Orvana reports 3Q FY2026 results; August ramp-up in Bolivia
ORVANA ANNOUNCES Q3 FY2026 RESULTS & AUGUST COMMERCIAL PRODUCTION RAMP-UP IN BOLIVIA
ORVANA ANNOUNCES Q3 FY2026 RESULTS & AUGUST COMMERCIAL PRODUCTION RAMP-UP IN BOLIVIA
PR Newswire
TSX:ORV
TORONTO , Aug. 13, 2026 /PRNewswire/ -- 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, Filtration (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 this 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:
Spain – Orovalle
Orovalle produced 10,833 gold equivalent ounces (5) ("GEO") during Q3 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:
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 dacitic 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 hectares. 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.
Selected Financial Information
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.
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"). 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 certain 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 flow 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, conceptual 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; permitting 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 factors 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 regulatory 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 operates; 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 law, 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.
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SOURCE Orvana Minerals Corp.
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August 13, 2026 - 4:30 PM PDT
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