Wrap Text
Landmark $25M capital raising to super-charge Orion’s Northern Cape copper development strategy
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
Landmark $25M capital raising to super-charge Orion’s Northern Cape copper development strategy
Strongly-supported share placement underpinned by leading Australian and global institutional investors
- Successful two-tranche Share Placement to sophisticated and professional investors to raise $25M at
$0.036 per share.
- Strong demand received from key institutional investors, with several new South African and Australian
institutions introduced to the register alongside key European and North American investors.
- Funds to be used to advance Orion’s strategy of re-establishing the Northern Cape Province in South
Africa as a globally significant copper producer.
- Proceeds to be used to fund early-stage works at the fully-permitted and development-ready Prieska
Copper-Zinc Project as well as the potential acquisition of the advanced Okiep Copper Complex (OCC)
and a major exploration push at OCC and the Areachap Province.
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce a strongly-supported $25
million capital raising to fast-track its strategy of developing two significant long-term base metal production
centres in South Africa’s Northern Cape Province.
The landmark capital raising, which was strongly supported by leading Australian and global institutions, high net
worth and strategic investors, will give it the capability to:
• Progress its development-ready Prieska Copper-Zinc Project to a Final Investment Decision in the second
half of 2021, undertake early-works and secure a comprehensive project funding package;
• Undertake resource evaluation and exploration activities at the Okiep Copper Complex (OCC), complete
the potential acquisition of this advanced copper development asset and progress it rapidly towards a
near-term production scenario; and
• Progress a significant exploration effort, both at the OCC Project and across numerous recently defined
near-mine and regional exploration targets across the Areachap Province of the Northern Cape.
Share Placement Details
The capital raising, which is being conducted via a two-tranche placement to sophisticated and professional
investors, pursuant to Section 708A of the Corporations Act 2001 (Placement), comprises ~694.4 million shares at
an issue price of $0.036 per fully paid ordinary share (Share).
The Placement was strongly supported by Australian and international institutional investors, including a number
of South African institutional investors. The proceeds of the Placement will significantly strengthen Orion’s balance
sheet, allowing it advance both the Prieska and OCC assets while also progressing a multi-pronged exploration
campaign across the Northern Cape Province.
It is proposed that the Placement will occur in two stages, being:
Orion Minerals Limited www.orionminerals.com.au
Incorporated in the Commonwealth of Australia
Suite 617, 530 Little Collins Street, Melbourne, Victoria 3000 ASX Code: ORN
ACN: 098 939 274 JSE Code: ORN
Ordinary shares on issue: 3,414 | Options on issue: 234m ISIN: AU000000ORN1
• Tranche 1 – 490 million Shares, using the Company’s 15% placement capacity under ASX Listing Rule 7.1 to
raise $17.6 million (before costs); and
• Tranche 2 – 204 million Shares to raise $7.4 million (before costs), including $2 million from Orion non-
executive Director Tom Borman, (subject to shareholder approval, to be sought at a general meeting of
Orion shareholders planned to be held in April 2021).
Tranche 1 of the Placement is not subject to shareholder approval, with Tranche 1 Placement Shares expected to
be issued on or around 5 March 2021.
Petra Capital Pty Limited and Jett Capital Advisors, LLC acted as joint lead managers and joint bookrunners to the
Placement and have been supported in South Africa by Webb Street Capital.
Orion’s Chairman, Denis Waddell, said:
“We are delighted with the very strong support for the Placement and welcome a number of key Australian and
offshore institutional investors to the register. We are especially pleased that the Placement received significant
in-country support from a number of South African institutional investors.
“Orion has a unique opportunity to re-establish the Northern Cape Province as a globally significant copper
producer at a time when demand for ‘future-facing’ metals like copper is being driven by an unprecedented
decarbonisation push globally.
“Thanks to the hard work of our team in South Africa over the past five years, led by Errol Smart, we have
established a hard-won position at the forefront of what could be a new era of mining and exploration for the
Northern Cape Province, bringing significant upside exposure for shareholders and enormous opportunities and
benefits to communities across the region.
“We now have not one but two high-quality development opportunities in front of us, each with exceptional
exploration upside. Collectively, I have every confidence that the Prieska and Okiep Projects will transform Orion
Minerals into a leading international base metal producer over the next few years with an enviable exploration
portfolio that will underpin a truly exciting future.”
Orion’s Managing Director, Errol Smart, said:
“This is a transformational capital raising for Orion which marks the culmination of many years of hard work, firstly
to bring the Prieska Project to the point where it is now one of the very few fully-permitted and development-ready
base metal projects anywhere in the world. Our more recent OCC transaction is also a game-changer for the
Company, bringing an outstanding asset in a premier copper mining district into our portfolio which we believe
can be brought into production relatively quickly.
“The funds raised will allow us to advance both projects rapidly towards development, while also undertaking a
multi-pronged exploration effort which we believe could deliver some very exciting results over the next few
months.
“The surge in recent trading of Orion shares on both ASX and JSE – with the JSE actually recording more than 60%
of trades for the past few weeks – endorses a groundswell of support for our strategy in the Northern Cape and
indicates that we have struck a nerve with investors who have been strong buyers on market. We would also like
to thank the investors who have participated in this capital raising, including existing shareholders who have
backed our strategy from the outset, and the new institutions who are joining for the first time. This raise is one of
the biggest financings for a South African focused junior exploration and development company in recent years
and possibly signals a move in sentiment for a country with incredible under-explored and underdeveloped
mineral wealth.
“This is an exciting moment in Orion’s journey and we really look forward to what we can deliver for shareholders
over the rest of this year and beyond.”
2
General Meeting
The Company will seek the required shareholder approvals for Tranche 2 of the Placement, at a General Meeting
of shareholders planned to be held in April 2021.
Appendix 3B filings for the proposed issue of Shares will follow this announcement.
For and on behalf of the Board.
Errol Smart
Managing Director and CEO
25 February 2021
ENQUIRIES
Investors Media JSE Sponsor
Errol Smart – Managing Director & CEO Nicholas Read Monique Martinez
Denis Waddell – Chairman Read Corporate, Australia Merchantec Capital
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@merchantec.co.za
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).
3
Date: 25-02-2021 08:33:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
