COMMUNITY
BRIEF
Funding and financial review As an exploration and mine development company with no revenue, Orion must continuously raise money from shareholders and capital markets to fund its activities and progress its projects. In June 2022, Orion started another round of fundraising that aims to raise $20 million in three tranches so that it can progress its mine and metal refinery development projects. This money will be important, (along with the $87 million agreed to in a non-binding term sheet earlier in May 2022), as the foundation for developing the Prieska Copper Zinc Mine. Despite adverse market conditions, Orion is pleased to advised that it received firm commitments for $6 million from the first two tranches and the third tranche is expected to close in August 2022.
experienced globally has resulted in some of our
The recent global recession and associated drop in metals prices (including copper) and concerns over high inflation rates that are being
prices have shown a positive trend to recovery
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potential investors requiring more time to better understand what the capital markets are doing before committing to new/ongoing investments. This has affected Orion’s planned fund raising timelines and requires that company spending is focused on activities that keep projects moving forward while the fund raising process is completed. We are pleased to note that the metal over the past two weeks, which is encouraging for early closing of funding.
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e continue to appreciate your support as we prepare these W projects for the collective success of all stakeholders in the near future.
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In the short term, Orion’s key focus remains to: • prepare the Prieska Copper Zinc Mine to start with mine dewatering • prepare the host community for the future mine development • conclude investigations into a plan to bring forward the start of mine production at the project; • advance the Feasibility Study on the Okiep Copper Project; and • advance the test work on metal vapour technology that could make a battery metals refinery possible for the Jacomynspan nickel-copper-cobalt PGE Project, our third key project in the Northern Cape.
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The increased focus of our spending on selected key activities will impact some of our short term procurement schedules though we will continue with essential initiatives around skills development and training at the appropriate scale. We will continue to communicate any changes to those directly affected, through these news briefs, our Community and Social Development Officers and through the Stakeholder Engagement Forums. We continue to appreciate your support as we prepare these projects for the collective success of all stakeholders in the near future.
The Siyathemba Bosberaad Task Team session is scheduled for 3 August 2022. Team members will unpack the detailed Prieska Copper Zinc Mine procurement information provided in July and further progress planning for possible early training opportunities.
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