Orvana Minerals

What Orvana Minerals does

Orvana Minerals Corp. is a Canadian multi-mine gold-copper-silver producer operating three properties across Spain, Bolivia, and Argentina. Its flagship producing asset is the El Valle Boinás and Carlés (EVBC) underground mine in Asturias, northern Spain, operated through wholly-owned subsidiary Orovalle Minerals S.L., which processes skarn and oxide ore through the El Valle plant to produce copper concentrate and doré bars. The Don Mario mine in southeastern Bolivia, operated through subsidiary EMIPA (Empresa Minera Paitití S.A.), is being restarted via the Oxides Stockpile Project — a plant expansion that adds an Au-Ag circuit plus copper leaching, solvent extraction, and electro-winning circuits to treat 2,032 kt of previously stockpiled ore; first doré was poured in March 2026 with full ramp targeted through April 2026. The third asset, the Taguas Property in San Juan Province, Argentina, is an exploration-stage copper-gold project where deep drilling beyond 1,000 meters is evaluating a potential porphyry copper-gold system.

The company generates revenue by selling gold, copper, and silver at prevailing LBMA/LME market prices. Distribution is handled through offtake agreements with global commodity trading houses — notably a US$25 million prepayment and offtake facility signed with Trafigura in November 2025 for Don Mario output — and direct sales to refiners and smelters. Pricing is not publicly disclosed and is fully market-driven, meaning realized revenue fluctuates with commodity prices and production volumes. For the quarter ended March 31, 2026, Orvana reported $54.4 million in net revenue on 10,738 gold-equivalent ounces of consolidated production, with FY2026 guidance of 34,000–37,000 Au oz from Spain and 13,000–14,000 Au oz from Bolivia.

Orvana is publicly listed on the TSX under ORV and on the OTCQX Best Market in the U.S. under ORVMF (upgraded March 2026), with a market capitalization of approximately C$209 million on 136.62 million shares outstanding. Capital structure is supported by 251–500 employees, three wholly-owned operating subsidiaries, and a board chaired by Robert Metcalfe with CEO Juan Gavidia (ex-Newmont) and CFO Nuria Menendez leading management. The company has financed its growth initiatives — Taguas development, Oxides Stockpile Project, and Spanish capex — through a €15M syndicated loan (December 2021), a US$37.65M Bolivian bond placement (July 2024), and the Trafigura prepayment facility (November 2025).

Name

Orvana Minerals

Legal name

Orvana Minerals Corp.

Website

https://orvana.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Orvana Minerals Corp. is a Canadian multi-mine gold-copper-silver producer operating the El Valle mine in Spain, the restarting Don Mario mine in Bolivia, and the Taguas exploration project in Argentina, selling metals at LBMA/LME market prices to refiners and commodity traders.

Ownership category

akta.pro rank

Product category

Precious and Base Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro industry

PRIMARYIMAKAEAA

Gold Mining

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

SECONDARYIMAKADAB

Copper Ore Mining (Open-Pit & Underground)

Industrials, Manufacturing & Construction/Metals & Mining/Copper Mining & Smelting/Refining

SECONDARYIMAKADAC

Copper Concentration (Crushing, Grinding, Flotation)

Industrials, Manufacturing & Construction/Metals & Mining/Copper Mining & Smelting/Refining

SECONDARYIMAKAEAD

Precious Metals Ore Processing & Beneficiation

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

SECONDARYIMAKADAH

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid)

Industrials, Manufacturing & Construction/Metals & Mining/Copper Mining & Smelting/Refining

Keywords

• Gold-copper mining
• Precious metals production
• Underground mining operations
• Mineral processing services
• Base metals exploration

