ORVANA REPORTS FOURTH QUARTER AND FISCAL 2026 PRODUCTION RESULTS - Spain Annual Gold Production Exceeds Guidance

Orvana Minerals Corp. (ORV) released production data for the fourth quarter and full year of fiscal 2026, omitting financial results such as revenue, margins, cash flow, capital expenditures, or all-in sustaining costs. Consolidated production for the fourth quarter totaled 12,947 GEO, comprising 10,895 oz of gold, 1.0 Mlb of copper, and 35,502 oz of silver. For the full year, consolidated output reached 45,160 GEO, including 39,282 oz of gold, 3.1 Mlb of copper, and 112,499 oz of silver.

At the Orovalle mine in Spain, full-year gold production reached 37,775 oz, exceeding the FY2026 guidance range of 34,000–37,000 oz by approximately 2% above the upper limit. Copper production came in at 2,877 Mlb, falling within the guided range of 2.7–3.0 Mlb. During the fourth quarter, Orovalle produced 10,347 oz of gold and 755 Mlb of copper, representing a 7% quarter-over-quarter increase in gold and a 17% increase in copper.

Operations at EMIPA in Bolivia produced 1,507 oz of gold and 265 Mlb of copper for the full year. The company had previously withdrawn EMIPA’s FY2026 guidance on September 17, 2026. In the fourth quarter, EMIPA processed 16,769 tonnes of oxide ore, yielding 548 oz of gold, 265 Mlb of copper, and 11,165 oz of silver. This period marked the production of the first gold doré and first copper cathodes from the expanded Don Mario plant.

Monthly oxide throughput at EMIPA improved significantly, rising from 1,694 tonnes in July to 3,914 tonnes in August, and reaching 11,160 tonnes in September. The company aims to reach a design capacity of approximately 1,700 tonnes per day by the end of calendar 2026. Orvana noted that recoveries during the initial ramp-up were below planned levels, identifying acid leaching and filtration as the primary areas for optimization. No production or cost guidance is currently provided for EMIPA, with audited financials and a management discussion and analysis expected in late November 2026.

Orvana Minerals Corp. (ORV) issued a production update rather than an earnings release, providing no new information on revenue, costs, AISC, EBITDA, or cash flow. The company’s Orovalle operation exceeded its FY2026 gold guidance by approximately 2% above the upper end of the range while remaining within copper guidance. Conversely, EMIPA reported a significant shortfall, a development previously signaled by the guidance withdrawal on Sept. 17, 2026.

Earlier announcements regarding the first doré and copper cathode production at Don Mario were made on Sept. 8 and Sept. 17, 2026. This latest release offers additional details on throughput and recoveries but does not alter those previously established milestones.

Market reaction to the mixed news was muted. The stock closed at CAD 2.05 on Oct. 14, 2026, and rose to CAD 2.08 on Oct. 15, 2026, representing a gain of about 1.5%. The update was not considered material, as the negative outcome in Bolivia was already known and no new guidance or financial details were provided.

Orvana Minerals Corp. (TSX: ORV, OTCQX: ORVMF) is a multi-mine gold-copper-silver producer. Its operations include the Orovalle underground gold-copper-silver mine in Asturias, Northern Spain, which has been producing since 2011. The site holds a land package of 30,779 hectares, comprising 14 exploitation concessions and 6 research permits, and outputs copper concentrate along with gold-silver doré. In fiscal year 2026, production reached 37,775 oz of gold and 2.877 Mlb of copper.

In Bolivia, the company operates the Don Mario operation and processing plant under EMIPA. This site covers 53,325 hectares and is currently focused on the Oxides Stockpile Project, which processes historical oxide stockpiles through an expanded plant. The process utilizes acid leaching, solvent extraction, and electrowinning for copper cathodes, alongside cyanide leach and ADR for gold-silver doré. Mining and milling were suspended in fiscal 2020 and restarted in fiscal 2026.

The company also holds the Taguas exploration-stage gold-silver-copper project in San Juan Province, Argentina. Following the Evelina acquisition, the land package totals 7,289 hectares. Located near Barrick’s El Encierro, Pascua-Lama, and Veladero projects, current efforts focus on oxide resource infill and deep porphyry copper-gold exploration.

Management includes CEO Juan Gavidia, who has served since 2018, and CFO and Orovalle General Manager Nuria Menéndez, who has been CFO since 2018 and GM of Orovalle since 2016. Director of Exploration and Technical Services is Raúl Álvarez. The majority shareholder is Fabulosa Mines, holding 51.9% and related to Minera S.A.