Orvana Minerals (ORV) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended June 30, 2026 was $132.1 million, up from $75.4 million year-over-year, driven by higher gold-copper concentrate and doré sales.

• Net income for the nine months was $30.9 million, a significant improvement from a net loss of $0.3 million in the prior year period.

• Operating cash flow for the nine months was $34.3 million, more than double the $15.0 million generated in the prior year.

• Entered commercial production ramp-up at Bolivian Copper Cathodes and Gold-Silver Dore Circuits, targeting stable output by September 2026 after overcoming significant logistical disruptions.

• Expanded exploration area at Taguas, Argentina by 123% through the Evelina property acquisition, supporting growth strategy.

Financial highlights

• Q3 FY2026 revenue was $45.7M, down from $54.4M in Q2 FY2026 but up from $27.0M in Q3 FY2025.

• Net income for Q3 FY2026 was $18.5M, compared to $19.6M in Q2 FY2026 and a loss of $2.2M in Q3 FY2025.

• EBITDA for Q3 FY2026 reached $24.0M, with YTD EBITDA at $62.5M, up from $19.4M YTD FY2025.

• Gross margin for the nine months was $58.9 million, up from $21.2 million year-over-year.

• Cash and cash equivalents at June 30, 2026 were $32.6 million, up from $23.4 million a year earlier.

Outlook and guidance

• Management expects to meet near-term commitments with current cash, forecasted operating cash flow, VAT reimbursements, and renewed revolving lines.

• Revised FY2026 guidance for Bolivia due to 53 days of civil unrest, delaying project execution by up to 90 days for some items.

• Bolivia’s FY2026 gold production guidance: 4,200–4,700 oz; copper: 1.9–2.1M lbs; AISC for gold: $2,200–$2,600/oz; copper: $2.90–$3.50/lb.

• Orovalle (Spain) on track to meet FY2026 guidance: gold 34,000–37,000 oz, copper 2.7–3.0M lbs, AISC for gold: $2,700–$3,000/oz.

• The company is actively managing liquidity and evaluating measures to restore compliance with certain financial covenants.