Press Release · Orvana Minerals Corp.
ORVANA PROVIDES UPDATE ON ITS BOLIVIAN SUBSIDIARY EMIPA
Distributed by Times Beats · Originally issued via PR Newswire
TSX: ORV
OTCQX: ORVMF
TORONTO, Nov. 2, 2026 — Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") provides an update on the progress of the ramp-up of operations at its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA"). The Company also announces the filing by EMIPA with the Autoridad de Supervisión del Sistema Financiero ("ASFI"), Bolivia's financial regulator, of its unaudited financial statements for the fourth quarter of fiscal year 2026 ("Q4 FY2026"), together with the related financial covenants calculations. As at September 30, 2026, EMIPA's financial covenants ratios under its Bolivian bond issuances were outside the applicable thresholds, and EMIPA is currently within the cure period provided for under the bond terms, during which it is working to restore compliance.
Juan Gavidia, CEO of Orvana, commented, "The ramp-up at Don Mario continued in October, with the plant processing approximately 17,500 tonnes of oxide material during the month and average throughput exceeding 900 tonnes per day in the last week of October. During the month, our team continued optimizing the filtration circuit through the installation and adjustment of new filter cloths. New filter cloths were installed on two of the three filter units during mid-October and the third was fitted with the new filter cloths on November 1. Based on the progress achieved to date, and subject to continued satisfactory operating and metallurgical performance, we are targeting a progressive increase in throughput toward approximately 1,400 tonnes per day during November. Subject to the results achieved, further increases would be evaluated during December toward the design rate of approximately 1,700 tonnes per day."
Operational Update
All key Don Mario plant circuits required for the processing of the oxide stockpile, as contemplated in the Oxides Stockpile Project design, are currently operational. Current efforts are focused on optimizing plant operations as the ramp-up progresses, including enhancements to instrumentation, automation and operational data management.
Based on results to date, metallurgical performance is generally in line with design assumptions. EMIPA will continue to evaluate and monitor metallurgical performance as throughput is progressively increased.
From a mechanical performance perspective, filtration has, to date, been identified as the primary area for optimization to support higher throughput levels. During October, EMIPA implemented measures to improve filtration performance, with the installation and adjustment of new filter cloths representing the principal modification. New filter cloths were installed and adjusted on two of the three filter units by mid-October, contributing to higher throughput during the second half of the month, including average throughput exceeding 900 tonnes per day in the last week of October. The third filter was fitted with the new filter cloths on November 1, 2026.
During October, EMIPA processed approximately 17,500 tonnes of oxide material as the plant continued its ramp-up. With the filtration modifications now implemented across all three filter units, EMIPA expects to continue testing progressively higher throughput levels during November, targeting approximately 1,400 tonnes per day, subject to satisfactory operating and metallurgical performance. The ramp-up will continue to be managed in a controlled manner, with plant performance and stability assessed as throughput increases. Subject to the results achieved, further increases are expected to be evaluated during December toward the plant's design throughput of approximately 1,700 tonnes per day.
EMIPA Unaudited Financial Statements Q4 FY2026 (Bolivian GAAP) and Bond Covenant Update
In September 2023, ASFI approved and registered EMIPA as an eligible bond issuer on the Bolivian stock market. As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with ASFI.
EMIPA's financial statements are prepared in accordance with Bolivian generally accepted accounting principles ("Bolivian GAAP"), which differs in certain respects from International Financial Reporting Standards ("IFRS"), and are not directly comparable to the Company's consolidated financial statements, which are prepared in accordance with IFRS. EMIPA's financial statements for the period ended September 30, 2026 and the related covenants calculations are unaudited.
The unaudited financial statements for the period ended September 30, 2026 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"):
https://www.asfi.gob.bo/pb/entidades-inscritas-registro-del-mercado-valores
To search for EMIPA's financial statements, select the following at the ASFI Page:
Buscar: Empresa Minera Paitití, S.A. EMIPA
Ver: Estados Financieros
EMIPA Bonds I and EMIPA Bonds II in the Bolivian Market (collectively, the "Bonds"), as more fully described in the Company's most recently filed unaudited interim financial statements available on www.sedarplus.ca, are subject to certain financial covenant requirements that were tested as at September 30, 2026. The applicable covenant thresholds are set out below:
Covenant | Formula | Required Threshold |
Debt coverage | (EBITDA + Cash) / (Repayments of debt + Interest) | 0.40 |
Third parties debt coverage | (Total Liabilities – Intercompany Accounts | 3.00 |
Leverage | Debt / Equity | 2.50 |
As at September 30, 2026, based on its unaudited FY2026 financial statements prepared under Bolivian GAAP, EMIPA's ratios under the financial covenants described above were outside the required thresholds. Accordingly, EMIPA is currently within the cure period provided for under the terms of the Bonds (the "Cure Period"). The initial Cure Period runs through December 8, 2026 and may be extended in accordance with the terms of the Bonds, subject to bondholder approval.
