Orvana Minerals (ORV) Q4 2025 earnings summary

Executive summary

• FY2025 results released, with stable operations in Spain, phased restart in Bolivia, and ongoing exploration in Argentina.

• Bolivia's Don Mario plant expansion advanced, with full commercial production targeted by April 2026.

• Spain's Orovalle produced 29,276 gold ounces and 3.6 million pounds of copper, slightly below revised gold guidance but in line for copper.

• Argentina's Taguas Project repositioned for deeper exploration, with a new drilling campaign set for January 2026.

Financial highlights

• FY2025 consolidated revenue was $98.9 million, up from $90.3 million in FY2024.

• EBITDA reached $21.4 million, compared to $16.9 million in the prior year.

• Net loss before income taxes was $7.8 million, versus a $2.3 million profit in FY2024.

• Cash provided by operating activities was $16.8 million, nearly flat year-over-year.

• Ending cash and cash equivalents stood at $28.3 million as of September 30, 2025.

Outlook and guidance

• Orovalle's FY2026 gold production guidance is 34,000–37,000 ounces; copper 2.7–3.0 million lbs.

• Capital expenditures for Orovalle in FY2026 are projected at $15–17 million.

• Cash operating costs (COC) and AISC for Orovalle are expected to rise to $2,300–2,500/oz and $2,700–3,000/oz, respectively.

• EMIPA's FY2026 guidance to be released after pilot testing.