Orion Metals : Annual Report to Shareholders 2022

For personal use only

ORION METALS LIMITED

ANNUAL REPORT 2022

For personal use only

ORION METALS LIMITED

ACN 096 142 737

CONTENTS

For personal use only

ORION METALS LIMITED

ACN 096 142 737

CORPORATE DIRECTORY

ORION METALS LIMITED

Board of Directors

Dr Yi Yang - Non-executive Chairman

Mr Yu Zhou - Non-executive Director

Dr Feng Wu - Executive Director

Mr Bin Cai - Executive Director & CFO

Company Secretary

Mr Bill Lyne

Registered & Administrative Office

221 Jesmond Road

Fig Tree Pocket

Queensland 4069

Contact Details

GPO Box 7115 Brisbane QLD 4001

Phone: +61 4 1397 6908

www.orionmetals.com.au

For personal use only

ORION METALS LIMITED

ACN 096 142 737

CORPORATE DIRECTORY

Shares Registrar

Link Market Services Limited

Level 21

10 Eagle Street

Brisbane, Queensland

Phone: +61 13 0055 4474

Facsimile: +61 2 9287 0309

Banker

Westpac Banking Corporation

240 Queen Street

Brisbane, Queensland

Phone: +61 7 3227 2110

Lawyer

Ashurst Australia

Level 38

123 Eagle Street

Brisbane, Queensland

Phone: +61 7 3259 7000

Facsimile: +61 7 3259 7111

Auditor

BDO Audit Pty Ltd

Level 10

12 Creek Street

Brisbane, Queensland

Phone: +61 7 3237 5999

Facsimile: +61 7 3221 9227

For personal use only

ORION METALS LIMITED

ACN 096 142 737

ANNUAL REVIEW OF OPERATIONS

In 2021-22 the activities of Orion Metals Limited (Orion, ORM or the Company) were again restricted, with no field operations or exploration, due to the need to conserve funds, although the Company continued to comply with regulatory requirements to maintain its tenure in good standing.

In March 2021 Mr Bo Wang, who had been an independent Non-Executive Director since July 2016, resigned due to other commitments and pursue other activities and Mr Yu Zhou was appointed by the Board as his replacement, which was confirmed by shareholders at the Annual General Meeting (AGM) in July 2021.

During the year the Directors decided that it was in the best interests of the Company to dispose of the Top Camp Project and in July 2021 Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project for $500,000 purchase price. Sale of the Tenements was also approved by shareholders at the AGM and completion occurred in December 2021.

In September 2021 the Company's Registered Office and Principal Place of Business were relocated from Calamvale to Fig Tree Pocket in suburban Brisbane, and the Company's telephone number was changed.

The Company's on-going funding requirements were met from the sale proceeds received for the Tanami West Project (late in the previous financial year) and the Top Camp Project. In addition, they have been further supplemented by loans from major shareholder Excellence Holdings HK Limited (a related entity of Directors Yi Yang and Feng Wu), which at reporting date aggregated $125,000, and loans from shareholder Australia Cayenne Holdings Pty Ltd (a related entity of Director Bin Cai), which at reporting date aggregated $150,000. These loans are at zero interest rate, unsecured and for no fixed term.

Directors considered that the sale of the Top Camp Project was in the best interests of the Company and has allowed the Company to concentrate efforts towards acquiring alternative assets and new funding sources, designed to further increase value for the benefit of all shareholders.