TSX: ORV
OTCQX: ORVMF
TORONTO, Sept. 17, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") announces that its Bolivian subsidiary, Empresa Minera Paitití S.A. ("EMIPA"), has successfully produced its first copper cathodes from the processing of oxides stockpiled at its Don Mario site. This follows the Company's news release dated September 8, 2026 announcing EMIPA's first gold-silver doré bar from the oxides processing operation (the "OSP"), and marks the second, of the OSP's two metal recovery circuits, to reach operational production.
"The production of copper cathodes marks a second key milestone in the ramp-up of EMIPA's oxides processing operations. This milestone, together with the doré production previously announced, demonstrates the full metallurgical scope of the expanded Don Mario Plant, recovering both copper cathodes and gold-silver doré from the same oxide ore," said Juan Gavidia, Chief Executive Officer of Orvana.
"Management is now focused on improving mechanical reliability and operational stability across all processing circuits in order to support higher throughput rates. While initial weeks of the ramp-up have been slower than anticipated, plant performance continues to improve as EMIPA advances toward stable operations at its targeted average processing rate of approximately 1,700 tonnes per day" he added.
Oxides Stockpile Project ("OSP")
The Don Mario operation, located in the Don Mario district in southeastern Bolivia, is owned and operated by EMIPA, Orvana's Bolivian subsidiary. Mining and milling operations at Orvana's Don Mario operations were temporarily suspended in the first quarter of fiscal 2020 following depletion of mineral reserves at that time.
The Company is now completing the OSP to process oxide material that was stockpiled during previous years of mining at Don Mario. The project includes a large expansion for copper cathodes production enablement, and an upgrade of the ADR section of the legacy gold-silver circuit of the Don Mario Processing Plant.
The high-level flowsheet below illustrates the expanded Don Mario Plant and the recovery routes for copper, gold and silver.
As illustrated above, oxide ore is crushed, ground and thickened before acid leaching. The resulting leach solution ("PLS") flows to solvent extraction and electrowinning to produce copper cathodes, while the leached residue ("Cake") is alkalnized and processed through cyanide leaching, ADR circuit and electrowinning to produce gold-silver doré.
Next Operational Milestones
Having now demonstrated that each of the OSP's two product circuits is capable of producing a finished metal product, EMIPA's next immediate focus is on achieving stable and reliable mechanical performance across the expanded Don Mario Processing Plant to support higher processing rates. Following the initial production of doré and copper cathodes, which has substantially validated the plant's metallurgical performance, management is prioritizing operational stabilization, throughput growth, and disciplined cost control.
Based on ramp-up performance to date and the estimated time required to achieve stable operating conditions, management currently expects fiscal 2026 production to be below the guidance provided in August 2026. Accordingly, the Company is withdrawing EMIPA's fiscal 2026 production guidance.
Through the remainder of fiscal 2026, ramp-up activities will continue with the objective of progressively increasing throughput, improving overall plant performance, and advancing toward stable operating conditions. The Company expects to provide a further operational update in mid-October 2026.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Luis Isla, Chief of Geology of EMIPA, a Qualified Person as defined under National Instrument 43-101 and an employee of Empresa Minera Paitití, S.A., a subsidiary of Orvana, and is not independent of the Company.
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 information includes, without limitation, statements regarding the increasing processing throughput, stable metallurgical performance, cost control and planned operational updates, the anticipated impact and duration of the withdrawal of EMIPA's fiscal 2026 production guidance, and the anticipated timing of future operational updates.
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" or "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 that the expanded Don Mario Plant will continue to operate in a manner consistent with current operating and metallurgical expectations; that oxide stockpile characteristics and metallurgical performance will remain substantially consistent with project assumptions; that EMIPA will be able to secure and maintain the supplies, reagents, consumables, power and other inputs required to support ongoing operations; that qualified personnel and contractors will remain available to support ramp-up activities; that the Company will maintain sufficient liquidity, working capital and access to financing required to fund operations during the ramp-up period; and that operational, regulatory, commercial and market conditions will continue to support the advancement of the Oxides Stockpile Project. There can be no assurance that any of these assumptions will prove correct or that the 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 beyond the Company's control, including, without limitation: variability in ore grades, metallurgical recoveries, throughput or plan performance during ramp-up of the expanded Don Mario Plant; delays in achieving commercial copper cathode production; the possibility that actual production may differ from, or that the Company may further revise or withdraw, previously announced production guidance; the unavailability of qualified personnel of contractors, the inability of EMIPA to secure or maintain the supplies, reagents, consumables, power or other inputs required for operations, insufficient liquidity or working capital to fund ramp-up activities; deterioration in Bolivia's economic conditions, including foreign exchange constraints in law, regulation or governmental policy affecting mining operations in Bolivia. Additional risk factors applicable to the Company are described in the Company's most recent Annual Information Form, available at www.sedarplus.ca.
Orvana does not undertake any obligation to update forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
For further information please contact: Nuria Menéndez, Chief Financial Officer, Email: nmenendez@orvana.com
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