Orovalle Operational Performance Meeting Expectations

TORONTO - Orvana Minerals Corp. CEO Juan Gavidia said, ”We are pleased to highlight that while Orovalle operational performance is meeting expectations, we continue lowering its COC. Exploration activities continue at Ortosa Godán, which could be developed as another satellite deposit. Orvana remains focused on developing the Oxides Stockpile Project in Bolivia. EMIPA is currently working on finalizing the financing structure for the project. Subject to sufficient funding, we expect construction to start in the first quarter of 2024.”

Highlights for the third quarter of Fiscal 2023: 1) 11,522 gold ounces produced, on track to meet low range of fiscal year 2023 guidance of 46,000 - 51,000 Oz, with higher throughput planned for the fourth quarter of the fiscal year when compared to previous quarters. 2) 0.8 million copper pounds produced, on track to meet high range of fiscal year 2023 guidance of 4,000 – 4,400 K lb. 3) Orovalle is on track to meet fiscal 2023 unitary costs guidance. Capital expenditures are expected below the low range due to the timing of El Valle TSF projects, deferring capital expenditures planned for fiscal 2023 to fiscal 2024. Also the EMIPA: 1) Don Mario continues in care and maintenance ("C&M") while the Oxides Stockpile Project ("OSP") continues advancing, with the current main focus being its project financing. 2) During the second quarter of fiscal 2023, EMIPA advanced the process for the issuance of a $47 million Bond Program in the Bolivian stock market. Conditional upon closing the Bonds Program issuance and completing the remaining funding requirements, EMIPA expects OSP construction to start in the first quarter of fiscal 2024. OSP is projected to operate for 35 months, starting after a 13-month construction period. In addition, Orvana Argentina is analyzing a strategic option to combine Oxides and Sulphides in a larger undertaking strategy. Fiscal 2023 is being dedicated to enhance the analytics of the sulphides zone of the deposit. Once the oxides – sulphides combined opportunity is understood, a potential infill drilling campaign will be designed.

Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.