Orion Minerals : Tembo Capital extends term of Loan Facility

ASX/JSE RELEASE: 24 January 2020

Tembo Capital extends term of Loan Facility advanced for

the Prieska Copper-Zinc Project

Private equity group Tembo Capital extends the term of the $3.6M Loan Facility, confirming its continued support of Orion.

Loan Facility repayment date extended to 25 June 2020.

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that mining-focused, private equity group Tembo Capital Mining Fund II LP (Tembo Capital), has confirmed its continued support of Orion through an extension to the term of the $3.6M Loan Facility from 25 January 2020 to 25 June 2020.

On 25 January 2019, Orion announced that a $3.6M unsecured convertible loan facility had been agreed with Tembo Capital (Loan Facility).

Under the terms of the Loan Facility, Tembo Capital may elect for repayment of the balance of the Loan Facility (including capitalised interest and fees) (Outstanding Amount) to be satisfied by the issue of fully paid ordinary shares (Shares) by the Company to Tembo Capital at a deemed issue price of $0.026 per Share (subject to receipt of Shareholder approval if applicable). The Outstanding Amount must be repaid by 25 June 2020 (previously 25 January 2020), or if Tembo Capital elects to receive Shares in repayment of the Outstanding Amount in lieu of payment in cash, the date on which the Shares are to be issued to Tembo Capital (or such later date as may be agreed between Tembo Capital and Orion) (refer ASX release 25 January 2019). At 31 December 2019, the balance of the Loan Facility was $4.02M (including capitalised interest and fees).

The extension to the term of the Loan Facility relieves Orion of its requirement to repay the loan by 25 January 2020 ensuring that proceeds from the recent capital raisings can be used principally to progress the redevelopment of Orion's flagship Prieska Copper-Zinc Project in South Africa and progress its highly prospective regional Nickel- Copper-Cobalt and Zinc-Copper exploration projects within the Areachap Belt.

For and on behalf of the Board.

Errol Smart

Managing Director and CEO

Orion Minerals Limited	www.orionminerals.com.au
Incorporated in the Commonwealth of Australia
Suite 617, 530 Little Collins Street, Melbourne, Victoria 3000	ASX Code: ORN
ACN: 098 939 274	JSE Code: ORN
Ordinary shares on issue: 2,900m I Options on issue: 211m	ISIN: AU000000ORN1

ENQUIRIES

Investors	Media	JSE Sponsor
Errol Smart - Managing Director & CEO	Nicholas Read	Rick Irving
Denis Waddell - Chairman	Read Corporate, Australia	Merchantec Capital
T: [phone]	T: [phone]	T: [phone]
E:[e-mail]	E: [e-mail]	E: [e-mail]

Disclaimer

This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward- looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Orion. Actual results and developments may vary materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward- looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release (where applicable). To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;
• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

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