Orion Advances $250M Financing, Targets 30kt Copper and 65kt Zinc Annual Output

Financing and Offtake Agreement Nears Completion

Orion Minerals Limited is on the cusp of finalising a significant US$200-250 million financing and offtake agreement with global commodity giant Glencore. The due diligence phase, largely completed during the December 2025 quarter, has paved the way for legal documentation to be finalised imminently. This deal is pivotal for Orion’s flagship Prieska Copper Zinc Mine (PCZM) project, underpinning the company’s transition from developer to producer.

Project Execution and Operational Readiness

Alongside financing progress, Orion’s operational teams have maintained a strong focus on project execution and value engineering at PCZM. Preparatory works at the Hutchings Shaft, including clearing and refurbishing critical infrastructure, have advanced steadily. The company is also evaluating cost-saving opportunities through tenders for key equipment and services, aiming to optimise capital expenditure without compromising timelines.

Meanwhile, at the Okiep Copper Project (OCP), construction has commenced on a new wastewater dam, a crucial step to enable dewatering of the Flat Mine North area. This work supports ongoing geological optimisation efforts and exploration targeting near-mine extensions, which could enhance resource potential.

Safety, Environment, and Community Engagement

Orion continues to uphold rigorous health, safety, and environmental standards, reporting zero lost-time injuries for the quarter and year to date, alongside no environmental incidents. Community engagement remains active, with stakeholder forums and routine consultations ensuring local interests are integrated into project development plans.

Looking Ahead to 2026

With financing agreements expected to be binding in the coming weeks, Orion is gearing up for a busy 2026. The company plans to mobilise its project execution team to site and commence construction of the Uppers at PCZM. The ambitious goal is to deliver first copper and zinc concentrate by Christmas 2026, marking a significant milestone in Orion’s evolution into a base metals producer. Concurrently, optimisation work at Flat Mines and ongoing exploration across other projects, including the Jacomynspan Nickel-Copper-PGE and Areachap projects, signal a broadening pipeline of opportunities.

Orion’s cash position stood at A$5.74 million at the end of the quarter, supported by recent capital raisings, including a placement involving Chairman Denis Waddell. The company’s strategic partnerships and disciplined project management will be critical as it navigates the final stages of financing and construction.