Orion Nears $250M Deal with Glencore to Boost Prieska Project

Financing Update

Orion Minerals Limited has provided a crucial update on its financing efforts for the Prieska Copper Zinc Mine, signalling that a major funding and offtake deal with global commodity giant Glencore is close to completion. The announcement follows a non-binding term sheet signed in September 2025 and confirms that Glencore's technical and financial due diligence is in its final stages, with legal reviews largely wrapped up.

Deal Details and Implications

The financing package under negotiation ranges from US$200 million to US$250 million, a substantial capital injection that could accelerate the development and operational ramp-up of the Prieska project. Alongside the financing, the agreement includes a concentrate offtake arrangement, ensuring a committed buyer for the mine's output, which is a critical factor for project viability and investor confidence.

Next Steps and Market Impact

Orion and Glencore are working towards executing binding documentation, including an Intercreditor Agreement, by mid-December 2025. This milestone will formalise the partnership and provide clarity on the terms governing the financing and offtake. For Orion, securing this deal not only addresses capital requirements but also aligns the company with a leading industry player, potentially enhancing its market profile and operational expertise.

Looking Ahead

While the announcement is positive, the final terms of the agreement remain confidential, and the usual risks associated with forward-looking statements apply. Investors will be watching closely for the formal execution of the agreements and any further disclosures on financing conditions and project timelines. The successful closure of this deal could mark a turning point for Orion, underpinning the next phase of growth at Prieska.