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Orvana Minerals Corp.

TICKER: ORV:TSX

Orvana Minerals is a proven gold producer with significant growth opportunities and a strong balance sheet. The company owns and operates the Don Mario Mine in eastern Bolivia and is developing two other promising assets —the recently acquired, advanced-stage El Valle-Boinás/Carlés Au-Cu project in N. Spain and the Copperwood Cu project in Michigan, U.S. With a growing pipeline of promising mineral assets and experienced management, Orvana is poised to become a multimine gold and copper producer.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Chen Lin (1/13/14) "I like Orvana Minerals Corp. The company has two producing properties: the El Valle-Boinás/Carlés gold-copper mine in Spain and the Don Mario gold mine in Bolivia. Both are doing well, especially the mine in Spain, which I have visited. The company is generating good cash flow. It's paying off the debt, so its balance sheet is improving. It gets better quarter by quarter.

TGR: Orvana's latest quarterly report, released Dec. 6, shows adjusted net income of $12.4M.

CL: To generate cash flow under these market conditions—that's pretty good, I would say. And this is a cash flow story because Orvana has got two mines going—one in 2011 and one in 2012—which are running smoothly and being improved. Orvana has another property in Michigan, Copperwood, which is copper and silver. I think Orvana will either joint venture it or sell it. If it can sell it at a good price, it can further improve the balance sheet." More >

The Gold Report Interview with Chen Lin (6/21/13) "Orvana Minerals Corp. is doing quite well operationally. The company is generating a lot of cash flow this year and I calculated that if gold averages $1,200/oz and copper averages $3/pound for the rest of this year, it will pay back the debt due this year and should be fine. I visited the mine in Spain a few months ago. It's running very smoothly and has a lot of potential to improve next year. The key question for Orvana is its Copperwood property in Michigan. I have been lobbying the management for almost a year not to proceed on its own and not to take on debt to do so. It looks as if the new management team is listening. It is looking at all the alternative strategies for Copperwood and I hope for a positive outcome. Then the company will be a self-generating cash machine by the end of this year." More >

The Gold Report Interview with Ted Dixon (6/14/13) "Orvana Minerals Corp. is another multiple insider buyer situation. CEO Michael Winship bought 60,000 shares at $0.53/share in May and was joined by a director, Audra Walsh. Together they spent $52,000 of their own money in buying in the public market. That seems to be good timing because the stock is now trading around the $0.60/share level. . .up from between $0.50 and $0.53/share." More >

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Chen Lin, What Is Chen Buying? What Is Chen Selling? (2/13/13) "Orvana Minerals Corp. started to break out in the past two days despite of weakness of gold. The company was one of my top picks in mining at the end last year and I am very glad to see the market finally 'get it.' This is what I am looking for, to see extremely undervalued miners that I own perform well even when gold is weak."

The Gold Report Interview with Chen Lin (2/4/13) "I'm quite excited about Orvana Minerals Corp.'s gold and copper-silver production in Spain and Bolivia. It should generate very significant cash flow this year and reduce its debt substantially. My estimate on the cash flow could be as high as $80–90M in 2013 alone, compared to its market cap of just over $100M. It's quite undervalued. The new management under CEO Bill Williams did an excellent job turning both mines around during the past 12 months. The stock hasn't been recognized by the market yet, but I believe it will be one day. . .Orvana just needs to continue to produce and generate cash flow, pay back its debt and it will be a very different company by the end of this year." More >

Joe Mazumdar, Haywood Securities (8/15/12) "Orvana Minerals Corp. added net cash flow of $3.7M during Q3/12. The company's end-of-quarter cash position was $11.1M ($9.6M our estimate). . .its end-of-quarter working capital position (-$0.8M) vs. our estimate (-$0.4M) was a positive improvement over the last quarter working capital (-$7.3M). . .the positive cash flow generated during the quarter from both operations is a good sign that it is moving in the right direction."

Mike Bandrowski, Clarus Securities (8/14/12) "Orvana Minerals Corp. released its Q3 financial results for the period ended June 30, 2012; significantly improved operations resulted in record net income of $12.1M or EPS of $0.09/share and operating cash flow of $10.9M or $0.09/share. With cash costs decreasing at both operations and the new shaft at EVBC being commissioned we expect significant production growth and cost reductions going forward. We maintain our Buy recommendation and $2.10/share target. . .with further improvements to operations anticipated and potential near-term permitting news expected at Copperwood, we believe the stock is significantly undervalued."

