IGO LIMITED — Investor Presentation 2019

Aug 4, 2019

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ASX/JSE RELEASE: 5 August 2019

Drilling commences on highly prospective Fraser Range targets at IGO-ORN Joint Venture, Australia

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IGO commences drilling on the North West Passage Ni-Cu JV geophysical prospect.

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Drilling will also test combined Ni-Cu Intrusive and Cu-Zn VMS targets identified at the Pike, Pike-Eye and Hook Prospects. Multiple compelling drill targets defined at the Pike Prospect by Moving Loop Electromagnetic (MLEM) ground surveys.

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Orion’s Managing Director and CEO Errol Smart, commented:

“Through our Fraser Range joint venture with IGO, we have free-carried exposure to a first-class exploration program being undertaken by IGO in one of Australia’s most prospective new mineral frontiers – one which has remarkable similarities to our Areachap Belt Project area in South Africa.

We are delighted that IGO has commenced diamond drilling to test a number of compelling targets at the North West Passage and Pike Prospects, which are prospective for both intrusive nickel-copper mineralisation similar to IGO’s world-class Nova-Bollinger deposit and VMS-style copper-zinc mineralisation.

This drilling emphasises the often overlooked value in Orion’s Australian tenements, where we are partnered with one of Australia’s leading base metal exploration and mining groups and hold a free-carried interest in an extremely prospective tenement package.”

Orion Minerals Limited ( ASX/JSE: ORN ) ( Orion or the Company ) is pleased to advise that its joint venture partner in the Fraser Range belt in Western Australia, Independence Group NL ( IGO ), has commenced diamond drilling to test several highly prospective intrusive nickel-copper and VMS zinc-copper targets.

Drilling is currently underway at the North West Passage Prospect , part of the IGO - ORN joint venture ( JV ) on the Fraser Range Belt (Figure 1, refer ASX release 10 March 2017).

The target was initially identified by Orion on tenement E39/1654 (IGO 60%, Creasy Group 30%, Orion 10%) in a 2014 VTEM survey (refer ASX release 3 February 2014). IGO subsequently commissioned a five-line moving loop electromagnetic ( MLEM ) survey across the prospect in 2017. Modelling of data from this survey highlighted a steeply-dipping conductor which is being targeted by diamond hole 19RAFRD1001, currently underway.

The drilling forms part of a larger exploration program across the northern part of the Fraser Range and it is expected that, following completion of drilling at the North West Passage, drilling will move to the highly prospective Pike Trend , located on tenement E28/2367 (IGO 70% : Orion 30%) during the latter part of 2019.

The Pike Trend comprises three distinct prospects called Pike, Pike-Eye and Hook, all of which are prospective for both coincident Ni-Cu intrusive and Volcanogenic Massive Sulphide ( VMS ) Cu-Zn massive sulphide mineralisation.

Drilling will test four conductors identified by the MLEM survey on the southern half of a linear VMS trend. In addition, a distinct gravity high at Pike-Eye represents a compelling Ni-Cu intrusive hosted target.

The combination of magmatic Ni-Cu and VMS Cu-Zn mineralisation in the Fraser Range is analogous to the Areachap Belt in South Africa, where the Company drilled several massive sulphide intersections in 2018,

Orion Minerals Limited Incorporated in the Commonwealth of Australia ACN: 098 939 274 Ordinary shares on issue: 2,111m I Options on issue: 288m

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

identifying both magmatic Ni-Cu and VMS-style Cu-Zn deposits which provide a strong growth pipeline around the Company’s flagship Prieska Copper-Zinc Project.

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Figure 1: IGO Priority EM targets in the Fraser Range, showing the locality of North West Passage and Pike Trend targets, where Orion has a Free-carried Interest (refer Independence Group 31 July ASX release (Quarterly Activities Report) and 2 August 2019 release (Presentation)).

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Investor Presentation at Diggers & Dealers

Orion’s Managing Director and CEO, Errol Smart, will be providing investors with an update on its Prieska CopperZinc Project in South Africa and the IGO – ORN Joint Venture, at a luncheon presentation being hosted by Read Corporate at the Diggers & Dealers Mining Forum in Kalgoorlie today.

Details of the presentation are provided below:

• When: Monday, 5 August 2019 • Time: 12.30pm - 2.00pm • Where: Upstairs at the Palace Hotel

Investors who are attending the Conference and would like to attend this presentation, please contact Read Corporate via email at info@readcorporate.com.au or call +61-8 9388 1474.

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Errol Smart Managing Director and CEO

ENQUIRIES

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JSE Sponsor

Errol Smart – Managing Nicholas Read Barnaby Hayward Rick Irving Director & CEO Denis Waddell – Chairman Read Corporate, Australia Tavistock, UK Merchantec Capital T: +61 (0) 3 8080 7170 T: +61 (0) 419 929 046 T: +44 (0) 787 955 1355 T: +27 (0) 11 325 6363 E: info@orionminerals.com.au E: nicholas@readcorporate.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. Forwardlooking 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 forwardlooking 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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