ORVANA ANNOUNCES Q1 FY2026 RESULTS; PROVIDES UPDATE OXIDES STOCKPILE PROJECT AND FY2026 GUIDANCE FOR BOLIVIA
Executive Summary
- Orvana Minerals reported Q1 FY2026 financial results, showing a reduction in net loss to $7.2 M and an EBITDA of $11.0 M versus the prior quarter.
- Operational milestones were achieved at the Don Mario plant in Bolivia (trial processing of legacy sulfide ore, doré production expected H2 2026) and at Orovalle in Spain (9,308 oz gold produced, 39 % QoQ increase).
- FY2026 guidance was provided for both EMIPA (Bolivia) and the Orovalle operation, including metal production targets and cost ranges.
Key Details
- Financial Highlights – Q1 FY2026
- Revenue: $32.0 M (up from $23.5 M in Q4 FY2025).
- Mining costs: $15.5 M.
- Gross margin: $14.5 M.
- Net loss: $(7.2) M, improved from $(12.0) M in the prior quarter.
- EBITDA: $11.0 M (vs. $2.0 M Q4 FY2025).
- Operating cash flow before working‑capital changes: $13.1 M.
- Free cash flow: $(3.7) M.
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Ending cash & equivalents: $32.2 M.
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Bolivia – EMIPA (Don Mario Plant)
- Commenced trial processing of legacy sulfide ore through the Au‑Ag circuit; doré production targeted for H2 2026 pending performance verification.
- Construction of Cu circuits to be completed and fully commissioned by early Q3 FY2026.
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Oxide stockpile processing slated to start after Cu circuit commissioning, with ramp‑up through Q3 and full capacity aimed for Q4 FY2026.
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Oxide Stockpile Production Planning (Bolivia) – oxide‑only estimates (preliminary):
- Oxides milled: 256,288 t in H2 FY2026; 1,532,831 t FY2027–FY2029.
- Gold: 13,039 oz (85.5 % recovery) in H2 FY2026; 85,701 oz FY2027‑29.
- Silver: 262,966 oz (74.7 % recovery) in H2 FY2026; 1,609,471 oz FY2027‑29.
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Copper: 7,521 k lb (71.2 % recovery) in H2 FY2026; 49,289 k lb FY2027‑29.
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EMIPA FY2026 Guidance (combined oxide + legacy sulfide processing):
- Gold production: 13,000–14,000 oz.
- Copper production: 6.7–7.5 M lb.
- Cash operating costs (gold): $1,900‑$2,300/oz; (copper): $2.60‑$3.20/lb.
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All‑in sustaining costs (gold): $2,200‑$2,600/oz; (copper): $2.90‑$3.50/lb.
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Argentina – Taguas Property Drilling
- Initiated a 4,500 m drill program to test a deep porphyry Cu‑Au system.
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First hole targeted a 1,500 m depth; 356.5 m drilled to date, intersecting 34 m of morraine/ryolithic tuff and hydrothermal breccias.
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Spain – Orovalle Operation
- Produced 9,308 oz gold (up 47 % QoQ) and 0.7 M lb copper (down 9 %).
- Mill throughput: 129,622 t (28 % higher QoQ).
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Drilling in Q1 FY2026: 2,790 m at El Valle (infill & brownfield) and 547 m at Lidia Project.
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Orovalle FY2026 Guidance (actual vs. guidance):
- Gold production target: 34,000‑37,000 oz (Q1 actual 9,308 oz).
- Copper production target: 2.7‑3.0 M lb (Q1 actual 0.7 M lb).
- Capital expenditures budget: $15–17 M (Q1 spent $2.7 M).
- Cash operating cost (gold): $2,300‑$2,500/oz (Q1 $1,904/oz).
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All‑in sustaining cost (gold): $2,700‑$3,000/oz (Q1 $2,343/oz).
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Other Operational Updates
- FY2025 Annual Information Form filed on Dec 29 2025, containing updated mineral resource & reserve estimates for Orovalle.
- All forward‑looking statements qualified by standard risk disclosures; NI 43‑101 qualified persons reviewed technical information for Bolivia, Argentina, and Spain.
Notable Quotes
- Juan Gavidia, CEO: “Our Bolivian operation has commenced trial processing of legacy ore… this represents an important operational step to resume metal production in Bolivia.”
- Nuria Menéndez, CFO: (contact details provided for further information).