Orion Resources

KYCO: Know Your Company

Reveal Profile

3 November 2025

1) Overview of the Company

Orion Resource Partners LP is a global alternative investment firm dedicated to metals and materials critical to sustainable economic growth and the energy transition. Founded in 2013 and headquartered in New York, the firm operates as a Delaware limited partnership registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Orion Resource Partners USA LP, the main operating entity, manages over $8 billion in assets under management across specialized investment solutions spanning both liquid and illiquid strategies.

The firm operates through multiple complementary investment strategies including Orion Mine Finance (OMF), Orion Resource Royalties (ORR), Orion Merchant Services (OMS), Orion Commodities Management LP (OCM), Orion Industrial Ventures (OIV), and Orion Resource Equities (ORE). With a team of over 75-80 professionals, Orion maintains five global offices across New York, Denver, London, Sydney, and Abu Dhabi, providing comprehensive coverage for international investment opportunities.

Orion has deployed capital across 80+ portfolio companies over the past decade, establishing itself as a leading investor in the metals and materials sector. The firm focuses on opportunities driven by long-term global trends including decarbonization, constrained supply of critical resources, and advancements in industrial technologies. As a signatory to the UN Principles for Responsible Investment (PRI) since December 2021, Orion integrates sustainability considerations into its investment processes.

Recent strategic developments include the formation of the $1.8 billion Orion Critical Mineral Consortium in October 2025, established in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ, an Abu Dhabi sovereign wealth fund. This initiative represents a significant expansion targeting $5 billion in total commitments to develop secure supply chains for critical minerals essential to U.S. economic competitiveness and national security. Additionally, Orion established Orion Abu Dhabi, a $1.2 billion joint venture with ADQ announced in January 2025, further strengthening its strategic partnerships and global presence.

2) History

Orion Resource Partners LP was founded in 2013 by Oskar Lewnowski, though some sources indicate the firm’s origins trace back to 2004 when initial conceptual work began. Lewnowski established the firm after serving as a founding partner of the Red Kite Group, where he held the position of Chief Investment Officer of mine finance. His career in metals and mining finance began on the sales side across various roles and jurisdictions, providing him with global investment experience before transitioning to fund management.

The firm’s founding came during a period of increased institutional interest in metals and materials investing, positioning Orion to capitalize on long-term trends including decarbonization, constrained supply of critical resources, and advancements in industrial technologies. From its inception, Orion focused on developing specialized investment solutions across both liquid and illiquid strategies in the metals and materials sector.

Over the past decade since 2013, Orion has achieved significant growth milestones, with founder Oskar Lewnowski raising over $8 billion in assets under management while deploying capital across 80+ portfolio companies. The firm has systematically expanded its investment platform through multiple complementary strategies, including the development of Orion Mine Finance (OMF), Orion Resource Royalties (ORR), Orion Merchant Services (OMS), Orion Commodities Management LP (OCM), and Orion Resource Equities (ORE).

Strategic geographic expansion has been a key component of Orion’s growth trajectory. The firm established international offices in Denver, London, Sydney, and most recently Abu Dhabi, expanding from its New York headquarters to provide comprehensive global coverage for investment opportunities. The London office houses Orion Resource Partners UK LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom and incorporated in England and Wales.

Major corporate actions have included significant portfolio transactions that demonstrate the firm’s ability to create and realize value. Notable transactions overseen by Group Chief Operating Officer Dov Lader, who joined shortly after the firm’s inception in 2013, include the sale of Orion’s royalty portfolios to Osisko Gold Royalties and Nomad Royalty Company, and the acquisitions of Dalradian Resources, Mantos Copper, and Greenstone Gold Mines.

In 2021, Orion became a signatory to the UN Principles for Responsible Investment (PRI), formally integrating sustainability considerations into its investment processes and establishing its commitment to responsible investing practices. This milestone reflected the firm’s evolution toward incorporating environmental, social, and governance factors into its investment framework.

