TSX:ORV

/NOT FOR DISTRIBUTION IN THE UNITED STATES/

This news release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this news release in the United States.

TORONTO, Aug. 12, 2024 /CNW/ – Orvana Minerals Corp. (TSX: ORV) (the “Company” or “Orvana”) reports consolidated financial and operational results for the quarter ended June 30, 2024 (“Q3 FY2024”).

This news release contains only a summary of the Company’s financial and operations results for the third quarter of fiscal 2024, and readers should refer to the full set of unaudited consolidated financial statements for the nine months ended June 30, 2024 and 2023, and accompanying management’s discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company’s website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Juan Gavidia, CEO of Orvana Minerals Corp. stated: “Our financial performance improved significantly in the third quarter generating $7.5 million cash provided by operating activities as a result of the increased metal production coupled by the positive metal prices, at the same time that we continue optimizing our mining costs”.

“At Bolivia, now that we have reached the critical milestone of placing 80% of the bonds program, we expect to announce the start date of the construction in the coming weeks”, he added.

Highlights

Orovalle – Spain

• Production of 13,078 gold equivalent ounces⁽¹⁾ (10,832 gold ounces, 1.0 million copper pounds and 30,872 silver ounces) was 29% higher when compared to 10,101 gold equivalent ounces¹ (“GEO”) in the previous quarter, as a result of:

  • ­ Throughput of 150,843 tonnes, 11% above the previous quarter.

  • ­ Gold grade of 2.37 g/t, 20% above the previous quarter.

  • ­ 94.1% gold recovery, 5% above the previous quarter.

• ­ Copper production 10% lower than the prior quarter due to lower grade and recovery, partially offset by higher tonnage milled.

• Guidance for FY2024 is updated from that disclosed in the Company’s Management’s Discussion and Analysis for the three and six months ended March 31, 2024:

Don Mario – Bolivia

• The Company, focused on restarting production at Don Mario, has been seeking financing for its Oxides Stockpile Project (the “OSP”), consisting of a plant expansion to treat ore stockpiled in the Don Mario Operation from previous years of mining activity.

• Between July 1, 2024 and August 12, 2024 EMIPA completed the following:

  • ­80% placement of the Bond Program units, for a total nominal amount of US $37.7 million.

  • Issuance of 56,414 non-voting preferred shares, for a total amount of approximately US $0.81 million. Preferred shares were issued by EMIPA as a private placement in Bolivia, Orvana has not offered any securities.

  • Four promissory notes have been contracted, for a total amount of approximately US $1.4 million, with due date September 2024.

  • Invested in several local short term financial instruments, all of them sold as of July 30, incurring in a net cost of US $2M.

• EMIPA intends to use the net proceeds of the Bond Program, issuance of non-voting preferred shares and promissory notes to partially finance its proposed Oxides Stockpile Project and for general corporate purposes. As of the date hereof, EMIPA continues to work on closing the remaining Bond Program in Bolivia and working on additional financing to secure the funds required for the OSP construction and ramp-up phases.

• The Company is updating the OSP financial model, including costs estimates updates and required financing structure, and will provide updates when further material information becomes available.

• Upon closing of 80% of the bonds offering in Bolivia, EMIPA is making plans to prepare for the Don Mario Plant expansion, expecting to start construction before the end of 2024.

Story continues

Taguas – Argentina

• Orvana is analyzing a strategic option to combine oxides and sulphides in a larger undertaking strategy at Taguas. During Q3 FY2024 the Company continued working on enhancing the analytics of the sulphides zone of the deposit, and a new geological modeling is in progress. Next steps would include spectral analysis campaign to improve alteration types definition, and geo-metallurgical tests with oxide and sulphide ores. Once the oxides – sulphides combined opportunity is understood, next steps for the project will be determined.

Selected Financial Information

ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, 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 presentation constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “are projected to” or “confident of” be taken or achieved) are not statements of historical fact, but are forward-looking statements.

