Orion Minerals (ORN) Q3 2026 earnings summary

Executive summary

• Transitioning from explorer to base metals producer in South Africa, targeting first copper and zinc production in 2027 and ramping up to >30ktpa copper and >65ktpa zinc at steady state.

• Focused on project execution planning and funding for Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP) following completion of definitive feasibility studies in March 2025.

• No injuries or environmental incidents reported for the quarter; 346 days without a Lost-Time Injury.

Financial highlights

• Executed a binding agreement with Glencore for a US$250 million prepayment facility to fund PCZM development.

• Cash on hand at quarter end was A$3.07 million.

• Final acquisition consideration for OCP settled, including ZAR2.3 million in cash and ZAR12.44 million in shares.

Outlook and guidance

• Key priorities for 2026 include completing Glencore financing conditions, commencing PCZM Uppers construction, and finalising OCP optimisation studies.

• Targeting first production in 2027, with ramp-up to full capacity after both projects reach steady state.