Recent strategic developments include the launch of Orion Industrial Ventures (OIV) in 2023, focused on emerging technology companies in the minerals, low-carbon materials and industrial energy sectors. The most significant recent milestone was the formation of the $1.8 billion Orion Critical Mineral Consortium in October 2025, established in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ, an Abu Dhabi sovereign wealth fund. This initiative targets $5 billion in total commitments to develop secure supply chains for critical minerals essential to U.S. economic competitiveness and national security. Additionally, in January 2025, Orion announced the establishment of Orion Abu Dhabi, a $1.2 billion joint venture with ADQ, marking a major expansion of the firm’s strategic partnerships and global presence.

3) Key Executives

Oskar Lewnowski is the Founder and Group Chief Executive Officer of Orion Resource Partners LP, based in New York. Over the past decade, Mr. Lewnowski has raised over $8 billion while spearheading the Investment Committee and deploying capital across 80+ portfolio companies. He is currently responsible for the strategic direction of the firm’s expansion efforts. Before founding Orion in 2013, Mr. Lewnowski was a founding partner of the Red Kite Group and Chief Investment Officer of mine finance. His career began on the sales side across various roles and jurisdictions, enabling global investment experience. He holds a BA in Business Administration from Georgetown University and an MBA from New York University, Stern School of Business.

Michael Barton serves as Managing Partner and Deputy Group Chief Executive Officer in London and is a member of the Management Committee. Before Orion, Mr. Barton was Chief Executive Officer of Pala Investments, a mining-focused investment company. At Pala, Mr. Barton was responsible for all aspects of strategy development, deal origination, investment and portfolio management across a broad portfolio of investment types, including public equity, private equity, debt, convertible debt, royalties and product streams. He holds First Class Honours in Geography from the University of Leicester and is a qualified chartered accountant with ICAEW.

Dov Lader serves as Group Chief Operating Officer in New York. Since joining Orion Resource Partners shortly after its inception in 2013, Mr. Lader has led the formation of Orion’s private equity funds and has negotiated and structured fund transactions, including the sale of Orion’s royalty portfolios to Osisko Gold Royalties and Nomad Royalty Company, and the acquisitions of Dalradian Resources, Mantos Copper, and Greenstone Gold Mines. He serves as a director on the boards of Orion Resource Partners ICAV UCITS and various Orion affiliated companies. Prior to Orion, he was an associate with DLA Piper LLP USA in the investment funds and tax practice groups. He holds a Juris Doctor from St. John’s University Law School and a BBA in Finance from Queens College CUNY, and is a Member of New York State Bar.

Jeffrey Feeley serves as Chief Financial Officer in New York. Before joining Orion in 2017, Mr. Feeley served as the Director of Finance for the Global Equities division of Citadel LLC. Before that, he spent several years at Goldman Sachs and has extensive experience in fund accounting, financial reporting and regulatory reporting. He holds a BS in Accounting from Rutgers University and is a licensed CPA in New York State.

Richard Gashler serves as Chief Compliance Officer in New York. Mr. Gashler joined Orion in 2015 as Chief Compliance Officer and has over 16 years of experience advising investment managers, hedge funds and private equity funds. Prior to Orion, he was a Counsel in the Investment Group at DLA Piper where he focused on formation and regulation of alternative investment funds. Prior to that, he was the General Counsel and Chief Compliance Officer at Sandell Asset Management Corp., and spent several years within the Office of the General Counsel at Merrill Lynch Investment Managers. He holds a BA in Economics from the University of Rochester and a JD from Catholic University School of Law, and is a Member of New York State Bar.

Jonathan Lamb serves as Managing Partner and Chief Investment Officer of Resource Royalty in New York. Mr. Lamb currently serves on the board of directors of Sweetwater Royalties and Rigel Resource Acquisition Corp and has previously served on the boards of Atalaya Mining plc and Lynx Resources Ltd. Prior to Orion, Mr. Lamb worked in traditional Investment Banking primarily focused on financing solutions across the base metals, precious metals, coal and steel sectors. He holds a BA in Finance and Government from the College of William and Mary, Mason School of Business.

Istvan Zollei serves as Managing Partner and Chief Investment Officer of Mine Finance. As Chief Investment Officer of the Orion Mine Finance Funds, he is responsible for overseeing the investment strategy and portfolio management. He received his education from Harvard University.

