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ASX/JSE: ORN

ASX/JSE: ORN

DELIVERING THE

PRIESKA PROJECTA strong foundation for near-term base metal development and long-term growth

Johannesburg Indaba Presentation: October 2019

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DISCLAIMER

This presentation contains summary information about OrionMinerals Ltd and its subsidiaries (Orion or Company) and theiractivities and is current as at 30 August 2019. The information inthis presentation is a general background and does not purportto be complete or provide all information that an investorshould consider when making an investment decision.

No representation or warranty, express or implied, is provided inrelation to the accuracy or completeness of the information.Statements in this presentation are made only as of the date ofthis presentation unless otherwise stated and the information inthis presentation remains subject to change without notice.

The Company is not responsible for updating, nor undertakes toupdate, this presentation. It should be read in conjunction withthe Company’s other periodic and continuous disclosureannouncements lodged with the Australian Securities Exchange(ASX), which are available at www.asx.com.au and theJohannesburg Stock Exchange (JSE), which are available atwww.jse.co.za.

Certain statements contained in this presentation, includinginformation as to the future financial or operating performance

ofOrion and its projects, are forward-looking statements. Suchforward-looking statements:

• are necessarily based upon a number of estimates andassumptions that, while considered reasonable by OrionMinerals Ltd, are inherently subject to significanttechnical, business, economic, competitive, politicaland social uncertainties and contingencies;

• involve known and unknown risks and uncertainties thatcould cause actual events or results to differ materiallyfrom estimated or anticipated events or results reflectedin such forward-looking statements; and

• may include, among other things, statements regarding

targets, estimates and assumptions in respect of metalproduction and prices, operating costs and results,capital expenditures, mineral reserves and mineralresources and anticipated grades and recovery rates,and are or may be based on assumptions andestimates related to future technical, economic,market, political, social and other conditions.

Orion disclaims any intent or obligation to update publicly anyforward-looking statements whether as a result of newinformation, future events or results or otherwise.

The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’,‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’,‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressionsidentify forward looking statements.

All forward-looking statements made in this presentation arequalified by the foregoing cautionary statements. Investors arecautioned that forward-looking statements are not guaranteesof future performance and accordingly investors are cautionednot to put undue reliance on forward-looking statements due tothe inherent uncertainty therein.

All information in respect of Exploration Results and othertechnical information should be read in conjunction with therelevant ASX announcements released by the Company.

Orion is not aware of any new information or data thatmaterially

affects the information for the Mineral Resource and confirmsthat

all material assumptions and technical parametersunderpinning the estimates in the relevant Orion ASX releases(as referenced in the presentation) continue to apply and havenot materially changed.Orion confirms that the form and context in which theCompetent Person’s findings are presented have not materiallychanged.

To the maximum extent permitted by law, Orion and any of itsrelated bodies corporate and affiliates and their officers,employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release anyupdates or revisions to the information to reflect anychange in expectations or assumptions;

• do not make any representation or warranty, express orimplied, as to the accuracy, reliability or completenessof the information in this presentation, or likelihood offulfilment of any forward looking statement or any eventor results expressed or implied in any forward-lookingstatement; and

• disclaim all responsibility and liability for these forwardlooking statements (including, without limitation, liabilityfor negligence).

Nothing contained in this presentation constitutes investment,legal, tax or other advice. The information does not take intoaccount the investment objectives, financial situation orparticular needs of any recipient. Before making an investmentdecision, each recipient of this presentation should make itsown assessment and take independent professional advice inrelation to the information and any action taken on the basis ofthis presentation.

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Q: WHO IS BUILDING BASE METAL MINES?

A: ANYONE THAT CAN UNDERSTAND THE SIMPLEST FORMULA FOR SUCCESS

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Supply <<< Demand = Base Metal Prices

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PROBLEM LOOMING: COPPER SUPPLY CHAIN

4Cecilia Jamasmie: Mining (Dot) Com April 10 2018

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LARGE COPPER MINES HAVE A VERY LONG LEAD TIME

5Mining(dot)Com: Visual Capitalist; 23 June 2015

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ADD A MAJOR NEW DEMAND DRIVER

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ZINC CONCENTRATE SUPPLY – NEW MINES TAKE TIME

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ZINC DEMAND – CONSISTENT CONSUMPTION GROWTH

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ORION MINERALS – COMPELLING INVESTMENT CASE

THE OREBODY

• Globally significant VMS Resource: 30.49Mt @ 1.2% Cu, 3.7% Zn

• Mineral Reserve: 13.62Mt @ 1.06% Cu, 3.18% Zn

FOUNDATION PHASE BFS OUTCOMES

• Initial 10-year, 2.4Mtpa operation targeting 22ktpa Cu & 70ktpa Zn

• Strong operating margins and financials

o Pre-tax free cash flow of R11bn (post-tax R8.2bn)

o Pre-tax NPV8% of R5.7bn (post-tax R4bn)

o Peak funding of R3.8bn

o Payback period of three years from first production

o All-in sustaining margin of 44%

PERMITTING

• Environmental Authorisation awarded July 2019

• Mining Right for initial 24 years (renewable) granted August 2019

THE FUTURE

• Exceptional exploration and growth pipeline

9Refer ASX releases 26 June 2019, 8 July 2019 and 3 September 2109

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PRIESKA: MINE OF THE FUTURE

Implementing a modern operating philosophy (4IR enabled) can contribute to achieving quantum

changes in key output parameters that are traditionally slow to improve or have regressed in the local

mining industry, including:

• Safety and health improvements

• Improved environmental conditions, reduced pollution and contamination

• Improved energy efficiency and lower energy costs

• Productivity improvements

• Operating cost reductions

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Benchmark Globally

Implement Enablers

Be Fast Followers

Always Make Commercial

Sense

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ASX/JSE: ORN

For further information, contact:

Orion Minerals Limited

Phone: +61 (0)3 8080 7170

Email: info@orionminerals.com.au

Website: www.orionminerals.com.au