TORONTO, Feb. 11, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") reports results for the quarter ended December 31, 2025 ("Q1 FY2026"), updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, and provides guidance for its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA") for Fiscal Year 2026 ("FY2026").
Juan Gavidia, CEO of Orvana, commented, "Our Bolivian operation has commenced trial processing of legacy ore through the Au-Ag circuit as part of the Don Mario plant restart. This represents an important operational step to resume metal production in Bolivia. The update and FY2026 guidance we are providing today reflect the significant efforts of the Bolivian team in advancing construction activities and preparing the operation for the phased ramp-up of production. I would like to congratulate the team for their dedication and execution under challenging conditions."
Highlights
Bolivia:
EMIPA has commenced operational trials by processing legacy sulfide ore through the Au-Ag circuit as part of the Don Mario plant restart. Initial doré production is expected to commence in the second half of February 2026, subject to successful completion of performance verification activities.
The next operational milestones include the completion of construction of the Cu circuits and the phased integration of all processing circuits, with commissioning expected to be fully completed early in the third quarter of fiscal 2026.
Processing of the oxide stockpiles is expected to begin thereafter and to ramp up progressively through the third quarter of fiscal 2026, with the objective of achieving full operational capacity during the fourth quarter of fiscal 2026. The timing and pace of ramp-up will depend on plant performance, equipment reliability, and the optimization of operating parameters.
As previously disclosed, EMIPA completed an on-site pilot test on representative oxide material. Based on the results of this pilot test, together with pre-existing metallurgical data, the Company has set forth its planning for the processing of its oxide stockpiles. For fiscal 2026, the plan assumes Au–Ag–Cu recoveries at levels below long-term expectations, reflecting the early stages of ramp-up and the ongoing optimization of process efficiency. Production and recovery rates are expected to improve over time as operational practices are fine-tuned, and equipment performance stabilizes.
Oxide Stockpiles- Production planning - The following table presents the production planning for the oxide stockpile ore only (not including legacy sulfide ore):
Oxide Stockpiles
Production Planning (1)
H2 FY2026
FY2027, FY2029
Total
Oxides milled (dmt)
256,288
1,532,831
1,789,119
Gold
Grade (g/t)
1.85
1.85
1.85
Recovery (%)
85.5
94.0
92.8
Production (oz)
13,039
85,701
98,740
Silver
Grade (g/t)
42.72
42.72
42.72
Recovery (%)
74.7
76.5
76.2
Production (oz)
262,966
1,609,471
1,872,437
Copper
Grade (%)
1.87
1.87
1.87
Recovery (%)
71.2
78.0
77.0
Production ('000 lbs)
7,521
49,289
56,810
(1)
The production estimates presented herein relate to the oxide stockpile material only and are preliminary in nature and are intended to provide an indicative production planning only. They do not constitute mineral reserves, a mine plan, or FY2026 production guidance. Actual production results may vary materially, as they depend on commissioning progress, plant performance, equipment reliability and other operational factors. These estimates should not be relied upon as definitive projections. The production planning will be reviewed and may be updated from time to time as additional operating data becomes available. The estimation has been reviewed and approved by Luis Isla, Chief of Geology of EMIPA, a qualified person under NI 43-101 and an employee of the Company.
This production planning is distinct from, and should not be confused with, the Company's FY2026 guidance for EMIPA, which incorporates expected production from both oxide stockpiles and legacy sulfide ore processed during FY2026.
EMIPA, FY2026 Guidance - The following table sets out EMIPA's FY2026 guidance for metal production and unitary costs(2), which reflects the expected processing of both oxide stockpiles and legacy sulfide ore at the Don Mario operation. The figures in the table below are based on current assumptions regarding the completion of the plant expansion, and subject to the commissioning and ramp-up performance of the Don Mario plant. The total metal production expected for FY2026 is based on the planned processing of 256,288 tonnes of oxide ore and approximately 65,000 tonnes of legacy sulfide ore.
EMIPA
FY2026
Guidance (3) (4)
Metal Production
Gold (oz)
13,000, 14,000
Copper (million lbs)
6.7, 7.5
Cash operating costs (co-product) ($/oz) gold (2) (3)
$1,900 - $2,300
Cash operating costs (co-product) ($/lb) copper (2) (3)
$2.60 - $3.20
All-in sustaining costs (co-product) ($/oz) gold (2) (3)
$2,200 - $2,600
All-in sustaining ...
