Orvana Minerals (TSX: ORV) posted Q1 FY2026 revenue of $32.0 million, up from $21.7 million in Q1 FY2025 and $23.5 million in Q4 FY2025, while net income flipped to a $7.2 million loss from $1.4 million profit a year earlier and narrowed versus a $12.0 million loss in the prior quarter.
Mining costs were $15.5 million, up from $14.7 million YoY but down from $17.2 million QoQ. The revenue jump pushed gross margin up to $14.5 million from $4.5 million YoY and $3.9 million QoQ.
However, general and administrative expense jumped to $12.8 million from $0.5 million YoY, while foreign exchange swung to a $5.2 million loss from $0.2 million gain YoY. Finance costs increased to $2.1 million from $0.4 million YoY.
This led to notching a loss before tax of $5.8 million versus $3.3 million income in last year.
Absent these items, EBITDA was $11.0 million, up from $6.4 million YoY and $2.0 million QoQ, while free cash flow was negative $3.7 million, versus an inflow of $0.5 million in Q1 FY2025 and an outflow of $1.6 million in Q4 FY2025.
Operating cash flows before working capital improved to $13.1 million from $4.2 million YoY and $9.0 million QoQ, supported by non-cash add-backs including $12.1 million of long-term compensation and $5.1 million of foreign exchange loss. But working capital consumed $13.9 million, led by a $9.1 million increase in VAT and other receivables and prepaid expenses, a $5.8 million inventory build, and a $0.7 million drag from sales receivables, partly offset by a $2.1 million rise in payables. As a result, operating cash flow turned to an outflow of $0.8 million versus the inflows of $2.5 million YoY and $1.8 million QoQ.
Cash and cash equivalents ended at $32.2 million, up from $28.3 million at September 30, 2025 and slightly below $33.7 million at December 31, 2024.
In Spain, Orovalle produced 10,576 gold equivalent ounces (GEO), up 39% from 7,587 GEO QoQ. Throughput rose to 129,622 dry tonnes, up 28% QoQ.
Specifically, gold production increased to 9,308 ounces, up 47% QoQ on higher tonnes milled, higher recovery, and higher gold grade tied to a higher oxide mix. Copper production was 0.7 million pounds, down 9% QoQ due to a lower copper grade and lower recoveries.
For FY2026, Bolivia’s EMIPA guidance assumes processing 256,288 tonnes of oxide ore plus about 65,000 tonnes of legacy sulfide ore, targeting 13,000–14,000 gold ounces and 6.7–7.5 million copper pounds. Co-product cash operating costs are guided at $1,900–$2,300 per gold ounce and $2.60–$3.20 per copper pound, with AISC at $2,200–$2,600 per gold ounce and $2.90–$3.50 per copper pound.
Orovalle reported cash operating costs of $1,904 per gold ounce and AISC of $2,343 per gold ounce, against FY2026 guidance of $2,300–$2,500 and $2,700–$3,000, with FY2026 production guidance of 34,000–37,000 gold ounces and 2.7–3.0 million copper pounds.
In Argentina, drilling at Taguas started in January 2026 with a planned ~4,500 metres program expected to run through April 2026; the first hole targets 1,500 metres and had reached 356.5 metres as of press time.
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