ORVANA ANNOUNCES FY2025 RESULTS, SPAIN FY2026 GUIDANCE AND BOLIVIA OPERATIONS RESTART PLAN

Executive Summary

• Orvana Minerals reports FY2025 financial and operating results, announces FY2026 production, capital‑expenditure and cost guidance for its Spanish subsidiary Orovalle, and outlines a phased restart plan for the Bolivian Don Mario plant targeting full commercial production by April 2026.
• FY2025 revenue reached $98.9 M; EBITDA was $21.4 M; cash provided by operating activities totaled $16.8 M. Capital expenditures were $33.2 M (cash basis).
• Bolivia’s EMIPA secured a second $25 M bond, completed preferred‑share issuances and closed a $25 M prepayment facility; total expansion CAPEX is $58 M ($30 M incurred FY2025, $28 M forecast for FY2026).

Key Details

• Financial Highlights (FY2025)
• Revenue: $98.9 M (up from $90.3 M YoY)
• Mining costs: $63.8 M
• EBITDA(3): $21.4 M
• Cash provided by operating activities: $16.8 M
• Capital expenditures (cash basis): $33.2 M (vs $10.6 M FY2024)

• Cash provided by financing activities: $32.6 M

• Bolivia – EMIPA (Don Mario Plant)

• Completed second bond placement: $25 M
• Preferred share issuances closed Oct 2025; pre‑payment facility of $25 M closed Nov 2025. No further financing expected.
• Expansion CAPEX total $58 M (incurred FY2025: $30 M; FY2026 forecast: $28 M).
• Phased restart schedule:
  • Gold‑silver circuit – mid‑Dec 2025
  • Copper circuit – late Jan 2026
  • Full ramp‑up of all circuits – Feb–Apr 2026 (full commercial production targeted Apr 2026)

• On‑site pilot test underway for Don Mario oxide stockpiles; off‑take agreements signed with lender for copper cathode and doré.

• Spain – Orovalle Minerals

• Gold production FY2025: 29,276 oz (≈2 % below guidance range of 30–31 k oz). Stockpiled for milling FY2026.
• Copper production FY2025: 3.6 M lbs, within guidance (3.5‑3.7 M lbs).
• Capital expenditures FY2025: $8.7 M (accrual basis), slightly below guidance $9‑10 M.
• Cost metrics FY2025:
  • COC(3): $1,847/oz gold (guidance $1,800‑$1,900)
  • AISC(3): $2,186/oz gold (guidance $2,100‑$2,200)

• Drilling FY2025: 11,559 m at El Valle (Area 208 focus) + 2,945 m greenfield at Ortosa‑Godán.

• FY2026 Guidance – Orovalle

• Gold production: 34,000–37,000 oz
• Copper production: 2.7–3.0 M lbs (down from FY2025)
• Capital expenditures: $15‑17 M (USD thousands)
• Cash operating costs (COC) per gold oz: $2,300‑$2,500

• All‑in sustaining costs (AISC) per gold oz: $2,700‑$3,000

• Argentina – Taguas Project

• Updated geological model completed; geophysical survey underway to depth 1,500 m.

• Deep drilling campaign planned to start Jan 2026 targeting sulfide mineralization and potential porphyry Cu‑Au system.

• FY2026 Guidance – Bolivia (EMIPA)

• Production, CAPEX and cost guidance will be released after pilot‑test validation.

Notable Quotes

“FY2026 is expected to be an important year for Orvana as we advance our key initiatives across all jurisdictions… We anticipate a stable operating performance in Spain, the phased restart of production in Bolivia…” – Juan Gavidia, CEO

All figures are presented in U.S. dollars unless otherwise noted.