ORVANA COMPLETES REPAYMENT OF EMIPA BONDS I, PROVIDES UPDATE ON ITS BOLIVIAN SUBSIDIARY, AND ANNOUNCES PARTICIPATION IN THE 2026 PRECIOUS METALS SUMMIT IN ZURICH

TSX: ORV
OTCQX: ORVMF

TORONTO, Nov. 9, 2026 /CNW/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") announces that its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA"), has repaid EMIPA Bonds I in full at maturity, and provides an update on EMIPA Bonds II and the ramp-up of the Oxides Stockpile Project at the Don Mario operation. The Company also announces its participation in the 2026 Precious Metals Summit Zurich, November 9-11, 2026.

Juan Gavidia, CEO of Orvana, commented:

"The full repayment of EMIPA Bonds I at maturity is an important milestone for the Company, reflecting our commitment to meeting our obligations to our lenders. We remain focused on progressively reducing the debt incurred to fund the investment in the Don Mario plant expansion, in accordance with the agreed terms.

As the Don Mario ramp-up progresses, we are pleased with the positive trend in metal production. Our priorities for November and December are to further increase throughput while continuing to optimize metallurgical recoveries and reagent consumption.

We look forward to participating in the 2026 Precious Metals Summit Zurich and sharing the progress of our operations and projects in Bolivia, Spain and Argentina with investors, stakeholders and the broader community."

EMIPA Bonds

EMIPA Bonds I (as more fully described in the Company's most recently filed unaudited interim financial statements available on www.sedarplus.ca and www.orvana.com) matured on November 7, 2026, and EMIPA made the fifth and final payment of coupon in accordance with the terms of the program. As a result, EMIPA has fully satisfied its scheduled debt service obligations under EMIPA Bonds I and will proceed with the necessary formalities to complete the release of the guarantees securing the program.

EMIPA Bonds II (as more fully described in the Company's most recently filed unaudited interim financial statements available on www.sedarplus.ca and www.orvana.com) remains outstanding and is scheduled to mature on February 19, 2027.

As previously disclosed in the Company's news release dated November 2, 2026, EMIPA's financial covenant ratios under EMIPA I Bonds and EMIPA Bonds II (together, the "Bonds") as at September 30, 2026 were outside the thresholds required under the terms of the Bonds, and EMIPA has a cure period under the terms of the Bonds to restore compliance (the "Cure Period"). With the repayment of EMIPA Bonds I, the Cure Period now relates only to EMIPA Bonds II.

EMIPA continues to work during the Cure Period to restore compliance with the applicable financial covenant ratios or, in consultation with its bondholders, to consider appropriate amendments to such ratios in light of the evolving economic and foreign exchange environment in Bolivia and the progress of the Oxides Stockpile Project. EMIPA remains fully committed to working constructively with its bondholders toward an appropriate solution. However, there can be no assurance that compliance will be restored, that any amendments to the financial covenant ratios will be agreed upon, or that any other solution will be reached within the Cure Period or any extension thereof. If the matter is not resolved within the Cure Period, or any extension thereof permitted under the terms of EMIPA Bonds II, bondholders would be entitled to exercise the rights available to them under the program.

EMIPA Operational Update

The Company reports the following October 2026 production results for the Don Mario Operation in Bolivia, which is managed by the Company's Bolivian subsidiary, EMIPA:

During October, throughput increased progressively over the course of the month, averaging more than 900 tonnes per day during the final week. This improvement was supported by measures implemented to enhance filtration performance, primarily the installation and adjustment of new filter cloths on two of the plant's three filter units by mid-October. The third filter was fitted with the new filter cloths on November 1, 2026.

EMIPA expects to continue testing higher throughput levels during November, targeting approximately 1,400 tonnes per day, subject to satisfactory operating and metallurgical performance. The ramp-up will continue to be managed in a controlled manner, with plant performance and stability assessed as throughput increases. Subject to satisfactory results, EMIPA expects to further increase throughput during December toward the plant's design capacity of approximately 1,700 tonnes per day, with the ramp-up currently expected to be completed by the end of December 2026.

In parallel with the progressive increase in throughput, EMIPA is focused on optimizing metal recoveries and unit consumption of sulfuric acid and other reagents. Several additional opportunities to improve plant productivity are also being evaluated, with further updates to be provided as appropriate based on results and progress.

Qualified Person

The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A., a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.

2026 Precious Metals Summit Zurich

Orvana is pleased to announce its participation in the 2026 Precious Metals Summit Zurich, to be held from November 9 to 11, 2026, in Zurich, Switzerland. Raúl Álvarez, Director of Exploration and Technical Services, and Nuria Menéndez, Chief Financial Officer, will represent the Company at the event.

Detailed information regarding the event is available on the 2026 Precious Metals Summit Zurich event page.

