RE:ORV.T - A flat out Steal? Looks to me like they are mostly derisked and plant expansion will start soon. With the price of gold, there is some confidance that ORV can self fund the balance with the cash flow from current operations and possibly leverage the future cash from the OSP if needed.
Next catalyst may be the updated economics from the financial model.
Don Mario - Bolivia
- The Company, focused on restarting production at Don Mario, has been seeking financing for its Oxides Stockpile Project (the "OSP"), consisting of a plant expansion to treat ore stockpiled in the Don Mario Operation from previous years of mining activity.
- Between July 1, 2024 and August 12, 2024 EMIPA completed the following:
- 80% placement of the Bond Program units, for a total nominal amount of US $37.7 million.
- Issuance of 56,414 non-voting preferred shares, for a total amount of approximately US $0.81 million. Preferred shares were issued by EMIPA as a private placement in Bolivia, Orvana has not offered any securities.
- Four promissory notes have been contracted, for a total amount of approximately US $1.4 million, with due date September 2024.
- Invested in several local short term financial instruments, all of them sold as of July 30, incurring in a net cost of US $2M.
- EMIPA intends to use the net proceeds of the Bond Program, issuance of non-voting preferred shares and promissory notes to partially finance its proposed Oxides Stockpile Project and for general corporate purposes. As of the date hereof, EMIPA continues to work on closing the remaining Bond Program in Bolivia and working on additional financing to secure the funds required for the OSP construction and ramp-up phases.
- The Company is updating the OSP financial model, including costs estimates updates and required financing structure, and will provide updates when further material information becomes available.
- Upon closing of 80% of the bonds offering in Bolivia, EMIPA is making plans to prepare for the Don Mario Plant expansion, expecting to start construction before the end of 2024.