EVOLUTION MINING LIMITED — Regulatory Filings 2018

May 1, 2018

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ASX/JSE RELEASE: 2 May 2018

Sale of Connors Arc Project, Queensland to Evolution Minin g

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Binding agreement signed for the sale of Orion’s non-core Connors Arc Project to Evolution Mining Limited.

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Funds received from the sale will enable Orion to progress Bankable Feasibility Study work on the

Prieska Zinc-Copper Project and exploration on the Jacomynspan Nickel-Copper-Cobalt Project in South Africa.

Orion Minerals Ltd ( ASX/JSE: ORN ) ( Orion or the Company ) is pleased to advise that it has entered into a binding sale agreement ( Agreement ) with Evolution Mining Limited ( Evolution ), for Evolution to acquire 100% of Orion’s Connors Arc Project ( Tenements ) in Queensland. Consideration for the sale of the Tenements consists of $2,500,000 cash and a 2% royalty on net smelter returns ( NSR ) from the sale of gold recovered and sold by Evolution from the Tenements to a value of $5,000,000.

Key terms of the Agreement are:

• an initial $1,500,000 cash payment, payable upon conditions typical for agreements of this nature being:

• Orion obtaining indicative approval from the Queensland Government Department of Natural Resources, Mines and Energy ( Department ), for the transfer of the Tenements to Evolution; and

• o the assignment to Evolution of the Tenements’ native title agreements.

• a further $500,000 cash payment, payable to Orion upon approval by the Department for retention of the total area of three of the Tenements included in the Agreement until the renewal of the existing term of those Tenements;

• a further $500,000 cash payment, payable to Orion upon approval by the Department for renewal of two Tenements included in the Agreement and for retention of the total area of those Tenements for a period 12 months from the date of such renewal; and

• a 2% royalty on NSR from the sale of gold recovered and sold by Evolution from the Tenements to a value of $5,000,000.

If the acquisition of the Tenements has not been completed prior to 31 October 2018, either party may terminate the Agreement.

The sale of the non-core Tenements is consistent with Orion’s decision to place greater focus on its flagship project, the Prieska Zinc-Copper Project in the Areachap Terrain, Northern Cape, South Africa and its highly prospective regional exploration projects within the Areachap Belt, including the advanced Jacomynspan Nickel-Copper-Cobalt Project.

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Errol Smart Managing Director and CEO

Orion Minerals Limited Incorporated in the Commonwealth of Australia ACN: 098 939 274 Ordinary shares on issue: 1,290m I Options on issue: 218m

www.orionminerals.com.au ASX Code: ORN JSE Code: ORN ISIN: AU000000ORN1

ENQUIRIES

Media

JSE Sponsor

Investors Media JSE Sponsor Errol Smart – Managing Michael Vaughan Barnaby Hayward Rick Irving Director & CEO Denis Waddell – Chairman Fivemark Partners, Australia Tavistock, UK Merchantec Capital T: +61 (0) 3 8080 7170 T: +61 (0) 422 602 720 T: +44 (0) 787 955 1355 T: +27 (0) 11 325 6363 E: info@orionminerals.com.au E: michael.vaughan@fivemark.com.au E: orion@tavistock.co.uk E: rick@merchantec.co.za Suite 617, 530 Little Collins Street Melbourne, VIC, 3000

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). To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;

• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and

• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

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