Gary Baschuk, Raymond James (8/13/12) "We maintain our Outperform rating and continue to recommend investors accumulate shares of Orvana Minerals Corp. . .with production increasing at both producing assets, we believe the company will meet production guidance for FY12 of 60 Koz gold, 700 Koz silver and 16.52 Mlb copper."

Gary Baschuk, Raymond James (7/23/12) "Last week we visited Orvana Minerals Corp.'s Don Mario mine in Bolivia and its El Valle-Boinás/Carlés mine in northern Spain. We were encouraged by the progress of the operations and the initiatives made by management that are expected to come to fruition in the near term; we believe that the operations have now turned the corner from startup into production and we are changing our rating to Outperform (from Market Perform)."

Christos Doulis, Stonecap Securities (7/23/12) "June production at Orvana Minerals Corp.'s El Valle-Boinás/Carlés (EVBC) was 4,976 oz gold, 549 Klb copper and 14 Koz silver. . .operations at the company's flagship EVBC continue to improve ahead of the shaft coming online and Orvana has had a second month with production of ~5 Koz gold. . .we are maintaining our Outperform rating."

Mike Bandrowski, Clarus Securities (7/23/12) "Our site visit at Orvana Minerals Corp.'s two producing Au-Ag-Cu mines, El Valle-Boinás/Carlés and Don Mario, highlighted the impact recent management and operational changes have had on production, which we expect will translate into improved production and margins as early as Q3/12. We resume coverage with a Buy recommendation and $2.10/share target."

The Gold Report Interview with Joe Mazumdar (7/20/12) "Orvana Minerals Corp. is in production. . .the company needs a few quarters to hit its targets and increase cash flow. It had technical issues with the startup at both of its operations and was punished in a downward-trending equity environment. . .Orvana has adjusted its process flowsheet to stabilize the recovery rates. . .the throughput is increasing [at El Valle-Boinás/Carlés as Orvana slowly gets its shaft into place and de-bottlenecks the underground operation. Once the shaft is in place, the throughput should improve markedly and provide steady-state head grades. The plant has been running very well." More >

Joe Mazumdar, Haywood Securities (7/18/12) "Orvana Minerals Corp. provided an update of results for Q3 FY12 for its wholly-owned El Valle-Boinás/Carlés operation. . .the results are positive, as they illustrate a rising throughput level ~20% quarter over quarter (150.7 Kt) with higher head grades. . .the consistent recovery levels are also very positive."

Gary Baschuk, Raymond James (7/18/12) "Orvana Minerals Corp. released production results for June and Q3 FY12 from the 100%-owned El Valle-Boinás/Carlés (EVBC) project in Spain. We view the results as positive, as production continues to stabilize on a quarterly basis with total gold and copper production up 30% and 54%, respectively. . .we expect the company to meet EVBC and company-wide production targets for 2012."

Joe Mazumdar, Haywood Securities (7/11/12) "Orvana Minerals Corp. has provided a production update at its gold-copper, open-pit/mill-flotation operation in eastern Santa Cruz for Q3 FY12. The update indicates an increase in quarterly throughput to ~180 Kt (increased 70% quarter over quarter), with grades roughly in line (copper, gold, silver) with the previous quarter."

Gary Baschuk, Raymond James (7/10/12) "Orvana Minerals Corp. released June monthly production results from the 100%-owned Don Mario Mine in Bolivia, as well as a Q3/12 summary. . .we view the results as positive as they illustrate an improvement over Q2/12 results as management continues to fine-tune the processing circuit. Total gold, silver and copper production increased 119%, 155% and 75% respectively over Q1/12."

Christos Doulis, Stonecap Securities (7/3/12) "Orvana Minerals Corp. remains Outperform. . .we believe that the company has executed on a turnaround at both its flagship El Valle-Boinás/Carlés (EVBC) and Don Mario mines. With the shaft anticipated to come online at EVBC during July 2012, we expect to see increased month-over-month metals production during calendar Q3/12 and lower costs per ounce of gold produced (net of credits)."

Pope & Company Morning Notes (6/20/12) "Orvana Minerals Corp. provided an update of operations for its El Valle-Boinás/Carlés gold-copper mine in northern Spain. May production was 5,259 oz gold, 505 Klb copper and 14,122 oz silver. . .improvements in May were due mainly to higher head grades in the ore. With the completion of the shaft, production can be ramped up and operating costs will decrease with the increased throughput and hoisting rather than trucking ore to the surface."

Christos Doulis, Stonecap Securities (6/20/12) "Operations at Orvana Mineral Corp.'s flagship El Valle-Boinás/Carlés continue to improve ahead of the shaft coming on-line and Orvana has increased monthly production to over 5 Koz Au at an impressive preliminary cash cost of ~$600/oz. . .we are maintaining our Outperform rating and $2.05 price target."

