- Last 2026-11-06
- A$0.022
- 1D
- —
- 1M
- —
- YTD
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- 1Y
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- Fair value
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- Upside
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- 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
- Investor PresentationLatest Operating Presentation
- Quarterly Cashflow ReportLatest Four Cash Flow Reports
- Quarterly Activities ReportLatest Four Activities Reports
- Proposed issue of securities - ORNPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - ORNPost Cash Checkpoint Security Event
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 24All sources ▸- Quarterly Cashflow ReportResults
- Quarterly Activities ReportOperations
- Notification of cessation of securities - ORNCorporate Action
- Notification regarding unquoted securities - ORNFinancing
- Application for quotation of securities - ORNFinancing
- Notification regarding unquoted securities - ORNFinancing
- Quarterly Cashflow ReportResults
- Quarterly Activities ReportOperations
- Investor PresentationPresentation
- Orion Settles Final Acquisition Consideration for OkiepTransaction
- Half Yearly Report and AccountsResults
- Quarterly Cashflow ReportResults
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Remainder of 2026 accelerator program | BHP Xplor Northern Cape target integration | Exploration | Company Guided | Medium | Geophysical targeting could improve exploration priorities but cannot yet be booked as a reserve or mine value. |
| Calendar 2027 in annual development timeline | Flat Mines optimisation and updated feasibility work | Study | Company Guided | High | Updated mine access, capex and grade schedule can replace the 2025 DFS valuation anchor. |
| Q4 FY2027 | Additional capital raising expected in Q4 FY2027 | Financing | Company Guided | High | Auditor going-concern note makes dilution a live risk before commercial cash flow. |
| Q3 CY2027 | First Prieska Uppers concentrate production target | Production | Company Guided | High | Commercial output would begin the transition from option value to cash flow; timing is conditional on Tranche A close. |
| Undated; previously guided by end-August 2026, now delayed | Glencore Tranche A conditions, drawdown and Prieska Uppers mobilisation | Financing | Company Guided | High | The first US$40m draw is the gating test for construction and the Q3 2027 production target. |
Executive roster
As of 2026-09-26Background checks ▸FY2026 annual report Board, senior-management and company-secretary pages reconciled to September issuer presentation; non-executive directors excluded. No later leadership change found through the cutoff.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Anthony Lennox | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | — | Orion Minerals Annual Report 2026 |
| Peet van Coller | Chief Financial Officer | Finance | — | Orion Minerals Annual Report 2026 · Annual Report to shareholders |
| Marcus Birch | Executive: Sustainability and Business Support | Senior Management | — | Orion Minerals Annual Report 2026 |
| Martin Bouwmeester | Company Secretary | Company Secretary | — | Orion Minerals Annual Report 2026 |
| Andre Bergh | General Manager: Prieska Copper Zinc Mine | Operations | — | Orion Minerals Annual Report 2026 |
| John Paul Hunt | Executive: Exploration | Technical | — | Orion Minerals Annual Report 2026 |
| Avishkar Nagaser | Executive: Corporate Communications and Investor Relations | Senior Management | — | Orion Minerals Annual Report 2026 |
| Johan van Dyk | Project Director | Operations | — | Orion Minerals Annual Report 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Prieska Copper Zinc Mine
South Africa
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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total Indicated and Inferred | 31M tonnes | 1.2% Cu and 3.6% Zn | Copper · Zinc | 2025-03-28 |
| Ore Reserve | Probable | 15.6M tonnes | 1.1% Cu and 3.1% Zn | Copper · Zinc | 2025-03-28 |
Tenements2
Milestones3
- Glencore Tranche A becomes unconditional and is drawn
Delayed · High materiality
- Commence construction of the Uppers
Pending · High materiality
- First bulk copper concentrate production
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Prieska mining rights | Northern Cape, South Africa | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Prieska 2025 Definitive Feasibility Study | DFS | Current | 2025-03-28 | Two-phase Uppers and Deeps development with a 13.2-year combined mine life. |
Material
Okiep Copper Project - Flat Mines
South Africa
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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
2025 Flat Mines DFS post-tax NPV at 8%; current optimisation may change access and capex. No construction finance is closed.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total Measured, Indicated and Inferred | 10M tonnes | 1.3% Cu | Copper | 2025-03-28 |
| Ore Reserve | Probable | 6.1M tonnes | 1.17% Cu | Copper | 2025-03-28 |
Tenements1
Milestones1
- Complete Flat Mines DFS optimisation and updated financials
Delayed · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Integrated Water Use Licence for Flat Mines | Northern Cape, South Africa | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Flat Mines 2025 Definitive Feasibility Study | DFS | Current | 2025-03-28 | Twelve-year underground copper development study currently subject to optimisation. |
Other
Jacomynspan Nickel-Copper-PGE Project
South Africa
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
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total Indicated and Inferred | 65M tonnes | 0.28% Ni, 0.19% Cu and 0.02% Co | Nickel · Copper · Cobalt | 2025-06-30 |
Tenements1
Other
Fraser Range Nickel-Copper Projects
Australia
35% joint-venture interest with IGO and Geological Resources, free carried through the first pre-feasibility study.