The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana’s ability to optimize its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves; and Orovalle’s ability to finalize the definitive Collective Bargain Agreement.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company’s most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most recently completed fiscal year (the “Company Disclosures”) or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and Taguas being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with Orvana’s current expectations; and the availability of necessary funds to execute the Company’s plan. Without limiting the generality of the foregoing, this news release also contains certain “forward-looking statements” within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company’s exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company’s general objectives and strategies.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: the potential impact of global health and global economic conditions on the Company’s business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of  the continuing conflict between Russia and Ukraine, our ability to support the sustainability of our business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; Orovalle’s ability to complete the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity; Orovalle’s ability to complete the stabilization project of the legacy open pit wall; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to continue to operate the El Valle and/or ability to resume long-term operations at the Carlés Mine; the Company’s ability to successfully implement an acid leaching circuit and ancillary facilities to process the current oxides stockpiles at Don Mario; the Company’s ability to successfully carry out development plans at Taguas; sufficient funding to carry out development plans at Taguas and to process the oxides stockpiles at Don Mario; EMIPA’s ability to complete the placement of the Bonds Program at Bolivia and any additional required financing to commence the OSP; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to execute on its strategy; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks identified in the Company’s disclosures. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Disclosures for a description of additional risk factors.

Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company’s mineral projects are intended to provide an overview of management’s expectations with respect to certain future activities of the Company and may not be appropriate for other purposes. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements made in this information are intended to provide an overview of management’s expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.

SOURCE Orvana Minerals Corp.

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Stock market indexes (^GSPC, ^DJI, ^IXIC) are mixed Monday afternoon with the Dow Jones Industrial Average meandering in negative territory, while the S&P 500 and Nasdaq Composite are relatively flat.Markets continue to await key economic data in the form of CPI (Consumer Price Index), PPI (Producer Price Index), and retail sales for the month of July. Meanwhile, gold prices (GC=F) continue to rise, reaching over $2,500 as uncertainty and volatility (^VIX) loom. Trending Tickers on Yahoo Finance include Super Micro Computer (SMCI), KeyCorp (KEY), and Nvidia (NVDA).

Top guests today include:

3:05 PM: Kelsey Berro, J.P. Morgan Asset Management Fixed Income Portfolio Manager
3:15 PM: Ariane Gorin, Expedia Group CEO
4:00 PM: Robert Kaplan, Goldman Sachs Vice Chair & Former Federal Reserve Bank of Dallas President
4:15 PM: David Bahnsen, The Bahnsen Group CIO
4:45 PM: Noah Yosif, American Staffing Association Chief Economist and Head of Research

One of those influencers is Tori Dunlap, the founder of a financial-education company called Her First 100K. She aspires to get as many young women as possible investing and to debunk the notion that in order to build wealth they need to deprive themselves of things they enjoy. In a video on Instagram, she considers Ramsey’s advice, then erupts into a scream. “It’s not the latte that’s keeping you from saving money,” she wrote in the caption. “It’s the systemic oppression.”

Just a handful of years ago, Dunlap, who was born in Tacoma, Washington, was working a job in marketing and dealing with a toxic boss. Thanks to an emergency fund she’d grown, she was able to quit and start focusing on building Her First 100K — named for Dunlap’s goal of amassing $100,000 in wealth, which she achieved by the time she was 25 by budgeting and investing.

Now, Dunlap, 30, has over 2 million followers on Instagram, hosts a top-rated US business podcast, and is the author of the best-selling book “Financial Feminist.” She also launched a platform called Treasury, which says it has helped women invest over $80 million in the stock market. Alongside creators like Mrs. Dow Jones, Simran Kaur, and Rachel Rodgers, Dunlap is a leader of a new wave of personal-finance education focused on teaching Gen Z and millennial women the fundamentals of earning, paying off debt, and investing, using a savvy blend of traditional financial advice, irreverent social commentary, and high-travel memes. You can think of it as financial education for the “lazy-girl job” generation — those who decry the corporate hustle and seek out low-stress jobs that don’t take over their lives. In one video, Kaur, the New Zealand-based creator of Girls That Invest, does her makeup in front of a mirror as she discusses how she’s using her investment earnings to build her own trust fund to live on. The message? You too can invest your way out of the 9-to-5 life.

