OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
1M
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YTD
—
1Y
—
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

Narrative and provenance

Research & Sources

AI Analyst Report

The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

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Chronological 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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts94
q4cf_cashCash and cash equivalents

14447000 AUD

2026-06-30
q4cf_restricted_cashRingfenced cash within cash balance

610000 AUD

2026-06-30
q4cf_drawn_facilitiesFinancing facilities drawn

41710000 AUD

2026-06-30
q4cf_debt_like_loansLoan facilities drawn

31710000 AUD

2026-06-30
q4cf_runwayEstimated quarters of funding

3.65 quarters

2026-06-30
q4_sharesOrdinary shares on issue

8954380361 shares

2026-07-31
q4_optionsOptions on issue

724000000 options

2026-07-31
q4_cashCash on hand

14450000 AUD

2026-06-30
q4_raiseJune 2026 placement proceeds before costs

15400000 AUD

2026-06-30
q4_raise_sharesPlacement ordinary shares issued

698000000 shares

2026-06-30
q4_glencoreGlencore financing and offtake package

250000000 USD

2026-07-31
q4_first_productionTarget first bulk copper concentrate production

H2 CY2027 None

2026-07-31
q4_prieska_effective_interestOrion effective interest in PCZM after IDC conversion

53.3 percent

2026-05-31
cap_latest_sharesOrdinary shares on issue after option cessations

8954380361 shares

2026-07-09
cap_latest_optionsUnquoted options on issue after cessations

724011404 options

2026-07-09
cap_expired_optionsOptions expired without exercise

2000000 options

2026-07-09
options_june4Unlisted options issued at A$0.031 exercise price

1454544 options

2026-06-04
shares_june3Ordinary shares quoted after application

8536907073 shares

2026-06-03
shares_june1Ordinary shares on issue

8472167985 shares

2026-06-01
q3cf_cashCash and cash equivalents

3068000 AUD

2026-03-31
q3_cashCash on hand

3070000 AUD

2026-03-31
presentation_prieska_npvPrieska post-tax NPV at 8 percent

568000000 AUD

2026-04-16
presentation_prieska_irrPrieska post-tax IRR

26 percent

2026-04-16
presentation_glencore_tranche_aGlencore Tranche A prepayment

40000000 USD

2026-04-16
okiep_settlement_statusFinal fixed acquisition consideration settled

True None

2026-03-18
hy_cashCash and cash equivalents

5743000 AUD

2025-12-31
hy_total_loansTotal loans

36688000 AUD

2025-12-31
q2cf_cashCash and cash equivalents

5743000 AUD

2025-12-31
q2_cashCash on hand

5740000 AUD

2025-12-31
q1cf_cashCash and cash equivalents

540000 AUD

2025-09-30
q1_cashCash on hand

540000 AUD

2025-09-30
okiep_npvFlat Mines post-tax NPV at 8 percent

75000000 AUD

2025-03-28
okiep_irrFlat Mines post-tax IRR

19 percent

2025-03-28
okiep_initial_capexFlat Mines start-up capital expenditure

71000000 AUD

2025-03-28
okiep_total_capexFlat Mines total project capital including contingency

128000000 AUD

2025-03-28
okiep_resourceFlat Mines Mineral Resource

11500000 tonnes

2025-03-28
okiep_reserveFlat Mines Ore Reserve

6100000 tonnes

2025-03-28
jac_resourceJacomynspan Mineral Resource

65000000 tonnes

2025-06-30
okiep_water_permitFlat Mines Integrated Water Use Licence granted

True None

2024-08-31
okiep_mre_totalFlat Mines Mineral Resource

11500000 tonnes

2025-03-28
okiep_mre_gradeFlat Mines copper grade

1.3 percent Cu

2025-03-28
prieska_npvPrieska post-tax NPV at 8 percent

568000000 AUD

2025-03-28
prieska_irrPrieska post-tax IRR

26 percent

2025-03-28
prieska_total_capexPrieska total project capital including contingency

