12:03 PM EDT, 07/17/2024 (MT Newswires) -- (Corrects headline and first and second paragraphs to show production fell 2.4%, instead of a 29% rise.)

Orvana Minerals Corp. ( ORVMF ) on Tuesday reported a 2.4% drop in fiscal third-quarter production and revised its production guidance for the full fiscal year 2024.

The company produced 13,078 gold equivalent ounces in the fiscal third quarter, down from 13,398 gold equivalent ounces in the year-ago period

Gold production fell to 10,832 ounces from 11,522 ounces while copper production increased to 986,000 pounds from 801,000 pounds.

Orvana revised downward its gold production guidance to 37,000 to 39,000 ounces, down from 41,000 to 45,000 ounces, and revised upward its copper production guidance to 3.7 million to 3.9 million pounds, up from 3.3 million to 3.7 million pounds.

The company also reported fiscal third-quarter exploration at El Valle Boinas in Spain with key intercepts in Boinas South and Area 208 that include 14 meters at 11.82 grams per tonne (g/t) gold and 13.2 meters at 4.04 g/t gold.

Orvana's share price rose 4.1% to $0.26 on Tuesday.

Price: 0.24, Change: -0.02, Percent Change: -5.88