Ryan Byrne serves as Managing Director of Orion Commodities Management in New York. Mr. Byrne joined Orion in 2024. Prior to Orion, Mr. Byrne was Co-Founder and Managing Partner of Pandion Mine Finance, a private equity firm focused on investments in global mining projects for eight years. He previously served as Managing Director, Global Head of Precious Metals and Head of Base Metals Americas at Jefferies Group for four years. His previous leadership roles included Senior Vice President and Global Head of Precious Metals at Prudential Financial. He holds a BA from Boston College and an MBA from New York University.

Mark Frayman serves as Managing Partner of Orion Industrial Ventures in Melbourne. Mr. Frayman is responsible for Orion Industrial Ventures, focused on emerging technology companies in the minerals, low-carbon materials and industrial energy sectors, launched in 2023. Before Orion, Mark established and ran BHP Ventures, a leading metals and mining corporate venture capital group within the BHP Group, the world’s largest diversified natural resources company. His experience preceding BHP Ventures spanned public and private investments, including managing a large family office portfolio and working with leading venture capital investment firms. He holds a First Class Honours degree in Law and Commerce from the University of Melbourne.

Philip Clegg serves as Managing Partner of Orion Abu Dhabi. Mr. Clegg’s recent focus has been on investment strategy and portfolio development in resources that drive the clean energy transition. Before Orion, Mr. Clegg was at Pala Investments, where he led Pala’s partnerships with their portfolio companies across all financial matters, he also oversaw acquisition finance for new investments and established and managed their long-short liquid portfolio. He holds a Masters in Geology from Oxford University and is a qualified chartered accountant with ACA.

4) Ownership

Orion Resource Partners LP operates as a Delaware limited partnership with Orion Resource Partners USA LP serving as the main operating entity registered with the Securities and Exchange Commission. The firm’s ownership structure centers around founder and Group Chief Executive Officer Oskar Lewnowski, who serves as the principal owner and has led the organization since its establishment in 2013.

The primary ownership entity, Orion Resource Partners USA LP, manages over $7.5 billion in regulatory assets under management on a discretionary basis as of March 2025, serving 25 pooled investment vehicle clients. The firm’s organizational structure includes multiple affiliated entities across various jurisdictions, with Orion Resource Partners UK LLP authorized and regulated by the Financial Conduct Authority in the United Kingdom, and Orion Resource Partners AUS Pty Ltd serving as an exempt reporting advisor regulated by the Australian Securities and Investment Commission.

Recent strategic ownership developments include the formation of significant joint ventures that expand Orion’s capital base and strategic partnerships. In January 2025, Orion established Orion Abu Dhabi, a $1.2 billion joint venture with ADQ, an Abu Dhabi sovereign wealth fund with $251 billion in total assets. This partnership represents a substantial expansion of Orion’s ownership structure through strategic sovereign capital participation.

The most significant recent ownership development occurred in October 2025 with the formation of the $1.8 billion Orion Critical Mineral Consortium in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ. This consortium represents a historic public-private partnership where the DFC made an initial capital commitment matched by both funds managed by Orion and ADQ, bringing the current consortium size to $1.8 billion with a target of $5 billion in total commitments. This structure creates a unique ownership model where Orion partners with both U.S. government entities and sovereign wealth funds to develop critical mineral supply chains.

The firm’s complex ownership structure includes multiple fund entities managed by Orion, including Orion Mine Finance Management I Limited, Orion Mine Finance Management IA Limited, and various co-investment vehicles. Through these entities, Orion provides discretionary investment management services to affiliated investment managers that advise pooled investment vehicles, with the firm employing 55 professionals across its New York and Denver offices as of March 2025.

Orion’s ownership structure also encompasses significant limited partner relationships with major institutional investors including Los Angeles County Employees Retirement Association, Maine Public Employees Retirement System, North Carolina Retirement Services, Oregon Public Employees Retirement Fund, State Board of Administration of Florida, and State of Michigan Retirement System. These institutional relationships demonstrate the firm’s capacity to attract substantial institutional capital across its various fund structures.

