Orvana Minerals (ORV) Q2 2025 earnings summary

Executive summary

• Don Mario Plant Expansion Project in Bolivia is progressing on schedule, with earthworks completed and reinforced concrete structures to be finalized by May 2025; construction completion targeted by end of 2025, pending additional funding.

• Orovalle in Spain produced 8,416 gold equivalent ounces in Q2 FY2025, a 13% decrease from the previous quarter due to lower tonnage milled and grades, impacted by high absenteeism and equipment availability.

• The Taguas Project in Argentina is being repositioned to include deeper copper-gold porphyry opportunities, with geological modeling and geophysical work ongoing.

Financial highlights

• Q2 FY2025 revenue was $26.7 million, up from $21.7 million in Q1 FY2025 and $15.9 million in Q2 FY2024.

• Net income for Q2 FY2025 was $0.5 million, compared to $1.4 million in Q1 FY2025 and $1.7 million in Q2 FY2024.

• EBITDA for Q2 FY2025 was $5.1 million, down from $6.4 million in Q1 FY2025 but up from $1.9 million in Q2 FY2024.

• Free cash flow was negative $1.6 million in Q2 FY2025, compared to positive $0.5 million in Q1 FY2025.

• Ending cash and cash equivalents stood at $30.0 million as of March 31, 2025.

Outlook and guidance

• Orovalle is expected to reach the lower end of its annual gold production guidance (37,000–41,000 oz) and exceed the higher end of copper guidance (2.4–2.7 million lbs).

• Capital expenditures at Orovalle are expected to reach the lower end of the $14–16 million guidance.

• Cash operating costs and all-in sustaining costs guidance will be revisited after Q3, depending on EUR/USD exchange rate evolution.

• Don Mario Plant ramp-up is planned for Q1 2026, subject to securing remaining project funding.