Christos Doulis, Stonecap Securities (6/7/12) "Orvana Minerals Corp. provided an operations update for the month of May for Don Mario. . .ore throughput for the month was 72 Kt (~2,300 tpd), up considerably from 51 Kt (~1,700 tpd) in April and significantly above our current modeled throughput of 1,625 tpd. Total production was 1,774 oz gold (up from 1,317 oz gold in April), 93 Koz silver (up from 59 Koz silver in April) and 1.13 Mlb copper (down slightly from 1.25 Mlb in April). . .we are maintaining our Outperform rating."

Gary Baschuk, Raymond James (6/7/12) "Orvana Minerals Corp. released May production results from the 100%-owned Don Mario mine in Bolivia; the company reported the third consecutive month of production at Don Mario. We view this as positive as management continues to fine-tune the processing of ore and improve overall production. . .Orvana has made advancements in the processing and has dominantly focused on the transitional ore, but plans to continue testing the oxide LPF circuit in an attempt to achieve higher recoveries."

Hendrick Visagie, Pope & Company (5/24/12) "Orvana Minerals Corp. reported that operations for its El Valle-Boinás/Carlés gold-copper mine in northern Spain in April produced 3,748 oz gold, 414 Klb copper and 11,214 oz silver. . .head grades were 2.62 g/t gold and throughput was 47,473 t or 1,582 tpd. . .the company is ramping up production at its UMZ zone at its Don Mario operation in Bolivia and planning its Copperwood project in Michigan."

Christos Doulis, Stonecap Securities (5/24/12) "Orvana Minerals Corp. provided an operations update for the month of April for the El Valle-Boinás/Carlés project (EVBC). . .throughput for the month was 47 Kmt, in line with our estimates before the shaft comes on line, which is expected in June. . .cash costs were estimated at $700, net of credits, down from $745 in the previous quarter. . .Having provided a positive April production update for both EVBC and Don Mario, Orvana is off to a solid start in its fiscal third quarter."

Gary Baschuk, Raymond James (5/23/12) "Orvana Minerals Corp. released April production results from El Valle-Boinás/Carlés gold-silver-copper mine. . .we view the results as positive. . .total production for the month of April was 3,748 oz gold, 414 Klb copper and 11,214 oz silver. . .we believe the ramp-up at El Valle-Boinás/Carlés is progressing well with completion of the shaft and increased epithermal gold mining expected to contribute to the company meeting its 2012 targets."

Christos Doulis, Stonecap Securities (5/18/12) "Orvana Minerals Corp. hosted its FQ2/12 conference call following the release of its financial statements. . .Total production from its two operations was 3 Mlb Cu, 12.8 Koz Au and 115 Koz Ag. . .During the quarter, operations continued to improve, generating positive cash flow at the operating level. . .With the shaft at EVBC expected to come on line in June and a buyer for the new precious metals rich Don Mario concentrate having now been sourced, free cash flow should improve significantly in the back half of calendar 2012. We are maintaining our Outperform rating and our $2.05 target price."

Christos Doulis, Stonecap Securities (5/10/12) "Orvana Minerals Corp. provided an operations update at its Don Mario Mine. . .total production in the month was 1.25 Mlb Cu, 1,317oz Au and 59 Koz Ag, significantly higher on a monthly basis. . .with the addition of the talc product, Orvana has been able to increase oxide precious metals recoveries from ~20% to ~40% (both Au and Ag). . .April continued the impressive turn around at Don Mario for Orvana. With the shaft at EVBC expected to be complete at the end of the month, Orvana remains poised to make 2012 a turnaround year."

Gary Baschuk, Raymond James (5/9/12) "Orvana Minerals Corp. announced results from the second consecutive month of production at its 100%-owned Don Mario Mine in Bolivia. . .the company reported improved recoveries and increased production in April versus March. . .current 2012 guidance for Don Mario stands at 12.5 Koz gold, 425 Koz to 500 Koz silver and 5,500 tonnes copper (12.13 Mlb). Using the April run-rate, the company is on track to meet production guidance."

Joe Mazumdar, Haywood Securities (5/1/12) "Orvana Minerals Corp. received its Part 632 Mining Permit for its Copperwood project in Michigan. The impact is positive; the permit receipt may attract partners to assist in developing the project. . .we currently forecast that the Copperwood project has the potential to produce 55 Mlb/year copper at a cash cost of US$1.70/lb over a 17-year mine life."

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