06:52 AM EDT, 04/16/2024 (MT Newswires) -- Orvana Minerals ( ORVMF ) , which lost 5.7% yesterday, overnight Monday provided an update on production and exploration from Orovalle, Spain, for the fiscal second quarter ended March 31.

The company produced 10,101 gold-equivalent ounces in the quarter, compared with 14,470 ounces in the year-earlier quarter.

Periodic strikes that began in mid-November 2023 negatively impacted results, the company said. Talks between management and workers regarding the basic terms of the 2023-2025 collective bargain agreement helped stop the strikes in January.

During fiscal Q2, the company produced 7,775 gold ounces. Orovalle plans to hit the lower end of the 2024 production guidance of 41,000 to 45,000 ounces.

Also, the company reported the production of 1.1 million copper pounds. Orvana said it is on track to meet the fiscal year 2024 guidance of 3,300 to 3,700 K lbs.

From Boinas South, the company said DDH 23SB181 returned 20.65 meters @ 9.01 grams per ton of gold - 0.29% copper; and DDH 23SB189 returned 11.50 meters @ 3.26 grams per ton of gold - 0.52% copper.