TORONTO, May 13, 2026 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (OTCQX:ORVMF) (the "Company" or "Orvana") reports results for the quarter ended March 31, 2026 ("Q2 FY2026"), and provides updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, as well as on the deep drilling campaign at Taguas, Argentina.
Juan Gavidia, CEO of Orvana, commented, "We are pleased with the Q2 results, which demonstrate Orvana's strong operating cash–flow generation potential in the current operating and metal price environment. Looking ahead to the second half of the fiscal year, management expects that the planned commencement of oxide stockpile processing in Bolivia will further support operating cash–flow generation and strengthen our financial performance over time, subject to operational performance, metal prices and market conditions".
"We have completed the Taguas drilling campaign and are encouraged by the initial results, which indicate that drilling intersected a vertically zoned hydrothermal system transitioning from a high sulfidation epithermal environment into a deeper porphyry setting. Detailed technical interpretation and analysis of the results are continuing, and further updates are expected through May and June 2026 as additional laboratory assay results become available" he added.
Selected Financial Information
Net revenue of $54.4 million in Q2 FY2026, up 70% from $32.0 million in the first quarter of fiscal 2026 ("Q1 FY2026"), driven by higher realized metal prices(1) and increased sales volumes.
Cash flows provided by operating activities of $29.9 million in Q2 FY2026, compared to $0.8 million of cash used in Q1 FY2026 (an improvement of $30.7 million).
Free Cash Flow(1) surplus of $10.6 million in Q2 FY2026, compared to a Free Cash Flow(1) deficit of $3.7 million in Q1 FY2026 (an improvement of $14.3 million).
Q2 FY2026
Q1 FY2026
Q2 FY2025
YTD FY2026
YTD FY2025
Financial Performance
(in 000's, except per share amounts)
Revenue
$54,410
$32,034
$26,746
$86,444
$48,459
Mining costs
$26,724
$15,491
$16,682
$42,215
$31,383
Gross margin
$24,755
$14,494
$7,135
$39,249
$11,604
Net income (loss)
$19,582
($7,180)
$499
$12,402
$1,925
Net income (loss) per share (basic/diluted)
$0.14
($0.05)
$0.00
$0.09
$0.01
EBITDA (1)
$27,523
$10,998
$5,122
$38,521
$11,501
Operating cash flows before non-cash working capital changes
$25,535
$13,107
$6,328
$38,642
$10,489
Operating cash flows
$29,947
($813)
$7,700
$29,134
$10,229
Free Cash Flow (1)
$10,629
$(3,660)
($1,586)
$6,969
($1,081)
Ending cash and cash equivalents
$47,984
$32,176
$30,045
$47,984
$30,045
Capital expenditures (cash-basis) (2)
$14,906
$16,767
$7,914
$31,673
$11,570
(1)
GEO, EBITDA, Free Cash Flow and Realized Metal Prices 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 Q2 FY2026 MD&A.
(2)
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.
Bolivia
In December 2025, EMIPA commenced verification of the Don Mario plant's Au–Ag circuit following the completion of upgrades to the comminution, thickening, desorption and smelting areas. During Q2 FY2026, legacy sulphide ore was processed through the Au–Ag circuit, resulting in doré production of 959 Au oz and 1,079 Ag oz. The produced material has been exported, sold and fully collected as of the date of this report, supporting the validation of the logistics and commercialization processes.
Following completion of this testing phase in the second half of March, the Au–Ag circuit was shut down, and EMIPA advanced the commissioning and integration of the Cu circuits, with the overall processing facilities currently undergoing final testing and operational readiness verification.
Feeding the plant with oxide ore from the stockpiles is expected to commence in the coming weeks, subject to operational readiness, followed by a progressive ramp–up over the subsequent months, although the timing and achievement of planned production levels remain subject to operational performance.
Argentina
The Company conducted its first deep drilling campaign targeting deeper mineralized systems on the Taguas property between late January and early May 2026. This program followed the development of an updated geological model and a recent geophysical survey, aimed at identifying potential deep targets to 1,500 metres. The geophysical results, combined with a review of historical exploration data, guided the prioritization of key targets for the 2026 drilling campaign.
The program comprised 2 drill holes, ...
