Orion Minerals Limited - Share Purchase Plan Closed, Raising $3.6M

About this update from Orion Minerals Limited

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that its Share Purchase Plan (SPP), which closed on Tuesday 23 July 2024 , has raised a total of A$3.6 million ( ZAR44 million ). Under the SPP, each Eligible Shareholder was entitled to apply for parcels of new fully-paid ordinary shares (Shares) from a minimum parcel of A$165 (or ZAR2,000 ) up to a maximum of A$30,000 ( ZAR365,000 ) without incurring brokerage or transaction costs. The issue price is A$1.5 cents per Share ( ZAR18 cents ), being the same price paid by investors under the recent Placement. The SPP attracted strong support from shareholders, particularly those in South Africa , where a total of ZAR33.6 million ( A$2.8 million ) was raised. The highly successful SPP follows the capital raising completed earlier this month by way of placement of new Shares to sophisticated and professional investors to raise A$7.7 million ( ZAR92.3 million ) (Placement). Approximately 513 million Shares were issued under the Placement, at an issue price of A$1.5 cents per Share ( ZAR18 cents ). Orion's Chairman, Denis Waddell , commented: 'I would like to sincerely thank all shareholders who have participated in the Placement and SPP. The SPP received particularly strong support from our South African shareholder base - which is a great result and reflects Orion's positive standing in the local community. Orion shares are well traded on the Johannesburg Stock Exchange , providing valuable investor support in our local market. 'The proceeds of the SPP take the total amount of the recent capital raising to $11.3 million - a fantastic outcome particularly considering the current volatile conditions in global markets. This further strengthens our treasury position and puts us in a strong position to complete and deliver the Bankable Feasibility Studies on our two copper development projects in South Africa next month while continuing the site engineering work at PCZM and drilling at Okiep .' Contact: Denis Waddell Chairman Read Corporate Tel: +61 (0) 3 8080 7170 This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Orion. Actual results and developments may vary materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release (where applicable). To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers: (C) 2024 Electronic News Publishing, source ENP Newswire

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