ORION EQUITIES LIMITED — Net Asset Value 2024

Dec 8, 2024

ASX Code: OEQ

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Monday, 9 December 2024

MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 30 November 2024

Month Ending: % Change 30 November 2024 Consolidated 31 October 2024 Consolidated Net tangible assets (NTA) (before tax) $6.525m $6.527m Pre-Tax NTA Backing per share -0.03% $0.4169 $0.4171 Net tangible assets (after tax) $5.113m $5.115m Post-Tax NTA Backing per share -0.04% $0.3267 $0.3269 Based on total issued share capital 15,649,228 15,649,228 The NTA position comprises the following items: Current Month Previous Month Net Tangible Assets $’millions $’millions Investment in listed Associated Entity: (a) Shares in Bentley Capital Limited (ASX:BEL) (refer below)* - Investments in other listed securities: (a) Shares in Strike Resources Limited (ASX:SRK) 0.300 0.300 Investment in property (held for development/resale) 1.850 1.850 Net cash/receivables/payables/other assets/provisions 4.375 4.377 Pre-Tax NTA 6.525 6.527 Tax Provisions: (a) Prior year tax (1.412) (1.412) (b) Current year tax (c) Net deferred tax asset / (liability) - - Post-Tax NTA 5.113** 5.115	% Change 30 November 2024 Consolidated 31 October 2024 Consolidated	% Change 30 November 2024 Consolidated 31 October 2024 Consolidated
	-0.03%	$6.525m $6.527m $0.4169 $0.4171
	-0.04%	$5.113m $5.115m $0.3267 $0.3269
		15,649,228 15,649,228
		Current Month Previous Month $’millions $’millions (refer below)* - 0.300 0.300 1.850 1.850 4.375 4.377 6.525 6.527 (1.412) (1.412) - - 5.113** 5.115
Investment in listed Associated Entity: (a) Shares in Bentley Capital Limited (ASX:BEL) Investments in other listed securities: (a) Shares in Strike Resources Limited (ASX:SRK) Investment in property (held for development/resale) Net cash/receivables/payables/other assets/provisions Pre-Tax NTA Tax Provisions: (a) Prior year tax (b) Current year tax (c) Net deferred tax asset / (liability) Post-Tax NTA

• Orion notes that the carrying value of its 20,513,783 shareholding in Bentley is based on ‘equity accounting’ for Bentley as an associate entity – as set out in Note (1), this manner of accounting has technically reduced the carrying value to Nil – whereas this compares with Bentley’s last closing price on ASX of $0.01 per share (valuing Orion’s investment at $0.205m) and Bentley’s after-tax NTA value of 0.74 cents per share (valuing Orion’s investment based on Bentley’s NTA backing at $0.15m) as at 30 November 2024.

www.orionequities.com.au

Orion Equities Limited

A.B.N. 77 000 742 843

Suite 1, Level 1, 680 Murray Street, West Perth, Western Australia 6005 ASX : OEQ T | (08) 9214 9797 F | (08) 9214 9701 E

E |info@orionequities.com.au

20241209 OEQ ASX NTA Backing as at 30 November 2024

Notes:

• (1) The Company’s investment in Bentley Capital Limited (ASX: BEL ), an Associated Entity (i.e. in which the Company has a greater than 20% interest), is accounted for under the equity method in the consolidated financial statements. Under the equity method, the carrying amount of such investment is cost plus a share of the Associate Entity’s net profit or loss (after tax) for the financial year to month end as provided to the Company by such Associated Entity. Refer also Note 20 (Investments in Associates) on pages 36 of the Company’s 30 June 2024 Annual Report for further details in this regard.

Under the equity method of accounting for Associate entities, the Company’s carrying value of its investment in BEL has been reduced from cost to nil – as a consequence of the Company’s accumulated recognition of BEL’s net losses. The Company is not required to carry the BEL investment at a negative value (ie. below Nil) and if BEL should generate net profits in the future, the Company will recognise a share of BEL’s net profits under the equity method, which will permit the Company to recognise a positive carrying value for BEL.

Accordingly, as at 30 November 2024, the Company’s 20,513,783 shares (26.95% interest) (31 October 2024: 20,513,783 shares and 26.95%) in BEL have a nil carrying value; this compares with BEL’s last bid price on ASX of 1 cent per share ($0.205m) and BEL’s after-tax NTA backing of 0.74 cent per share ($0.15m)[1] , as at month end.

• (2) The fair value of investments in ASX-listed Strike Resources Limited (ASX: SRK ) comprise 10,000,000 shares (31 October 2024: 10,000,000 shares) with a value of $0.03 per share (based on the closing bid price as at 30 November 2024) (31 October 2024: $0.01).

• (3) The fair value of investments in other listed securities is based on each security’s last bid price on market at month end.

• (4) Investment in property (held for resale) was valued by an independent qualified licensed valuer of the Australian Property Institute as at 30 June 2023.

• (5) Tax Provision Item (a) (Prior year tax) includes a Provision for Income Tax expense of $1.4 million in respect of the total gross consideration received ($2 million) and receivable ($3 million, on 30 June 2024) on the termination of a royalty in relation to the Paulsens East Iron Ore Project[2] . The Company notes that it is undertaking a review of this income tax position vis a vis the utilisation of available carried forward tax losses of $12.6 million. Refer also Note 5 (Tax) on pages 27 to 28 of the Company’s 30 June 2024 Annual Report for further details in this regard.

• (6) Tax Provision Item (c) (Net deferred tax asset / (liability)) includes where applicable, a provision for income tax on net unrealised gains on the Company’s investments in securities and its share of Associated Entities’ after-tax net profit for the month (deferred tax liability) and the recognition of future income tax benefits on net unrealised losses on the Company’s investments in securities and its share of Associated Entities’ after-tax net loss for the month (deferred tax asset). Refer also Note 5 (Tax) on pages 27 to 28 of the Company’s 30 June 2024 Annual Report for further details in this regard.

AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:

Victor Ho T | (08) 9214 9797 Executive Director & Company Secretary E | cosec@orionequities.com.au

1 Refer BEL’s ASX Announcement dated 9 November 2024: NTA Backing as at 30 November 2024

2 Refer to Orion’s ASX Announcements dated 8 March 2024: $2 Million Received on Termination of Iron Ore Royalty Entitlement and 3 January 2024: $5 Million Receivable on Termination of Iron Ore Royalty Entitlement

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