Tenements1
Other
Walhalla Gold and Polymetals Project
Australia
100% early-stage Australian gold and polymetals holding; no FY2026 field program disclosed.
Tenements1
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
FY2026 audit flags material going-concern uncertainty: no mining revenue, A$10.675m annual operating cash outflow and further equity expected in Q4 FY2027. Cash includes no proceeds from still-conditional Glencore Tranche A.
Capital structure
Ownership and dilution
- Ordinary shares
- 9B
- Fully diluted
- 9.7B
FY2026 audited share bridge closes at 8,954,380,361 ordinary shares; the September presentation rounds to 8,954m. July Appendix 3H reports 724,011,404 surviving options, summed mechanically for the fully diluted comparison basis without assuming exercise proceeds.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 9B | — | — |
| Aggregate unquoted options across reported strike and expiry classes | Option | 724M | — | — |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Other | Company | FY2026 | Year | -10,675,000 AUD net operating cash flow | Reported |
| Other | Company | FY2026 | Year | -12,687,000 AUD loss before tax | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Uppers Concentrate Production | prieska | Q3 CY2027 | — | — calendar timing | Current |
| Flat Mines Construction Start | okiep | CY2028 | — | — calendar timing | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-04Ann. 2026-05-22 | Raising | A$15.4M | 698M | — | Completed | — |
| 2026-05-31Ann. 2026-04-02 | Debt | ZAR 344.5M | — | — | Completed | — |
| 2025-10-10Ann. 2025-09-30 | Raising | A$13.8M | — | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
FY2026 annual report plus original Glencore and Triple Flag terms, July financing status and partnership disclosures; no live commodity or FX hedge identified. Contractual details that remain undisclosed are stated rather than inferred.
Binding but undrawn as of September annual report. PCZM receives project funding and delivers concentrate to Glencore; Orion guarantees obligations. Return and final realized-price terms are undisclosed, so the equity model discounts funding probability and retains DFS net smelter assumptions.
Offtake · Conditional- Counterparties
- Glencore subsidiary
- Applies to
- Prieska Copper Zinc Mine · Copper · Zinc
- Economic direction
- Mixed
- Period
- From 2026-02-09; no end date stated
- Key terms
- Tranche A prepayment: 40,000,000 USD
Tranche B prepayment: 210,000,000 USD
Potential early Tranche B draw: 50,000,000 USD
Prepayment return: —
Concentrate products: bulk, copper and zinc
No valuation treatment is available for this arrangement.
PCZM received A$10m early funding and owes Triple Flag 0.8% of future gross revenue; the associated contract liability is not subtracted again after the modelled project cash-flow deduction.
Royalty · Active- Counterparties
- TF R&S Canada Limited
- Applies to
- Prieska Copper Zinc Mine · Copper · Zinc
- Economic direction
- Burden
- Period
- From 2022-12-13; no end date stated
- Key terms
- Gross revenue return: 0.8 percent
Early funding received: 10,000,000 AUD
No valuation treatment is available for this arrangement.
Conditional precious-metals stream would fund development in exchange for payable gold and silver; no draw confirmed at cutoff and a project-specific byproduct delivery schedule is not available for a defensible cash-flow estimate.
Stream · Conditional- Counterparties
- Triple Flag International Limited
- Applies to
- Prieska Copper Zinc Mine · Gold · Silver
- Economic direction
- Mixed
- Period
- From 2022-12-13; no end date stated
- Key terms
- Conditional advance: 80,000,000 USD
Initial gold stream rate: 84 percent payable gold
Initial silver stream rate: 84 percent payable silver
Ongoing metal payment: 10 percent spot value
No valuation treatment is available for this arrangement.
Prieska project cash flows accrue across Orion, IDC, BEE and trust interests. Orion-attributable value uses 53.3%; the remaining IDC shareholder loan remains in consolidated debt bridge.
Joint Venture · Active- Counterparties
- Prieska Resources (Pty) Ltd · Industrial Development Corporation of South Africa · Orion Siyathemba Community Trust · Orion Siyathemba Employee Trust
- Applies to
- Prieska Copper Zinc Mine · Copper · Zinc
- Economic direction
- Mixed
- Period
- From 2026-02-27; no end date stated
- Key terms
- Orion effective interest: 53.3 percent
IDC effective interest: 16.7 percent
BEE partner interest: 20 percent
Community and employee trusts: 10 percent combined
No valuation treatment is available for this arrangement.
