08:17 AM EST, 02/14/2025 (MT Newswires) -- Orvana Minerals ( ORVMF ) overnight Thursday reported a swing to profit and an increase in revenue in the fiscal first quarter of 2025, helped by a rise in gold equivalent ounces produced.

The company reported net income of $1.4 million for the quarter ended Dec. 31, compared with a net loss of $7.2 million, a year earlier. Q1 net income per share was $0.01 versus, a loss per share figure of $0.05.

Total revenue increased to $21.7 million compared with $20.1 million, in the prior year period. The company produced 9,694 gold equivalent ounces in the quarter from 9,550 gold equivalent ounces, a year earlier.

"We are very excited about Orvana's 2025 outlook: construction in Bolivia is advancing as planned, Spain is on track to meet its 2025 guidance, and we expect to start the geophysical survey in Argentina in the coming weeks, which will be key to the strategic repositioning of the property," said Orvana Chief Executive Juan Gavidia. "Overall, looking ahead to 2025, we envision a year of transformation for Orvana."

Shares of the company closed up $0.020 or 5.6%, to $0.380 on Thursday on the Toronto Stock Exchange.