Wrap Text
Okiep BEE Transaction Completion and Progress on Feasibility Studies
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
Okiep BEE Transaction Completion and Progress on Feasibility Studies
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that the Suspensive Conditions,
including approval from the South African Takeover Regulation Panel, for the New Okiep Exploration Company (Pty) Ltd
(NOE) and New Okiep Mining Company (Pty) Ltd (NOM) Historically Disadvantaged South African (HDSA) transactions,
have been fulfilled, and the Closing Date (as defined in the Black Economic Empowerment (BEE) Entrepreneur Share
(20%) Acquisition Agreement amongst Area Metals Holdings No 6 (Pty) Ltd, Landmark Capital Investments (Pty) Ltd
(Landmark Capital), Ten To Twelve (Pty) Ltd, Blue Mountain Strategy (Pty) Ltd, NOE, and NOM (refer ASX/JSE releases 17
April 2024 and 7 September 2022)), will be Monday, 3 February 2025.
This important milestone will allow NOM to move seamlessly into the project financing phase, following the completion
and approval of the NOM Feasibility Study by the partners, including the Industrial Development Corporation of South
Africa Limited (IDC) and Landmark Capital.
The work on the NOM Definitive Feasibility Study (DFS) for the Flat Mines Project (Project), the first mine that Orion intends
to develop at the Okiep Copper Project (OCP), is nearing completion and external review by independent technical
experts Practara Metals and Mining Advisory (Practara) has commenced. Once the DFS report is completed to the
satisfaction of Practara the DFS will be considered and approved by the partners of the Project. The approved
outcomes of the DFS are expected to be released in February 2025.
The DFS for Prieska Copper Zinc Mine (PCZM), which is also well advanced, will follow a similar approval process. The
study is also currently being independently reviewed by Practara and will then move to review and approval from the
partners including the IDC, Prieska Resources (Pty) Ltd and Triple Flag Precious Metals Corp. The outcomes of the DFS
are expected to be released before the end of the March 2025 quarter.
Although the investment in additional experts to assist the feasibility project team and the allowance for additional time
to complete detailed scheduling and planning has added to the overall study timeline, such measures are yielding
pleasing outcomes with enhanced project metrics.
Orion's Managing Director and CEO, Errol Smart, commented:
"We are pleased to have the HDSA transactions for NOE and NOM unconditional. This will allow us to easily move into
the financing phase of the project once the DFS has been completed and approved.
"While both studies have taken longer than expected, we believe that the additional work and the intensive review
process currently underway will result in more robust project studies that will assist in project funding from debt and equity
sources, as well as offtake related funding."
IDC interim Chief Executive Officer, David Jarvis, commented:
"We are pleased with progress made thus far in the development of NOM and PCZM. These projects affirm the IDC's
commitment to its Critical Minerals Game Plan. Most important, the socio-economic spinoffs that will result from these
projects, including creation of job opportunities, bode well for the Northern Cape province."
For and on behalf of the Board.
Errol Smart
Managing Director and CEO
30 January 2025
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.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: 30-01-2025 08:05:00
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