#Orvana Minerals #EMIPA #Bolivia #La Paz

Orvana Minerals Corp. Provides Strategic Operations Update

Orvana Minerals Corp., a prominent player in the mining sector, has released significant updates concerning its Bolivian subsidiary, Empresa Minera Paitití, S.A. (EMIPA). With a focus on enhancing operational efficiency and achieving compliance with financial regulations, the company is on an upward trajectory as it ramps up its operations.

Operational Progress at EMIPA

As of November 2, 2026, Orvana reported substantial movements in the ramp-up operations at its Don Mario site. The processing plant successfully handled approximately 17,500 tonnes of oxide material in October 2026, with the average throughput exceeding 900 tonnes per day by the month's end. This progress comes alongside the installation and adjustment of new filter cloths aimed at optimizing the filtration circuit, a critical element for increasing operational capacity.

CEO Juan Gavidia highlighted the ongoing improvements, confirming that two of the three filter units had received updates by mid-October, with the final unit completed on November 1. The ramp-up is anticipated to gradually increase to about 1,400 tonnes per day throughout November. Continuing on this positive trend, the team is targeting a further increase towards the design capacity of approximately 1,700 tonnes per day by December, given that operational and metallurgical performances remain satisfactory.

Financial Compliance and Bond Covenants

In parallel with operational advancements, EMIPA has filed its unaudited financial statements for Q4 FY2026 with Bolivia's financial regulatory body, the Autoridad de Supervisión del Sistema Financiero (ASFI). As of September 30, 2026, EMIPA's financial covenants were found to be outside the required thresholds, triggering a mandatory cure period during which the subsidiary is working diligently to restore compliance.

Despite these challenges, Orvana remains optimistic. They have initiated structured measures to manage the situation and maintain communication with bondholders to implement necessary adjustments to fulfill the covenant requirements. As part of this plan, EMIPA is focused on meeting its debt obligations, including the upcoming final payment on November 7, 2026, regarding EMIPA Bonds I.

Market Dynamics and Future Outlook

Recent fluctuations in operational performance have been affected by several external factors, including Bolivia’s transition to a new exchange rate system and the disruptions caused by social unrest earlier in 2026. These variables have impacted the scheduling of the Oxides Stockpile Project, challenging the company's efforts to meet its anticipated financial ratios.

Nevertheless, Orvana's commitment to restoring compliance with covenant thresholds is steadfast. The management is confident that they can identify appropriate measures during the current cure period, which extends until December 8, 2026, with potential for extension subject to bondholder approval.

As the company continues to navigate these obstacles, stakeholders are urged to monitor developments closely. The next set of audited annual financial statements and Management’s Discussion and Analysis (MDA) for FY2026 are expected to be released by late November 2026, providing further insights into the operational and financial health of Orvana.

Conclusion

Orvana Minerals Corp. is strategically positioned to overcome current hurdles and capitalize on its operational enhancements at EMIPA. With a clear focus on both operational efficiency and financial compliance, the company is setting a course for sustained growth in Bolivia’s mining landscape. Stakeholders and investors eagerly await further updates as the ramp-up progresses and initiatives to ensure regulatory compliance unfold.