- 50,000-55,000 Oz 2021 Production Guidance Intact
Q2 2021 Consolidated Highlights:
On track to meet FY2021 guidance of 50,000-55,000 gold ounces and 7.0-8.5 million copper pounds.
Production of 14,197 gold equivalent ounces (10,785 gold ounces, 1.4 million copper pounds and 35,206 silver ounces).
7,686 gold ounces and 0.8 million copper pounds produced in stock as at March 31, 2021.
Revenue of $19.7 million; Average realized gold price per ounce of $1,822 and copper price per pound of $3.74.
EBITDA of $2.7 million.
Free cash flow of ($0.5) million.
Cash balance of $13.4 million as at March 31, 2021.
Cash Operating Costs ("COC") and All in Sustaining Costs ("AISC") of $1,193 and $1,769.
Juan Gavidia, CEO of Orvana Minerals stated: "I am very proud that our field teams in Spain, Argentina and Bolivia were able to deliver on results, as expected, notwithstanding COVID-related logistical restrictions and execution risks. With Spain's steady cash-flow, Argentina's progress in expanding its mineral resource, and Bolivia advancing with its final phase of metallurgical testing; Orvana is on target to meet its strategic objectives for FY2021."
TORONTO, May 10, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announced today financial and operational results for the second quarter of fiscal 2021 ("Q2 2021") and the completion of Taguas Drilling Campaign.
OroValle
Quarterly gold production of 10,785 ounces, 24% lower than previous quarter due to 12% lower throughput and 11% lower grade. The start of the quarter was impacted by infrastructure issues in one sector of the mine; the mine schedule was successfully rectified to be on track to meet FY2021 guidance.
Copper production was 1.4 million pounds, 34% lower than previous quarter, due 12% lower throughput and 26% lower grade.
Revenue of $19.7 million.
OroValle COC & AISC of $1,067 and $1,558.
Drilling:
Orovalle drilled 6,530 meters in El Valle in the second quarter of fiscal 2021; 4,487 meters were infill drilling and 2,043 meters were brownfield drilling.
638 meters were drilling in Lidia in the second quarter, completing the first phase of the program with a total of 1,017 meters.
Ortosa Godán permitting completed, drilling starting in May.
Taguas
Drilling campaign to enlarge the Mineral Resource started last February and was completed in April, with a total of 4,689 meters. Distribution of drilled meters is as follows (Figure 1):
3,455 meters in Cerros Taguas to enlarge oxide resources (main target of this campaign).
734 meters in Cerro Campamento with the aim of testing continuity of mineralized structures towards the southwest.
500 meters in CARDS target 1 & 2 to explore the mineralogy potential of this area.
Laboratory assays and evaluation in progress, with expected completion by late May.
A new Mineral Resource Estimate is being updated in compliance with Canadian National Instrument 43-101, by Geosim Services Inc, an independent consulting firm, with expected completion by the third quarter of fiscal 2021.
EMIPA
The Oxides Stockpile Project quality assurance (metallurgical) testing continues and a decision on the project is expected by the end of fiscal year 2021.
New reprocessing and interpretation of historical geological data was completed in December 2020. As a result, a brand-new comprehensive exploration program will be launched in the third quarter. Areas of interest will be subject to non-drilling exploration fieldwork during the second half of fiscal 2021. The goal is to develop drilling targets for fiscal 2022.
Selected Q2 2021 Consolidated Operational and Financial Information
Q2 2021 Q1 2021 Q2 2020 YTD 2021 YTD 2020
Operating Performance
Gold Grade (g/t) 2.31 2.60 2.74 2.47 2.55
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