ORVANA REPORTS Q3 FY2026 PRODUCTION RESULTS AND PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AT DON MARIO, BOLIVIA
Rhea-AI Summary
Orvana Minerals (OTCQX: ORVMF) reported Q3 FY2026 production of 10,833 gold equivalent ounces (GEO), all from its Orovalle mine in Spain, including 9,656 gold ounces, 0.64 million pounds of copper and 19,487 silver ounces. Orovalle milled 131,244 tonnes, with gold grade of 2.49 g/t and 91.9% recovery, and copper grade of 0.32% with 69.7% recovery. Copper output declined 17% quarter-over-quarter, while gold production increased 14% driven by higher head grades.
In Bolivia, logistics disruptions delayed the Oxides Stockpile Project ramp-up, leaving EMIPA with no Q3 production after processing 47,387 tonnes in Q2. Orvana completed all preparations in July 2026 and expects to start feeding oxide ore shortly. Orovalle remains on track to meet FY2026 gold guidance of 34,000–37,000 ounces, while revised EMIPA guidance is expected with mid-August 2026 MD&A.
Positive
- Orovalle gold production up 14% QoQ to 9,656 oz
- Consolidated Q3 FY2026 production of 10,833 GEO
- Orovalle ore milled stable QoQ at 131,244 tonnes
- Orovalle FY2026 gold guidance maintained at 34,000–37,000 oz
- Orovalle year-to-date gold output at 27,428 oz toward guidance
- OSP preparations in Bolivia completed, circuits and supplies in place
Negative
- EMIPA recorded no production in Q3 FY2026
- Orovalle copper production down 17% QoQ to 643 K lbs
- Orovalle copper recovery declined to 69.7% from 78.7% QoQ
- Logistics disruptions in Bolivia delayed OSP startup schedule
- EMIPA FY2026 guidance (13,000–14,000 oz gold; 6,700–7,500 K lbs copper) pending revision
News Market Reaction – ORVMF
In the Jul 16 session, ORVMF declined 2.96%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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"This is a pivotal moment for Orvana," said Juan Gavidia, Chief Executive Officer of Orvana. "Following the completion of all preparations for oxide ore processing at EMIPA, we expect to begin ramping up production in
Highlights:
- Consolidated production of 10,833 of Gold Equivalent Ounces ("GEO")(1) during Q3 FY2026, comprised of 9,656 gold ounces, 0.64 million pounds of copper and 19,487 silver ounces.
- Logistics disruptions in
Bolivia during Q3 FY2026 resulted in a delay to the originally anticipated start-up schedule for the OSP. Consequently, EMIPA did not record any production during the third quarter, and Orovalle, the Company's operation inSpain , was the sole producing asset during Q3 FY2026. - During July 2026, the Company completed all preparations required to commence oxide ore processing in
Bolivia , including the receipt of all necessary supplies and the final preparation of the processing circuits. With all circuits operational and supplies in place, the Company expects to begin feeding oxide ore into the plant in the coming days.
Certain statements in this news release, including statements regarding ramp-up and production expectations, constitute forward-looking information. See "Cautionary Statements – Forward-Looking Information" below.
Orovalle:
- Orovalle is on track to meet FY2026 production guidance, based on results to date and current operating assumptions (see "Cautionary Statements – Forward-Looking Information").
- The mill processed approximately 131,244 dry tonnes during Q3 FY2026, in line with the prior quarter.
- 9,656 gold ounces produced in Q3 FY2026,
14% higher than the previous quarter due to13% higher head grade and1% higher tonnes milled. - 0.6 million copper pounds produced in Q3 FY2026,
17% lower than the previous quarter due to7% lower grade and11% lower recoveries, slightly off-set by1% higher tonnes milled. - Quarter–over–quarter grade movements reflect changes in oxide and skarn proportions associated with ore extraction and blending sequencing.
