Uncategorized
ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2023
Q2 FY2023 Orovalle Highlights:
- Production of 14,470 GEO(1) (11,599 gold ounces, 1.1 million copper pounds and 35,000 silver ounces).
- COC at $1,438, and AISC at $1,691.
- On track to meet fiscal 2023 guidance.
Q2 FY2023 Consolidated Highlights:
- Revenue ($M): 22.3
- EBITDA ($M): 3.8
- CAPEX ($M): 1.5
- Unrestricted Cash EoP ($M): 3.5
Orvana Minerals Corp. (TSX: ORV) reports consolidated financial and operational results for the quarter ended March 31, 2023.
This news release should be read in conjunction with the Company’s Management’s Discussion and Analysis, unaudited Financial Statements and Notes to unaudited Financial Statements for the corresponding period, which have been posted on the Orvana Minerals Corp. SEDAR profile at www.sedar.com, and which are also available on the Company’s website at www.orvana.com. All figures are in U.S. dollars unless otherwise noted.
“Production at Orovalle during Q2 FY2023 remains consistent with the Company’s fiscal 2023 production guidance, positioning the Company to meet targets for fiscal 2023. We are also encouraged with the current energy and reagent prices being below 2022 levels, which will be favourable in managing our production costs”, said Orvana CEO Juan Gavidia.
Operating Highlights for the second quarter of Fiscal 2023:
- Orovalle:
- Production of 14,470 GEO(1) generally in line with the plan for the period, with higher throughput planned for the second half of the fiscal year when compared to the first half. On track to meet production guidance.
- A total of 3,071 m of infill drilling were completed at El Valle Boinás and 882 m of greenfield drilling were completed at Ortosa Godán.
- EMIPA:
- Don Mario continues in care and maintenance while the Oxides Stockpile Project continues advancing, with the current main focus being its project financing.
- During the second quarter of fiscal 2023, EMIPA advanced the process for the issuance of a $47 million Bond Program in the Bolivian stock market. Conditional upon closing the Bonds Program issuance and completing the remaining funding requirements, EMIPA expects OSP construction to start in the first quarter of fiscal 2024. OSP is projected to operate for 35 months, starting after a 13-month construction period.
- Orvana Argentina:
- Orvana is analyzing a strategic option to combine Oxides and Sulphides in a larger undertaking strategy. Fiscal 2023 is being dedicated to enhance the analytics of the sulphides zone of the deposit. Once the oxides – sulphides combined opportunity is understood, a potential infill drilling campaign will be designed.
Consolidated Results
| Q2 2023 | Q1 2023 | Q2 2022 | YTD 2023 | YTD 2022 | |
| Operating Performance | |||||
| Gold | |||||
| Grade (g/t) | 2.21 | 2.30 | 1.94 | 2.25 | 2.12 |
| Recovery (%) | 91.9 | 92.5 | 91.5 | 92.2 | 91.3 |
| Production (oz) | 11,599 | 10,711 | 8,341 | 22,310 | 20,072 |
| Sales (oz) | 9,581 | 10,799 | 9,199 | 20,380 | 20,639 |
| Average realized price / oz (1) | $1,896 | $1,722 | $1,868 | $1,806 | $1,828 |
| Copper | |||||
| Grade (%) | 0.36 | 0.43 | 0.31 | 0.39 | 0.38 |
| Recovery (%) | 81.2 | 82.6 | 80.7 | 81.9 | 82.6 |
| Production (‘000 lbs) | 1,144 | 1,216 | 797 | 2,360 | 2,248 |
| Sales (‘000 lbs) | 1,122 | 1,227 | 888 | 2,349 | 2,430 |
| Average realized price / lb (1) | $4.06 | $3.62 | $4.49 | $3.83 | $4.43 |
| Silver | |||||
