Orvana Announces Q3 FY2026 Results & August Commercial Production RAMP-up in Bolivia
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For Immediate Release TSX:ORV
Date: August 13, 2026 #22-2026
ORVANA ANNOUNCES Q3 FY2026 RESULTS & AUGUST COMMERCIAL
PRODUCTION RAMP-UP IN BOLIVIA
TORONTO, ONTARIO, August 13, 2026 - Orvana Minerals Corp. ( TSX: ORV; OTCQX: ORVMF ) (the
“Company” or “Orvana”) provides updates on the Oxides Stockpile Project at its Don Mario operation in
Bolivia, and reports results for the quarter ended June 30, 2026 (“Q3 FY2026”).
“We are very excited that our new Bolivian Copper Cathodes Circuit, and our revamped Gold- Silver Dore
Circuit, have entered the commercial production ramp -up phase, after overcoming logistical hurdles in
Bolivia during May and June. Our Bolivian team is focused on executing a safe and disciplined ramp- up,
with the goal of achieving stable commercial production in September 2026” said Juan Gavidia, Chief
Executive Officer of Orvana Minerals. “This positive momentum for Bolivia, together with the doubling of
our exploration area at Taguas, Argentina, through the acquisition of Evelina, reflects the disciplined
execution of the growth strategy Orvana has pursued in recent years”, added Mr. Gavidia
Bolivia – EMIPA Oxides Stockpile Project (“OSP”)
- Completed commissioning of Crushing, Milling, Thickening, Acid Leaching, F iltration (source of
both Copper PLS-Pregnant Leach Solution and Gold-Silver cake), Copper Cathodes Circuit (SX-
EW), and Gold-Silver Dore Circuit (CN Leach plus ADR) . With the production of copper PLS and
gold-silver cake established in July , ramp- up activities across the copper and precious metals
circuits are currently progressing in August, as planned.
- Operational efforts remain focused on achieving stable commercial production in September 2026.
The timing of the ramp- up and attainment of targeted production levels remain subject to
operational performance and market conditions.
- FY2026 Revised Guidance: During May and June 2026 (Orvana Q3 FY2026) Bolivia experienced
53 days of significant civil unrest, including nationwide strikes and road blockades, which disrupted
the movement of goods and personnel across the country and materially impacted logistics and
supply chains. While logistics have fully normalized as of the date of t his news release, these
disruptions delayed the execution of the OSP by 60 days for some items, and for more than 90
days in some others . As a result of the operational delays arising mainly from the logistics
disruptions, EMIPA updated its production plan and has accordingly revised its guidance for fiscal
2026:
EMIPA
YTD FY2026
Actual (4)
FY2026
Revised
Guidance (4)
FY2026
Guidance (2) (3)
Metal Production
Gold (oz) 959 4,200 – 4,700 13,000 – 14,000
Copper (million lbs) - 1.9 – 2.1 6.7 – 7.5
COC (co-product) ($/oz) gold (1) (2) - - $1,900 - $2,300
COC (co-product) ($/lb) copper (1) (2) - - $2.60 - $3.20
AISC (co-product) ($/oz) gold (1) (2) - - $2,200 - $2,600
AISC (co-product) ($/lb) copper (1) (2) - - $2.90 - $3.50
(1) Cash costs per ounce (COC) and all -in sustaining costs (AISC) per ounce are Non-GAAP Financial
Performance Measures, intended to provide additional information to investors and do not have any
standardized meaning under International Financial Reporting St andards (“IFRS”) as issued by the
International Accounting Standards Board, and therefore may not be comparable to other issuers, and
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should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. For further information, please see the “Non-GAAP Financial Performance
Measures” section of the Company’s Q3 FY2026 MD&A.
(2) COC and AISC are reported for gold and copper. Silver production is accounted for as a by-product of
gold, and the associated revenues are credited against gold production costs for the purpose of COC
and AISC calculations. EMIPA fiscal 2026 guidance for COC and AISC assum ed an average BOB to
U.S. Dollar exchange rate of 9.60. EMIPA fiscal 2026 guidance for COC and AISC of gold assumed a
by-product silver price of $75 per ounce.