Orovalle | Q3 | Q2 | Q3 | YTD-Q3 | FY 2026 | |
Ore milled (tonnes) | 131,244 | 130,506 | 116,626 | 391,372 | ||
Gold equivalent (oz)(1) | 10,833 | 9,827 | 10,008 | 31,236 | ||
Gold | ||||||
Grade (g/t) | 2.49 | 2.20 | 2.43 | 2.36 | ||
Recovery (%) | 91.9 | 91.9 | 93.6 | 92.2 | ||
Production (oz) | 9,656 | 8,464 | 8,536 | 27,428 | 34,000 - 37,000 | |
Copper | ||||||
Grade (%) | 0.32 | 0.34 | 0.42 | 0.33 | ||
Recovery (%) | 69.7 | 78.7 | 82.0 | 74.7 | ||
Production (K lbs) | 643 | 772 | 886 | 2,121 | 2,700 - 3,000 | |
Silver | ||||||
Grade (g/t) | 6.68 | 7.74 | 9.86 | 7.95 | ||
Recovery (%) | 69.1 | 78.2 | 80.4 | 75.9 | ||
Production (oz) | 19,487 | 25,424 | 29,752 | 75,918 |
EMIPA:
- The Company expects to provide a revised guidance for EMIPA's operations in its Management's Discussion & Analysis for the quarter ended June 30, 2026, which is expected to be released in mid-August 2026.
EMIPA | Q3 | Q2 | Q3 | YTD-Q6 | FY 2026 | |
Ore milled (tonnes) | - | 47,387 | - | 47,387 | ||
Gold equivalent (oz)(1) | - | 977 | - | 977 | ||
Gold | ||||||
Grade (g/t) | - | 0.94 | - | 0.94 | ||
Recovery (%) | - | 66.7 | - | 66.7 | ||
Production (oz) | - | 959 | - | 959 | 13,000 - 14,000 | |
Copper | ||||||
Grade (%) | - | - | - | - | ||
Recovery (%) | - | - | - | - | ||
Production (K lbs) | - | - | - | - | 6,700 - 7,500 | |
Silver | ||||||
Grade (g/t) | - | 10.89 | - | 10.89 | ||
Recovery (%) | - | 6.5 | - | 6.5 | ||
Production (oz) | - | 1,079 | - | 1,079 |
(1) Gold Equivalent Ounces ("GEO") is a Non-GAAP Financial Performance Measure. Non-GAAP measures do not have standardized meanings under IFRS and may not be comparable to similar measures of other issuers. GEO is calculated by converting copper and silver to gold equivalent using the metal prices disclosed below and adding the result to gold ounces produced. The Company believes GEO provides a useful measure to help evaluate production across multiple metals. Refer to the Company's most recent Management's Discussion and Analysis for additional information. GEO were calculated using the following average market prices:
Q3 FY2026:
Q2 FY2026:
Q3 FY2025:
Qualified Person
The scientific and technical information in this news release related to the Company's Orovalle operation has been reviewed and approved by Guadalupe Collar Menéndez, Chief of Geology of Orovalle Minerals S.L., a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.
The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A. ("EMIPA"), a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.
Consolidated Operational and Financial Performance
Q3 FY2026 consolidated operational and financial highlights will be released with the third quarter financials, expected mid-Aug, 2026.
ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).
Cautionary Statements – Forward-Looking Information
Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding, among other things, current expectations, estimates, projections and assumptions about future events and operating performance, including: the anticipated production ramp-up in Bolivia, the achievement of continuous production from both the Company's Bolivia and Spain operations, and the expectation that these developments may position Orvana to deliver increased value to shareholders in the future; statements that Orovalle is "on track" to meet FY2026 production guidance; statements regarding the expected timing, if any, of commencement of oxide ore processing at Don Mario under the OSP; the expected timing to revise EMIPA's market guidance; and the anticipated timing of the Company's third quarter financial results.
Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions, including those relating to production guidance and ramp-up expectations, underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Orovalle, Don Mario and Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans. There can be no assurance that such expectations or guidance will be achieved.
A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully resume production at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.
Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements and actual results may differ materially from those expressed or implied in such statements.
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SOURCE Orvana Minerals Corp.