Orvana Minerals Corp.

Notable vs. Peers

• Financials score of 1/10 is weaker than the peer average of 6.5/10.
• Trading within 8% of its 52-week high — strong recent price momentum.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · All permits for the El Valle-Boinas/Carles restart were in place by start-up; final governmental inspection authorization was completed during plant start-up/commissioning in May 2011. Exact permit-grant date not independently confirmed. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Orvana acquired the El Valle-Boinas/Carles mine (closed since 2006) in September 2009 via its acquisition of Kinbauri Gold Corp and proceeded with redevelopment; no single discrete FID release was found separate from the acquisition and 2011 commissioning. · Source
3. Construction start

   Reached — date not disclosed · Redevelopment/refurbishment work followed the September 2009 acquisition, culminating in mill start-up and commissioning May 31, 2011; the specific date physical refurbishment began was not found. · Source
4. First pour / production

   May 2011 · Orvana announced initiation of start-up and commissioning of the mill at El Valle-Boinas/Carles, with first concentrate shipment expected June 2011. The operation (now branded OroValle) remains Orvana's producing anchor asset in Spain. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean single-asset story, but only month/year precision was found (no specific day): Orvana's own subsidiary Orovalle commissioned the El Valle Boinas/Carles (EVBC) mine (Asturias, Spain) in May 2011 and advanced to commercial production in August 2011 -- a genuine own-company reopening (EVBC was previously worked 1997-2006 by the unrelated Rio Narcea Gold Mines, then idle 2006-2011, so Orvana's 2011 restart is its own act, not inherited from that different prior operator). EVBC remains Orvana's continuously-active current-producing asset. Don Mario (Bolivia) is a separate asset explicitly still in its own 'commercial production ramp-up' phase per the company's own August 2026 release (target: stable commercial production September 2026, not yet reached) -- noted for completeness only, not the basis for this write. Left null rather than guess a specific day for EVBC's August 2011 threshold. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.