ORION MINERALS LIMITED - Update on Financing of US$200 million to US$250 million and Offtake with Glencore

Update on Financing of US$200 million to US$250 million and Offtake with Glencore

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


Update on Financing of US$200 million to US$250 million and Offtake with Glencore


Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to provide an update to its ASX/JSE
announcement on 17 September 2025, in which its subsidiary, Prieska Copper Zinc Mine (Pty) Ltd (PCZM), signed a
non-binding term sheet with a wholly owned subsidiary of Glencore plc (Glencore) for financing of US$200 million to
US$250 million and concentrate offtake (Offtake) for the Prieska project. The terms of the financing are detailed in
the announcement.

Glencore has advised that its technical and financial due diligence is in its final stages and legal due diligence is
largely completed. Glencore and Orion are also finalising binding terms and documentation for the concentrate
offtake and financing.

Execution of binding documentation, including the Intercreditor Agreement and other associated documentation
are expected by the middle of December 2025.

For and on behalf of the Board.



Anthony Lennox
Managing Director & CEO

20 November 2025



ENQUIRIES

Investors                                  Media                                       JSE Sponsor
Anthony Lennox – Managing Director &       Nicholas Read                               Monique Martinez
CEO
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.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: 20-11-2025 08:51:00
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