5) Financial Position

Based on available information, Orion Resource Partners LP manages over $8 billion in assets under management as of 2025, representing significant growth since the firm’s founding in 2013. The primary operating entity, Orion Resource Partners USA LP, reports managing $7.5 billion in regulatory assets under management on a discretionary basis as of March 2025, serving 25 pooled investment vehicle clients. The firm’s financial position has been strengthened substantially through recent strategic partnerships and fund formations.

The most significant recent development in Orion’s financial capacity is the formation of the $1.8 billion Orion Critical Mineral Consortium in October 2025, established in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ, an Abu Dhabi sovereign wealth fund. This consortium targets $5 billion in total commitments, representing a major expansion of the firm’s capital deployment capacity for critical mineral investments.

Additionally, Orion established Orion Abu Dhabi in January 2025, a $1.2 billion joint venture with ADQ, further enhancing the firm’s financial resources and geographic reach. These strategic partnerships with government entities and sovereign wealth funds provide Orion with substantial capital commitments and validate its investment approach in the critical materials sector.

The firm’s revenue model is based on management fees and carried interest from its various fund structures across liquid and illiquid strategies. Orion operates multiple complementary investment platforms including Orion Mine Finance, Orion Resource Royalties, Orion Merchant Services, Orion Commodities Management, Orion Industrial Ventures, and Orion Resource Equities, providing diversified revenue streams across different investment strategies and market conditions.

Orion has demonstrated strong portfolio performance through successful value creation and exit transactions. Notable recent transactions include the sale of an 8.3% stake in Capstone Copper Corp. for approximately AUD $592.8 million in April 2024, and major investments such as a $250 million strategic investment in Lithium Americas Corp. and an $80 million investment in Brazilian sustainable mining technology company New Wave in 2025.

The firm’s financial stability is supported by a diversified institutional investor base including major pension funds and retirement systems such as Los Angeles County Employees Retirement Association, Maine Public Employees Retirement System, North Carolina Retirement Services, Oregon Public Employees Retirement Fund, State Board of Administration of Florida, and State of Michigan Retirement System. This institutional backing provides stable, long-term capital for the firm’s operations and investment activities.

6) Market Position

Orion Resource Partners LP has established itself as a leading global investment firm specializing in metals and materials critical to sustainable economic growth and the energy transition. The firm operates in a specialized niche within the alternative investment management industry, focusing specifically on the metals and materials sector with both liquid and illiquid investment strategies across mining, commodities, and industrial technologies.

The firm’s market position is strengthened by its comprehensive investment platform spanning multiple complementary strategies including Orion Mine Finance (OMF), Orion Resource Royalties (ORR), Orion Merchant Services (OMS), Orion Commodities Management LP (OCM), Orion Industrial Ventures (OIV), and Orion Resource Equities (ORE). This diversified approach allows Orion to capture opportunities across the full metals and materials value chain, from early-stage exploration to mature producing assets.

Orion’s competitive positioning is enhanced by its global presence with offices in New York, Denver, London, Sydney, and Abu Dhabi, providing comprehensive coverage for international investment opportunities. The firm’s international reach is particularly valuable in the metals and materials sector, where opportunities are geographically dispersed across multiple continents and regulatory jurisdictions.

The firm has achieved significant scale with over $8 billion in assets under management and a track record of deploying capital across 80+ portfolio companies over the past decade. This scale provides Orion with competitive advantages in deal sourcing, due diligence capabilities, and portfolio company support, while also allowing the firm to participate in larger, more complex transactions.

Recent strategic developments have significantly enhanced Orion’s market position, particularly the formation of the $1.8 billion Orion Critical Mineral Consortium in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ. This historic public-private partnership positions Orion as a key strategic partner for government entities seeking to develop secure supply chains for critical minerals, providing competitive differentiation and access to government-backed investment opportunities.

The firm’s focus on materials critical to the energy transition aligns with increasing global demand driven by electric vehicle adoption, renewable energy infrastructure, and technological advancement requiring specialized materials. Orion’s investment thesis is supported by long-term secular trends including decarbonization, constrained supply of critical resources, and advancements in industrial technologies.

