Key topics: Completed feasibility studies confirm viability of Prieska and Okiep projects.Secured Glencore financing package to fast-track production by 2026.Strong ESG focus earns Orion recognition as “Emerging ESG Leader.”Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Kerry Lanaghan.Based on its 2025 Annual Report, Orion Minerals Limited (Orion) has made substantial strides in its transition from an exploration and development company towards becoming a significant base metals producer in South Africa. The report, titled "Accelerating towards production," details a year of key achievements focused on de-risking its flagship projects and securing the necessary funding to commence mining operations. Orion’s primary goal is to establish itself as South Africa's leading copper mining organisation, supplying crucial metals to global decarbonising industries.Operational highlights and project milestonesThe financial year ending 30 June 2025 was marked by the successful completion of Definitive Feasibility Studies (DFS) for the company's two core South African assets: the Prieska Copper Zinc Mine (PCZM) and the Flat Mines Project at the Okiep Copper Project (OCP). These studies confirmed the viability of developing safe, modern, and mechanised mines, laying a clear path to production.Prieska Copper Zinc Mine (PCZM): Orion’s flagship project, the 70%-owned PCZM, is a development-ready and fully permitted VMS deposit. The 2025 DFS outlined robust financial metrics, including a post-tax Net Present Value (NPV) of A$568 million and an Internal Rate of Return (IRR) of 26.2% over a 13.2-year Life of Mine (LoM). The project has an updated total Mineral Resource of 31 million tonnes (Mt) grading 1.2% copper (Cu) and 3.6% zinc (Zn).A key element of the PCZM strategy is a phased development approach to fast-track cash flow and de-risk the project. Phase 1, known as "the Uppers," will focus on near-surface ore, with a goal to deliver the first concentrate by Christmas 2026, just 13 months after finalising funding. Phase 2, "the Deeps," will commence after dewatering and shaft refurbishment, overlapping with the final years of the Uppers operation. Significant infrastructure progress was made during the year, including the upgrade of the Cuprum electrical sub-station, connecting the mine to the Eskom grid, and the successful installation of dewatering and forced evaporation systems.Okiep Copper Project (OCP): Positioned to be Orion’s second production hub, the OCP’s DFS for the Flat Mines Project delivered a post-tax NPV of A$75 million and an IRR of 19% over a 12-year LoM. The project received its final required permit, the Integrated Water Use Licence, making it fully permitted for construction and production. The Mineral Resources within the Flat Mines Area were updated to 11.5Mt at 1.3% Cu. Optimisation studies are currently underway to enhance the project's financial outcomes by bringing forward production and reducing capital expenditure.Corporate and financial overviewOrion successfully executed several capital raisings, securing A$11.3 million in July 2024 and an additional A$7.8 million after the financial year-end. These funds have been instrumental in advancing development at PCZM and accelerating infrastructure works at OCP.A pivotal development occurred post year-end with the signing of a non-binding term sheet with Glencore for a US$200 million - US$250 million financing package and concentrate offtake agreement for PCZM. The initial tranche of US$40 million is designated for the construction and startup of the Uppers at Prieska, representing a "watershed moment" for the company’s transition into a producer.Financially, the Group recorded a loss of $15.36 million for the year, driven primarily by exploration expenditure. Net cash used in operating and investing activities totalled $23.88 million, while net cash from financing activities was $15.83 million. The company ended the year with $0.21 million in cash. The auditors' report noted a material uncertainty related to going concern, highlighting the Group's reliance on raising additional funds to continue its operations. However, the directors expressed confidence in securing this funding through future capital raisings and the progression of the Glencore financing agreement.The year also saw a leadership transition, with highly experienced mining executive Anthony Lennox appointed as Managing Director and CEO, succeeding Errol Smart.Sustainability and community engagementOrion reiterated its strong commitment to Environmental, Social, and Governance (ESG) principles, with the goal of creating "mines of the future" that leverage modern technology for safety and environmental benefits. In recognition of its work developing a host-community service provider, Orion received the "Emerging ESG Leader" award at the AAMEG Awards for the third time. The company actively engaged with its host communities through stakeholder forums, disaster relief efforts, and infrastructure support, including donating facilities to a local health clinic. A notable event was hosting the Minister of Mineral and Petroleum Resources, Gwede Mantashe, at PCZM, which highlighted Orion’s commitment to transparency and collaboration with government and community stakeholders.ConclusionThe 2025 financial year was transformative for Orion Minerals. By completing crucial feasibility studies, advancing key infrastructure, and securing a landmark financing agreement, the company has solidified its path to production. With a clear strategy focused on phased development and a strong commitment to its stakeholders, Orion is well-positioned to achieve its goal of becoming an operating mining company and a key supplier of future-facing metals.