Orvana Minerals (ORV) investor relations material

Executive summary

• Q2 FY2026 net revenue reached $54.4 million, up 70% sequentially from Q1 FY2026, driven by higher metal prices and increased sales volumes.

• Net income for Q2 FY2026 was $19.6 million, reversing a net loss of $7.2 million in Q1 FY2026.

• Operating cash flows improved to $29.9 million in Q2 FY2026 from a negative $0.8 million in Q1 FY2026.

• Free cash flow surplus of $10.6 million in Q2 FY2026, compared to a deficit of $3.7 million in Q1 FY2026.

• Oxides Stockpile Project in Bolivia is progressing, with plant commissioning and integration of Cu circuits underway; oxide ore processing expected to commence soon.

Financial highlights

• Gross margin in Q2 FY2026 was $24.8 million, up from $14.5 million in Q1 FY2026 and $7.1 million in Q2 FY2025.

• EBITDA for Q2 FY2026 was $27.5 million, up from $11.0 million in Q1 FY2026 and $5.1 million in Q2 FY2025.

• Ending cash and cash equivalents stood at $48.0 million as of March 31, 2026.

• Capital expenditures (cash basis) were $14.9 million in Q2 FY2026.

Outlook and guidance

• Orovalle is on track to meet FY2026 guidance: gold production of 34,000–37,000 oz, copper production of 2.7–3.0 million lbs, sustaining capital expenditures of $15–17 million, AISC of $2,700–$3,000/oz gold.

• EMIPA (Bolivia) expects gold production of 13,000–14,000 oz and copper production of 6.7–7.5 million lbs for FY2026, with AISC of $2,200–$2,600/oz gold.

• Guidance is based on operational readiness, successful ramp-up of oxide ore processing, and stable market conditions.