If you ask these women, however, they’ll say the trend has nothing to do with being lazy and everything to do with giving women the tools they need to take control of their financial destiny. “We’re taking something very inaccessible and making it accessible,” Dunlap said. If men can use their financial savvy to get rich, then so can women. And in a world where many Gen Zers and millennials expect to be working well past retirement age, the advice is finding an eager audience.

On the first day of her first full-time job out of college in 2018, Haley Sacks was asked to fill out her health insurance and 401(k) contributions. “I really wanted to make a good impression, so that night I went home and did what any self-respecting millennial would do,” the New York native said. “I looked on YouTube for information, and I was really taken aback by what I found.”

Nearly all the financial-education content geared toward women focused on home-economics fare like saving and budgeting, she said. Meanwhile, the content she actually needed, which explained the fundamentals of investing, not only was “very dry” but seemed primarily made with a male audience in mind. “I couldn’t really find anyone who was teaching money the way that I wanted to learn it,” Sacks said. “So I became her.” Now, six years later, Sacks, who goes by Mrs. Dow Jones on social media, has 1 million followers on Instagram, where she posts pop-culture-inflected videos on topics like how to predict layoffs at your job and why the Cartier Love bracelets Kylie Jenner is famous for wearing may not be a good investment.

People like Sacks and Dunlap aren’t the first female celebrity personal-finance experts. Sacks pointed to Suze Orman — the pioneering personal-finance guru, author, and TV host — as someone who “walked so all of us could run.” But until recently, women looking to wrap their heads around the intricacies of high-interest savings accounts and low-cost index funds had scant few options that spoke directly to them. Personal-finance education in US high schools used to be rare — though it’s gotten better in the last few years with half of US states now mandating it. And women-specific financial-education literature tended to focus less on investing in real estate or negotiating a higher salary than on learning how to curb one’s spending on supposedly “frivolous” items like coffee, manicures, and haircuts. The message, Dunlap said, boiled down to: “Men get to be millionaires by making more money and being the fullest version of themselves. The way to become a millionaire for women is to basically hate your life.”

I couldn’t really find anyone who was teaching money the way that I wanted to learn it. So I became her.
Haley Sacks

On one level, these influencers are offering well-trodden financial advice packaged for a new audience: Dunlap’s book has sections on building an emergency fund, getting out of debt, and investing for retirement. She said women comprise 95% of her audience. “We joke that it’s largely girls, gays, and theys,” she said. Sacks, who calls herself a “zillennial finance expert,” said that her content is aimed at people of all genders but that women tend to gravitate to it because of the person who’s talking. “We all have the same message,” Sacks said. “It’s sort of like finding the right trainer who motivates you.”

These influencers do break from tradition in a few key ways. Citing high interest rates, rising home prices, and a booming stock market, Sacks and Dunlap have made the case for renting instead of buying. In “Financial Feminist,” Dunlap recommends readers focus on building a three- to six-month emergency fund before paying off debt so they’re prepared for a layoff or dangerous home situation. Sacks recommends young people job-hop to keep up with inflation and cost-of-living increases if necessary. “You should be making 15% more every single year,” she said. “And if you’re not making that at your current job, then you should change jobs.” (Research from the Economic Policy Institute indicates that since 2007 US employees have received an average wage increase of 3.9% a year.)

Rita Soledad Fernández Paulino, a California-based money coach and creator focused on women, BIPOC, and LGBTQ+ people, said their goal is to help people become “work-optional” by leveraging their investments. “I like the idea of everyone working because they want to and not because they have to,” they said.

