Orvana eyes higher gold-copper production in Spain, Bolivia

Orvana Minerals Corp. [ORV-TSX], a company which recently announced a US$25 million prepayment and offtake agreements with Trafigura Pte Ltd, has announced its results for the fiscal year ended September 30, 2025 and production guidance for its Spanish subsidiary, Orovalle Minerals S.L for fiscal 2026. The company has also released an update on the operations restart plan for its Bolivian subsidiary, Empresa Minera Paititi (EMPIPA).

Orvana is a multi-mine gold-copper-silver company, with a portfolio that includes the producing Orovalle operation in northern Spain, and the Don Mario operation in Bolivia, which is currently in plant expansion mode. Its other key asset is the Taguas property in Argentina where the company is examining the broader potential extending beyond the near-surface oxidized gold-silver resource outlined in a 2021 preliminary economic assessment. The company is planning to launch an initial deep drilling campaign in January, 2026 to test key targets outlined in a geophysical survey and historical exploration data.

“FY2026 is expected to be an important year for Orvana as we advance our key initiatives across all jurisdictions,’’ said Orvana CEO Juan Gavidia. “We anticipate a stable operating performance in Span, the phased restart of production in Bolivia, and the continuation of our planned exploration program in Argentina,’’ he said. “Based on our current planning we expect Bolivia to reach full commercial production by April 2026.’’

In full year 2025, Orovalle produced 29,276 gold ounces, approximately 2.0% below the revised guidance range of 30,000 to 31,000 ounces. Copper production totalled 3.6 million pounds, fully in line with the revised guidance of 3.5 million to 3.7 million pounds.

In fiscal 2026, Orovalle is expected to produce between 34,000 and 37,000 gold ounces, plus 2.7 to 3.0 million pounds of copper.

Orvana shares eased 19.9% or 41 cents to $1.65 and trade in a 52-week range of $2.08 and 22 cents.

Meanwhile, in Bolivia, 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,” the company said.

It said 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, 2026, and a staged ramp up of all circuits from February through to April, 2026.

In a press release on November 6, 2025, Orvana said EMIPA had closed a US$25 million secured prepayment facility and entered into offtake agreements with Trafigura for copper cathodes and dore bars to be produced from the Don Mario Operation.

The company said proceeds from the prepayment facility will fully fund the remaining capital required to complete the Don Mario plant expansion.

EMIPA has agreed to sell 100% of the full-life-of mine production of copper cathodes and dore bars produced from oxide stockpiles to Trafigura. Don Mario is located in Chiquitos, Southeastern Bolivia, and is managed by EMIPA, which temporarily suspended operations in the first quarter of fiscal 2020 due to depleted resources and reserves in the ore deposits.