Raúl Álvarez will present an overview of Orvana's operations, projects and strategic priorities on November 9, 2026 at 4:00 p.m. CET. The presentation will be available via webcast at the following link: Webcast

The Company's participation will also include meetings with investors and industry participants.

Orvana's updated corporate presentation, providing an overview of the Company's operations and projects, is available on the Company's website.

Consolidated Operational and Financial Performance

Q4 FY2026 consolidated operational and financial highlights will be released with the audited annual financial statements and MD&A for FY2026, expected to be published in late November 2026.

ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas Project located in Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements – Forward-Looking Information

Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements include, without limitation, statements regarding: (i) the completion of the formalities required to release the guarantees securing EMIPA Bonds I; (ii) the progressive reduction of EMIPA's debt in accordance with the agreed terms, including the repayment of EMIPA Bonds II at its scheduled maturity on February 19, 2027; (iii) EMIPA's ability to restore compliance with the financial covenant ratios applicable to EMIPA Bonds II during the Cure Period or any extension thereof; (iv) the possibility of reaching amendments to such financial covenant ratios or other arrangements with bondholders and the rights available to bondholders if the matter is not resolved within the Cure Period or any extension thereof;; (v) the progressive increase in throughput at the Don Mario Operation, including the targeting of approximately 1,400 tonnes per day during November 2026 and progress toward the plant's design capacity of approximately 1,700 tonnes per day during December 2026, and EMIPA's operating priorities for November and December 2026; (vi) the expected completion of the Don Mario ramp-up by the end of December 2026; (vii) the expected operating and metallurgical performance, plant stability, metal recoveries and reagent consumption at Don Mario; (viii) the evaluation and potential implementation of additional initiatives to improve plant productivity; (ix) the Company's participation in the 2026 Precious Metals Summit Zurich, including the delivery of a management presentation; and (x) the expected timing for the release of the Company's audited annual financial statements and MD&A for FY2026.

Forward-looking statements are not statements of historical fact and are generally identified by words or phrases such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "may", "could", "would", "might", "will" or similar expressions, and include statements regarding future events and performance.

Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. The forward-looking statements in this news release are based on assumptions including, without limitation: EMIPA's ability to continue the ramp-up of the Oxides Stockpile Project in a controlled and progressive manner; the ability of the Don Mario plant to achieve and sustain targeted throughput levels while maintaining satisfactory operating, mechanical and metallurgical performance; the expected performance and effectiveness of the modifications implemented to the filtration circuit and other plant optimization initiatives; EMIPA's ability to optimize metal recoveries and reagent consumption as throughput increases; the continued availability of necessary materials, supplies (including fuel) and services, and the absence of material disruptions to logistics and supply chains at or near Don Mario; EMIPA's ability to meet its obligations under EMIPA Bonds II, including its repayment at maturity, and its other debt facilities; EMIPA's ability to complete the formalities required to release the guarantees securing EMIPA Bonds I; EMIPA's ability to develop and implement appropriate measures during the Cure Period to restore compliance with the applicable financial covenant ratios or to reach appropriate amendments or other arrangements with bondholders, and the willingness of bondholders to consider such amendments or arrangements; the availability of any extension of the Cure Period in accordance with the applicable terms of EMIPA Bonds II and subject to any required bondholder approval; and commodity prices and other economic, foreign exchange and market conditions remaining within ranges consistent with current expectations. There can be no assurance that any of these assumptions will prove correct or that any forward-looking statements will be achieved.

Actual results could differ materially from those expressed or implied in forward-looking statements due to a variety of factors, many of which are beyond the Company's control, including: the inability of the Don Mario plant to achieve or sustain targeted throughput levels or reach design capacity within the expected timeframe; operating, mechanical or metallurgical performance, including metal recoveries and reagent consumption, differing from current expectations as throughput increases; the filtration circuit modifications or other plant optimization initiatives not achieving the anticipated results; disruptions to the availability of materials, supplies, services, logistics or supply chains at or near Don Mario; social unrest, road blockades or other events affecting operations or logistics in Bolivia; deterioration in economic conditions in Bolivia, including foreign exchange constraints, exchange rate volatility and fuel shortages; EMIPA's inability to meet its financial obligations, including those under EMIPA Bonds II (including its repayment at maturity) and its other debt facilities; the inability to restore compliance with the applicable financial covenant ratios within the Cure Period, or any extension thereof, or to obtain any required bondholder approvals for amendments, extensions or other arrangements; the exercise by bondholders of the rights available to them under EMIPA Bonds II; delays in completing the release of the guarantees securing EMIPA Bonds I; increases in operating or capital costs; the inability to obtain additional financing, if required, on acceptable terms or at all; changes in commodity prices; and changes in laws, regulations or government policies affecting mining operations in Bolivia. Additional risk factors applicable to the Company are described in the Company's most recent Annual Information Form, available on SEDAR+.

Orvana does not undertake any obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements.

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