Orion Minerals (ORN) H2 2024 earnings summary

Executive summary

• Achieved key milestones in advancing three major South African base metals projects: Prieska Copper Zinc Mine (PCZM), Okiep Copper Project (OCP), and Jacomynspan Project (JMP).

• Completed trial mining at PCZM and advanced infrastructure, with updated Bankable Feasibility Study (BFS) due December 2024.

• OCP fully permitted for mining, with significant surface rights acquired and high-grade drilling results reported.

• Raised $11.3M post-year-end to fund project development and exploration.

• Recognized for ESG leadership, surpassing local employment and procurement targets.

Financial highlights

• Net loss for the year ended 30 June 2024 was $7.94M, improved from $17.13M in 2023.

• Exploration expenditure expensed: $4.24M; total cash used in operating and investing activities: $30.31M.

• Cash on hand at year-end: $8.27M; net cash from financing activities: $30.52M.

• No dividend declared for the year.

Outlook and guidance

• Targeting first production from key projects in 2025, with a goal to ramp up copper output to over 50ktpa by decade's end.

• Updated BFS for PCZM and OCP expected December 2024, supporting early production and staged development.

• Anticipates buoyant metal pricing as global demand for critical metals rises.