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ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2022
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PR Newswire
TORONTO, Aug. 10, 2022
Q3 FY2022 Orovalle Highlights:
- 15,798 gold equivalent ounces produced (12,354 Au oz, 1.3 million Cu lb and 38,082 Ag oz), a 49% increase from previous quarter.
- COC at $1,655, and AISC at $2,056.
- On track to meet fiscal 2022 guidance.
Q3 FY2022 Consolidated Highlights:
- Revenue ($M): 18.5
- EBITDA ($M): 1.7
- CAPEX ($M): 7.1
- Unrestricted Cash EoP ($M): 6.1
TORONTO, Aug. 10, 2022 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports consolidated financial and operational results for the quarter ended June 30, 2022.
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.
"As a result of increased throughput and higher grades, Orovalle is on track to meet fiscal 2022 production guidance. Electricity and fuel pricing continue at the core of the inflationary scenario. Meanwhile, we continue managing our costs diligently and our liquidity in a prudent fashion, and we are confident of meeting our cost guidance", said Orvana CEO Juan Gavidia. "In respect of the feasibility of proceeding with the OSP, we are near to completing the final analysis of CAPEX requirements, risk assessments and funding availability. We expect to be in a position to make a decision on the development of the OSP by December 2022" added Juan Gavidia.
Consolidated Financial Results and Operating Highlights:
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- Revenue of $18.5 million for the three months ended June 30, 2022 ("Q3 FY2022") and $67.0 million for the nine months ended June, 2022.
- EBITDA of $1.7 million for Q3 FY2022, and $4.1 million for the nine months ended June 30, 2022,
- Capital expenditures (on a cash basis) of $7.1 million for Q3 FY2022, and $16.1 million for the nine months ended June 30, 2022.
- $6.1 million of cash and cash equivalents as at June 30, 2022.
Orovalle:
- Q3 FY2022 production of 15,798 gold equivalent ounces ounces (12,354 gold ounces, 1.3 million copper pounds and 38,082 silver ounces), a 49% increase from previous quarter.
- 12,354 gold ounces produced, a 48% increase from the three months ended March 31, 2022 ("Q2 FY2022")
- 1.3 million copper pounds produced, a 62% increase from Q2 FY2022.
- 6,589 m of Infill and Brownfield Drilling.
- 1,337 m of Greenfield Drilling.
- 22.16 g/t Au over 6.05 meters intercept in Ortosa West, part of the Ortosa-Godán Project.
EMIPA:
- Don Mario continues in care and maintenance ("C&M"). Critical areas of the C&M program are: site security, environmental control, and maintenance of power generators, process plant, mine equipment and camp facilities.
- The Oxides Stockpile Project ("OSP"), consisting of a plant expansion to treat ore stockpiled from previous years of mining activity, continues in progress. The Company expects to complete final OSP engineering plans, and final CAPEX estimate, by September 2022; as well as project economics and risk assessment. Conditional upon being satisfied of the project economics, risk assessment results and obtaining sufficient funding, EMIPA expects construction to start in early calendar 2023.
- The Company is evaluating the results of the 82 holes drilled in the tailings accumulated in the Don Mario Tailings Storage Facility. Scoping studies for this Tailings Reprocessing Project ("TRP") continue in progress.
- Exploration activities continue in the Don Mario Complex. During the third quarter of fiscal 2022, activities were focused on the evaluation of Las Tojas and Oscar sectors where mapping, geochemical and sampling activities had been carried out during the first half of the year. The Company is currently planning trenching and additional geochemistry and geophysics lines to continue exploring those two sectors.
Orvana Argentina:
- The Company started a drilling campaign in late December 2021 to upgrade the mineral resource from the inferred category, and to realize its oxide mineral tonnage upside potential.
- Phase I consisted of 6,482.6 meters in 41 diamond drill holes (DDH's), with over 4,900 assay samples. The main goal of the program was to upgrade Cerros Taguas Oxides Sector to Measured & Indicated Resource categories, as those terms are defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") while moderately expanding the ore tonnage previously reported in the Company's NI 43-101 compliant Taguas preliminary economic assessment report dated December 29, 2021 and filed on SEDAR on February 11, 2022 (the "Taguas 2021 PEA"). The second goal was to incorporate satellite Cerro Campamento Sector into the Oxides scope, going forward.
- Mineralization encountered in all 41 holes.
- Grades generally equaling-improving average previous resource grades included in the Taguas 2021 PEA.
- Based on the information obtained, the Company is currently working on the resource re-modeling. Completion expected by the last quarter of fiscal 2022.
Consolidated Financial Results and Operating Highlights:
Consolidated Results
| | Q3 2022 | Q2 2022 | Q3 2021 | YTD 2022 | YTD 2021 |
| Operating Performance | | | | | |
| Gold | | | | | |
| Grade (g/t) | 2.39 | 1.94 | 2.60 | 2.22 | 2.51 |
| Recovery (%) | 91.2 | 91.5 | 91.5 | 91.3 | 92.1 |
| Production (oz) | 12,354 | 8,341 | 13,879 | 32,425 | 38,791 |
| Sales (oz) | 8,980 | 9,199 | 14,520 | 29,619 | 35,128 |
| Average realized price / oz | $1,881 | $1,868 | $1,798 | $1,844 | $1,828 |
| Copper | | | | | |
| Grade (%) | 0.40 | 0.31 | 0.48 | 0.39 | 0.53 |
| Recovery (%) | 82.5 | 80.7 | 84.6 | 82.6 | 82.7 |
| Production ('000 lbs) | 1,293 | 797 | 1,630 | 3,540 | 5,029 |
| Sales ('000 lbs) | 1,120 | 888 | 1,784 | 3,550 | 4,905 |
| Average realized price / lb | $4.40 | $4.49 | $4.36 | $4.42 | $3.82 |
| Financial Performance (in 000's, except per share amounts) | | | | | |
| Revenue | $18,450 | $21,872 | $32,800 | $66,955 | $80,293 |
| Mining costs | $17,873 | $23,176 | $22,516 | $60,787 | $55,053 |
| Gross margin | ($3,297) | ($5,052) | $5,141 | ($5,450) Werbung Mehr Nachrichten kostenlos abonnieren
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