Effective New Okiep Mining Company economic shareholding is 51% to Orion; partner claims and shareholder funding are reflected in attributable project value and the consolidated loans balance.
Joint Venture · Active- Counterparties
- Industrial Development Corporation of South Africa · Landmark Capital Investments · Orion Nama Khoi Community Company · Orion Nama Khoi Employee Share Scheme
- Applies to
- Okiep Copper Project - Flat Mines · Copper
- Economic direction
- Mixed
- Period
- From 2025-02-05; no end date stated
- Key terms
- Orion effective interest: 51 percent
IDC interest: 21 percent
Landmark interest: 18 percent
Community and employee trusts: 10 percent combined
No valuation treatment is available for this arrangement.
Orion retains 35% Fraser Range exploration interest while IGO funds work through the first PFS; no project value is assigned absent current technical economics.
Free Carry · Active- Counterparties
- IGO Limited · Geological Resources Pty Ltd
- Applies to
- Fraser Range Nickel-Copper Projects · Nickel · Copper · Cobalt
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Orion retained interest: 35 percent
IGO carry endpoint: first pre-feasibility study
No valuation treatment is available for this arrangement.
BHP provides equity-free funding and technical support for Northern Cape exploration; no commercial offtake or ownership transfer is disclosed and unproven targets receive no standalone value.
Strategic Partnership · Active- Counterparties
- BHP Xplor
- Applies to
- Prieska Copper Zinc Mine · Okiep Copper Project - Flat Mines · Jacomynspan Nickel-Copper-PGE Project · Copper · Zinc · Nickel
- Economic direction
- Benefit
- Period
- From 2026-02-02; no end date stated
- Key terms
- Equity-free funding: 500,000 USD
Program end: 2026
No valuation treatment is available for this arrangement.
ENPROTEC was selected for a Uppers BOOT concentrator, but contract execution and tariff depend on funding and approvals; no incremental change is made to the DFS cost base without disclosed terms.
Tolling Or Processing · Conditional- Counterparties
- ENPROTEC
- Applies to
- Prieska Copper Zinc Mine · Copper · Zinc
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Uppers concentrator capacity: 20,000 tonnes per month
Commercial tariff: —
No valuation treatment is available for this arrangement.
New Okiep Mining Company has exclusive access to the property and carries the final instalment sale liability; the remaining liability is deducted once in the equity bridge.
Other · Active- Counterparties
- Mora Plase (Pty) Ltd
- Applies to
- Okiep Copper Project - Flat Mines · Copper
- Economic direction
- Mixed
- Period
- From 2023-12-22; no end date stated
- Key terms
- Purchase consideration: 36,500,000 ZAR
Remaining carrying liability: 781,000 AUD
Interest: prime plus 2%
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Name-specific, date-bounded research supports partial career/qualification profiles for all eight executives and documents role-linked project, safety and legacy-environment context. Primary Palabora records additionally provide a dated, mixed operational history and directly credited projects for Anthony Lennox’s prior CEO tenure. Evidence remains predominantly issuer-reported, chronology/credentials are incomplete, and no exhaustive adverse-record or independent performance review was completed.
Decision-relevant facts
Material summary
Anthony Lennox
Managing Director, Chief Executive Officer
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. CEO since April 2025. During his tenure, Orion completed a $15.4m equity raise and advanced conditions for a Glencore financing; the June 2026 quarterly report still described the Prieska project as pre-execution, with production targeted for H2 2027. These are company outcomes within his tenure, not proof of individual causation or delivered production. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Peet van Coller
Chief Financial Officer
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. The CFO appointment release says he brought 25 years of mining/manufacturing finance experience. The June 2026 report records a completed $15.4m capital raising and financing progress, but does not connect him individually to the decisions or execution; no individual delivery conclusion is supported. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Marcus Birch
Executive: Sustainability and Business Support
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. Company reports describe continued stakeholder engagement and supplier preparation, and he is identified in public Orion/BHP Xplor communications. The reviewed records do not quantify his personal impact or tie an environmental or community result to him. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Martin Bouwmeester
Company Secretary
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. Orion reported that Bouwmeester was a key member of the Perseverance executive team that developed the Fosterville Gold Mine. The issuer does not establish his individual causal contribution to discovery, funding or construction; do not equate team membership with sole credit. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Andre Bergh
General Manager: Prieska Copper Zinc Mine
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. CEO Errol Smart specifically described the Prieska DFS project team as led by GM Andre Bergh. The March 2025 study is a completed feasibility study, not a commissioned mine or proof of operating delivery. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
John Paul Hunt
Executive: Exploration
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. Orion identifies Hunt as the competent person for selected 2026 exploration results and the results themselves are reported in the June quarterly report. This documents technical reporting responsibility, not independent validation of discovery economics or his full contribution. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- The reviewed sources identify Pr.Sci.Nat. and SACNASP membership but do not establish academic degree or institution; no independent professional-register entry was retrieved.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Avishkar Nagaser
Executive: Corporate Communications and Investor Relations
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. The 2025 annual report establishes his communications/IR role and prior listed-company IR experience. The reviewed records do not identify a discrete financing, investor-relations or communications outcome attributable to him individually. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 4
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
Johan van Dyk
Project Director
Role fit supported by relevant experience; delivery limits remain
The dated issuer records establish the current role and the experience noted above. Since joining Orion, the June 2026 report records completion of the Orion Project Governance Plan and PCZM Project Execution Plan, plus project-execution readiness work. The project was still pre-execution pending finance conditions at that report date; these are planning outputs, not operating delivery. The evidence supports relevance of prior/current experience, but is insufficient to establish a complete performance record, credential verification, or causal contribution to company outcomes.