EMIPA Bonds I is scheduled to mature on November 7, 2026, within the initial Cure Period, with the payment of its fifth and final coupon. If completed as expected, this payment would fully satisfy EMIPA's scheduled debt service obligations under the EMIPA Bonds I. The EMIPA Bonds II is scheduled to mature on February 19, 2027.
During the Cure Period, EMIPA is working to fulfill the applicable requirements under the Bonds, including information and action plan requirements intended to restore compliance with the covenant thresholds. EMIPA, with the support of the Company, intends to continue working with bondholders and other relevant parties to identify and implement appropriate remedial measures. Such measures and their effectiveness remain subject to ongoing evaluation and, where applicable, discussions with bondholders, and there can be no assurance that these efforts will restore compliance with the covenant thresholds within the Cure Period or any extension thereof.
The variance between EMIPA's calculated financial covenants ratios as at September 30, 2026 and the ratios EMIPA had anticipated reflects a number of factors, including external circumstances outside EMIPA's control, such as the accounting impact of Bolivia's transition to the new official exchange rate regime and the impact of social unrest and road blockades in May and June 2026 on the Oxides Stockpile Project schedule, as well as other operational and financial factors.
Qualified Person
The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A., a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.
Consolidated Operational and Financial Performance
Q4 FY2026 consolidated operational and financial highlights will be released with the audited annual financial statements and MD&A for FY2026, expected to be published in late November 2026.
SOURCE Orvana Minerals Corp.
ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).
Cautionary Statements – Forward-Looking Information
Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements include, without limitation, statements regarding: the continued ramp-up of oxide processing operations at Don Mario; expected increases in plant throughput, including the target of approximately 1,400 tonnes per day during November 2026 and potential further increases during December 2026 toward the design throughput of approximately 1,700 tonnes per day; the expected operating, mechanical and metallurgical performance of the plant as throughput increases; the expected benefits of the modifications made to the filtration circuit and other plant optimization initiatives; EMIPA's expectations regarding the payment of the fifth and final coupon of the EMIPA Bonds I on November 7, 2026 and the resulting satisfaction of its scheduled debt service obligations under such Bonds; and EMIPA's efforts during the Cure Period, including the development and implementation of remedial measures intended to restore compliance with the financial covenant thresholds and the potential effectiveness of such measures; and the expected timing of the release of the Company's audited annual financial statements and MD&A for FY2026.
Forward-looking statements are not statements of historical fact and are generally identified by words or phrases such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "may", "could", "would", "might", "will" or similar expressions, and include statements regarding future events and performance.
Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. The forward-looking statements in this news release are based on assumptions including, without limitation: EMIPA's ability to continue the ramp-up of the Oxides Stockpile Project in a controlled and progressive manner; the ability of the plant to achieve and sustain targeted throughput levels while maintaining satisfactory operating, mechanical and metallurgical performance; the expected performance and effectiveness of the modifications implemented to the filtration circuit and other plant optimization initiatives; the continued availability of necessary materials, supplies and services and the absence of material disruptions to logistics and supply chains at or near Don Mario; EMIPA's ability to make scheduled payments and otherwise meet its obligations under the Bonds; EMIPA's ability to develop and implement appropriate measures during the Cure Period to restore compliance with the financial covenant thresholds; the availability of any extension of the Cure Period in accordance with the applicable terms of the Bonds and subject to the required bondholder approval; and commodity prices and other economic and market conditions remaining within ranges consistent with current expectations. There can be no assurance that any of these assumptions will prove correct or that any forward-looking statements will be achieved.
Actual results could differ materially from those expressed or implied in forward-looking statements due to a variety of factors, many of which are beyond the Company's control, including: the inability of the plant to achieve or sustain targeted throughput levels or design throughput within the expected timeframe; operating, mechanical or metallurgical performance differing from current expectations as throughput increases; the filtration circuit modifications or other plant optimization initiatives not achieving the anticipated results; disruptions to the availability of materials, supplies, services, logistics or supply chains at or near Don Mario; social unrest, road blockades or other events affecting operations or logistics in Bolivia; deterioration in Bolivia's economic conditions, including foreign exchange constraints, changes in exchange rates and fuel shortages; EMIPA's inability to make scheduled payments or otherwise meet its obligations under the EMIPA Bonds or other debt obligations; the inability to develop, implement or successfully complete remedial measures during the Bonds' Cure Period; the inability to restore compliance with the financial covenant thresholds within the Cure Period or to obtain any required bondholder approvals or extensions; increases in operating or capital costs; the inability to obtain additional financing, if required, on acceptable terms or at all; changes in commodity prices; and changes in laws, regulations or government policies affecting mining operations in Bolivia. Additional risk factors applicable to the Company are described in the Company's most recent Annual Information Form, available on SEDAR+.
Orvana does not undertake any obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements.