Orion Minerals : Share Purchase Plan Closed

Orion Minerals Limited

Incorporated in the Commonwealth of Australia

Australian Company Number 098 939 274

ASX share code: ORN

JSE share code: ORN

ISIN: AU000000ORN1

Share Purchase Plan Closed

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that its Share Purchase Plan (SPP), which closed on Friday 12 August 2022, raised $1.35 million.

Under the SPP, Eligible Shareholders could subscribe for new ordinary fully paid shares (Shares) in parcels starting from $2,000 (or ZAR20,000), up to a maximum of $30,000 (approximately ZAR330,000), at an issue price of 2.0 cents (ZAR22 cents) per Share, without incurring brokerage or transaction costs. The issue price of 2.0 cents per Share is the same price as the Shares issued under the capital raising announced on 22 June 2022.

The SPP attracted strong support from shareholders, particularly those in South Africa, which was a pleasing result given the volatility experienced in global financial markets and commodity prices during the SPP offer period.

The SPP forms part of a broader capital raising to advance the Company's early production strategy at its South African base metal projects (see ASX/JSE release 22 June 2022). The capital raising also includes a three-tranche placement to sophisticated and professional investors, Orion non-executive Director Tom Borman and Orion Chairman Denis Waddell (Placement) comprising the issue of up to 1,000 million Shares at an issue price of 2.0 cents (ZAR22 cents) per Share and, in respect of the first two tranches, the issue of up to 151 million free attaching options (exercise price of 2.5 cents (ZAR27.5 cents) and an expiry date of 30 June 2023).

Thanks to the support of existing and new investors, Orion received firm commitments for the first two tranches of the Placement, raising ~$6 million. Discussions with potential participants in Tranche 3, to raise up to a further $14 million, are continuing.

In May 2022, Orion took a pivotal step towards the development of its fully permitted flagship Prieska Copper- Zinc Mine (PCZM) in South Africa's Northern Cape Province after signing non-binding term sheets with TF R&S Canada Ltd. and Triple Flag International Ltd. (together Triple Flag), for a US$87 million secured funding package. In addition to working closely with Triple Flag, the Company is also continuing to progress discussions with banks, leading development financing agencies, and other financing institutions, in relation to funding the development of PCZM. Importantly, very positive progress has also recently been made towards a funding package with a leading development financing agency following an extended period of due diligence and negotiations.

The successful completion of the capital raising, together with other funding sources, will put the Company in a strong position to progress towards development of its key near-term production assets in the second half of 2022, helping to realise its vision of becoming a fully-integrated producer of future-facing metals in South Africa's Northern Cape Province.

Orion's Managing Director and CEO Errol Smart, commented:

"I would like to sincerely thank all shareholders who have participated in the capital raising. The SPP received particularly strong support from our South African shareholder base, which was 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.

"Orion is also continuing to progress discussions for the Tranche 3 placement and is in advanced discussions with other potential funding partners, strategic investors and development finance agencies to continue progressing our base metals development strategy in South Africa."

Shares subscribed for under the SPP are expected to be issued on 19 August 2022.

For and on behalf of the Board.

Errol Smart

Managing Director & CEO

17 August 2022

ENQUIRIES

Investors	Media	JSE Sponsor
Errol Smart - Managing Director & CEO	Nicholas Read	Monique Martinez
Denis Waddell - Chairman	Read Corporate, Australia	Merchantec Capital
T: [phone]	T: [phone]	T: [phone]
E:[e-mail]	E: [e-mail]	E: [e-mail]

Disclaimer

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:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;
• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

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