Orvana Minerals (ORV) Q4 2024 earnings summary

Executive summary

• FY2024 results reported with 44,591 gold equivalent ounces produced, down 22% year-over-year due to lower tonnage milled in Spain and operational disruptions.

• Earthworks commenced at Don Mario in Bolivia for the Oxides Stockpile Project, with construction targeted for completion by end of 2025, pending additional funding.

• Strategic repositioning of the Taguas Project in Argentina to include deeper copper-gold porphyry opportunities.

Financial highlights

• FY2024 revenue was $90.3 million, down from $99.1 million in FY2023.

• EBITDA for FY2024 was $16.9 million, compared to $21.7 million in FY2023.

• Cash provided by operating activities was $16.5 million, down from $21.0 million in the prior year.

• Comprehensive loss of $2.6 million in FY2024 versus income of $2.4 million in FY2023.

Outlook and guidance

• FY2025 production guidance for Orovalle: 37,000–41,000 oz gold and 2.4–2.7 million lbs copper.

• FY2025 capital expenditures for Orovalle expected at $14–16 million.

• Cash operating costs (COC) guidance: $1,550–$1,650/oz; AISC: $2,000–$2,150/oz.

• Construction at Don Mario expected to complete by end of 2025, subject to securing remaining funding in H1 2025.