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ORION MINERALS LIMITED - Anglo American sefa Mining Fund extends term of Loan Facility advanced for the Prieska Copper-Zinc Project
2021/05/04 08:18:00Download PDF Stock report
Anglo American sefa Mining Fund extends term of Loan Facility advanced for the Prieska Copper-Zinc Project Orion Minerals Limited Incorporated in the Commonwealth of Australia Australian Company Number 098 939 274 ASX share code: ORN JSE share code: ORN ISIN: AU000000ORN1 Anglo American sefa Mining Fund extends term of Loan Facility advanced for the Prieska Copper- Zinc Project - Value-adding South African institutional investor, Anglo American sefa Mining Fund (AASMF) extends the term of the ZAR14.25 million (~$1.3 million) Loan Facility, confirming its continued support of Orion. - Loan Facility repayment date extended to 31 October 2021. Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that it has reached agreement with value-adding South African institutional investor, Anglo American sefa Mining Fund (AASMF) to extend the term of the ZAR14.25 million Loan Facility from 30 April 2021 to 31 October 2021. In November 2015, Prieska Copper Zinc Mine (Pty) Ltd (Prieska), (a 70% owned subsidiary of Orion) and AASMF entered into a ZAR14.25 million (~$1.3 million) loan agreement for the further exploration and development of the Prieska Copper- Zinc Project (Loan Facility). Under the terms of the Loan Facility, on 1 August 2017, AASMF advanced ZAR14.25 million to Prieska. The key terms of the Loan Facility are: • Loan amount: ZAR14.25 million (~$1.3 million); • Interest: Prime lending rate in South Africa; • Repayment date: 31 October 2021 (previously 30 April 2021); and • Security: 29.17% of the shares held in Prieska by Agama Exploration and Mining (Pty) Ltd (a wholly owned subsidiary of Orion), have been pledged as security to AASMF for the performance of Prieska's obligations in terms of the Loan Facility. As at 31 March 2021, the balance of the Loan Facility was ZAR20 million (~$1.8 million) (including capitalised interest). About Anglo American Sefa Mining Fund Launched in 2003, the AASMF is a joint initiative between Anglo American Zimele (Pty) Ltd - Anglo American’s enterprise development programme which has been at the forefront of supporting small and medium enterprises (SMEs) in South Africa for over 30 years - and Small Enterprise Finance Agency (sefa) formerly known as Khula Enterprise Finance Limited, a government-owned entity that promotes small and medium enterprise development. As a value-adding relationship investor, the Anglo American sefa Mining Fund helps such mining enterprises that applied before March 2017 with equity and loan finance at prime interest rates p.a., complemented by technical support during the high-risk exploration and pre-feasibility stages of projects – which can get extremely complicated. This Fund brings its beneficiaries’ businesses to commercially bankable positions at which point such beneficiaries can approach lenders and raise finance to get their mining operations commissioned. For and on behalf of the Board. Errol Smart Managing Director and CEO 4 May 2021 ENQUIRIES Investors Media JSE Sponsor Errol Smart – Managing Director & CEO Nicholas Read Monique Martinez Denis Waddell – Chairman Read Corporate, Australia Merchantec Capital T: +61 (0) 3 8080 7170 T: +61 (0) 419 929 046 T: +27 (0) 11 325 6363 E: info@orionminerals.com.au E: nicholas@readcorporate.com.au E: monique@merchantec.co.za 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). 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