Orvana says quarterly net loss widens as production in Spain tumbles due to ‘exceptional’ events

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(Kitco News) – Orvana Minerals Corp. (TSX: ORV) announced yesterday that the company produced 10,595 gold equivalent ounces at its Orovalle operations in Spain in the second quarter of fiscal 2022, a decrease of 33% compared to the first quarter of fiscal 2022. fiscal year 2022.

According to the company’s statement, its quarterly production was affected by the temporary halt in operations in March following the national transport strike in Spain.

Orvana also recorded revenue of $21.9 million for the quarter ended March 31, 2022, compared to revenue of $19.7 million a year ago, and negative EBITDA of $2.7 million. The company’s net loss for the quarter was $5.8 million, compared to a net loss of $0.8 million a year ago.

The company said it had a difficult quarter in Spain as “…exceptional domestic and continental events unfolded simultaneously, causing intermittent disruptions to operations and increased production costs.”

However, Orvana noted that the company expects to be in a favorable position by the end of this financial year to continue developing its defined strategy of continuous production and development of organic growth.

Orvana is a gold-copper-silver multi-mine company. Orvana’s assets include the El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently under care and maintenance, and the Taguas property located in Argentina.

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