TSX:ORV

TORONTO, Feb. 11, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports results for the quarter ended December 31, 2025 ("Q1 FY2026"), updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, and provides guidance for its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA") for Fiscal Year 2026 ("FY2026").

Juan Gavidia, CEO of Orvana, commented, "Our Bolivian operation has commenced trial processing of legacy ore through the Au-Ag circuit as part of the Don Mario plant restart. This represents an important operational step to resume metal production in Bolivia. The update and FY2026 guidance we are providing today reflect the significant efforts of the Bolivian team in advancing construction activities and preparing the operation for the phased ramp-up of production. I would like to congratulate the team for their dedication and execution under challenging conditions."

Highlights

Bolivia:

   -- EMIPA has commenced operational trials by processing legacy sulfide ore 
      through the Au-Ag circuit as part of the Don Mario plant restart. Initial 
      doré production is expected to commence in the second half of 
      February 2026, subject to successful completion of performance 
      verification activities. 
 
   -- The next operational milestones include the completion of construction of 
      the Cu circuits and the phased integration of all processing circuits, 
      with commissioning expected to be fully completed early in the third 
      quarter of fiscal 2026. 
 
   -- Processing of the oxide stockpiles is expected to begin thereafter and to 
      ramp up progressively through the third quarter of fiscal 2026, with the 
      objective of achieving full operational capacity during the fourth 
      quarter of fiscal 2026. The timing and pace of ramp-up will depend on 
      plant performance, equipment reliability, and the optimization of 
      operating parameters. 
 
   -- As previously disclosed, EMIPA completed an on-site pilot test on 
      representative oxide material. Based on the results of this pilot test, 
      together with pre-existing metallurgical data, the Company has set forth 
      its planning for the processing of its oxide stockpiles. For fiscal 2026, 
      the plan assumes Au--Ag--Cu recoveries at levels below long-term 
      expectations, reflecting the early stages of ramp-up and the ongoing 
      optimization of process efficiency. Production and recovery rates are 
      expected to improve over time as operational practices are fine-tuned, 
      and equipment performance stabilizes. 
 
   -- Oxide Stockpiles- Production planning - The following table presents the 
      production planning for the oxide stockpile ore only (not including 
      legacy sulfide ore): 
 
Oxide StockpilesProduction Planning     H2 FY2026  FY2027 -- FY2029  Total 
(1) 
Oxides milled (dmt)                       256,288         1,532,831  1,789,119 
Gold 
  Grade (g/t)                                1.85              1.85       1.85 
  Recovery (%)                               85.5              94.0       92.8 
  Production (oz)                          13,039            85,701     98,740 
Silver 
  Grade (g/t)                               42.72             42.72      42.72 
  Recovery (%)                               74.7              76.5       76.2 
  Production (oz)                         262,966         1,609,471  1,872,437 
Copper 
  Grade (%)                                  1.87              1.87       1.87 
  Recovery (%)                               71.2              78.0       77.0 
  Production ('000 lbs)                     7,521            49,289     56,810 
 
 
(1)  The production estimates presented herein relate to 
      the oxide stockpile material only and are preliminary 
      in nature and are intended to provide an indicative 
      production planning only. They do not constitute mineral 
      reserves, a mine plan, or FY2026 production guidance. 
      Actual production results may vary materially, as 
      they depend on commissioning progress, plant performance, 
      equipment reliability and other operational factors. 
      These estimates should not be relied upon as definitive 
      projections. The production planning will be reviewed 
      and may be updated from time to time as additional 
      operating data becomes available. The estimation has 
      been reviewed and approved by Luis Isla, Chief of 
      Geology of EMIPA, a qualified person under NI 43-101 
      and an employee of the Company. 
     This production planning is distinct from, and should 
      not be confused with, the Company's FY2026 guidance 
      for EMIPA, which incorporates expected production 
      from both oxide stockpiles and legacy sulfide ore 
      processed during FY2026. 
 
   -- EMIPA -- FY2026 Guidance - The following table sets out EMIPA's FY2026 
      guidance for metal production and unitary costs(2), which reflects the 
      expected processing of both oxide stockpiles and legacy sulfide ore at 
      the Don Mario operation. The figures in the table below are based on 
      current assumptions regarding the completion of the plant expansion, and 
      subject to the commissioning and ramp-up performance of the Don Mario 
      plant. The total metal production expected for FY2026 is based on the 
      planned processing of 256,288 tonnes of oxide ore and approximately 
      65,000 tonnes of legacy sulfide ore. 
 