607000000 AUD

2025-03-28
prieska_peak_fundingPrieska peak funding requirement

578000000 AUD

2025-03-28
prieska_copper_priceDFS weighted average copper price

9401 USD/t

2025-03-28
prieska_zinc_priceDFS weighted average zinc price

2665 USD/t

2025-03-28
prieska_resourcePrieska Mineral Resource

31000000 tonnes

2025-03-28
prieska_reservePrieska Probable Ore Reserve

15600000 tonnes

2025-03-28
prieska_lomPrieska combined mine life

13.2 years

2025-03-28
prieska_first_outputMonths from construction start to first production

13 months

2025-03-28
crown_resourceCrown Pillar Mineral Resource

1100000 tonnes

2025-03-28
crown_copper_gradeCrown Pillar copper grade

2.8 percent Cu

2025-03-28
okiep_2023_resourceOkiep Mineral Resource reported before 2025 update

11500000 tonnes

2023-08-28
fy26_cashCash and equivalents

14460000 AUD

2026-06-30
fy26_loansCurrent and non-current loans

30897000 AUD

2026-06-30
fy26_leaseCurrent and non-current lease liabilities

1790000 AUD

2026-06-30
fy26_installmentCurrent instalment sales liability

781000 AUD

2026-06-30
fy26_lossFY2026 loss before tax

-12687000 AUD

2026-06-30
fy26_operating_cashFY2026 net operating cash flow

-10675000 AUD

2026-06-30
fy26_sharesOrdinary shares on issue

8954380361 shares

2026-06-30
fy26_prieska_interestOrion effective Prieska interest (rounded)

53 percent

2026-06-30
fy26_okiep_interestOrion effective New Okiep Mining Company interest

51 percent

2026-06-30
fy26_first_outputPrieska first production target

Q3 CY2027 None

2026-09-17
fy26_glencore_conditionGlencore Tranche A still conditional

True None

2026-09-17
fy26_grrTriple Flag gross revenue return

0.8 percent gross revenue

2026-06-30
fy26_stream_conditionalTriple Flag precious metal stream remains conditional

True None

2026-09-17
fy26_going_concernAuditor material uncertainty related to going concern

True None

2026-09-17
fy26_prieska_resourcePrieska total Mineral Resource

31000000 tonnes

2025-03-28
fy26_okiep_flat_resourceFlat Mines Mineral Resource

10000000 tonnes

2025-03-28
fy26_okiep_reserveFlat Mines Probable Ore Reserve

6100000 tonnes

2025-03-28
fy26_bhp_grantBHP Xplor equity-free funding

500000 USD

2026-02-02
fy26_12m_raiseAdditional capital expected in Q4 FY2027

True None

2026-09-17
sep_pres_sharesOrdinary shares on issue (rounded)

8954000000 shares

2026-08-28
sep_pres_optionsOptions on issue (rounded)

724000000 options

2026-08-28
all_ords_addedAll Ordinaries index addition

True None

2026-09-21
glencore_sarbSARB approval received

True None

2026-07-31
glencore_intercreditorIntercreditor agreement remained unsigned

True None

2026-07-31
glencore_offtake_unsignedLinked offtake agreements remained unsigned

True None

2026-07-31
glencore_tranche_b_conditionTranche B required Glencore non-recourse third-party finance

True None

2026-07-31
glencore_tranche_aGlencore Tranche A

40000000 USD

2026-02-09
glencore_tranche_bGlencore Tranche B

210000000 USD

2026-02-09
glencore_early_drawPotential early Tranche B draw

50000000 USD

2026-02-09
glencore_offtake_productsLinked offtake products

bulk, copper and zinc concentrates None

2026-02-09
tf_grrTriple Flag gross revenue return

0.8 percent gross proceeds

2022-12-13
tf_early_fundingTriple Flag early funding

10000000 AUD

2022-12-13
tf_stream_fundingConditional precious metals stream

80000000 USD

2022-12-13
tf_gold_rateInitial payable gold stream rate

84 percent

2022-12-13
tf_silver_rateInitial payable silver stream rate

84 percent

2022-12-13
tf_ongoing_paymentTriple Flag ongoing spot payment

10 percent

2022-12-13
mst_funding_gapMST estimated residual project funding gap

70000000 USD

2026-02-19
mst_old_first_outputMST first production expectation

Q1 CY2027 None

2026-02-19
market_price_orn_20260925ASX ordinary share closing price

0.024 AUD/share

2026-09-25
market_volume_orn_20260925ASX ordinary share volume

200265 shares

2026-09-25
Conflicts 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.