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production and Sales: Orvana produces gold through its mining operations and sells gold doré bars and gold in concentrate. Gold is sold at market prices through offtake agreements with commodity traders.
2. Copper Production and Sales: The company produces copper concentrate and copper cathode through its flotation and leaching circuits. Copper is sold through offtake agreements, with recent $25 million prepayment facility with Trafigura.
3. Silver Production and Sales: Silver is produced as a co-product from both the Spanish and Bolivian operations, sold alongside gold and copper products at market prices.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Orvana Minerals extracts, processes and sells gold, copper and silver from three properties: the producing El Valle Boinás and Carlés gold-copper-silver skarn mines in northern Spain, the Don Mario copper-gold-silver mine in Bolivia (restarted in 2025 via an oxide stockpile processing project), and the Taguas copper-gold exploration project in Argentina. Output is sold as doré bars, copper concentrate, copper cathode and silver co-product through offtake agreements with commodity traders and direct sales to refiners.

Product overview

Orvana Minerals Corp. is a multi-mine gold-copper-silver producer with three primary assets: the producing El Valle Boinás and Carlés gold-copper-silver mines in northern Spain (operated by subsidiary Orovalle Minerals S.L.), the Don Mario gold-silver operation in Bolivia undergoing restart through its Oxides Stockpile Project (operated by subsidiary EMIPA), and the Taguas copper-gold exploration property in Argentina (managed by subsidiary Orvana Argentina S.A.). The company operates a platform of mining operations producing doré bars and copper concentrate, with active exploration and development projects across three countries.

Differentiator

Problem solved

Functional benefit

Brands

• El Valle: El Valle Boinás and Carlés gold-copper-silver mines in northern Spain operated by Orovalle
• Don Mario
• Taguas

Quantifiable outcome

• Q2 FY2026 production of 10,738 GEO with $54.4 million revenue (70% increase from Q1)
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Compañía Minera TaguasminorStrategic or Co-development Partner · 20 October 2025Orvana reacquired a 1% NSR on its Taguas Property in Argentina from Compañía Minera Taguas for US$5.6 million to improve project economics and retain strategic options. Payments scheduled through October 2028.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Argonaut Gold: Mid-cap gold producer with multi-mine operations including assets in North America and a comparable scale and lifecycle profile to Orvana. Both companies operate precious metals-focused portfolios and sell doré into similar offtake channels.
• Aura Minerals: Multi-mine gold and copper producer with operations across Latin America, directly comparable to Orvana on geography (Brazil, Mexico, Honduras) and on the gold-copper production mix. Both companies target mid-tier production scale in the region.
• Endeavour Silver: Mid-tier silver-gold producer operating mines in Mexico, with comparable precious-metals mix and Latin American footprint. Similar to Orvana in scale and in producing doré and concentrate for sale to refiners.
• Americas Gold and Silver: Precious metals producer with operations in the Americas, of comparable size and silver-gold orientation to Orvana. The company's multi-jurisdictional footprint and small-mid cap profile make it a relevant comparable.
• Hochschild Mining: Mid-cap precious metals producer with underground mines in the Americas (Peru, Argentina), directly comparable to Orvana's underground, multi-country precious-metals operating model.
• Wesdome Gold Mines: Mid-tier Canadian-listed gold producer with underground mining operations, comparable to Orvana in scale, listing tier, and underground precious-metals focus.
• First Majestic Silver: Mid-tier silver-gold producer operating in Mexico with comparable precious-metals production profile and a similar focus on doré and concentrate sales to refiners.

Broad incumbents

• Pan American Silver: Large established silver and gold producer with a broad Americas portfolio. While materially larger than Orvana, it is a relevant incumbent benchmark for pricing, offtake dynamics and Latin American jurisdictional exposure.
• Alamos Gold: Mid-tier gold producer with North American and Mexican operations. Larger and more established than Orvana but operates in a comparable multi-mine gold model with concentrate and doré sales.
• Coeur Mining: Established precious metals producer with a diversified portfolio of gold and silver assets across the Americas. Comparable to Orvana on commodity mix and North/Latin American operating footprint, though at a larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/orovalle-minerals

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orvana Minerals