Responsibility not applicable · Analyst inference based on disclosed qualifications, experience and role.
Evidence gaps · 5
- The issuer biographies provide only partial employment chronology; exact start/end dates and role descriptions at several prior employers were not disclosed.
- Education/qualification claims in issuer profiles were not independently verified against issuing institutions or professional registers.
- No exhaustive criminal, sanctions, court, regulator, employment-reference or credential search was performed; documented exact-name public searches are limited and must not be read as clearance.
- Company/project safety and environmental records are largely issuer-reported, and the reviewed sources do not establish personal responsibility for the disclosed site-level issues.
- A May 2025 public review by a person with the same name as Johan van Dyk could not be identity-matched to the executive; the review gives no employment identifier. No later resolution of the separate 2026 impersonation warning was located.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-08-29 · 7,452,332,411 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 14.52% | 1,081,799,892 | |
| 2 | 8.38% | 624,669,978 | |
| 3 | 6.08% | 453,064,679 | |
| 4 | 4.69% | 349,738,758 | |
| 5 | 3.72% | 277,360,691 | |
| 6 | 2.88% | 214,958,902 | |
| 7 | 2.29% | 170,328,397 | |
| 8 | 2.18% | 162,278,976 | |
| 9 | 2.07% | 154,166,666 | |
| 10 | 1.43% | 106,321,960 | |
| 11 | 1.40% | 104,159,274 | |
| 12 | 1.10% | 82,143,912 | |
| 13 | 0.99% | 74,122,787 | |
| 14 | 0.82% | 61,227,777 | |
| 15 | 0.71% | 53,257,878 | |
| 16 | 0.71% | 52,765,923 | |
| 17 | 0.68% | 50,780,000 | |
| 18 | 0.68% | 50,472,622 | |
| 19 | 0.58% | 43,522,276 | |
| 20 | 0.53% | 39,721,257 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 14.32%Voting power | 2026-09-28 |
Other named investors
Issuer-confirmed investors whose existing holding is not quantified in the reviewed disclosure
| Investor | Disclosed holding | Confirmed at |
|---|---|---|
| Not quantified | 2026-09-29 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The ranked account register is dated more than a year before cutoff and precedes significant capital activity; do not use it as a current balance table.
- October 2026 Form 604 voting-power total includes an indirect BNP nominee interest; do not add the group figure to registered account balances.
Sources
- Annual Report 2025 — Twenty largest ordinary share holders
Orion Minerals Limited / ASX · Published 2025-10-01 · Accessed 2026-10-09
Complete 20-account registered ordinary-share table.
PDF p. 118 (printed p. 116), dated 29 August 2025; total ordinary share capital 7,452,332,411
- Change in substantial holding
Orion Minerals Limited / ASX · Published 2026-10-01 · Accessed 2026-10-09
Thomas Borman and Sujajo Investments S.A. report 1,282,567,203 votes (14.32%): Sujajo 722,761,648, Borman 500,000,000, and Borman’s relevant interest in BNP Paribas Noms 59,805,555.
Form 604 pp. 1–2, present voting power and relevant interests as at 28 September 2026
- Ceasing to be a substantial holder
Orion Minerals Limited / ASX · Published 2026-10-01 · Accessed 2026-10-09
Tembo Capital Mining Fund II and Ndovu Capital X reported ceasing to be substantial after sales of 500,000,000 and 581,799,892 ordinary shares respectively.
Form 605 p. 1, sales and cessation effective 29 September 2026
Disclosed activity
Insider transactions
Trading activity2 buys · 2 sells shownNet cash last 12 months −A$11.1mShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-09-29 | Ndovu Capital X B.V.Ndovu Capital X B.V.
Details & evidence for Ndovu Capital X B.V. on 2026-09-29As disclosed: Sale of 581,799,892 ordinary shares for AUD 11,054,198.
