Mr. Juan Gavidia reports

ORVANA REPORTS Q1 2019 FINANCIAL RESULTS; CONSISTENT PERFORMANCE IN LINE WITH GUIDANCE; EFFORTS TO IMPROVE UNIT COSTS UNDERWAY

Orvana Minerals Corp. has released financial and operational results for the first quarter of fiscal 2019. The company is also providing financial and operational updates for its El Valle and Carles mines operations in northern Spain and for its Don Mario mine operations in Bolivia. All amounts are in U.S. dollars unless otherwise stated.

The audited consolidated financial statements for fiscal 2018 and management's discussion and analysis related thereto are available on SEDAR and on the company's website.

The company is pleased to report the following positive developments in first quarter 2019:

• El Valle: consistent performance:
  • El Valle delivered 7 per cent higher gold production (16,546 ounces) in the first quarter of fiscal 2019 compared with the fourth quarter of fiscal 2018 (15,490 oz), due to 6-per-cent grade increase. The ratio of oxides ore processed in the mill was at the level of 41 per cent, and mechanical advance rates in oxide areas reached 1,906 metres in the first quarter of fiscal 2019.
• Don Mario: life-of-mine extension under way:
  • Don Mario delivered 19 per cent lower gold production (10,726 oz) in the first quarter of fiscal 2019 compared with the fourth quarter of fiscal 2018, due to a lower head-grade area mined according to plan, and is on track to meet fiscal 2019 guidance. Fiscal 2019 ore will continue to be sourced from the Cerro Felix pit and processed at a high recovery rate achieved by the recommissioned CIL circuit.
  • The company is fully committed with the life-of-mine extension.
  • The next focus for life-of-mine extension is processing the existing oxide stockpile. This undertaking will require the implementation of an SART circuit, subject to the completion of technical reviews supportive of the project and securing the required financing. The SART circuit, together with the existing flotation and CIL-CIC circuits, best positions Don Mario for a longer mine life based on processing flexibility.
  • Brownfield and greenfield exploration continues around the Don Mario and Cerro Felix mines, in the Cristal schist belt and in the Eastern schist belt.
  • An evaluation of reprocessing tailings is in progress to determine the viability of recovering gold from material deposited in the tailings impoundment since the commencement of production at Don Mario.
• Longer-term financing structure:
  • As previously disclosed, in the first quarter of fiscal 2019, the company obtained approval from three Spanish financial institutions to a syndicated credit facility. Subsequent to Dec. 31, 2018, the company, through its wholly owned subsidiary OroValle, closed the facility for a total amount of six million euros. The facility term (four years) is aligned with Orovalle's operational strategy.
  • Concurrent with the closing, Orvana repaid in full the Samsung C&T prepayment facility, originally entered into in August, 2016.

Juan Gavidia, chief executive officer of Orvana Minerals, stated: "I am very satisfied that both operations have reached a level of operational outcomes that achieves quarterly targets, while keeping safety and environmental sustainability first. Operational stability is now allowing us to focus on building shareholder value through unit costs reduction and life-of-mine extensions."

                             SELECTED OPERATIONAL AND FINANCIAL INFORMATION
  
                                                                Q1 2019        Q4 2018        Q1 2018        FY 2018
Operating performance
Gold
Grade (g/t)                                                        2.54           2.72           2.57           2.61
Recovery (%)                                                       93.7           92.3           89.8           91.7
Production (oz)                                                  27,272         28,661         23,172        103,384
Sales (oz)                                                       27,466         28,044         21,995        102,018
Average realized price/oz                                        $1,226         $1,208         $1,269         $1,273
Copper
Grade (%)                                                          0.48           0.51           0.64           0.60
Recovery (%)                                                       75.9           81.6           63.1           65.9
Production (000 lb)                                               1,375          1,291          2,759          8,233
Sales (000 lb)                                                    1,400          1,231          2,700          8,687
Average realized price/lb                                         $2.81          $2.81          $2.82          $2.89
                                                              ---------      ---------      ---------      ---------
Financial performance (in 000s, except per-share amounts)
Revenue                                                         $36,318        $36,298        $34,170       $145,836
Mining costs                                                    $30,595        $30,632        $28,060       $120,946
Gross margin                                                       $865         $3,019           $458         $3,156
Net (loss)                                                      ($1,060)       ($1,231)       ($3,379)      ($11,097)
Net (loss) per share (basic/diluted)                             ($0.01)        ($0.01)        ($0.02)        ($0.08)
EBITDA (1)                                                       $4,449         $1,165         $4,182        $13,750
Operating cash flows before non-cash working capital changes     $4,169         $3,049         $2,086        $11,864
Operating cash flows                                             $3,366         $1,129         $2,147         $1,800
Ending cash and cash equivalents                                 $8,325        $11,634        $20,617        $11,634
Capital expenditures (2)                                         $1,763         $3,051         $6,207        $20,338
                                                              ---------      ---------      ---------      ---------
Cash operating costs (byproduct) ($/oz) gold (1)                 $1,025         $1,003           $999         $1,021
All-in sustaining costs (byproduct) ($/oz) gold (1) (2)          $1,161         $1,187         $1,253         $1,259
                                                              ---------      ---------      ---------      ---------

(1) Earnings before interest, taxes, depreciation and amortization (EBITDA), cash operating costs,
and all-in sustaining costs are non-international financial reporting standard performance measures. 
(2) Each reported period excludes capital expenditures incurred in the period, which will be paid in 
subsequent periods, and includes capital expenditures incurred in prior periods and paid for in the 
applicable reporting period. The calculation of AISC includes capital expenditures incurred (paid 
and unpaid) during the period.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's operating assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain and the producing Don Mario gold-silver operations in Bolivia.

We seek Safe Harbor.