Orion Minerals has raised $15.4m to advance its key South African projects, putting it in a strong position to complete its transition to a copper producer.The company said it had received firm commitments for a placement of about 698-million shares at an issue price of 2.2c (26c SA), raising about R181.5m.Participants in the placement will also be offered one attaching option for each two shares issued, exercisable at 3.1c (37c SA) and expiring 36 months after the date of issue.CEO Tony Lennox said the company had received strong support from South African investors for the placement, which reflects Orion’s growing visibility and status in South Africa as an important new copper producer at a key time in the global metals cycle. “This is a pivotal capital raising for Orion as we begin our transition to operating [as a] mining company in the second half of 2026, and we are very pleased with the outcome,” he said.“In addition to continued support from long-standing shareholders, we also attracted several new investors onto the register. We are grateful for the support and confidence shown by all placement participants in Orion and our ability to transition into a producing mining company in the near term.The approval process with the South African Reserve Bank is progressing, with approval anticipated in the coming weeks— Tony Lennox, Orion Minerals CEO“The quantum of the raising puts Orion in a strong position to commence development of the Uppers Mine at Prieska as soon as the Glencore financing transaction is completed. The approval process with the South African Reserve Bank is progressing, with approval anticipated in the coming weeks.” Orion intends to apply the funds raised from the placement to continue early works at the Uppers Mine at the Prieska Copper Zinc Mine (PCZM), including ongoing dewatering and site works, while project funding is being finalised.It will also commence development of the Prieska Uppers Mine when Glencore’s financing becomes unconditional and finalise optimisation studies, ongoing site works and resource extension drilling at the Okiep Copper Project, including following up on recently announced high-grade results.Both projects are located in the Northern Cape. Orion wants the Okiep project to become its second base-metal production hub in the region, alongside PCZM.The proceeds also provide it with general working capital, including for ongoing work associated with the finalisation of the financing and offtake agreements with Glencore for the development of PCZM.In February Orion said that PCZM had executed a binding agreement with a subsidiary of Glencore for a $250m pre-payment facility linked to the sale of bulk, copper and zinc concentrates from the Prieska project. Earlier this week the company’s securities were placed in voluntary suspension on the Australian Stock Exchange ahead of the capital-raising announcement. That suspension has now been lifted. The voluntary suspension was required to enable the capital raising to be completed in an orderly manner.The JSE did not declare a corresponding voluntary suspension, but investors were advised to exercise caution when dealing in Orion’s securities until the announcement of the outcome of the placing.Business Day