Tembo Capital Mining Fund II LP · controlled subsidiary / relevant interest held through Ndovu Ceasing to be a substantial holder ↗ | Saleordinary shares | 581,799,892 | AUD 11,054,198.00 | AUD 0.019Calculated average | 0 |
| 2026-09-28 | Thomas Ignatius BormanThomas Ignatius Borman
Details & evidence for Thomas Ignatius Borman on 2026-09-28As disclosed: Off-market purchase of 500,000,000 ordinary shares at AUD 0.019 each; total calculated AUD 9,500,000.
Ratel Growth Pty Ltd · controlling shareholder; indirect share interest Change in substantial holding ↗ | Purchaseordinary shares | 500,000,000 | AUD 9,500,000.00 | AUD 0.019Disclosed price | 500,000,000 |
| 2026-09-24 | Ndovu Capital X B.V.Ndovu Capital X B.V.
Details & evidence for Ndovu Capital X B.V. on 2026-09-24As disclosed: Sale of 500,000,000 ordinary shares for AUD 9,500,000.
Tembo Capital Mining Fund II LP · controlled subsidiary / relevant interest held through Ndovu Ceasing to be a substantial holder ↗ | Saleordinary shares | 500,000,000 | AUD 9,500,000.00 | AUD 0.019Calculated average | 581,799,892 |
| 2025-10-07 | Ratel Growth Pty LtdRatel Growth Pty Ltd
Details & evidence for Ratel Growth Pty Ltd on 2025-10-07As disclosed: 133,333,333 ordinary shares acquired for AUD 2,000,000.
Thomas Ignatius Borman · registered holder of shares in which Borman has indirect interest Becoming a substantial holder - Borman ↗ | Subscriptionordinary shares | 133,333,333 | AUD 2,000,000.00 | AUD 0.015Calculated average | — |
| 2025-07-14 | Ratel Growth Pty LtdRatel Growth Pty Ltd
Details & evidence for Ratel Growth Pty Ltd on 2025-07-14Position after this disclosed acquisition includes 586,398,012 shares held by Ratel Growth; prior opening quantity not stated in the Form 603 period. As disclosed: Form 603 lists 186,398,014 shares acquired with AUD 2,050,378 recorded in non-cash consideration column; form does not identify the nature of the non-cash consideration.
Thomas Ignatius Borman · registered holder of shares in which Borman has indirect interest Becoming a substantial holder - Borman ↗ | Otherordinary shares | 186,398,014 | —Non Cash | — | 586,398,012 |
Disclosed holding observations9 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-29 | Ndovu Capital X B.V.
Details & evidence for Ndovu Capital X B.V. on 2026-09-29
Tembo Capital Mining Fund II LP · controlled subsidiary / relevant interest held through Ndovu Ceasing to be a substantial holder ↗ | Positionordinary shares | 0 | — |
| 2026-09-28 | Thomas Ignatius Borman
Details & evidence for Thomas Ignatius Borman on 2026-09-28
Ratel Growth Pty Ltd · controlling shareholder; indirect share interest Change in substantial holding ↗ | Positionordinary shares | 59,805,555 | — |
| 2026-09-28 | Thomas Ignatius Borman
Details & evidence for Thomas Ignatius Borman on 2026-09-28
Ratel Growth Pty Ltd · controlling shareholder; indirect share interest Change in substantial holding ↗ | Positionordinary shares | 500,000,000 | — |
| 2026-09-28 | Thomas Ignatius Borman
Details & evidence for Thomas Ignatius Borman on 2026-09-28Aggregate voting power includes overlapping relevant interests; do not add to the three registered/account holdings above.
Ratel Growth Pty Ltd · controlling shareholder; indirect share interest Change in substantial holding ↗ | Positionordinary shares | 1,282,567,203 | 14.32%Voting Power |
| 2026-09-28 | Sujajo Investments S.A.
Details & evidence for Sujajo Investments S.A. on 2026-09-28
Thomas Ignatius Borman · Borman is beneficiary of trust associated with registered holder Change in substantial holding ↗ | Positionordinary shares | 722,761,648 | — |
| 2026-05-29 | Tembo Capital Mining Fund II LP
Details & evidence for Tembo Capital Mining Fund II LP on 2026-05-29Aggregate Tembo/Ndovu relevant interest; underlying registered position is held by Ndovu.
