ORVANA ANNOUNCES Q3 FY2026 RESULTS & AUGUST COMMERCIAL PRODUCTION RAMP-UP IN BOLIVIA

Orvana Minerals Corp. (ORV) reported third-quarter fiscal 2026 financial results for the period ended June 30, 2026, posting revenue of $45.685 million and net income of $18.518 million. Earnings per share came in at $0.14, while EBITDA reached $23.978 million. The company generated $5.194 million in operating cash flow and reported free cash flow of negative $0.613 million.

Operationally, the company highlighted that Don Mario’s Bolivian oxide stockpile project entered commercial production ramp-up in August 2026, with stable commercial production targeted for September 2026. However, EMIPA’s fiscal 2026 production guidance was materially lowered. Based on the full release table, EMIPA revised its gold guidance to 4,200–4,700 oz and copper guidance to 1.9–2.1 million lbs, a significant decrease from the original February 2026 guidance of 13,000–14,000 oz gold and 6.7–7.5 million lbs copper. Additionally, EMIPA’s fiscal 2026 cost guidance was effectively withdrawn; management stated that cash operating costs (COC) and all-in sustaining costs (AISC) are not meaningful for fiscal 2026 because production was limited, transient, or absent, with unit costs expected to be reported in fiscal 2027.

At the Orovalle mine in Spain, production totaled 10,833 gold equivalent ounces in the third quarter of fiscal 2026, an increase of approximately 10% quarter-over-quarter. Gold output rose 14% to 9,656 oz, while copper production decreased 17% to 0.6 million lbs. Orovalle remains on track for its fiscal 2026 guidance of 34,000–37,000 oz gold and 2.7–3.0 million lbs copper. Year-to-date actuals stand at 27,428 oz gold and 2.1 million lbs copper.

Exploration updates were provided for Taguas, which included petrographic studies and a technical workshop held in July. The earlier acquisition of the Evelina property increased the exploration footprint by approximately 123% to 7,289 hectares.

Orvana Minerals Corp. (ORV) released a statement that combines an August ramp-up announcement with a significant downward revision to its EMIPA FY2026 production guidance. The Bolivian production plan has been reduced from an original target of 13,000–14,000 oz of gold to a new range of 4,200–4,700 oz, representing a roughly two-thirds reduction in expected gold output. Copper guidance saw an even sharper decline, falling from 6.7–7.5 million lbs to 1.9–2.1 million lbs, a decrease of approximately 72% at the midpoint. Additionally, unit cost guidance for EMIPA for FY2026 has been effectively withdrawn, removing a key metric for investors to evaluate the economics of the oxide stockpile project.

While the company reported a positive Q3 consolidated net income of $18.5 million and highlighted operational performance in Spain, these figures do not offset the magnitude of the Bolivia guidance miss. Management’s framing of the release has been described as promotional, with the headline leading with “commercial production ramp-up” while the substantive negative guidance revision appears lower in the document.

The market was previously alerted to financial stress in Bolivia following the disclosure of a prior EMIPA covenant default on July 31, 2026. While some of this information may be partially priced in, the formal guidance cut and its severity constitute material new information.

Orvana Minerals Corp. (ORV) is a multi-mine gold-copper-silver producer with principal assets located in Orovalle, Spain; Don Mario, Bolivia; and the Taguas property in Argentina. The Orovalle operation, which has been in production since 2011, comprises the El Valle Boinás and Carlés underground mines along with the El Valle processing plant.

At Don Mario, the company is restarting operations following a plant expansion, with the oxide stockpile project serving as the main near-term value driver, supplemented by potential tailings reprocessing. Meanwhile, the Taguas property in San Juan, Argentina, remains in the exploration stage as Orvana tests for a deep porphyry copper-gold system. The company’s management team includes CEO Juan Gavidia and CFO Nuria Menéndez.