en.Wedoany.com Reported - Orion Minerals has successfully raised approximately $15.4 million (approximately ZAR 181.5 million) through a placement of approximately 698 million shares to sophisticated and professional investors, to advance its key copper projects in South Africa's Northern Cape Province. The placement was priced at 2.2 US cents (26 South African cents) per share, and participants will also receive one option for every two placement shares, with an exercise price of 3.1 US cents (37 South African cents), expiring 36 months from the date of issue.

The funds raised will primarily be used to advance early works at the Upper Mine section of the Prieska Copper Zinc Mine (PCZM), including dewatering and site works, while finalizing project financing; commence development of the Prieska Upper Mine upon satisfaction of the Glencore financing conditions; complete optimization studies, site works, and resource extension drilling at the Okiep Copper Project; and provide general working capital, including ongoing work related to finalizing the financing and offtake agreements with Glencore for the PCZM development. This follows a binding agreement signed by Orion's subsidiary, Prieska Copper Zinc Mine (Pty) Ltd, with a wholly-owned subsidiary of Glencore, involving a $250 million prepayment arrangement for the development of the Prieska Copper Zinc Project.

Orion was supported in this placement by South African local advisor Webb Street Capital and Canadian broker Red Cloud Securities Inc. As part of the support fees, the company has agreed to issue additional options to the brokers with an exercise price of 2.2 US cents. Additionally, Orion secured cornerstone commitments of approximately $5 million from certain existing shareholders and issued approximately 13.64 million additional options to these investors. Orion Managing Director and CEO Tony Lennox commented: "This is a pivotal financing for Orion as we begin our transition to an operating mining company in the second half of 2026, and we are very pleased with the outcome. We thank all placement participants for their support and confidence in Orion and its ability to transition to a producing mining company in the near term. This financing size positions Orion well to commence development of the Upper Mine at Prieska once the Glencore financing transaction is completed. The approval process with the South African Reserve Bank is underway, and approval is expected in the coming weeks."

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