Orion’s market position is further strengthened by its commitment to responsible investing through its signatory status to the UN Principles for Responsible Investment (PRI) since December 2021. This ESG focus is increasingly important for institutional investors and provides competitive advantages in deal sourcing and investor relations.

The firm competes with other specialized mining and metals investment firms, as well as generalist private equity and hedge fund managers with natural resources capabilities. However, Orion’s specialized focus, global platform, and strategic government partnerships provide significant competitive differentiation in the market for critical materials investments.

7) Legal Claims and Actions

Based on the available source material, Orion Resource Partners LP does not appear to have any significant regulatory enforcement actions, sanctions, or major litigation history documented in public records. The firm maintains registration with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, with an effective registration date of May 9, 2012. Orion Resource Partners UK LLP is authorized and regulated by the Financial Conduct Authority in the United Kingdom, and Orion Resource Partners AUS Pty Ltd operates as an exempt reporting advisor regulated by the Australian Securities and Investment Commission.

The primary legal matter involving Orion Resource Partners identified in the source material relates to a commercial contract dispute filed in July 2021. Michael Franko filed a breach of contract case against Oskar Lewnowski, Orion Resource Partners USA L.P., Orion Commodities GP Limited, and Orion Commodities Management LLC in New York County Superior Courts. In April 2023, a federal judge issued a mixed ruling on defendants’ motion to dismiss, granting the motion for common law fraud and fraudulent inducement claims while denying the motion for breach of contract, breach of implied covenant of good faith and fair dealing, quantum meruit, unjust enrichment, and promissory estoppel claims. The court directed defendants to submit an answer to the amended complaint within twenty-one days of the ruling.

The firm’s regulatory compliance framework appears robust, with comprehensive responsible investment policies and procedures in place. Orion has established extensive environmental, social, and governance considerations across its investment strategies, including specific responsible investment procedures for different fund structures that align with international standards such as the EU Sustainability Finance Disclosures Regulation Article 8. The firm became a signatory to the UN Principles for Responsible Investment in December 2021, formally integrating sustainability considerations into its investment processes.

Orion’s compliance structure includes dedicated Chief Compliance Officer Richard Gashler, who joined the firm in 2015 with over 16 years of experience advising investment managers, hedge funds, and private equity funds. The firm has implemented comprehensive policies addressing conflicts of interest, human rights considerations, and responsible investment practices across its various investment strategies including Orion Mine Finance, Orion Resource Royalties, Orion Merchant Services, Orion Commodities Management, Orion Industrial Ventures, and Orion Resource Equities.

The firm’s human rights policy demonstrates proactive compliance measures, establishing commitments to respect internationally recognized human rights in accordance with UN Guiding Principles on Business and Human Rights and UN Global Compact principles. This policy includes specific provisions for employee protections, investor rights, and investment fund considerations, with governance oversight from the Sustainability Committee and senior management including the Chief Risk Officer and Chief Compliance Officer.

No evidence of regulatory penalties, sanctions, or enforcement actions by the SEC, FINRA, or other regulatory authorities appears in the available documentation. The firm’s disciplinary information section in regulatory filings indicates that Orion Resource Partners USA LP and its management persons have not been involved in any material legal or disciplinary events, court actions, or regulatory proceedings.

8) Recent Media

Media coverage of Orion Resource Partners LP from 2023 to 2025 highlights a series of major strategic initiatives, significant portfolio transactions, and notable ESG-related controversies. In October 2025, Orion announced the formation of the Orion Critical Mineral Consortium (“Orion CMC”), a public-private partnership with the U.S. International Development Finance Corporation (DFC) and Abu Dhabi sovereign wealth fund ADQ. The consortium launched with initial capital commitments of $1.8 billion, targeting an eventual $5 billion to invest in near-term critical mineral production assets to counter China’s dominance in global supply chains. This followed reports in September 2025 that Orion was in discussions with the DFC to establish the fund. The partnership builds on a January 2025 announcement where Orion and ADQ established a $1.2 billion joint venture, Orion Abu Dhabi, to invest in and secure the supply of strategic metals. Founder and CEO Oskar Lewnowski stated in October 2025 that conversations with the Trump administration regarding mining partnerships were progressing.