Ndovu Capital X B.V. · controls; indirect relevant interest through Ndovu Change in substantial holding - Tembo ↗ | Positionordinary shares | 1,081,799,892 | 12.77%Voting Power |
| 2025-07-14 | Thomas Ignatius Borman
Details & evidence for Thomas Ignatius Borman on 2025-07-14
Ratel Growth Pty Ltd · controlling shareholder; indirect share interest Becoming a substantial holder - Borman ↗ | Positionordinary shares | 59,805,555 | — |
| 2025-07-14 | Ratel Growth Pty Ltd
Details & evidence for Ratel Growth Pty Ltd on 2025-07-14
Thomas Ignatius Borman · registered holder of shares in which Borman has indirect interest Becoming a substantial holder - Borman ↗ | Positionordinary shares | 586,398,012 | — |
| 2024-05-08 | Sparta AG, Deutsche Balaton AG, VV Beteiligungen AG, DELPHI AG and Wilhelm K.T. Zours
Details & evidence for Sparta AG, Deutsche Balaton AG, VV Beteiligungen AG, DELPHI AG and Wilhelm K.T. Zours on 2024-05-08Overlapping relevant interests across named affiliated entities; aggregate votes are reported once.
Change in substantial holding ↗ | Positionordinary shares | 764,094,513 | 12.62%Voting Power |
The closest covered peers
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory32 documents
ASX ORN ordinary share reference closeMarket Data · MediumExtracted
Latest eligible local database close selected by miners.reference_price for 2026-09-26: A$0.024 on 25 September 2026, 200,265 shares volume, one ASX ordinary share basis.
- Document ID
- market_price_20260925
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Orion Minerals Annual Report 2026Results · HighExtracted
FY2026 issuer annual report; issuer PDF exceeded direct web size limit, so figures and sections were read from its complete digital transcription at financialfilings.com/filings/orion-minerals-limited/annual-report/2026/60280989/ and checked against issuer disclosures. Report date 17 September; financial facts generally 30 June.
- Document ID
- annual_report_2026
- Published UTC
- 2026-09-17T04:36:00Z
- Projects
- prieska · okiep · jacmynspan · fraser_range · walhalla
- Commodities
- copper · zinc · nickel
S&P/ASX September 2026 Quarterly RebalanceCorporate Action · MediumExtracted
S&P Dow Jones Indices announced Orion addition to the All Ordinaries effective before the 21 September 2026 open; this is a trading and liquidity context marker, not an asset-value input.
- Document ID
- index_rebalance_20260904
- Published UTC
- 2026-09-04T07:10:00Z
- Projects
- —
- Commodities
- —
Investor Presentation - Africa Down Under and Resources Rising StarsPresentation · MediumExtracted
Issuer investor presentation reaffirms 2025 DFS assumptions and reports 8,954 million ordinary shares and about 724 million options; direct PDF extraction was partial after the cover and disclaimers.
- Document ID
- investor_presentation_20260902
- Published UTC
- 2026-09-02T05:47:00Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Quarterly Cashflow ReportResults · HighExtracted
June 2026 Appendix 5B reporting A$14.447 million cash, ringfenced cash, fully drawn facilities, and 3.65 quarters of funding.
- Document ID
- q4_2026_cashflow
- Published UTC
- 2026-07-31T05:25:25Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · HighExtracted
June 2026 operating and corporate update: project execution readiness, conditional Glencore funding, Okiep optimisation, completed placement, and latest capital summary.
- Document ID
- q4_2026_activities
- Published UTC
- 2026-07-31T05:23:45Z
- Projects
- prieska · okiep · jacmynspan · fraser_range · walhalla
- Commodities
- copper · zinc · nickel · cobalt · platinum_group_metals
Glencore Prepayment Financing Agreement ProgressingFinancing · HighExtracted
Issuer JSE SENS text confirms SARB approval, but intercreditor and offtake agreements were still subject to execution and Tranche B needed Glencore third-party non-recourse funding.
- Document ID
- glencore_update_20260731
- Published UTC
- 2026-07-31T05:45:00Z
- Projects
- prieska
- Commodities
- copper · zinc
Notification of cessation of securities - ORNCorporate Action · HighExtracted
Appendix 3H records expiry of 2 million options and the latest issued-capital table.
- Document ID
- cessation_20260710
- Published UTC
- 2026-07-09T22:28:32Z
- Projects
- —
- Commodities
- —
Notification regarding unquoted securities - ORNFinancing · MediumExtracted
Appendix 3G records 1.455 million adviser options issued and the resulting securities table.
- Document ID
- options_20260604
- Published UTC
- 2026-06-03T23:54:04Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - ORNFinancing · MediumExtracted
Appendix 2A records quotation of shares and the resulting issued-capital table.
- Document ID
- quotation_20260603
- Published UTC
- 2026-06-02T22:34:30Z
- Projects
- —
- Commodities
- —
Notification regarding unquoted securities - ORNFinancing · MediumExtracted
Appendix 3G records options issued in connection with the May 2026 placement.
- Document ID
- options_20260601
- Published UTC
- 2026-05-31T23:47:42Z
- Projects
- —
- Commodities
- —
Quarterly Cashflow ReportResults · MediumExtracted
March 2026 Appendix 5B cash-flow statement.
