Orion Minerals raises A$5 million to advance South African copper projects

Orion Minerals has secured firm commitments for a placement of approximately 333.33 million shares at A$0.015 per share, raising A$5 million. The placement includes a subscription from chairman Denis Waddell for A$1 million, subject to shareholder approval. Funds are earmarked for continued early works at the Prieska Copper Zinc Uppers mine, including dewatering and site works, and finalizing project funding.

Additionally, the capital will support optimization studies and ongoing site works at the Okiep Copper Project, as well as general working capital. This includes efforts to finalize offtake-related funding for both the Prieska Copper Zinc Uppers and Deeps mining stages. Managing director and chief executive Tony Lennox stated that the raise is crucial for progressing the Glencore due diligence process and transitioning Orion from an exploration company to a mine developer and producer.

The placement to sophisticated and professional investors will issue approximately 266.66 million shares under ASX Listing Rule 7.1. The issue of 66.67 million shares to Tarney Holdings Pty Ltd is subject to shareholder approval. Completion of the placement is anticipated around October 14, 2025, with Tarney Holdings' shares subject to approval at the annual general meeting in late November 2025.