ORION MINERALS LIMITED - Orion Announces Board Succession and Appointment of New Chair

Orion Announces Board Succession and Appointment of New Chair

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

Orion Announces Board Succession and Appointment of New Chair
Highly experienced mining executive Tom Borman to succeed long-serving Chair Denis Waddell


Orion Minerals Limited (ASX/JSE: ORN) (Orion or Company) is pleased to announce the appointment of highly
experienced mining executive and long-standing Orion shareholder and supporter, Mr Thomas (Tom) Borman,
as a Non-Executive Director and incoming Non-Executive Chair.

In accordance with the Company's Constitution, Mr Borman will be appointed as Director and Chair by the
Board, effective from the conclusion of Orion's Annual General Meeting (AGM) on 26 November 2026. Mr Borman
will hold office as Director until the Company's 2027 AGM, at which he will stand for re-election by the
shareholders of the Company.

Mr Borman will succeed Orion's long-serving Chair, Mr Denis Waddell, who will retire as a Director and Chair at
the conclusion of the AGM after almost 18 years as Chair of the Company. In light of his retirement, Mr Waddell
will not stand for re-election at the AGM, and accordingly, the resolution for his re-election set out in the Notice
of Meeting will be withdrawn and will not be put to shareholders.

Mr Borman's appointment represents an important step in Orion’s ongoing Board succession and renewal
process as the Company enters a pivotal phase in its evolution, transitioning from project development towards
mine construction and production.

Mr Borman is an accomplished and highly regarded global mining executive who spent more than 11 years with
the BHP Group in senior management positions, including roles in corporate finance, strategy and business
development. He subsequently joined the executive team at Warrior Coal Investments, which established and
consolidated the portfolio of assets that became the Optimum Group of companies. Optimum listed on the
Johannesburg Stock Exchange in 2010 and was subsequently acquired by Glencore in 2012.

Mr Borman has a strong understanding of Orion’s assets and strategy, having previously served as a Non-
Executive Director from April 2019 to October 2023. Mr Borman’s extensive corporate and operational
experience, together with his deep knowledge of the South African mining industry, will be particularly valuable
as Orion progresses its development strategy and advances towards becoming an operating mining company.

Since stepping down from the Board, Mr Borman has remained a committed supporter of the Company. During
this period, he has substantially increased his investment in Orion and is currently the Company’s largest
shareholder, with an interest of ~14.3% in the Company's issued shares. Accordingly, Mr Borman will not be
considered an independent Director.

However, to improve independent oversight and as part of the Board succession process, independent Non-
Executive Director Mr Godfrey Gomwe will be appointed Senior Independent Non-Executive Director, effective
from the conclusion of the AGM. Mr Gomwe has served on Orion’s Board since April 2019 and also Chairs the
Audit Committee. He brings extensive senior executive experience in the international mining industry.

His appointment will further strengthen the Board’s governance framework and provide an additional level of
independent leadership as the Company progresses through its next phase of growth.

As Orion’s activities expand, the Board will continue to review the composition, experience and independence
of the Board to ensure it has the appropriate skills and capabilities to oversee the Company’s transition from
developer to producer.

Following his retirement from the Board, Mr Waddell will continue to support Orion on a part-time consulting basis,
ensuring continuity and access to his extensive corporate knowledge and experience.

Incoming Non-Executive Chair, Mr Tom Borman, commented:
“I am delighted to be rejoining the Orion Board at such an important stage in the Company’s development.
Having been involved with Orion both as a Director and significant shareholder, I have a strong conviction in the
quality of its assets, the capability of its team and the opportunity ahead.

“With the Company advancing rapidly towards mine construction and production with the backing of Glencore,
I believe Orion is entering a very exciting period in its development. My focus will be on working closely with the
Board and management team to maintain momentum, strengthen the Company’s foundations for long-term
success and deliver sustainable value for all shareholders.

“I would also like to acknowledge the contribution of Denis Waddell, whose leadership and commitment over
almost two decades have been outstanding and instrumental in shaping Orion into the company it is today. I
look forward to building on the strong foundations he has established.”

Outgoing Chair, Mr Denis Waddell, commented:
“It has been a great privilege to lead Orion over the past two decades. From Victorian and Queensland gold
exploration to nickel exploration in WA’s Fraser Range to our bold acquisition of the Prieska Copper Zinc Mine in
South Africa – it has at times been challenging, but ultimately, a very fulfilling journey.

“I know that I leave Orion in great shape, with two outstanding copper assets combined with a highly prospective
exploration portfolio in the Northern Cape, a near-term pathway to production, and a remarkable – and growing
team – with the capability and the vision to take the Company to the next level. I extend my sincere thanks and
best wishes to my fellow directors, our shareholders, our communities, stakeholders and incredible employees,
who have supported me over the journey, and I wish Tom and the team all the best for this next chapter. I look
forward to continuing to contribute as a consultant and to share in the Company’s ongoing success as a
shareholder.”

For and on behalf of the Board.

Tony Lennox
Managing Director and CEO

30 October 2026


ENQUIRIES

Investors                              Media                               JSE Sponsor
Avishkar Nagaser                       Nicholas Read                       Monique Martinez
Executive: Corporate Communications    Read Corporate, Australia           Merchantec Capital
and Investor Relations
T: +61 (0) 3 8080 7170                 T: +61 (0) 419 929 046              T: +27 (0) 11 325 6363
E: info@orionminerals.com.au           E: nicholas@readcorporate.com.au    E: monique.martinez@merchantec.com

                                                                                                               
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).



                                                                                                                             
Date: 30/10/2026 08:17:00
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