Wrap Text
Completion of Conversion of IDC Loan Facility
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
Completion of Conversion of IDC Loan Facility
Orion Minerals Limited (ASX/JSE: ORN) (Orion or Company) refers to its announcement on 2 April 2026, whereby
the Industrial Development Corporation of South Africa Limited (IDC) agreed to convert its convertible loan
facility into equity in Orion's subsidiary, PCZM HoldCo (Pty) Ltd (PCZM HoldCo), in accordance with the loan
facility agreement dated February 2023 (Facility Agreement) and the implementation agreement executed on
31 March 2026.
The IDC has converted its ~ZAR344.5 million convertible loan facility into equity in PCZM HoldCo, in accordance
with the terms of the Facility Agreement and implementation agreement, and the IDC is now a 23.8% shareholder
in PCZM HoldCo (giving the IDC an effective interest of ~16.7% in PCZM), with a shareholder loan claim against
PCZM HoldCo of approximately ZAR272.4 million (~$23.3 million). As a result of the conversion, the IDC has ceased
to be a secured lender to the Prieska Project and all security granted in connection with the Facility Agreement
has been released.
The IDC, as a long-standing development finance partner, becomes a direct shareholder in PCZM HoldCo,
deepening its strategic alignment with the Prieska Project.
Orion's Managing Director and CEO, Tony Lennox, commented:
"The completion of the IDC loan conversion is an important milestone for Orion. We look forward to working with
the IDC, our BEE partners, as well as our other funding partners, to finalise the funding for our flagship Prieska
Project.
"Our key focus now is to complete the remaining conditions precedent to the Glencore financing and offtake
agreements, enabling us to move into the execution of the Uppers at the Prieska Project."
IDC's Executive: Industry Planning and Project Development, Rian Coetzee, commented:
"IDC's conversion to equity aligns with our strategic objective to invest in the critical minerals value chain.
"This decision also demonstrates our long-standing commitment to the development of a project that will
significantly facilitate the creation of economic and employment opportunities in the Northern Cape."
For and on behalf of the Board.
Tony Lennox
Managing Director and CEO
29 May 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).
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Date: 29-05-2026 08:42:00
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