Orion Metals Limited (ASX:ORM)

71 Lytton Road East Brisbane Qld 4169

GPO Box 122 Brisbane Qld 4001

Phone: 61 7 3249 3060

Fax: 61 7 3249 3061

ABN 89 096 142 737 www.orionmetals.com.au

01 May 2012

ASX Release

ORION METALS LIMITED (ASX: ORM) COMPLETES $1.1 MILLION FINANCING

ORM announces that the Company has raised $1.1 million from its 3 largest shareholders, Conglin Investment Group, Jien Mining and Metallica Minerals Limited. The financing was provided by way of a private placement to each shareholder to raise $750,000 and a converting loan agreement wi th Conglin Investment Group for an additional $350,000.

The funds are to be applied to exploration and evaluation work including the acquisition of the Company's new South Korean projects (refer ASX announcement of 26 April 2012) and for general working capital purposes. The raising takes ORM'S current cash position to approximately $A3.8 million.

The placement will see the issue of 7,500,000 shares at 10 cents each to the three largest ORM

shareholders as follows: