Orvana Minerals (ORV) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 saw the restart of trial processing at the Don Mario plant in Bolivia, with initial doré production expected in H2 February 2026, marking a key step in resuming metal output.

• Orovalle in Spain produced 10,576 gold equivalent ounces in Q1 FY2026, a 39% increase over the previous quarter, driven by higher throughput and improved grades.

• Drilling commenced at the Taguas property in Argentina, targeting deep porphyry copper-gold systems, with 356.5 metres drilled as of the release date.

Financial highlights

• Q1 FY2026 revenue was $32.0 million, up from $21.7 million in Q1 FY2025 and $23.5 million in Q4 FY2025.

• Gross margin reached $14.5 million, compared to $4.5 million in Q1 FY2025.

• Net loss for Q1 FY2026 was $7.2 million, versus net income of $1.4 million in Q1 FY2025.

• EBITDA for Q1 FY2026 was $11.0 million, up from $6.4 million in Q1 FY2025.

• Ending cash and cash equivalents stood at $32.2 million.

Outlook and guidance

• FY2026 guidance for EMIPA (Bolivia): gold production of 13,000–14,000 oz, copper 6.7–7.5 million lbs, cash operating costs (gold) $1,900–$2,300/oz, AISC (gold) $2,200–$2,600/oz.

• Orovalle (Spain) FY2026 guidance: gold production 34,000–37,000 oz, copper 2.7–3.0 million lbs, capital expenditures $15–17 million, AISC (gold) $2,700–$3,000/oz.

• Oxide stockpile processing in Bolivia to ramp up through Q3 FY2026, aiming for full capacity in Q4 FY2026.