Updated NI 43-101 For Spanish Operation - Extended Life of Mine Opportunities

TORONTO - Orvana Minerals Corp. reported the completion of an updated Mineral Resource and Mineral Reserve estimate (MRMR Update) and life-of-mine plan (LOMP Update), each completed in accordance with CIM Definition Standards (2014) and as incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects, for its Orovalle Operation ("Orovalle"), in Asturias, Spain.

Juan Gavidia, Chief Executive Officer, said, “Orvana's management team is extremely pleased with the updated Orovalle life of mine plan of five years. The Company's ability to continue to maintain a five-year life of mine plan since 2014 is the result of the execution of a successful exploration strategy, resulting in the Company being able to replenish depletion year-by-year. The Company is committed to an aggressive drill program at Orovalle by way of continued systematic infill and brownfield drilling programs with the aim to further extend the life of mine. Current Mineral Inferred Resources along with the recently released results of our latest brownfield drilling program, indicate a bright long term future for the operation at Orovalle. We are also optimistic that our promising greenfield exploration programs at Lidia and Ortosa-Godan, with drilling underway, will result in potential additional upside in the near future".

In fiscal 2014, the Company engaged RPA to complete a technical report on El Valle Boinas and Carles mines in accordance with NI 43-101 Standards of Disclosure. The 2014 technical report, "Technical Report on the El Valle Boinas-Carles Operation, Asturias, Spain", dated September 26, 2014, reported a life of mine plan of five years, starting October 2014, with the first three years of mining at an average of 571,000 tonnes of ore per annum, followed by two years of oxide-only production at a reduced average rate of 243,000 tonnes of ore per annum. The 2014 Technical Report life of mine plan incorporated approximately 2.2 million tonnes of ore, with and estimated metal production of 282,000 ounces of gold, 24.2 million pounds of copper and 767,000 ounces of silver.

During the period commencing in October 2014 and ending in September 2020, Orovalle in fact produced 323,651 ounces of gold and 31.6 million pounds of copper, exceeding the 2014 estimated life of mine metal production by 15% in gold and 31% in copper.

RPA completed the LOMP Update based on Proven and Probable Mineral Reserves estimated as at September 30, 2020, as part of the MRMR Update. The planned production schedule consists of oxide and skarn ore to be mined from both the El Valle Boinas and Carles mines at an average rate of 686,000 tpa for a period of five years. The total production schedule estimates 3.4 million tonnes of ore, containing an estimated 307,000 ounces of gold, 756,000 ounces of silver, and 27.6 million pounds of copper. In addition, the Inferred Mineral Resources are estimated to contain 410,000 ounces of gold and 24.8 million pounds of copper, providing potential opportunities to extend the operation life.

Highlights Include: Proven and Probable Reserves - approximately 3.4 million tonnes grading 2.78 g/t gold, 0.36% copper and 6.86 g/t silver, containing 307,000 ounces of gold, 27.6 million pounds of copper and 756,000 ounces of silver. Gold contained in Proven and Probable Reserves as at September 30, 2020 increased 33% compared with September 30, 2019; Measured and Indicated Resources - approximately 7.9 million tonnes grading 3.74 g/t gold, 0.51% copper and 10.38 g/t silver, containing 955,000 ounces of gold, 89.6 million pounds of copper and 2,646,000 ounces of silver; and Inferred Resources - approximately 3.4 million tonnes grading 3.80 g/t gold, 0.33% copper and 8.64 g/t silver, containing 410,000 ounces of gold, 24.8 million pounds of copper and 934,000 ounces of silver.