TORONTO, Aug. 9, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announced today financial and operational results for the third quarter of fiscal 2021 ("Q3 2021") ending June 30, 2021.

Q3 2021 Consolidated Highlights:

On track to meet FY2021 guidance of 50,000-55,000 gold ounces.
Production of 18,471 gold equivalent ounces (13,879 gold ounces, 1.6 million copper pounds and 43,325 silver ounces).
6,972 gold ounces and 0.6 million copper pounds produced in stock as at June 30, 2021.
Revenue of $32.8 million; Average realized gold price per ounce of $1,798 and copper price per pound of $4.36.
EBITDA of $6 million.
Free cash flow of $2.8 million.
Cash balance of $15.9 million as at June 30, 2021.
Cash Operating Costs ("COC") and All in Sustaining Costs ("AISC") of $1,079 and $1,528.
Juan Gavidia, CEO of Orvana Minerals stated: "We are very pleased with the progression of our initiatives during FY2021. Orvana is entering the fourth quarter of FY2021 with momentum of maintaining stable cash generation in Spain, developing the Taguas property in Argentina by increasing initial mineral resources estimates, and advancing to the final phase of metallurgical testing of the oxides stockpile project in Bolivia."

OroValle (Spain)

Quarterly gold production of 13,879 ounces, 29% higher than previous quarter due to 12% higher throughput and 13% higher grade.
Copper production was 1.6 million pounds, 22% higher than previous quarter, due 12% higher throughput, 3% higher grade and 3% higher recoveries.
Revenue of $32.8 million.
OroValle COC & AISC of $970 and $1,267.
Exploration Drilling:
Orovalle drilled 7,196 meters in El Valle Boinás and Carlés in the third quarter of fiscal 2021; 5,089 meters were infill drilling and 2,107 meters were brownfield drilling.
Ortosa-Godán drilling started on August 2nd, 2021. The Company plans to drill approximately 5,000 meters, and the program is expected to conclude by the third quarter of fiscal 2022.
Taguas (Argentina)

Completion of 4,689m of diamond drilling between February and April 2021.
NI 43-101 Report (effective as at June 30, 2021 estimate) of 133.6Mt Inferred Resource at 0.60 g/t gold equivalent (see news release dated July 28, 2021).
947K AuEq Oz, 55.5Mt of total resource, are low-cost oxides to be prioritized for full development.
1,649K AuEq Oz, 78.2Mt of total resource, are sulfides.
Updated oxides' NI 43-101 Preliminary Economic Assessment expected later in 2021.
EMIPA (Bolivia)

The quality assurance (metallurgical) testing for the oxides stockpile project is currently in progress. Delays are due to country-wide COVID related issues in Bolivia and Peru. Results to date are validating the Company's preliminary assumptions in terms of its positive economics.
Notwithstanding the economics of the project are compelling so far, the capital expenditure to be involved will be significant for the Company's debt and risk levels. Therefore the Company is moving to a new evaluation phase that will go into fiscal 2022. The new deadline is required to address the following:
Optimize capital expenditures with OEM's trade-offs;
De-risk project execution with national and international contractors;
Escalate and schedule business readiness costs (Pre-Operation);
Initiate and complete an in-country Bolivia financing facility for the OSP's CAPEX;
De-risk labor issues related to the start of the Care & Maintenance period in EMIPA.
Selected Q3 2021 Consolidated Operational and Financial Information


Q3 2021 Q2 2021 Q3 2020 YTD 2021 YTD 2020

Operating Performance
Gold Grade (g/t) 2.60 2.31 2.43 2.51 2.51

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