Orvana Minerals (ORV) investor relations material

Executive summary

• Don Mario Plant expansion in Bolivia is progressing on schedule, with 49% of forecasted CAPEX disbursed and restart targeted for early 2026.

• Orovalle in Spain increased gold equivalent production by 19% quarter-over-quarter, driven by higher gold output and improved grades.

• Carlés mine in Spain resumed operations but production is deferred to Q1 FY2026 due to permitting and integration delays.

• Taguas Project in Argentina is advancing geological modeling and exploration, with deep drilling planned for 2026.

Financial highlights

• Q3 FY2025 revenue was $26.98 million, up slightly from $26.75 million in Q2 FY2025 and $25.43 million in Q3 FY2024.

• Gross margin for Q3 FY2025 was $9.57 million, up from $7.14 million in Q2 FY2025.

• Net loss for Q3 FY2025 was $2.18 million, compared to net income of $0.5 million in Q2 FY2025 and $3.18 million in Q3 FY2024.

• EBITDA for Q3 FY2025 was $7.88 million, up from $5.12 million in Q2 FY2025.

• Operating cash flows before non-cash working capital changes were $1.93 million in Q3 FY2025, down from $6.33 million in Q2 FY2025.

• Free cash flow was negative $9.11 million in Q3 FY2025, compared to negative $1.59 million in Q2 FY2025.

• Ending cash and cash equivalents stood at $23.35 million as of June 30, 2025.

Outlook and guidance

• Don Mario construction is on track for completion by year-end 2025, with production restart in early 2026.

• FY2025 gold production guidance for Orovalle revised down to 30,000–31,000 oz (from 37,000–41,000 oz); copper guidance raised to 3.5–3.7 million lbs (from 2.4–2.7 million lbs).

• Cash operating costs and all-in sustaining costs per ounce gold revised upward due to production deferral and blend changes.

• Taguas Project geological modeling update expected by fiscal year-end 2025, with deep exploration drilling to begin in 2026.