- Document ID
- q3_2026_cashflow
- Published UTC
- 2026-04-30T04:34:13Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · MediumExtracted
March 2026 quarterly project and corporate activities update.
- Document ID
- q3_2026_activities
- Published UTC
- 2026-04-30T04:33:43Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Investor PresentationPresentation · HighExtracted
April 2026 investor presentation summarising project studies, ownership, financing, and development schedule.
- Document ID
- investor_presentation_20260416
- Published UTC
- 2026-04-16T02:59:20Z
- Projects
- prieska · okiep · jacmynspan
- Commodities
- copper · zinc · nickel · cobalt · platinum_group_metals
Orion Settles Final Acquisition Consideration for OkiepTransaction · MediumExtracted
Final fixed acquisition consideration for the Okiep transaction was settled; conditional agterskot remains.
- Document ID
- okiep_settlement_20260318
- Published UTC
- 2026-03-17T21:57:27Z
- Projects
- okiep
- Commodities
- copper
Half Yearly Report and AccountsResults · MediumExtracted
Half-year financial statements for the six months ended 31 December 2025.
- Document ID
- hy_2026_report
- Published UTC
- 2026-03-05T23:00:03Z
- Projects
- prieska · okiep · jacmynspan
- Commodities
- copper · zinc · nickel · cobalt · platinum_group_metals
MST Access - The Art of the DealOther · HighExtracted
Issuer-paid independent equity research tests the financing path but assumed Q1 CY2027 first production; publication time unavailable and date-only midnight anchor used. Its target is not a valuation input.
- Document ID
- mst_research_20260219
- Published UTC
- 2026-02-18T13:00:00Z
- Projects
- prieska
- Commodities
- copper · zinc
Orion Signs US$250m Prepayment Facility with GlencoreEconomic Arrangement · HighExtracted
Binding prepayment facility announced; full announcement terms also reviewed in JSE SENS transcript. Prepayment return undisclosed, with linked concentrate offtake and conditions precedent.
- Document ID
- glencore_agreement_20260209
- Published UTC
- 2026-02-08T22:08:00Z
- Projects
- prieska
- Commodities
- copper · zinc
Quarterly Cashflow ReportResults · MediumExtracted
December 2025 Appendix 5B cash-flow statement.
- Document ID
- q2_2026_cashflow
- Published UTC
- 2026-01-29T21:29:34Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · MediumExtracted
December 2025 quarterly project and corporate activities update.
- Document ID
- q2_2026_activities
- Published UTC
- 2026-01-29T21:29:19Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Quarterly Cashflow ReportResults · MediumExtracted
September 2025 Appendix 5B cash-flow statement.
- Document ID
- q1_2026_cashflow
- Published UTC
- 2025-10-23T21:45:22Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · MediumExtracted
September 2025 quarterly project and corporate activities update.
- Document ID
- q1_2026_activities
- Published UTC
- 2025-10-23T21:43:52Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report with audited financials and consolidated Prieska, Okiep and Jacomynspan technical disclosures.
- Document ID
- annual_report_2025
- Published UTC
- 2025-09-30T22:26:36Z
- Projects
- prieska · okiep · jacmynspan
- Commodities
- nickel · cobalt · copper · zinc · platinum_group_metals
Orion Updates Mineral Resources at Okiep Copper ProjectResource Update · HighExtracted
Updated 2025 Mineral Resource estimate for the Flat Mines deposits at Okiep.
- Document ID
- okiep_resource_20250328
- Published UTC
- 2025-03-28T08:42:55Z
- Projects
- okiep
- Commodities
- copper
Prieska Feasibility Study Delivers Robust OutcomesStudy · HighExtracted
2025 definitive feasibility study for the staged Prieska Uppers and Deeps development.
- Document ID
- prieska_dfs_20250328
- Published UTC
- 2025-03-27T23:42:52Z
- Projects
- prieska
- Commodities
- copper · zinc
Prieska Crown Pillar 105 Level Mineral Resource UpdateResource Update · HighExtracted
Updated Crown Pillar Mineral Resource incorporated into the Prieska study.
- Document ID
- prieska_resource_20250328
- Published UTC
- 2025-03-27T23:34:17Z
- Projects
- prieska
- Commodities
- copper · zinc
Release of Flat Mines DFS Delayed to End-March 2025Study · MediumExtracted
Schedule update moving release of the Flat Mines DFS to end-March 2025.
- Document ID
- flat_mines_delay_20250314
- Published UTC
- 2025-03-13T22:44:07Z
- Projects
- okiep
- Commodities
- copper
Feasibility Studies Scheduled for Release in March 2025Study · MediumExtracted
Schedule update for the Prieska and Okiep feasibility-study releases.
- Document ID
- feasibility_timing_20250228
- Published UTC
- 2025-02-27T22:20:32Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
BEE Transaction Completion and Feasibility Studies ProgressTransaction · MediumExtracted
Completion of the BEE transaction and feasibility-study progress update.
