ORION MINERALS LTD (ORN)

The suspension of trading in the securities of Orion Minerals Ltd will be lifted immediately following the release by ORN of an announcement regarding a $7.7 million capital raising.

The company releases a notice of proposed issue of securities.

Firm commitments received for a Placement to sophisticated and professional investors comprising approximately 513 million Shares at an issue price of 1.5 cents per Share (ZAR18 cents) to raise ~A$7.7 million (~ZAR92.3) million. Funds to be used principally to progress the development of the Prieska Copper Zinc Mine and permitting and acceleration of infrastructure development for early production in respect of the Okiep Copper Project and ongoing exploration drilling at Okiep. A Share Purchase Plan will also be offered to provide eligible shareholders with the opportunity to subscribe for new Shares in parcels starting from $165 (or ZAR2,000) up to a maximum of $30,000 (or ZAR365,000) at an issue price of 1.5 cents per Share (ZAR18 cents) to raise up to A$5 million (or ~ZAR60 million). This will provide existing shareholders with the opportunity to participate in this capital raise at the same offer price as the Shares issued under the Placement.

The securities of Orion Minerals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of ORN, pending the release of an announcement regarding a capital raising.

The suspension of trading in the securities of Orion Minerals Ltd will be lifted immediately following the release by ORN of an announcement regarding a capital raising.

Three-tranche Placement to sophisticated and professional investors to raise up to $20 million at 2.0 cents per share (being ZAR22 cents). Committed funds for Tranche 1 and Tranche 2 total $6 million, with commitments for Tranche 3 currently being finalised. Due to the downturn in global capital markets since the Company went into a trading halt on 10 June 2022, numerous potential participants have requested additional time to finalise their involvement. Together with other funding sources, the capital raise will put Orion in a strong position to access the recently announced US$87 million funding package from Triple Flag Precious Metals to underpin the early production strategy for the flagship Prieska Copper-Zinc Mine. Funds to be used principally to progress the development of Prieska, including the commencement of mine dewatering and the completion of feasibility studies for the Early Production Scenario. In addition to the Placement, a Share Purchase Plan will be offered to provide eligible shareholders with the opportunity to subscribe for new Shares in parcels starting from $2,000 (or ZAR20,000) up to a maximum of $30,000 (or ZAR300,000) at an issue price of 2.0 cents per Share (ZAR22 cents). This will provide existing shareholders with the opportunity to participate in this capital raise at the same offer price as the Shares issued under the Placement.

The Company currently expects that the voluntary suspension of trading in its securities will remain in place until the earlier of commencement of trading on Wednesday 22 June 2022 or the release of an announcement regarding a capital raising transaction.

The securities of Orion Minerals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of ORN, pending the release of an announcement regarding a capital raising.

The suspension of trading in the securities of Orion Minerals Ltd will be lifted immediately, following the release by ORN of an announcement.

High profile South African investors underpin $8M capital raising at 29% premium as part of key BEE ownership re-structure. In addition to the Placement, founding BEE partners to exchange their shares at Prieska Project level for Orion Shares. New BEE partners to acquire a 20% holding at the Prieska Project level and fund their proportionate share of Prieska project development costs.

There has been media speculation regarding the company undertaking an $8M capital raising priced at $0.04 per fully paid ordinary share. In response, Orion confirms that it is in the process of undertaking a pivotal capital raising of approximately $8M capital raising at an issue price of $0.04 per share, together with one free attaching option for every two shares issued, to be conducted via a placement. The capital raising is likely to be underpinned by a group of high-profile black South Arican investors as part of a broader restructuring of the company's Black Empowerment Equity at operating level. The company anticipates making a material announcement upon cessation of the voluntary suspension, which the company anticipates will end at the commencement of trading on 16 April 2019.

The securities of Orion Minerals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of ORN, pending the release of an announcement.

name changed from Orion Minerals NL