - Partner Selection Offtake - DD/Agreements/Close IDC - Funding Options IDC - Complementa
Slide 12: Glencore financing and offtake
Glencore financing and offtake Signed non-binding financing and offtake agreement with Glencore on 17 September • Financing of US$200 million to 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$160 milli
Slide 13: Moving to project execution
Moving to project execution Page 13
Slide 14: Project definition
Project definition Skilled professionals, deliberate processes, measurable outcomes Operational Readiness Project Value Execution Engineering Governance Project Construction Leadership Packages Team Page 14
Slide 15: Deliberate processes
Deliberate processes Enabling project execution PCZM DFS Project Implementation Plan Value Engineering • NPV: AUD 568 million Functionality divided by • IRR (post tax): 26% Cost processes. • Peak Capital: AUD 578 million • AISC: USD2.06/lb Cu targets • Capital Intensity: 5% to 10% • USD9,174/t Cu Eq
Slide 16: Outcomes - concentrate by Christmas 2026
Outcomes - concentrate by Christmas 2026 PCZM integrated execution for phase 1 Uppers and phase 2 Deeps Activity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 EPCM Series of contracts On-site Contractors Camp incl Civils * Surfac
Slide 17: Exploration opportunities at PCZM and OCP
Exploration opportunities at PCZM and OCP Page 17
Slide 18: 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 19: OCP – Near and medium-term exploration
OCP – Near and medium-term exploration Deposits and prospects under current evaluation Page 19
Slide 20: Contact us
Contact us Scan the QR code to Orion Minerals Limited download this presentation 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 orionminerals.com.au ASX: ORN | JSE: ORN