Initial shareholder status was reached on April 23, 2019, with the purchase of 25 million securities with a value of $1 million.
Wyllie Group has made a series of purchases since August 3, 2018, and now holds more than 109.76 million shares.
Orion’s key asset is the Prieska Zinc-Copper Project in South Africa on the highly-prospective Areachap base metals minerals belt.
The project is located at the old Prieska copper mine which was discovered in 1968 and mined at a rate of about 250,000 tonnes a month from 1971 to 1991.
In January 2019 Orion upgraded its resource for the flagship project to 30.49 million tonnes grading 3.7% zinc and 1.2% copper for 1.1 million tonnes zinc and 361,000 tonnes copper.
A Prieska scoping study released in December 2018 confirmed a 10-year mine life for Prieska during phase I of development.
The company expects to deliver a funded bankable feasibility study (BFS) for the project later this quarter.
This study will include a number of innovative aspects, including a proposal to source power at the project from off-the-grid.
Orion significant shareholder and Australian Fraser Range project partner Independence Group NL (ASX:IGO) (FRA:IDZ) has first rights to pick up the smaller company’s nickel projects on Areachap belt or form a joint venture.
READ: Orion Minerals raises $8 million through BEE ownership restructure ahead of completed Prieska BFS
The company has recently completed an $8 million capital raising and put forward a structured investment package to ensure it meets a black economic empowerment (BEE) equity participation target of 30%.