JSE- and Australia-listed Orion Minerals has reported an increase in its operating loss for the half-year to end-December, due to higher exploration expenditure and contractor fees related to advancing its projects.
The company’s operating losses increased to A$6.52m (R74.85m) from A$5.65m in the previous comparable period.
Contractor and adviser expenses reached A$1.18m, while exploration expenditure totalled A$2.44m. The company said these costs were treated as expenses in the current period rather than capital expenditure, due to its accounting rules.
Its headline loss per share remained steady at 7 Australian cents.
The company, which focuses on mining exploration and development, reported progress in its development projects in SA.
Its flagship project, the Prieska Copper Zinc Mine (PCZM), located near Kimberley in the Northern Cape, progressed in dewatering, electrical infrastructure and civil construction. The completion of the Cuprum electrical substation enabled the mine to connect to the Eskom grid.
In addition to the strides made at PCZM, the company reported further progress at its Okiep Copper Project and in exploring opportunities at its Jacomynspan Nickel-Copper-Cobalt-PGE project, located in Northern Cape.
The company said it expected to sell its first copper in 2026 and aimed to grow production to more than 50,000 tonnes a year by the end of the decade. However, it said this would depend on project approvals, funding and operational efficiency.
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