(3) The FY2026 production and cost guidance was established in February 2026 based on the information
and assumptions available at that time, including the planned phased restart of the Don Mario plant,
the processing of 256,288 tonnes of oxide ore and approximately 65,000 tonnes of legacy sulfide ore,
and preliminary operating cost estimates.
(4) The Company has determined that COC and AISC are not considered meaningful performance
indicators for FY2026, given the limited scale and non-recurring nature of production activities during
the year. Production in Q2 FY2026 was limited to the processing of legacy sul fide ore through the
gold/silver circuit as part of plant testing and commissioning activities, while no production was
recorded in Q3 FY2026. During the second half of Q4 FY2026, oxide ore processing commenced and
all plant circuits, including the new copper circuit, were brought into operation as part of the ramp-up
phase. Unitary cost metrics are expected to be reported in FY2027, subject to the successful
completion of the ramp-up phase and the achievement of stable operating conditions.
Spain – Orovalle
Orovalle produced 10,833 gold equivalent ounces (5) (“GEO”) during Q 3 FY2026, approximately
10% higher than the 9 ,827 GEO(5) produced in the previous quarter. The primary drivers of the
variance between Q3 FY2026 and the prior quarter were:
The mill processed approximately 131,244 dry tonnes during Q3 FY2026, in line with
130,506 dry tonnes in the prior quarter, supported by tonnage mined from parallel
operations at El Valle Boinás and Carlés mines.
9,656 gold ounces produced in Q3 FY2026, 14% higher than the previous quarter primarily
due to 13% higher gold grade.
0.6 million copper pounds produced in Q3 FY2026, 17% lower than the previous quarter
primarily due to 6% lower copper grade and 11% lower recovery.
Quarter‑over‑quarter grade movements reflect changes in oxide and skarn proportions
associated with ore extraction and blending sequencing.
Variations in copper recovery reflected changes in processed ore grades and metallurgical
adjustments to the flotation process designed to maintain concentrate quality
specifications, including the control of deleterious elements.
In Q3 FY2026, Orovalle completed 3,712 metres of drilling at its El Valle mine, primarily focused
on Breccia East and Area 208 orebodies. Drilling remains ongoing at El Valle mine .
FY2026 Guidance: Orovalle is currently on track to meet FY2026 Guidance, based on results to
date and current operating assumptions, although actual results may differ materially depending
on operational performance and market conditions (see "Cautionary Statements - Forward-Looking
Information"). The following table sets out Orovalle’s results for the first nine months of fiscal 2026
and fiscal 2026 production, capital expenditures and costs (5) guidance:
Orovalle YTD FY2026
Actual
FY 2026
Guidance (6)
Metal Production
Gold (oz) 27,428 34,000 – 37,000
Copper (million lbs) 2.1 2.7 – 3.0
Sustaining Capital Expenditures (USD thousands) $8,484 $15,000 - $17,000
Cash operating costs (by-product) ($/oz) gold (5) (6) $1,872 $2,300 - $2,500
All-in sustaining costs (by-product) ($/oz) gold (5) (6) $2,271 $2,700 - $3,000
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(5) GEO, Cash operating costs (“COC”) and All-in sustaining costs (“AISC”) per ounce are Non-GAAP Financial
Performance Measures. For further information and detailed reconciliations, please see the “Non-GAAP
Financial Performance Measures” section of the Company’s Q3 FY2026 MD&A.
(6) Orovalle Fiscal 2026 guidance assumptions for COC and AISC include by-product commodity prices of $4.5
per pound of copper and an average Euro to USD exchange rate of 1.20.
Argentina – Taguas Project
The Company conducted its first deep drilling campaign targeting deeper mineralized systems on
the Taguas property between late January and early May 2026. The program comprised 2 drill
holes, totaling 2,173.7 metres drilled. First drill hole TADD278 reached 1,331.7 metres and second
TADD279, 842 metres. The FY2026 program concluded in anticipation of the winter season. The
second drill hole has been cased, preserving the option to resume and continue drilling during the
next summer field campaign.
