Q2 FY2023 Orovalle Highlights:
Production of 14,470 GEO(1) (11,599 gold ounces, 1.1 million copper pounds and 35,000 silver ounces).
COC at $1,438, and AISC at $1,691.
On track to meet fiscal 2023 guidance.
Q2 FY2023 Consolidated Highlights:
Revenue ($M): 22.3
EBITDA ($M): 3.8
CAPEX ($M): 1.5
Unrestricted Cash EoP ($M): 3.5
TORONTO, May 12, 2023 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports consolidated financial and operational results for the quarter ended March 31, 2023.
Orvana Minerals Corp. Logo (CNW Group/Orvana Minerals Corp.)
This news release should be read in conjunction with the Company's Management's Discussion and Analysis, unaudited Financial Statements and Notes to unaudited Financial Statements for the corresponding period, which have been posted on the Orvana Minerals Corp. SEDAR profile at www.sedar.com, and which are also available on the Company's website at www.orvana.com. All figures are in U.S. dollars unless otherwise noted.
"Production at Orovalle during Q2 FY2023 remains consistent with the Company's fiscal 2023 production guidance, positioning the Company to meet targets for fiscal 2023. We are also encouraged with the current energy and reagent prices being below 2022 levels, which will be favourable in managing our production costs", said Orvana CEO Juan Gavidia.
Operating Highlights for the second quarter of Fiscal 2023:
Production of 14,470 GEO(1) generally in line with the plan for the period, with higher throughput planned for the second half of the fiscal year when compared to the first half. On track to meet production guidance.
A total of 3,071 m of infill drilling were completed at El Valle Boinás and 882 m of greenfield drilling were completed at Ortosa Godán.
Don Mario continues in care and maintenance ("C&M") while the Oxides Stockpile Project ("OSP") continues advancing, with the current main focus being its project financing.
During the second quarter of fiscal 2023, EMIPA advanced the process for the issuance of a $47 million Bond Program in the Bolivian stock market. Conditional upon closing the Bonds Program issuance and completing the remaining funding requirements, EMIPA expects OSP construction to start in the first quarter of fiscal 2024. OSP is projected to operate for 35 months, starting after a 13-month construction period.
Orvana is analyzing a strategic option to combine Oxides and Sulphides in a larger undertaking strategy. Fiscal 2023 is being dedicated to enhance the analytics of the sulphides zone of the deposit. Once the oxides – sulphides combined opportunity is understood, a potential infill drilling campaign will be designed.
Q2 2023 Q1 2023 Q2 2022 YTD 2023 YTD 2022
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