Orvana Minerals has hit a second key milestone in the ramp-up of processing operations in Bolivia but warned its subsidiary in the country continues to fall behind production expectations.

The mining company on Thursday withdrew a recently scaled-back production target for its Empresa Minera Paititi unit.

Based on the ramp-up performance to date and the estimated time needed to reach stable operating conditions, Orvana said fiscal 2026 production is expected to be below guidance provided in August.

The Bolivian subsidiary has produced its first copper cathodes from the processing of oxides stored at its Don Mario mining operation, Orvana said. This follows the first gold-silver dore bar produced from the oxides processing operation and marks the second of the operation's two metal recovery circuits to reach operational production.

Chief Executive Juan Gavidia said management is now focused on improving mechanical reliability and operational stability across the processing circuits in order to support higher throughput rates.

"While initial weeks of the ramp-up have been slower than anticipated, plant performance continues to improve as Emipa advances toward stable operations at its targeted average processing rate of approximately 1,700 tons per day," Gavidia said.

Mining and milling operations at Orvana's Don Mario operations were temporarily suspended early in fiscal 2020 following depletion of mineral reserves at that time. The company is now completing a project to process oxide material that was stockpiled during previous years of mining at Don Mario.

Orvana said that through the remainder of fiscal 2026, ramp-up activities would continue with the aim of progressively increasing throughput, improving overall plant performance, and advancing toward stable operating conditions.

The company in August forecast gold production by the Emipa unit would be between 4,200 and 4,700 troy ounces and copper output between 1.9 million and 2.1 million pounds, a sharp cut on a prior target of 13,000 to 14,000 ounces of gold and 6.7 million to 7.5 million pounds of copper.

At the time, Orvana noted Bolivia had experienced 53 days of significant civil unrest during May and June, including nationwide strikes and road blockades that disrupted the movement of goods and personnel across the country and materially affected logistics and supply chains.