Petrographic studies completed on drill core samples from hole TADD -278 indicate that the
mineralized host rock corresponds to a dacitic porphyry. The analyzed intervals display a well -
developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic
phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a
hydrothermal porphyry system. The studies also identified intense sericitic alteration assemblages
dominated by quartz -sericite-pyrite. Sulfide mineralization is primarily composed of pyrite with
associated enargite and/or chalcopyrite, occurring as disseminations and veinlet fillings, further
supporting the interpretation of a d acitic porphyry -related hydrothermal system. Additional
information is available in the Company’s news release dated July 2, 2026.
Petrographic studies on TADD -279 and vectoring studies are currently underway. The company
also plans to undertake geochronological studies on selected drill core samples to constrain the
timing of the different porphyry intrusion phases and enhance its understanding of the hydrothermal
system's temporal evolution.
In July 2026, the Company completed a technical review workshop involving specialists in porphyry
and epithermal systems. The workshop reviewed geological, geochemical, mineralogical, structural
and alteration datasets and provided independent input to support refinement of the exploration
model.
At the end of June 2026, the Company acquired the Evelina property, comprising four claims
totalling 4,015 hectares. The addition of the Evelina Property increases the Taguas Project’s
exploration footprint by approximately 123%, from 3,274 to 7,289 hectar es. Located immediately
south of the main Taguas property, the Evelina property extends the Taguas Project along the
same metallogenic belt, highlighting the potential continuity of a prospective epithermal corridor
supported by early geological evidence. The acquisition provides opportunities to expand
exploration activities at the Taguas Project while enhancing logistical flexibility and optionality for
potential future infrastructure development. Additional information is available in the Company’s
news release dated June 29, 2026.
Drawing on all geological, geochemical, mineralogical and structural information generated during
FY2026, together with the historical data available for the Evelina property, the Company will define
the scope and priorities of the FY2027 exploration program at the Taguas Project.
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Selected Financial Information
(7) EBITDA and Free Cash Flow are Non-GAAP Financial Performance Measures and do not have
standardized meanings under IFRS , and may not be comparable to similar measures presented by other
issuers. For further information and detailed reconciliations, please see the “Non- GAAP Financial
Performance Measures” section of the Company’s Q3 FY2026 MD&A.
(8) These amounts are presented on a cash basis. Each reported period excludes capital expenditures incurred
in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior
periods and paid for in the applicable reporting period.
This news release contains only a summary of the Company’s financial and operations results for the third
quarter of fiscal 2026, and readers should refer to the full set of unaudited condensed interim consolidated
financial statements for the three and nine months ended June, 2026 and 2025, and accompanying
management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company’s
website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless
otherwise noted. Non-GAAP financial measures used in this release do not have standardized meanings
under IFRS and may not be comparable to similar measures used by other issuers .
The assumptions underlying all forward-looking statements in this release are described under “Cautionary
Statements – Forward-Looking Information”.
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, 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 EMIPA, a Qualified Person as defined
under National Instrument 43- 101 and an employee of Empresa Minera Paitití, S.A. , 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 Taguas property
has been reviewed and approved by Raúl Álvarez , Director of Exploration and Technical Services , 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.
Q3 FY2026 Q2 FY2026 Q3 FY2025 YTD 2026 YTD 2025
Financial Performance
(in 000’s, except per share amounts)
Revenue $45,685 $54,410 $26,982 $132,129 $75,441
Mining costs $23,393 $26,724 $15,234 $65,608 $46,617
Gross margin $19,681 $24,755 $9,571 $58,930 $21,175
Net income (loss) $18,518 $19,582 ($2,181) $30,920 ($256)
Net income (loss) per share
(basic/diluted) $0.14 $0.14 ($0.02) $0.23 $0.00
EBITDA (7) $23,978 $27,523 $7,878 $62,497 $19,379
Operating cash flows before non-
cash working capital changes $11,675 $25,535 $1,933 $50,317 $12,422
Operating cash flows $5,194 $29,947 $4,765 $34,328 $14,994
Free Cash Flow (7) ($613) $10,629 ($9,107) $6,356 ($10,188)
Ending cash and cash equivalents $32,562 $47,984 $23,350 $32,562 $23,350
Capital expenditures (cash-basis) (8) $12,288 $14,906 $11,040 $43,961 $22,610
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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 Bolivi a and the Taguas
property located in Argentina. Additional information is available at Orvana’s website ( www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
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”). Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but
not always, using words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certa in actions,
events or results “may”, “could”, “would”, “might”, “will”, “are projected to” or “confident of” be taken or achieved) are not statements
of historical fact, but are forward-looking statements.
