Toronto – November 02, 2026 -- Orvana Minerals Corp.'s Bolivian subsidiary Empresa Minera Paitití (EMIPA) was outside the financial covenant thresholds on its Bolivian bonds at September 30, 2026, and is now in a cure period running through December 8, 2026. At the same time, the Don Mario plant is lifting oxide throughput, with a target of about 1,400 tonnes per day in November.
EMIPA enters cure period after missing covenant ratios at September 30
EMIPA's covenant ratios under its EMIPA Bonds I and EMIPA Bonds II were outside the required levels, based on unaudited fourth-quarter FY2026 statements prepared under Bolivian GAAP. The company filed the statements with ASFI, Bolivia's financial regulator, where it has been a registered bond issuer since September 2023. The initial cure period can be extended under the bond terms, subject to bondholder approval.
Orvana attributes the variance from anticipated ratios to the accounting impact of Bolivia's move to a new official exchange rate regime and to social unrest and road blockades in May and June 2026, which disrupted the Oxides Stockpile Project schedule. It also cites other operational and financial factors.
EMIPA, with Orvana's support, is preparing information and action plan requirements to restore compliance and intends to work with bondholders on remedial measures. Orvana gave no assurance that compliance will be restored within the cure period or any extension.
EMIPA Bonds I faces final coupon on November 7, EMIPA Bonds II matures February 19, 2027
EMIPA Bonds I matures on November 7, 2026, inside the cure period, with its fifth and final coupon. If paid as expected, the payment would fully satisfy scheduled debt service on that issue. EMIPA Bonds II is scheduled to mature on February 19, 2027.
EMIPA's Bolivian GAAP statements differ in certain respects from IFRS and are not directly comparable with Orvana's consolidated IFRS accounts. The covenant calculations are unaudited.
Don Mario plant processed 17,500 tonnes of oxide material in October
Average throughput exceeded 900 tonnes per day in the last week of October. All key circuits needed to process the oxide stockpile are operational, and metallurgical performance is generally in line with design assumptions.
Filtration has been the main constraint on higher throughput. EMIPA installed new filter cloths on two of three filter units by mid-October, which lifted throughput in the second half of the month. The third unit received new cloths on November 1.
Orvana targets 1,400 tonnes per day in November and 1,700 by design
CEO Juan Gavidia said that, subject to continued satisfactory operating and metallurgical performance, the company is targeting a progressive increase toward about 1,400 tonnes per day during November. Further increases toward the design rate of about 1,700 tonnes per day would be evaluated in December, depending on results. Orvana says it will manage the ramp-up in a controlled manner, assessing plant performance and stability as throughput rises.
Orvana expects to publish consolidated Q4 FY2026 operational and financial results, together with audited annual statements and MD&A, in late November 2026.