In early 2025, Orion faced significant adverse media regarding its investment in Guinea. An investigation by the Platform to Protect Whistleblowers in Africa (PPLAAF), reported by Le Monde in January 2025, detailed allegations against Orion-controlled companies Alufer Mining and Bel Air Mining. The reports center on a June 2023 incident where a barge chartered by Alufer capsized, spilling approximately 7,500 tons of bauxite and fuel, causing significant pollution. A whistleblower alleged the companies tried to conceal the spill, bribe Guinean officials to reduce the subsequent penalty, and obstruct the investigation. According to the reports, Guinean authorities fined the companies a total of €15 million for pollution and tax fraud. Orion and its affiliates denied all allegations of corruption and bribery and stated they commissioned an independent investigation; reports also noted Orion was considering a sale of its stake in the mine.

The firm is engaged in ongoing litigation with Lithium Royalty Corp. (LRC) concerning the Thacker Pass royalty. In August 2023, the Ontario Superior Court of Justice ruled that a binding contract was formed in January 2021 for LRC to acquire an 85% interest in the royalty from Orion for US$18.7 million. On January 3, 2024, the court granted an injunction preventing Orion and its related entities from transferring or encumbering the 40% interest in the royalty that it still holds, pending the final disposition of the litigation. The court has not yet determined remedies for the breach, and Orion has commenced an appeal of the August 2023 decision.

Orion has executed several large-scale portfolio transactions. In April 2024, Orion-advised funds sold an 8.3% stake in Capstone Copper Corp. for approximately AUD $592.8 million, reducing Orion’s holding to 12%. Subsequently, in October 2025, Orion entities agreed to acquire a 25% stake in a Capstone Copper joint venture for the Santo Domingo and Sierra Norte projects in Chile for up to $360 million. Other major investments include the April 2025 closing of a $250 million strategic investment in Lithium Americas Corp. to fund the Thacker Pass project and leading an $80 million investment in Brazilian sustainable mining technology company New Wave in April 2025. In April 2023, Orion acquired a 40.81% post-consolidation stake in Strategic Resources Inc. following its merger with BlackRock Metals. Routine portfolio dispositions included the sale of shares in Sandstorm Gold in October 2024 and i-80 Gold in August 2025.

In public commentary from April 2025, CEO Oskar Lewnowski warned of a metals supply crisis and advocated for government intervention, including strategic stockpiles and support for domestic processing, to ensure mineral security. He also cited the financial failure of the Horizonte Minerals nickel project, in which Orion invested $150 million, as an example of the competitive pressure from Chinese-driven supply gluts. The firm’s official disclosures under the EU’s Sustainable Finance Disclosure Regulation in September and December 2023 state that while its funds are classified as promoting environmental characteristics (Article 8), it does not consider the principal adverse impacts of its investments on sustainability factors, citing a lack of relevant information on projects in the planning and construction phases. In February 2025, Orion’s Director of Responsible Investing, Jill Cooper, stated the firm uses IFC Performance Standards as a framework for its due diligence and monitoring processes.

9) Strengths

Global Investment Leadership in Critical Materials

Orion Resource Partners LP has established itself as a leading global investment firm specializing in metals and materials critical to sustainable economic growth and the energy transition. With over $8 billion in assets under management and a team of more than 80 professionals across five global offices in New York, Denver, London, Sydney, and Abu Dhabi, the firm demonstrates significant scale and international reach. Over the past decade, Orion has successfully deployed capital across 80+ portfolio companies, demonstrating consistent execution capability in the specialized metals and materials sector.

