ORVANA ANNOUNCES Q2 FY2026 RESULTS; PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AND TAGUAS DRILLING

Orvana Minerals reported Q2 FY2026 financial and operational results. Net revenue soared 70% quarter‑over‑quarter to $54.4 million, net income flipped to a $19.58 million profit from a $7.18 million loss, and free cash flow swung to a $10.6 million surplus (from a $3.7 million deficit). Ending cash and equivalents jumped to $47.98 million. The company confirmed that commissioning at the Don Mario plant in Bolivia is advancing – oxide ore from stockpiles will begin feeding in the “coming weeks.” In Argentina, the first deep‑drill campaign at Taguas (2 holes, 2,173.7 m) intersected a vertically zoned system transitioning from high‑sulfidation epithermal into a deeper porphyry setting; assays are pending for the lower part. Spain’s Orovalle produced 9,827 gold‑equivalent ounces (GEO), slightly below Q1, and remains on track for its FY2026 guidance.

The Q2 financial turn‑around is far stronger than implied by earlier guidance or production updates. A $19.6 million net profit, $29.9 million in operating cash flow, and a $10.6 million free‑cash‑flow surplus mark a distinct inflection – the Don Mario restart is beginning to deliver cash, and Spain’s higher output (albeit with elevated costs) is contributing. The balance sheet has been transformed: cash of $48 million against a relatively modest near‑term debt repayment profile substantially de‑risks the capital structure. The Taguas porphyry indicators, while very early, add a longer‑term upside narrative. The market had not fully priced in this magnitude of earnings improvement; a $2.12 share price before the news had only partially recovered from the Q1 loss‑driven sell‑off. This release therefore constitutes genuinely new, market‑moving information.

Orvana Minerals is a multi‑mine gold‑copper‑silver producer with two operating hubs: the Orovalle complex in northern Spain (El Valle‑Boinás and the recently ramped‑up Carlés mine) and the Don Mario plant in Bolivia (EMIPA). The flagship project is the Don Mario Oxides Stockpile Project (OSP), which is being restarted after a plant expansion that adds copper leach/SX‑EW circuits and upgrades the gold‑silver circuit. The project will process decades of stockpiled oxide ore, targeting 13,000–14,000 oz of gold and 6.7–7.5 Mlb of copper in FY2026, with full capacity aimed for Q4 FY2026. The high‑altitude Taguas property in San Juan, Argentina, is a large exploration asset where the company is testing a deep porphyry copper‑gold system for the first time.