Orvana Minerals cleared its EMIPA Bonds I debt while working to resolve covenant issues on its second bond series, as the Don Mario operation ramps up toward a 1,700 tonnes per day design capacity by year-end.
EMIPA repaid EMIPA Bonds I in full at the November 7, 2026 maturity with the final coupon, a positive deleveraging step. However, covenant ratios under the remaining EMIPA Bonds II (due February 19, 2027) were outside required thresholds as of September 30, 2026, and bondholders could exercise rights if the Cure Period fails. The improving October production (887 oz gold, ramp-up toward 1,400 tpd) and the unresolved covenant issue largely offset each other.
Orvana Minerals has successfully repaid its EMIPA Bonds I in full at their November 7, 2026 maturity. While the company continues to navigate a covenant breach for its remaining EMIPA Bonds II, it reports operational progress at the Don Mario site, where throughput reached over 900 tonnes per day in late October. Management is targeting a ramp-up to 1,700 tonnes per day by the end of December 2026.
The first bond program (EMIPA Bonds I) was repaid in full at its November 7, 2026 maturity, including the final coupon. A second program, EMIPA Bonds II, remains outstanding and matures on February 19, 2027, but its financial covenant ratios were outside required thresholds as of September 30, 2026.
If compliance is not restored or an amendment is not agreed within the Cure Period, bondholders would be entitled to exercise the rights available to them under the program. Orvana is working with bondholders during the Cure Period toward a solution.