Strategic Government and Sovereign Partnerships

The firm has developed unprecedented strategic partnerships that provide competitive advantages and validation of its expertise. The formation of the $1.8 billion Orion Critical Mineral Consortium in October 2025, established in partnership with the U.S. International Development Finance Corporation (DFC) and ADQ (an Abu Dhabi sovereign wealth fund), represents the largest initiative to create secure supply chains for critical minerals to the United States and its allies. This historic public-private partnership, targeting $5 billion in total commitments, positions Orion as a key strategic partner for government entities seeking to counter China’s dominance in global mineral supply chains.

Comprehensive Investment Platform Across Liquidity Spectrum

Orion operates multiple complementary investment strategies spanning both liquid and illiquid opportunities, including Orion Mine Finance (OMF), Orion Resource Royalties (ORR), Orion Merchant Services (OMS), Orion Commodities Management LP (OCM), Orion Industrial Ventures (OIV), and Orion Resource Equities (ORE). This diversified platform allows the firm to capture opportunities across the full metals and materials value chain, from early-stage exploration to mature producing assets, providing flexibility to adapt to different market conditions and investor requirements.

Experienced Leadership with Deep Sector Expertise

The firm benefits from highly experienced leadership with specialized knowledge in metals and mining finance. Founder and Group CEO Oskar Lewnowski brings extensive experience from his previous role as a founding partner of the Red Kite Group and Chief Investment Officer of mine finance, having raised over $8 billion while deploying capital across 80+ portfolio companies. The management team includes professionals with decades of experience across traditional investment banking, private equity, and specialized mining finance, providing deep sector knowledge critical for successful investment execution.

Strong Institutional Investor Base and Track Record

Orion has attracted significant institutional capital from major pension funds and retirement systems, including Los Angeles County Employees Retirement Association, Maine Public Employees Retirement System, North Carolina Retirement Services, Oregon Public Employees Retirement Fund, State Board of Administration of Florida, and State of Michigan Retirement System. This institutional backing demonstrates confidence in the firm’s investment approach and provides stable, long-term capital for investment activities.

Focus on Responsible Investment and ESG Leadership

Orion demonstrates commitment to responsible investing through its signatory status to the UN Principles for Responsible Investment (PRI) since December 2021 and adherence to IFC Performance Standards on Environmental and Social Sustainability. The firm has developed comprehensive responsible investment policies addressing environmental, social, and governance considerations across its investment strategies, with specific procedures for different fund structures that align with international standards such as the EU Sustainability Finance Disclosures Regulation Article 8.

Proven Value Creation and Exit Execution

The firm has demonstrated strong value creation capabilities through successful portfolio transactions, including major exits such as the sale of Orion’s royalty portfolios to Osisko Gold Royalties and Nomad Royalty Company, and strategic acquisitions including Dalradian Resources, Mantos Copper, and Greenstone Gold Mines. Orion’s ability to execute complex cross-border transactions is evidenced by the successful sale of an 8.3% stake in Capstone Copper Corp. for approximately AUD $592.8 million in April 2024, which represented the first transaction under Capstone’s ASX listing and the second largest block trade on the ASX in the last 10 years for a mining company.

Strategic Market Positioning for Secular Trends

Orion is strategically positioned to benefit from long-term global trends including decarbonization, constrained supply of critical resources, and advancements in industrial technologies. The firm’s focus on materials critical to the energy transition, including lithium, copper, and rare earth elements, aligns with increasing global demand driven by electric vehicle adoption, renewable energy infrastructure, and technological advancement requiring specialized materials.

10) Potential Risk Areas for Further Diligence

Regulatory Compliance and ESG Implementation Risks

Orion Resource Partners LP’s sustainability disclosures reveal potential compliance vulnerabilities that merit further investigation. Under the EU Sustainable Finance Disclosure Regulation, Orion acknowledges that it “does not consider the principal adverse impacts of its investment using sustainability factors,” citing limited relevant information for projects in planning and construction phases. This disclosure gap creates regulatory risk as ESG reporting requirements continue to evolve globally. Additionally, while Orion became a signatory to the UN Principles for Responsible Investment in December 2021, the firm’s Human Rights Policy specifically excludes “the investment process” from its scope, applying only to organizational operations. This limited application of human rights considerations to investment decisions could pose reputational and regulatory risks, particularly given the firm’s exposure to extractive industries in emerging markets.

