Drill Results
ORVANA REPORTS Q4 FY2025 PRODUCTION AND EXPLORATION RESULTS FROM OROVALLE, SPAIN

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Executive Summary
- Q4 FY2025 gold production fell to 6,317 oz (‑26% QoQ) and missed the lower end of FY2025 guidance; copper met guidance and silver declined modestly.
- Exploration drilled 2,652 m with multiple high‑grade intercepts (e.g., 18.75 g/t Au over 8.7 m), extending mineralization southward at El Valle Boinás.
- Management highlighted the ramp‑up of the Carlés mine in 2026 to run in parallel with El Valle Boinás, aiming to reduce operational risk and extend mine life.
Key Details
- Q4 FY2025 Production – 7,587 gold‑equivalent ounces (6,317 oz Au, 0.8 M lb Cu, 24,279 oz Ag).
- FY2025 Production – 35,705 gold‑equivalent ounces (29,276 oz Au, 3.6 M lb Cu, 115,466 oz Ag).
- Gold Guidance Miss: FY2025 gold production of 29,276 oz is ~2 % below the lower guidance bound of 30,000 oz.
- Copper Guidance Met: FY2025 copper production of 3.6 M lb falls within the 3.5–3.7 M lb range.
- Mill Throughput: Processed ≈101,140 dry tonnes in Q4 (‑13% QoQ) due to planned summer maintenance; 12,096 wet tonnes stockpiled for FY2026 Q1.
- Grade & Recovery (Q4): Au grade 2.13 g/t, recovery 91 %; Cu grade 0.44 %, recovery 79.3 %.
- Exploration – Infill/Brownfield Drilling: 1,920 m in Area A2 (8 holes) extending mineralized strike 40 m and depth 120 m; key intercepts:
- 18.75 g/t Au over 8.7 m
- 14.68 g/t Au over 9.0 m
- 11.02 g/t Au over 16.8 m
- 9.36 g/t Au over 26.7 m
- Additional Drilling:
- Boinás East – 439 m (infill)
- Boinás South – 293 m (infill)
- Ortosa‑Godán – 493 m (greenfield) – core analysis pending, results expected Q1 FY2026.
- Total Drilled Q4 FY2025: 3,145 m (732 m infill, 1,920 m brownfield, 493 m greenfield).
- Sample Preparation & QC: Infill/brownfield cores processed in‑house; greenfield samples sent to ALS Laboratory. All procedures detailed per NI 43‑101 standards.
- Future Outlook: FY2026 guidance and consolidated Q4 financials to be released mid‑December 2025; ramp‑up of Carlés mine slated for 2026 to run alongside El Valle Boinás, reducing ore‑source risk.
Notable Quotes
“Encouraging drilling results at El Valle Boinás during the quarter support the ongoing brownfield program… Our objective remains to manage mineral resources efficiently to support mine life extension.” – Juan Gavidia, CEO
“This quarter marked a key milestone: the ramp‑up of operations at Carlés. In 2026, with both El Valle Boinás and Carlés operating in parallel, we aim to reduce operational risk associated with ore extraction.” – Juan Gavidia, CEO
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Jul 31, 2026 · 19:30