Quarterly Results Overview
Orvana Minerals Corp.
Bolivia Operations Update
EMIPA has commenced trial processing of legacy sulfide ore through the Au-Ag circuit as part of the Don Mario plant restart. Initial doré production is expected in February 2026, subject to performance verification. Construction of the Cu circuits is underway, with full commissioning expected early in Q3 FY2026. Processing of oxide stockpiles is scheduled to begin thereafter, ramping up through Q3 with full capacity targeted for Q4 FY2026.
Oxide Stockpile Production Planning
Preliminary planning for oxide stockpiles indicates:
- Gold: 98,740 oz total (FY2026–FY2029) at 92.8% recovery.
- Silver: 1.87 million oz total at 76.2% recovery.
- Copper: 56.8 million lbs total at 77% recovery.
These estimates are indicative only and subject to commissioning progress, plant performance, and equipment reliability.
FY2026 Guidance – Bolivia (EMIPA)
Expected production from both oxide stockpiles and legacy sulfide ore:
- Gold: 13,000–14,000 oz
- Copper: 6.7–7.5 million lbs
- Cash operating costs (gold): $1,900–$2,300/oz
- Cash operating costs (copper): $2.60–$3.20/lb
- All-in sustaining costs (gold): $2,200–$2,600/oz
- All-in sustaining costs (copper): $2.90–$3.50/lb
Argentina Exploration Update
Drilling began in January 2026 at the Taguas Property to evaluate a potential deep porphyry copper-gold system. The program covers approximately 4,500 metres, with initial drilling underway targeting high-chargeability zones identified in geophysical surveys.
Spain Operations (Orovalle)
Q1 FY2026 highlights:
- Gold production: 9,308 oz, up 47% quarter-over-quarter.
- Copper production: 0.7 million lbs, down 9% due to lower grades.
- GEO production: 10,576 oz, up 39% from the prior quarter.
- Orovalle remains on track to meet FY2026 guidance of 34,000–37,000 oz gold and 2.7–3.0 million lbs copper.
Financial Performance
Q1 FY2026 results:
- Revenue: $32.0 million
- Gross margin: $14.5 million
- Net loss: $7.2 million ($0.05/share)
- EBITDA: $11.0 million
- Operating cash flow before working capital changes: $13.1 million
- Ending cash balance: $32.2 million
Investment Perspective
For investors, Orvana’s Q1 FY2026 results highlight progress in restarting Bolivian operations and advancing oxide stockpile processing. With Spain delivering higher gold output and Argentina exploration underway, the company is positioned for multi-jurisdictional growth. While near-term costs reflect ramp-up challenges, the phased restart strategy and diversified asset base provide a pathway to improved production consistency and long-term shareholder value.
Conclusion
Orvana’s Q1 FY2026 results demonstrate operational momentum across Bolivia, Spain, and Argentina. The restart of Don Mario, strong performance at Orovalle, and exploration at Taguas collectively reinforce the company’s strategy to optimize assets and expand its resource base.
About the Company
Orvana Minerals Corp. Orvana is a multi-mine gold-copper-silver company with assets in Spain (Orovalle), Bolivia (Don Mario), and Argentina (Taguas). The company is focused on operational optimization, exploration, and delivering shareholder value through diversified production.
Forward-looking information is subject to risks and uncertainties. Please read our full Disclaimer.
