Earnings
ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2025
ORV · Price
Executive Summary
- Orvana Minerals reports Q3 FY2025 consolidated results showing a net loss of $2.18 M, EBITDA of $7.88 M, and operating cash flow of $1.93 M for the quarter.
- Production at the Orovalle (Spain) operation increased 19% YoQ to 10,008 gold‑equivalent ounces, driven by higher gold output, tonnage, grade, and recovery.
- Construction of the Don Mario expansion in Bolivia is 49% funded; a second bond program (Bond Program II) is under regulator review with approval targeted before FY2025 end. Revised FY2025 guidance lowers gold production to 30‑31 k oz and raises copper output to 3.5‑3.7 M lb, while capital expenditures are cut to $9‑10 M.
Key Details
- Financial Highlights (Q3 FY2025 vs. Q3 FY2024):
- Revenue: $26.982 M (up from $25.425 M)
- Mining costs: $15.234 M (down from $16.749 M)
- Gross margin: $9.571 M (vs. $4.844 M)
- Net loss: $(2.181) M (vs. profit of $3.176 M)
- EBITDA: $7.878 M (down from $8.910 M)
- Operating cash flow before working‑capital changes: $1.933 M (down from $8.027 M)
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Free cash flow: $(9.107) M (vs. $5.834 M positive prior year)
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Production – Orovalle (Spain):
- Gold‑equivalent ounces (GEO) Q3 FY2025: 10,008 oz (↑19% QoQ)
- Gold ounces: 8,536 oz (↑26% QoQ)
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Copper production not disclosed for quarter; overall FY guidance increased.
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Operating Metrics – Spain:
- Tonnage milled ↑5% QoQ
- Gold grade ↑18% QoQ
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Recovery ↑2% QoQ
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Capital Expenditures (FY2025):
- Revised capex target: $9‑10 M (down from prior $14‑16 M)
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Q3 FY2025 capex incurred: $11.040 M
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Don Mario Expansion – Bolivia:
- Earthworks & concrete complete; steel structures, tanks, FRP clarifiers, pumps in fabrication.
- Critical equipment (cathodes/anodes from China) en route.
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49% of forecasted CAPEX disbursed as of end‑July.
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Financing – Bond Program II (Bolivia):
- Application submitted to Bolivian regulator; approval sought before FY2025 year‑end.
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Intended to fund remaining Don Mario construction and project financing needs.
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Taguas Project – Argentina:
- Geological modeling update underway; focus on oxide‑sulfide transition, infrared spectroscopy, drilling data interpretation.
- Modeling expected Q4 FY2025; geophysical work to start early Southern Hemisphere summer.
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Deep exploration drilling planned for 2026 pending results.
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Revised FY2025 Guidance (Orovalle):
| Metric | Revised Guidance | Prior Guidance |
|---|---|---|
| Gold production (oz) | 30,000 – 31,000 | 37,000 – 41,000 |
| Copper production (M lb) | 3.5 – 3.7 | 2.4 – 2.7 |
| Capital expenditures (USD k) | $9,000 – $10,000 | $14,000 – $16,000 |
| Cash operating cost ($/oz Au) | $1,800 – $1,900 | $1,550 – $1,650 |
| All‑in sustaining cost ($/oz Au) | $2,100 – $2,200 | $2,000 – $2,150 |
- Operational Outlook:
- Don Mario construction slated for completion by Dec 2025; production restart targeted early 2026.
- Orovalle mine re‑organization continues; Boinás remains sole ore source Q3, Carlés resumed with delayed ramp‑up affecting FY2025 production schedule.
Notable Quotes
- “All our teams are fully committed to completing the work needed to resume production at Don Mario in early 2026 – a milestone we expect will be transformational by enhancing our production profile,” – Juan Gavidia, CEO
- “The increase in production was driven by higher gold output… an 18% higher gold grade and a 2% improvement in gold recovery,” – Juan Gavidia, CEO
All forward‑looking statements are subject to the usual risk factors disclosed in the release.
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Jul 31, 2026 · 19:30