Orvana Minerals Corp Re‑activates Don Mario Processing Plant

Orvana Minerals Corp (TSX: ORV) has confirmed the phased restart of its Don Mario processing plant in Bolivia, marking a critical step toward full production at the Bolivian mine. The company’s senior leadership, including Chief Executive Officer Juan Gavidia, emphasized that the initiative is part of a disciplined, staged start‑up designed to optimise throughput while managing risk.

Phased Restart Timeline

  • Phase 1: Re‑commissioning of the comminution and thickening circuits has already been achieved, restoring feed to the gold‑silver circuit.
  • Performance Testing: Operations are expected to continue through mid‑January 2026, with metrics on throughput, reagent consumption and product quality under scrutiny.
  • Future Phases: Subsequent stages will progressively re‑enable the remaining processing modules, ultimately bringing the plant to its expanded capacity.

Strategic Significance

The Don Mario project has long been a cornerstone of Orvana’s growth strategy, offering a high‑grade gold‑silver resource in a politically stable mining jurisdiction. A full‑scale restart is expected to:

  • Accelerate Cash Flow: With production ramping up, the mine will begin delivering revenue to shareholders sooner than the original timeline.
  • Enhance Operational Confidence: Successful performance testing will validate the plant’s design and the company’s engineering capabilities.
  • Position for Expansion: A fully operational plant provides the infrastructure needed for potential future expansions or integration with the company’s other assets, such as the El Valle‑Boinas/Carles gold‑copper project in Spain and the Copperwood copper project in Michigan.

Market Context

  • Current Price: CAD 1.96 (close 16 Dec 2025).
  • 52‑Week Range: 0.22 – 2.10 CAD.
  • Market Capitalisation: CAD 266 M.
  • Price‑to‑Earnings: –15.76, reflecting the company’s pre‑production status and significant exploration spend.

The market’s recent volatility has kept the share price within a narrow band; however, the operational milestone at Don Mario is expected to provide a catalyst for a positive reassessment of the company’s valuation. Investors will likely scrutinise the plant’s performance data released in the coming months, as any deviation from projected throughput or cost metrics could materially impact Orvana’s financial outlook.

Forward‑Looking Perspective

Given the disciplined restart plan, Orvana’s management has expressed confidence that the plant will reach full production by the second quarter of 2026. If the performance metrics during the testing phase remain within target parameters, the company could see a significant uptick in cash flow and a corresponding improvement in earnings per share once the mine reaches full capacity.

The restart also dovetails with Orvana’s broader strategy of consolidating its resource base across multiple jurisdictions, reducing geographic concentration risk and enhancing portfolio resilience. Should the Bolivian operation prove successful, the company is well positioned to leverage its processing infrastructure to support future projects, potentially accelerating the development of its Spanish and U.S. assets.

In summary, the phased restart of the Don Mario processing plant marks a pivotal operational achievement for Orvana Minerals. The coming months will be critical as the company delivers on its performance targets and demonstrates the viability of its expanded processing strategy—key factors that will shape investor sentiment and the company’s trajectory in the materials sector.