Leah Sheppard, a professor of management and associate dean for equity and inclusion at Washington State University’s Carson College of Business, sees this wave of financial education as a reflection of an awareness among Gen Zers and millennials that the boomer-era version of the American dream — where you work your way up the ladder for 40 years at a single employer and put away enough to retire — no longer applies to them. “Young people are thinking, ‘When will I get to a place where I don’t really have to worry about money?’” she said. “If they’re thinking, ‘Traditional employment is not working well, I don’t want to start a business’ — well, what’s the other way? And it’s probably getting really smart about how you save money, taking the money that you are saving and investing it and building wealth.”

I like the idea of everyone working because they want to and not because they have to.
Rita Soledad Fernández Paulino

Sacks sees it as a matter of young people wanting to take the future into their own hands. “You have to be more self-reliant now than our parents ever had to be,” she said.

Kyla Scanlon, the author of the 2024 book “In This Economy?”, sees the interest in financial-education content on social media as symptomatic of a curiosity about alternative revenue streams, spurred by the rise of fintech apps like Robinhood and populist financial movements like crypto and GameStop. “People are looking at the market. They’re looking at different income sources, Airbnb, the gigification of everything — and then just how do you have passive income outside of traditional income?” Scanlon said.

For young men, this often takes the shape of riskier investments like sports gambling, crypto, and meme stocks. Young women, on the other hand, are turning to more tried-and-true tactics.

In a survey of 2,000 adults conducted in July 2023, Fidelity Investments found that Gen Z women were more likely to say they participated in the stock market than any other age group, with 71% of women ages 18 to 26 saying they had invested, compared with 63% of millennial women and 57% of boomer women. These figures dovetail with an uptick in the percentage of people under 35 who held stocks and retirement accounts in 2022 compared with 2019, according to the Federal Reserve’s Survey of Consumer Finances, though the Fed doesn’t break these figures down by gender.

Whether the goal is to retire early or to job-hop your way to a six-figure salary, this wave of financial advice departs from the “lean-in,” “girlboss” flavor of feminism that dominated conversations about women and work in the 2010s. “We’re just more disillusioned with corporate,” Dunlap said. “We’re more disillusioned with the way we make money.”

Instead, it’s advice for a generation of women who see their experiences reflected in memes like the “lazy-girl job.” “The lazy-girl thing is just like, ‘Oh, give me a little bit of rest in addition to my work,’” Dunlap said. “I think that’s completely reasonable.”

I can have wealth too. You can have wealth too. It’s not a you problem; it’s a we problem.
Rita Soledad Fernández Paulino

But talking about this stuff in public as a woman or queer person can be fraught. Dunlap said she gets “called every insulting thing you can call a woman on a daily basis” and has been on the receiving end of death threats. She said people aren’t used to seeing women talking in public about money, and especially not about being rich. “We have different expectations for how men and women should behave, especially around money,” she said. “Women shouldn’t want it. You should be grateful for the things you have.”

Other women BI spoke with said they faced harassment. “There’s a certain group of men who just don’t like women,” Scanlon said. But for the most part, the influencers stressed that their content was resonating with the people it was supposed to resonate with. “The comments section on any video is a mess, but it’s also the most supportive, lovely thing,” Dunlap said. “So many women, championing me, championing each other, championing themselves.”

The experts BI spoke with all had their own ways of describing the movement. Fernández Paulino said they see themself as belonging to a community of people who approach money and finance in a way that acknowledges the systemic issues that interfere with people’s wealth and wellness — such as the economic effects of structural racism and transphobia, or the fact that American women weren’t allowed to own a credit card or take out a mortgage in their own name until the 1970s. “For me, it’s like, I can have wealth too. You can have wealth too. It’s not a you problem; it’s a we problem,” they said.

Dunlap invented her own term to describe it: financial feminism. “It’s this idea of getting yourself financially to a point where you are stable, safe, and you have enough wealth to have options, and then using that wealth as a tool to make an impact,” she said. In other words, she wants to help women navigate the economic systems we’re all swimming in, so they can help other women by changing those systems from within.

Emilie Friedlander is a journalist and editor from Brooklyn, currently based in Philadelphia. She co-hosts The Culture Journalist, a podcast about culture in the age of platforms.