TSX:ORV
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TORONTO, Nov. 26, 2025 /CNW/ – Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) reports results for Fiscal Year 2025 (“FY2025”, ended September 30, 2025), provides guidance for its Spanish subsidiary, Orovalle Minerals, S.L. (“Orovalle”) for Fiscal Year 2026 (“FY2026”), and updates on the operations restart plan for its Bolivian subsidiary, Empresa Minera Paitití, S.A. (“EMIPA”).
“FY2026 is expected to be an important year for Orvana as we advance our key initiatives across all jurisdictions. We anticipate a stable operating performance in Spain, the phased restart of production in Bolivia, and the continuation of our planned exploration program in Argentina. The construction progress at Don Mario and the geological work completed at Taguas in FY2025 have positioned us to move forward with these priorities. Based on current planning, we expect Bolivia to reach full commercial production by April 2026, while field work in Argentina is scheduled to conclude during the same period”, stated Juan Gavidia, CEO of Orvana.
Highlights
Bolivia:
Over past twelve months, EMIPA completed key financings and continued to advance the Don Mario plant expansion. The plant expansion progressed during the period, including installation of new copper oxide circuits, enhancements to the gold-silver and detox circuits, an overhaul of pre-existing comminution and thickening circuits, and business-readiness upgrades to power generation, chemical and metallurgical laboratories, warehouses & workshops; and workforce recruitment & training.
EMIPA secured funding for the expansion through a second bond placement for $25 million, completed preferred share issuances by October 2025, and closed a $25 million secured prepayment facility (“Prepayment Facility”) in November 2025. Based on current estimates, no additional financing is expected to be required.
Total expansion CAPEX is estimated at $58 million, of which $30 million have been incurred as of September 30, 2025, and $28 million is forecasted for FY2026.
Plant construction is progressing according to the current schedule, with a phased restart planned as follows: gold-silver circuit in mid-December, copper circuit in late January, and a staged ramp-up of all circuits from February through April 2026.
A final, on-site pilot test is underway to support production and cost estimates for processing the Don Mario oxide stockpiles. Updated guidance will follow upon completion.
In November 2025, EMIPA entered into offtake agreements with the lender under the Prepayment Facility, securing marketing certainty for the copper cathode and doré production.
Spain:
In FY2025, Orovalle produced 29,276 gold ounces, approximately 2% below the revised guidance range of 30,000 to 31,000 ounces, primarily due to stope ore extraction in the latter half of September. The material was stockpiled and is scheduled for milling in fiscal 2026.
Copper production totalled 3.6 million pounds during the fiscal year 2025, fully in line with the revised guidance of 3.5 to 3.7 million pounds.
Capital expenditures during fiscal 2025 were $8.7 million (accrual basis), marginally below the revised guidance of $9.0 to $10.0 million, mainly due to the timing of projects at El Valle tailings storage facility.
Total COC(3) (by-product) of $1,847 and AISC(3) (by-product) of $2,186 per ounce of gold sold for fiscal 2025 were in line with the revised guidance ranges of $1,800 – $1,900 and $2,100 – $2,200, respectively.
Orovalle advanced its drilling program with 11,559 meters completed at its El Valle mine, primarily focused on Area 208, and an additional 2,945 metres drilled on greenfield drilling at the Ortosa-Godán location, situated three kilometres northwest of the Company’s Carlés mine within the same gold belt (1).
Argentina:
The Company repositioned the Taguas Project to evaluate its broader potential, extending beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and the potential deep porphyry copper-gold system (2).
The Company completed an updated geological model for the Taguas Project and is currently conducting a geophysical survey designed to identify potential deeper targets to a depth of 1,500 metres.
Results from the geophysical survey, combined with the recent review of historical exploration data will be used to prioritize key targets for an initial deep drilling campaign planned to begin in January 2026.
Selected Annual Information
Years Ended September 30
2025
2024
GEO(3)
35,705
44,591
Consolidated Financial Performance (in 000’s)