Geographic and Operational Risk Exposure

The firm’s significant investments in emerging markets present elevated operational and reputational risks requiring careful monitoring. Recent allegations involving Orion-controlled companies Alufer Mining and Bel Air Mining in Guinea demonstrate these vulnerabilities, where a June 2023 bauxite spill allegedly resulted in environmental pollution and accusations of attempted bribery of officials. While Orion denied all corruption allegations, Guinean authorities reportedly imposed €15 million in fines for pollution and tax fraud. The firm’s investment strategy inherently involves high-risk jurisdictions where extractive industries operate, potentially exposing Orion to sanctions risks, corruption allegations, and regulatory enforcement actions across multiple jurisdictions.

Key Person Dependencies and Succession Planning

Orion’s investment platform exhibits significant concentration risk around founder and Group CEO Oskar Lewnowski, who has personally raised over $8 billion while deploying capital across 80+ portfolio companies since the firm’s inception in 2013. The firm’s Form ADV acknowledges that “the success of Fund investments relies on key personnel, and any loss or underperformance of these professionals could negatively impact profitability”. With Lewnowski serving as principal owner and driving strategic expansion efforts including recent major partnerships with government entities, the departure or incapacitation of key leadership could materially impact the firm’s ability to execute its investment strategy and maintain institutional relationships.

Complex Multi-Jurisdictional Operational Structure

Orion operates through multiple affiliated entities across five global offices with varying regulatory frameworks, creating coordination challenges and potential compliance gaps. The firm includes Orion Resource Partners USA LP (SEC-registered), Orion Resource Partners UK LLP (FCA-regulated), Orion Resource Partners AUS Pty Ltd (ASIC-regulated), and the newly established Orion Resource Partners Abu Dhabi LLP. This complex structure requires coordination across different regulatory regimes and creates potential vulnerabilities in information sharing, compliance monitoring, and risk management protocols. The recent formation of government partnerships, including the $1.8 billion Orion Critical Mineral Consortium with the U.S. International Development Finance Corporation, adds additional compliance obligations and oversight requirements.

Litigation and Commercial Dispute Risks

The ongoing litigation with Lithium Royalty Corp demonstrates potential execution and counterparty risks in complex transactions. The Ontario Superior Court of Justice ruled in August 2023 that Orion breached a binding contract to sell 85% interest in the Thacker Pass royalty for US$18.7 million, with the court granting an injunction preventing Orion from transferring its remaining 40% interest pending resolution. This dispute highlights potential risks in deal structuring and execution, particularly given the firm’s focus on complex structured investments across debt, equity, royalties, and offtakes in the mining sector.

Cybersecurity and Technology Infrastructure Risks

Given Orion’s significant assets under management exceeding $8 billion and its multi-jurisdictional operations handling sensitive commercial and financial information, cybersecurity risks require ongoing vigilance. The firm’s Written Information Security Program provides cybersecurity guidance, but the distributed nature of operations across five global offices and multiple fund structures creates potential vulnerabilities. Supply chain cybersecurity risks, as demonstrated by incidents like the SolarWinds breach affecting thousands of organizations, could impact firms using third-party software for portfolio management and client reporting systems.

Market Concentration and Strategy-Specific Risks

Orion’s specialized focus on metals and materials critical to sustainable economic growth creates concentration risk tied to commodity price volatility and energy transition policy changes. The firm’s investment thesis depends on long-term trends including decarbonization, constrained supply of critical resources, and technological advancement, which could face headwinds from policy reversals or alternative technology developments. Additionally, the firm’s Form ADV notes that investments carry “the risk of loss, and investors should be prepared to bear such losses,” with specific risks including the specialized nature of metals and mining investments that may lack liquidity during market stress periods.

Standard Emerging Market and Private Investment Considerations

Due diligence should address typical concerns associated with alternative investment managers operating in emerging markets, including currency risk, political instability, and regulatory changes in host countries. The firm’s focus on private equity and private debt investments in the extractive industries involves extended investment horizons and limited liquidity, requiring careful assessment of fund terms and investor redemption rights.

Sources

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