ORVANA ANNOUNCES FIRST COPPER CATHODES FROM ITS OXIDES STOCKPILE PROJECT IN BOLIVIA
Orvana produces its first copper cathodes at the Emipa project but has withdrawn its fiscal 2026 production guidance due to a slower-than-expected ramp-up.
Orvana Minerals Corp. (ORV) announced that its Bolivian subsidiary, EMIPA, produced its first copper cathodes from the Oxides Stockpile Project at Don Mario. This milestone follows the production of the first gold-silver doré bar, which was announced on September 8, 2026. According to the release, both product circuits have now yielded finished metal: copper cathodes were produced via acid leach plus solvent extraction/electrowinning, while doré was recovered through cyanide leach, ADR, and electrowinning from the leach residue.
Management stated that initial weeks of ramp-up have been slower than anticipated. Consequently, the company expects fiscal 2026 EMIPA production to fall below the guidance provided in August 2026 and is withdrawing EMIPA’s fiscal 2026 production guidance. The near-term focus is on operational stabilization, mechanical reliability, and throughput growth toward a targeted average processing rate of approximately 1,700 tonnes per day. A further operational update is promised for mid-October 2026. No production tonnage, grade, recovery, cost, or updated cash-flow figures are provided in this release.
Orvana Minerals Corp. (ORV) reported that its first copper cathode production was operationally positive, though this development had been widely anticipated following the September 8 doré pour. The more significant update from the company was the withdrawal of its fiscal 2026 production guidance for the EMIPA asset.
The removal of guidance represents a material negative, particularly because the company had reaffirmed those targets as recently as August 13. While the release did not specify the magnitude of the shortfall, it confirmed that fiscal 2026 production will fall below the August 2026 guidance. This constitutes a negative revision to expected revenue, production, and near-term cash flow from the key Bolivian growth asset.
This development compounds the EMIPA bond covenant breach identified on July 31, as slower production delays the cash generation required to remedy those covenants. In market terms, Orvana’s stock had rallied strongly into the Don Mario restart story before retracing from CAD 2.79 to CAD 2.48. This latest release likely reinforces that retracement by confirming that the ramp-up is behind plan.
Orvana Minerals Corp. (ORV) is a multi-mine gold-copper-silver producer and developer with a fiscal year ending September 30. The company’s assets include the Orovalle operation in northern Spain, which comprises the El Valle-Boinás and Carlés mines; the EMIPA/Don Mario site in Bolivia, a restarting operation centered on the Oxide Stockpile Project; and the Taguas exploration property in Argentina, which is being tested for deep copper-gold porphyry potential.
Management includes CEO Juan Gavidia and CFO and GM Orovalle Nuria Menéndez. The company has approximately 136.6 million shares outstanding.