Orvana Minerals Corp. logo (CNW Group/Orvana Minerals Corp.)

Orvana Minerals Corp. (TSX: ORV) is pleased to: report results for Fiscal Year 2024 (ended September 30, 2024); announce Fiscal Year 2025 Guidance; announce the start of earthworks at Don Mario in Bolivia to prepare for the commencement of the construction of the Oxides Stockpile Project; and provide an update on financing of the OSP.

This news release contains only a summary of the Company’s financial and operations results for fiscal year 2024, and readers should refer to the full set of audited consolidated financial statements for the years ended September 30, 2024 and 2023, and accompanying management’s discussion and analysis, available on www.sedarplus.ca and on the Company’s website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

“The start of earthworks on site marks another important milestone in the restart of production at Don Mario” stated Juan Gavidia, CEO of Orvana. “Project advancement continues in a controlled manner as we focus on managing our liquidity in a prudent fashion” he added.

Highlights 

Bolivia:

• Orvana’s growth strategy hit two key milestones in Bolivia: the placement of bonds and the start of earthworks on site.
• To partially fund the plant expansion to treat ore stockpiled from previous years of mining activity, in the fourth quarter of fiscal 2024 the Company raised total net proceeds of $27.7 million through the placement of bonds in the Bolivian Stock Market and the issuance of preferred shares of EMIPA, its Bolivian subsidiary. To secure the remaining required funds for the construction and ramp-up phases, the Company continues developing different financing sources, including, without limitation, equity at the Bolivian subsidiary’s level, additional bonds offering in Bolivia and a prepayment facility.
• All permit conditions have been satisfied for the Don Mario restart. Contracts for earthworks and civil works have been awarded, and earthworks have started in the first quarter of fiscal 2025. The Company is making plans for next steps of the project expecting to complete the construction by the end of calendar year 2025, conditional on securing the remaining required balance of the funding during the first half of 2025.

Spain:

• In FY2024, Orvana produced 44,591 gold equivalent ounces ⁽¹⁾ in Spain, 22% lower when compared with 57,250 GEO⁽¹⁾ in the previous year, mainly due to 19% lower tonnage milled. Tonnage milled in the first half of the year was impacted by labor strikes related to the negotiation of the third Collective Bargaining Agreement of the Spanish subsidiary. On November 15, 2024 Orovalle finalized the definitive CBA, regulating labour and economic for fiscal 2025. Operational performance at Orovalle in fiscal 2024 has also been negatively impacted by higher levels of absenteeism, in line with national trends, and caused mainly by sick leaves longer on average than in previous years. The Company is reinforcing recruitment and onboarding programs to minimize the time required to fill temporary vacancies. The new CBA includes incentives to reduce future absenteeism.
• Orovalle drilled 10,810 meters at its El Valle mine, focused on converting the inferred material into measured and indicated material. A total of 445 meters were completed in greenfield projects, being the main target Ortosa-Godán, project located three kilometers northwest of the Company’s Carlés mine, and within the same gold belt. Drilling is currently ongoing at El Valle mine and Ortosa-Godán.

Argentina:

• The Company is repositioning the strategy of its Taguas Project, located in the San Juan province, now potentially including current sulphides resources, plus deep copper-gold porphyry opportunities. In order to identify potential targets at depth, Orvana expects to conduct in the summer campaign a deep geophysical survey to identify potential targets up to a depth of 1,500 metres. The Company is currently updating its geological modeling, with key objectives focused on enhancing the understanding of the oxide-sulfide transition zone, analyzing alteration zoning using infrared spectroscopy, and interpreting current drilling data to support the interpretation of geophysical survey results.

Selected Annual Information 

FY2025 Guidance 

The following table sets out Orovalle’s fiscal 2024 results and fiscal 2025 production, capital expenditures and costs guidance:

Orvana subsidiary in Bolivia reports Q4 FY2024 unaudited financial results

As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with Autoridad de Supervisión del Sistema Financiero (“ASFI”). The unaudited financial statements for the period ended September 30, 2024 for EMIPA can be viewed at the following ASFI landing page (the “ASFI Page”):

https://www.asfi.gob.bo/index.php/registro-rmv/mv-entidades-inscritas-en-el-rmv.html

To search for EMIPA’s financial statements, select the following at the ASFI Page:

     ENTIDADES REGULADAS – EMISORES: Empresa Minera Paitití, S.A. EMIPA
Ver: Estados Financieros

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, and the Taguas property located in Argentina. Additional information is available at Orvana’s website (www.orvana.com).