| Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) is pleased to advise shareholders and investors that it has today published its Annual Report for the year ended 30 June 2024, providing a comprehensive overview of project development, exploration, corporate and ESG activities across its business for the 2024 financial year. |
| HIGHLIGHTS: |
| Prieska Copper Zinc Mine (PCZM) development continued to advance on several fronts: |
- An updated Mineral Resource Estimate was completed for the +105m Level Crown Pillar Block, with an increase in both tonnes and grade to 2.3Mt at 1.7% Cu and 1.6% Zn, including an increase in the +105 Indicated Resource to 1.9Mt at 1.82% Cu and 1.70% Zn. The Prieska Copper Zinc Mines Total Mineral Resource has increased to 31Mt grading 1.2% Cu and 3.6% Zn.
- Trial mining of the Supergene orebody was completed, providing key inputs for the updated Bankable Feasibility Study (BFS) for PCZM which is on track for completion in the December 2024 quarter.
- Development of key infrastructure to support mining operations at PCZM is progressing on schedule:
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| Upgrade of the Cuprum electrical sub-station completed for the supply of 15MVA to PCZM, providing sufficient power for dewatering and early mining operations to run simultaneously; |
| Key underground portions of the PCZM mine dewatering mechanical and electrical infrastructure were successfully installed in June 2024, with the dewatering rate from the pump station at the 178m Level achieving more than the required 500m3/hour; and |
| All blasting required to construct the lined 13ha water storage dam/future tailings storage facility at PCZM was completed, with the installation of key infrastructure to the water storage dam well advanced. |
- Phased development is underway to facilitate early production and generate cash flow, with the potential to reduce peak funding requirements and underpin a staged build-up towards achieving full-scale commercial production.
- The Company received the Australia Africa Minerals & Energy Group (AAMEG) Emerging ESG Leader Award during the reporting period, recognising Australian companies performing exemplary ESG work on the African continent. The award recognises the Group’s work in successfully developing a host community service provider, Quebar Electrical and Civil Construction, which through mentorship and guidance from Orion, was able to increase the scope and complexity of its work and transition to become a core service provider in the fields of electrical and civil construction at PCZM, in both the surface infrastructure and underground mining environments.
- PCZM achieved 50% host community representation in its labour force at the end of June 2024, employing a total of 103 community members out of a total of 206 on-site employees. Host community employees come from the communities of Prieska, Marydale, Vanwyksvlei and Niekerkshoop, filling various roles at the operation.
- A significant proportion of PCZM’s goods and services and subcontracting opportunities were awarded to local suppliers, with 69% of contracts awarded to businesses that are either based in, or employ labour from, the host communities of Siyathemba and Vanwyksvlei, and 31% to businesses located elsewhere in the Northern Cape.
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| Okiep Copper Project (OCP): |
- The first draft of the Flat Mines Project Bankable Feasibility Study Report was completed and submitted for independent expert (IE) review during the reporting period and is on track for completion in the December 2024 quarter. o In consultation with the IE review team, Orion drilled additional diamond drill holes into the Flat Mines East and South deposits to prove the legacy exploration data's reliability to a standard that would be satisfactory to lenders.
- Acquisition of 12,156 hectares of surface rights at the OCP, opening up new opportunities for exploration and validation drilling to materially enhance the OCP BFS.
- Mineral Resources for the Flat Mines Area of OCP increased to 12Mt at 1.4% Cu for 160,000 tonnes of contained copper.
- A zone of spectacular high-grade copper mineralisation previously reported by Goldfields was confirmed at Flat Mine East, with an intersection of 49.35m at 5.05% Cu.
- The Integrated Water Usage Right for the Okiep Mine was granted in July 2024, making the Okiep Mine the second fully permitted copper mine development project in Orion’s asset portfolio.
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| Jacomynspan Nickel-Copper-PGE Project (JMP): |
- Discussions are advancing with electric vehicle manufacturers as potential end-users of the metal vapour powder products to be produced using the innovative metal vapour refining technology (MVR).
- Test work and desktop studies into application of MVR continued
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| For the full document click the link below:
Orion Minerals Limited |
