Orion Minerals Limited (ASX/JSE: ORN) is pleased to announce that substantial holder, Tembo Capital Mining Fund II LP (Tembo), has provided a new unsecured Convertible Loan Facility of US$0.50M (~AUD$0.73M).

This funding provides valuable bridging finance to maintain momentum for commencement of the trial mining and dewatering operations at the Prieska Copper Zinc Mine in January 2023.

The proceeds will be used for working capital purposes and any other purposes as agreed by Tembo.

Tembo may elect to repay the loan with the issue of Orion's ordinary shares, subject to receipt of shareholder and regulatory approvals.

Tembo is Orion’s largest shareholder with a shareholding of ~22%.