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Orion Minerals Ltd (ASX:ORN)

ALERT: Price-sensitive ASX Announcement for ORN
Current share price for ORN : $0.023 -0.006 (-20.69%)+
Announcement
Release
22 May 2026 1:49PM
Price at Release
$0.029
Full Release
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Summary
Orion Minerals Ltd announced it has secured approximately $15.4 million via a placement to sophisticated and professional investors. This funding is aimed at advancing its key copper projects in the Northern Cape Province of South Africa. The capital will be utilized for early works at the Prieska Copper Zinc Mine (PCZM), development of the Uppers Mine upon finalization of the financing agreement with Glencore, and further work at the Okiep Copper Project. The placement involves the issuance of 698 million shares at 2.2 cents per share, with each two shares entitling the holder to one option exercisable at 3.1 cents, expiring in 36 months. The funds will also provide necessary working capital and support ongoing negotiations for financing and offtake agreements with Glencore. The placement is part of Orion's transition to becoming a producing mining company in 2026, with significant support from investors, particularly in South Africa.
Key Points
  • Orion raises $15.4 million via investor placement.
  • Funds to advance South African copper projects.
  • Placement involves 698 million shares at 2.2 cents each.
  • Options attached to shares exercisable at 3.1 cents.
  • Funds support Prieska Copper Zinc Mine developments.
  • Partnership with Glencore for financing agreements.
  • Transition to producing mining company in 2026.
  • Strong investor support, especially from South Africa.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.