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2026-11-06
◂ Monitor ORN ASX

Orion Minerals Limited

DFS Unfunded Developer · Copper · Zinc · South Africa · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.022
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$197M
EV
A$216M
Cash
A$14.5M
Debt
A$30.9M
5 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

Prieska Copper Zinc Mine

South Africa

DFS Unfunded Developer53.3% ownedCopperZincGoldSilver

Fully permitted brownfield redevelopment; 53.3% effective Orion economic interest after IDC conversion. Uppers and Deeps finance remains conditional: the August 2026 Tranche A draw target passed without a reported draw by the 17 September annual report; construction had not begun.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$568M8% discount
IRR26%Published return
Initial capexA$607MPublished capital estimate
Operating cost4,550USD/t copper equivalent sold

2025 DFS post-tax NPV at 8% in real terms, A$607m total project capital and A$578m peak funding; government royalty is in operating costs, private Triple Flag GRR is treated in the analyst valuation.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal Indicated and Inferred31M tonnes1.2% Cu and 3.6% ZnCopper · Zinc2025-03-28
Ore ReserveProbable15.6M tonnes1.1% Cu and 3.1% ZnCopper · Zinc2025-03-28
Tenements2
prieska_mr_10138Granted— None · No expiry supplied
prieska_mr_10146Granted— None · No expiry supplied
Milestones3
  1. Glencore Tranche A becomes unconditional and is drawn

    Delayed · High materiality

  2. Commence construction of the Uppers

    Pending · High materiality

  3. First bulk copper concentrate production

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Prieska mining rightsNorthern Cape, South AfricaGranted—No
Economic studies1
StudyStageStatusDateSummary
Prieska 2025 Definitive Feasibility StudyDFSCurrent2025-03-28Two-phase Uppers and Deeps development with a 13.2-year combined mine life.

Material

Okiep Copper Project - Flat Mines

South Africa

DFS Unfunded Developer51% ownedCopper

Fully permitted Flat Mines developer; 2025 DFS is under optimisation and resource drilling, with 2027 feasibility work in the FY2026 company timeline. Annual report gives 51% effective issuer interest versus 56.25% on a mining-right table; the effective interest controls attributable economics.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$75M8% discount
IRR19%Published return
Initial capexA$128MPublished capital estimate
Operating cost5,270USD/t copper sold

2025 Flat Mines DFS post-tax NPV at 8%; current optimisation may change access and capex. No construction finance is closed.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal Measured, Indicated and Inferred10M tonnes1.3% CuCopper2025-03-28
Ore ReserveProbable6.1M tonnes1.17% CuCopper2025-03-28
Tenements1
okiep_mr_10150Granted— None · No expiry supplied
Milestones1
  1. Complete Flat Mines DFS optimisation and updated financials

    Delayed · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Integrated Water Use Licence for Flat MinesNorthern Cape, South AfricaGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Flat Mines 2025 Definitive Feasibility StudyDFSCurrent2025-03-28Twelve-year underground copper development study currently subject to optimisation.

Other

Jacomynspan Nickel-Copper-PGE Project

South Africa

Resource Stage50% ownedNickelCopperCobaltPlatinum Group MetalsGold

50% resource-stage nickel-copper-PGE exposure; annual report says the higher-grade portion is deep and mineability remains a development constraint, so no commercial mine plan is underwritten.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal Indicated and Inferred65M tonnes0.28% Ni, 0.19% Cu and 0.02% CoNickel · Copper · Cobalt2025-06-30
Tenements1
jacmynspan_mining_rightGranted— None · No expiry supplied

Other

Fraser Range Nickel-Copper Projects

Australia

Early Explorer35% ownedNickelCopperCobalt

35% joint-venture interest with IGO and Geological Resources, free carried through the first pre-feasibility study.

Tenements1
fraser_e39_1653Granted— None · No expiry supplied

Other

Walhalla Gold and Polymetals Project

Australia

Early Explorer100% ownedGoldCopperNickelPlatinum Group Metals

100% early-stage Australian gold and polymetals holding; no FY2026 field program disclosed.

Tenements1
walhalla_el6069Granted— None · No expiry supplied