TORONTO, CANADA (By Orvana, 2.Nov.2026, Words: 614) — Orvana Minerals Corp. updated 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 30 Sep. 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 Oct., 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-Oct., contributing to higher throughput during the second half of the month, including average throughput exceeding 900 tonnes per day (TPD) in the last week of Oct. The third filter was fitted with the new filter cloths on 1 Nov. 2026.
During Oct., 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 Nov., targeting approximately 1,400 TPD 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 TPD.
EMIPA financial statements and bond covenant update
In Sep. 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.
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