| Grade (%) | 8.40 | 10.98 | 7.12 | 9.64 | 9.03 |
| Recovery (%) | 72.9 | 81.2 | 76.8 | 76.9 | 79.6 |
| Production (oz) | 35,000 | 44,903 | 25,703 | 79,903 | 74,455 |
| Sales (oz) | 40,145 | 43,755 | 27,469 | 83,901 | 74,660 |
| Average realized price / oz (1) | $22.80 | $20.86 | $23.55 | $21.75 | $23.37 |
| Financial Performance (in 000’s, except per share amounts) | |||||
| Revenue | $22,304 | $22,978 | $21,872 | $45,282 | $48,505 |
| Mining costs | $18,205 | $18,840 | $23,176 | $37,045 | $42,914 |
| Gross margin | $271 | $675 | ($4,692) | $946 | ($1,458) |
| Net income (loss) | ($472) | $134 | ($6,162) | ($338) | ($5,723) |
| Net income (loss) per share (basic/diluted) | $0.00 | $0.00 | ($0.05) | $0.00 | ($0.04) |
| EBITDA (1) | $3,750 | $2,736 | ($3,471) | $6,486 | $1,287 |
| Operating cash flows before non-cash working capital changes |
$5,040 | $2,648 | ($1,546) | $7,688 | $3,555 |
| Operating cash flows | $1,262 | $3,687 | $153 | $4,949 | ($863) |
| Free cash flow(1) | $3,538 | ($439) | ($6,257) | $3,099 | ($5,412) |
| Ending cash and cash equivalents | $3,515 | $4,214 | $13,583 | $3,515 | $13,583 |
| Capital expenditures (2) | $1,502 | $3,087 | $4,711 | $4,589 | $8,967 |
| Cash operating costs (by-product) ($/oz) gold (1) (3) | $1,524 | $1,388 | $2,099 | $1,452 | $1,611 |
| All-in sustaining costs (by-product) ($/oz) gold (1)(2)(3) | $1,893 | $1,790 | $2,638 | $1,838 | $2,067 |
| (1) | GEO, Free Cash Flow, EBITDA, Cash Costs per ounce (COC), All-in Sustaining Costs (AISC) per ounce, All-in Costs (AIC) per ounce and Realized Prices are Non-GAAP Financial Performance Measures. These non-GAAP financial performance measures referenced in this news release are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information and detailed reconciliations, please see the “Non-GAAP Financial Performance Measures” section of the Company’s MD&A dated May 12, 2023. Gold equivalent ounces for the second quarter of fiscal 2023 were calculated using the following average market prices: $1,888.63/oz Au, $22.56/oz Ag and $4.05/lb Cu. | ||||
| (2) | Capital expenditures 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. See the “Cash Flows, Commitments and Liquidity – Capital Expenditures” of the Company’s MD&A dated May 12, 2023. All-in sustaining costs include paid and unpaid capital expenditures incurred in the period. | ||||
| (3) | Unitary costs do not include one-time costs nor one-time severance charges. | ||||
ABOUT ORVANA
Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.
Posted May 12, 2023
MORE or "UNCATEGORIZED"
Black Mammoth Metals Reports Drill Results at Callaghan Gold Property, NV
Black Mammoth Metals Corporation (TSX-V: BMM) (OTC: LQRCF) is pl... READ MORE
May 14, 2025
Entrée Resources Announces Drill Results from Hugo North Extension, Including 260 Metres Grading 4.45% CuEq
Entrée Resources Ltd. (TSX:ETG) (OTCQB:ERLFF) is pleased to prov... READ MORE
May 14, 2025
OUTCROP SILVER EXPANDS LOS MANGOS VEIN SYSTEM WITH NEW HIGH-GRADE INTERCEPTS INCLUDING 3.86 METRES AT 621 g/t SILVER EQUIVALENT
Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF)... READ MORE
May 14, 2025
Harfang Makes New Gold Discovery and Drills 7.0 g/t Au Over 18.0 m at Sky Lake, Ontario
Harfang Exploration Inc. (TSX-V: HAR) is pleased to announce a ne... READ MORE
May 14, 2025
Orezone Gold Reports First Quarter 2025 Results
Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) is pleased t... READ MORE
May 14, 2025