The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in operating cash flow;
the ability to ramp-up the feeding of the Don Mario Plant with oxides stockpile ore and subsequently achieve stable production levels;
EMIPA’s ability to operate the expanded process plant for the estimated periods; the ability to complete the interpretation of results
of the Taguas drilling campaign; the ability to develop the FY2027 exploration campaign at Taguas ; EMIPA's ability to achieve its
revised FY2026 guidance; Orovalle 's ability to achieve its FY2026 guidance; estimates of future production (including without
limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and
information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve
additional growth and geographic diversification; and future financial performance, including the ability to increase cash fl ow and
profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to
mineral reserves.
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, which includes, without limitation, as particularly set out in the notes accompanying the Company’s
most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in
this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in
Orvana’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most
recently completed fiscal year (the “Company Disclosures”) or as otherwise expressly incorporated herein by reference as well as:
there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions,
damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and
Taguas being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company
operates being consistent with its current expectations; certain price assumptions for gold, copper and silver, which are subject to
fluctuation and volatility beyond the Company’s control; prices for key supplies being approximately consistent with current levels;
stable labour, energy supply, and logistics conditions in the jurisdictions where the Company operates; production and cost of sales
forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; labour and
materials costs increasing on a basis consistent with Orvana’s current expectations; and the availability of necessary funds to execute
the Company’s plan. Without limiting the generality of the foregoing, this news release also contains certain "forward- looking
statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the
Company’s exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, c onceptual
mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters,
operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permit ting
timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies.
A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations ,
performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated
or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and f actors
include: delays or difficulties in obtaining or maintaining necessary permits, including tailings storage and environmental
authorizations at Orovalle; the potential impact of global health and global economic conditions on the Company’s business and
operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions ; the
general economic, political and social impacts of the continuing conflict between Russia and Ukraine, and the current conflict
involving Iran, as well as broader regional geopolitical instability; our ability to support the sustainability of our business including
through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the
medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the
need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates ;
variations in the grade of ore mined; variations in the cost of operations, including increases in energy, power, and environmental
compliance costs; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulat ory
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approvals and licenses; delays or difficulties in obtaining or maintaining necessary permits, including Orovalle’s ability to complete
the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity, and obtaining environmental
authorizations at Orovalle; Orovalle’s ability to complete the stabilization project of the legacy open pit wall; the Company’s ability to
use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s
ability to continue to operate the El Valle Boinás and Carlés Mines and El Valle Plant; the Company’s ability to process the current
oxides stockpiles at Don Mario; the Company’s ability to successfully carry out exploration and development plans at Taguas;
sufficient funding to carry out exploration and development plans; the Company’s ability to acquire and develop mineral properties
and to successfully integrate such acquisitions; the Company’s ability to execute on its strategy; the Company’s ability to obtain
financing when required on terms that are acceptable to the Company; challenges to the Company’s interests in its property and
mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic
conditions in the countries in which the Company oper ates; general economic conditions worldwide; the challenges presented by
global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental
matters; and the risks identified in the Company’s disclosures. This list is not exhaustive of the factors that may affect any of the
Company’s forward- looking statements and reference should also be made to the Company’s Disclosures for a description of
additional risk factors. Additional risk factors 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.
Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company’s mineral
projects, including operational ramp-up activities, production performance, mine life extension initiatives and financial outcomes, and
the timing and results of processing stockpiled material scheduled for FY2026, including variations in ore grade, recoveries, or
throughput that could affect realized production. These forward- looking statements are intended to provide an overview of
management’s expectations with respect to certain future activities of the Company and are subject to the risks, uncertainties and
assumptions described herein and in the Company’s disclosures, and may not be appropriate for other purposes. Forward-looking
statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by l aw,
the Company does not undertake any obligation to update forward- looking statements should assumptions related to these plans,
estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.