                                                    FY2026Guidance (3) (4) 
 EMIPA 
Metal Production 
 Gold (oz)                                                13,000 -- 14,000 
 Copper (million lbs)                                           6.7 -- 7.5 
Cash operating costs (co-product) ($/oz) gold (2) 
 (3)                                                       $1,900 - $2,300 
Cash operating costs (co-product) ($/lb) copper              $2.60 - $3.20 
(2) 
(3) 
All-in sustaining costs (co-product) ($/oz) gold 
 (2) 
 (3)                                                       $2,200 - $2,600 
All-in sustaining costs (co-product) ($/lb)         $2.90 - $3.50 
 copper 
 (2) (3) 
 
 
(2)  Cash costs per ounce $(COC)$ and all-in sustaining costs 
      (AISC) per ounce are Non-GAAP Financial Performance 
      Measures, intended to provide additional information 
      to investors and do not have any standardized meaning 
      under International Financial Reporting Standards 
      ("IFRS") as issued by the International Accounting 
      Standards Board, and therefore may not be comparable 
      to other issuers, and should not be considered in 
      isolation or as a substitute for measures of performance 
      prepared in accordance with IFRS. For further information, 
      please see the "Non-GAAP Financial Performance Measures" 
      section of the Company's Q1 FY2026 MD&A. 
(3)  COC and AISC are reported for gold and copper. Silver 
      production is accounted for as a by-product of gold, 
      and the associated revenues are credited against gold 
      production costs for the purpose of COC and AISC calculations. 
      EMIPA's fiscal 2026 guidance for COC and AISC assumes 
      an average BOB to U.S. Dollar exchange rate of 9.60. 
      EMIPA fiscal 2026 guidance for COC and AISC of gold 
      assumes a by-product silver price of $75 per ounce. 
      These assumptions are subject to change as operations 
      ramp-up. 
(4)  This guidance is based on the currently expected phased 
      restart of the Don Mario plant. Any significant deviations 
      from the planned restart schedule, changes in plant 
      operating performance, or variability in the mix of 
      oxide and legacy sulfide materials processed could 
      have a material impact on production assumptions, 
      grades, recoveries, and unit costs for the fiscal 
      year, including variability in the mix of stockpiled 
      materials processed and in the resulting grades. Cost 
      estimates are based on preliminary assumptions derived 
      from information currently available and may vary 
      as operations commence and stabilize, including during 
      commissioning and ramp-up, as well as due to changes 
      in operating consumptions, input prices, and other 
      cost drivers. 
 

Argentina:

   -- The current drilling program is designed to evaluate, for the first time, 
      the potential deep porphyry copper-gold system at the Taguas Property. 
 
   -- Ridgeback Geofísica Argentina S.A., an affiliate of Southernrock, 
      previously conducted MT and IP surveys over the southern portion of the 
      Taguas project, covering 4 km(2), between Cerro Campamento and Cerro 
      Cuarto (part of Cerros Taguas). The geophysical results identified a 
      north--south corridor of high chargeability and low resistivity, 
      consistent with potential sulfide mineralization and surface indicators 
      of porphyry copper (see news release dated January 28, 2026 for further 
      details). While not confirming an economic deposit, these data helped 
      define target areas for the drilling program. 
 
   -- Drilling commenced in January 2026 with a preliminary program of 
      approximately 4,500 metres using one drill rig, expected to be completed 
      by April 2026, subject to conditions and logistics. The drill rig has 
      started operations from the first platform, with the initial hole 
      targeting the core of the low-resistivity corridor between Cerro Taguas 
      Norte and Cerro Campamento. The planned depth for this hole is 1,500 
      metres, and as of the date of this press release, 356.5 metres have been 
      drilled, encountering 34 metres of morraine and ryolithic tuff after, 
      with some intervals of hidrotermal breccias(5). 
 
(5)  The scientific and technical information regarding 
      the Taguas Property in this news release has been 
      reviewed and approved by Raúl Álvarez Cifuentes, 
      EurGeol, a qualified person under NI 43-101 and an 

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February 11, 2026 19:30 ET (00:30 GMT)