Orvana Silver Production Tops a Full Fiscal Year in One Month
Orvana's Don Mario plant poured more silver in October than in all of fiscal 2026. The numbers show how copper and mine debt shape the silver and gold supply behind the trade.
Orvana silver production at the Don Mario plant in Bolivia reached 14,878 ounces in October 2026, more than the 14,680 ounces the operation produced in its entire 2026 fiscal year. Toronto’s Orvana Minerals reported the month on November 9. Two days earlier, its Bolivian subsidiary EMIPA had repaid a bond in full.
The release reads like mining news, but it explains something closer to the bench. Silver and gold reach a refiner, then a casting house, then a showcase, because a plant somewhere hit its numbers. This one shows how a copper circuit, a filter cloth and a debt calendar decide whether those ounces arrive.
How much did Orvana silver production rise in October 2026?
Don Mario stopped mining in fiscal 2020, after its reserves ran out. Since then, EMIPA has rebuilt the plant to treat oxide ore stockpiled during earlier years. The first gold and silver doré bar came on September 8, and the first copper cathode followed on September 16.
October was the first full month with both circuits running. Because Orvana’s fiscal year ends on September 30, that month also opens fiscal 2027.
| Measure | October 2026 | Q4 FY2026 (July to September) | FY2026 (October 2025 to September 2026) |
|---|---|---|---|
| Ore milled (tonnes) | 17,428 | 16,769 | 64,156 |
| Gold produced (oz) | 887 | 638 | 1,597 |
| Gold recovery | 90.5 per cent | 71.9 per cent | 68.7 per cent |
| Silver produced (oz) | 14,878 | 13,601 | 14,680 |
| Silver grade (g/t) | 38.82 | 33.21 | 16.73 |
| Copper produced (lb) | 504,460 | 411,274 | 411,274 |
The plant averaged about 562 tonnes a day across October, by our arithmetic. However, the final week ran above 900 tonnes a day after crews fitted new filter cloths. EMIPA is testing about 1,400 tonnes a day in November. It then expects to reach the design rate of about 1,700 tonnes a day by the end of December.
At design rate, the plant would mill roughly three times October’s tonnage each month. Orvana withdrew EMIPA’s fiscal 2026 production guidance in September, and this release gives no ounce forecast for the months ahead.
Why does a copper plant decide how much silver gets poured?
Take October’s output at early November prices. Gold near US$4,100 an ounce puts the 887 ounces at about US$3.6 million. Copper near US$6.25 a pound puts the cathode at about US$3.2 million. Silver near US$52.50 an ounce adds about US$780,000.
So silver is roughly a tenth of the gross metal value, before costs and sales terms. As a result, the plant will run, or slow, on what gold and copper earn. Silver comes along either way.
In fact, Don Mario is typical in that respect. The Silver Institute’s World Silver Survey 2026 put global mine output at 846.6 million ounces in 2025. More than 70 per cent of mined silver is a byproduct of lead, zinc, copper and gold operations. As a result, supply responds slowly when the silver price moves.
That matters this year. Silver set a record above US$121 in January and traded at US$52.43 on November 9, down about 26 per cent since the start of the year. The same survey still forecasts a 46.3 million ounce market deficit for 2026, the sixth in a row.
What did the bond repayment change for Orvana silver production?
First, EMIPA Bonds I matured on November 7, and the subsidiary made its fifth and final coupon payment. That closes one debt and starts the release of the guarantees behind it.
A second issue, EMIPA Bonds II, matures on February 19, 2027. EMIPA’s covenant ratios sat outside the required thresholds on September 30, so a cure period is running. Orvana says it is working with bondholders, and it adds that there is no assurance of a solution.
Two events explain the strain. First, road blockades in May and June delayed the plant’s restart. Then, on June 29, Bolivia replaced its fixed rate of 6.96 bolivianos per US dollar with a daily rate that opened at 9.73.
Orvana estimated the expansion at US$58 million. Part of the funding is a US$25 million prepayment facility from Trafigura, now due in June 2027. Trafigura also holds offtake agreements for the cathode and the doré, so the metal has a buyer before the pour.
What does this mean for Canadian jewellers buying silver and gold?
No Canadian dataset traces how much byproduct metal ends up in Canadian jewellery. Refiners blend mined doré with recycled scrap, and the bar that reaches a caster carries no mine label. For that reason, the link from one plant to one showcase cannot be measured.
The national picture is clearer for gold. Natural Resources Canada counts 200 tonnes of gold from Canadian mines in 2024, with Ontario and Quebec supplying about two thirds. Canadian capital also runs mines abroad, and Orvana, listed in Toronto, is one example.
Orvana silver production is small on a world scale, and one plant will not move the silver price. Still, it shows why supply cannot be assumed. Ounces depend on throughput, on reagents such as sulphuric acid, and on lenders agreeing to wait. Our gold price outlook covers the price side, and the Luca Mining quarter shows how settlement delays reprice metal.
What belongs in the Monday morning file?
- Work out the replacement cost of every silver line at today’s spot before the next reorder.
- Ask the refiner or casting house how long a quoted metal price holds, and get the answer in writing.
- Add a metal clause to custom quotes, tied to the fix on the day the client approves.
- Mark three dates: late November for Orvana’s audited year, the end of December for design capacity, and February 19 for Bonds II.
Each date tests whether new ounces arrive on schedule. This article is general information, not financial or investment advice.
Frequently asked questions
How much silver did Orvana produce in October 2026?
Orvana’s Don Mario plant produced 14,878 ounces of silver in October 2026. It also produced 887 ounces of gold and 504,460 pounds of copper, from 17,428 tonnes of ore.
What is byproduct silver?
Byproduct silver is silver recovered at a mine that runs mainly for another metal, such as copper, zinc, lead or gold. More than 70 per cent of mined silver comes from operations of this kind.
When will the Don Mario plant reach full capacity?
EMIPA targets about 1,400 tonnes a day in November 2026. It expects to reach the design capacity of about 1,700 tonnes a day by the end of December 2026, subject to plant performance.
What are EMIPA Bonds I and EMIPA Bonds II?
They are two bond issues placed in Bolivia by EMIPA, Orvana’s subsidiary. EMIPA repaid Bonds I in full at maturity on November 7, 2026. Bonds II mature on February 19, 2027 and sit in a covenant cure period.
Does Orvana’s output change silver prices for jewellers?
No. One plant of this size is too small to move the silver price. Its value to the trade is as a clear example of how byproduct supply and mine financing shape the metal that reaches refiners.
Sources: Orvana Minerals news release, November 9, 2026; The Silver Institute, World Silver Survey 2026; Natural Resources Canada, Gold facts; FXStreet silver price, November 9, 2026; earlier Orvana releases dated July 31, September 17 and October 2, 2026.
Author: Olivier Fel.
Olivier Felicio is the founder and publisher of Canadian Jeweller Magazine, Canada's jewellery business publication since 1879. He writes on retail strategy, market data, trade policy and the commercial side of the Canadian jewellery and watch trade, and hosts Time and Shine, Canada's jewellery buying event. Contact: olivier@canadianjeweller.com.