- Document ID
- bee_completion_20250130
- Published UTC
- 2025-01-29T22:14:17Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Progress Update Feasibility Studies for Prieska and OkiepStudy · MediumExtracted
Progress update on Prieska and Okiep feasibility studies.
- Document ID
- feasibility_progress_20241029
- Published UTC
- 2024-10-28T22:14:31Z
- Projects
- prieska · okiep
- Commodities
- copper · zinc
Orion upgrades Mineral Resources at Okiep Copper ProjectResource Update · MediumExtracted
Earlier Okiep Mineral Resource update retained as superseded technical context.
- Document ID
- okiep_resource_20230828
- Published UTC
- 2023-08-28T05:42:48Z
- Projects
- okiep
- Commodities
- copper
Definitive Triple Flag Funding PackageEconomic Arrangement · HighExtracted
Issuer announcement and Appendix 1; date is source-supported, exact publication time unavailable, represented by date-only midnight anchor.
- Document ID
- triple_flag_20221213
- Published UTC
- 2022-12-12T13:00:00Z
- Projects
- prieska
- Commodities
- gold · silver · copper · zinc
Evidence facts94
14447000 AUD
2026-06-30610000 AUD
2026-06-3041710000 AUD
2026-06-3031710000 AUD
2026-06-303.65 quarters
2026-06-308954380361 shares
2026-07-31724000000 options
2026-07-3114450000 AUD
2026-06-3015400000 AUD
2026-06-30698000000 shares
2026-06-30250000000 USD
2026-07-31H2 CY2027 None
2026-07-3153.3 percent
2026-05-318954380361 shares
2026-07-09724011404 options
2026-07-092000000 options
2026-07-091454544 options
2026-06-048536907073 shares
2026-06-038472167985 shares
2026-06-013068000 AUD
2026-03-313070000 AUD
2026-03-31568000000 AUD
2026-04-1626 percent
2026-04-1640000000 USD
2026-04-16True None
2026-03-185743000 AUD
2025-12-3136688000 AUD
2025-12-315743000 AUD
2025-12-315740000 AUD
2025-12-31540000 AUD
2025-09-30540000 AUD
2025-09-3075000000 AUD
2025-03-2819 percent
2025-03-2871000000 AUD
2025-03-28128000000 AUD
2025-03-2811500000 tonnes
2025-03-286100000 tonnes
2025-03-2865000000 tonnes
2025-06-30True None
2024-08-3111500000 tonnes
2025-03-281.3 percent Cu
2025-03-28568000000 AUD
2025-03-2826 percent
2025-03-28607000000 AUD
2025-03-28578000000 AUD
2025-03-289401 USD/t
2025-03-282665 USD/t
2025-03-2831000000 tonnes
2025-03-2815600000 tonnes
2025-03-2813.2 years
2025-03-2813 months
2025-03-281100000 tonnes
2025-03-282.8 percent Cu
2025-03-2811500000 tonnes
2023-08-2814460000 AUD
2026-06-3030897000 AUD
2026-06-301790000 AUD
2026-06-30781000 AUD
2026-06-30-12687000 AUD
2026-06-30-10675000 AUD
2026-06-308954380361 shares
2026-06-3053 percent
2026-06-3051 percent
2026-06-30Q3 CY2027 None
2026-09-17True None
2026-09-170.8 percent gross revenue
2026-06-30True None
2026-09-17True None
2026-09-1731000000 tonnes
2025-03-2810000000 tonnes
2025-03-286100000 tonnes
2025-03-28500000 USD
2026-02-02True None
2026-09-178954000000 shares
2026-08-28724000000 options
2026-08-28True None
2026-09-21True None
2026-07-31True None
2026-07-31True None
2026-07-31True None
2026-07-3140000000 USD
2026-02-09210000000 USD
2026-02-0950000000 USD
2026-02-09bulk, copper and zinc concentrates None
2026-02-090.8 percent gross proceeds
2022-12-1310000000 AUD
2022-12-1380000000 USD
2022-12-1384 percent
2022-12-1384 percent
2022-12-1310 percent
2022-12-1370000000 USD
2026-02-19Q1 CY2027 None
2026-02-190.024 AUD/share
2026-09-25200265 shares
2026-09-25Conflicts requiring judgment2
- Flat Mines versus broader Okiep resource scope
The 2026 annual report explicitly identifies 10Mt as the Flat Mines resource used for the current project case; the older 11.5Mt figure covers a broader Okiep scope.
- Orion effective Okiep interest versus mining-right percentage
The annual report effective New Okiep Mining Company shareholding of 51% controls attributable economics; the quarterly 56.25% mining-right table uses a distinct legal/tenement basis.