Mr. Juan Gavidia reports

ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2023

Orvana Minerals Corp. has released consolidated financial and operational results for the quarter ended March 31, 2023.

This news release should be read in conjunction with the company's management's discussion and analysis, unaudited financial statements, and notes to unaudited financial statements for the corresponding period, which have been posted on the Orvana SEDAR profile and which are also available on the company's website. All figures are in U.S. dollars unless otherwise noted.

"Production at Orovalle during [second quarter fiscal] 2023 remains consistent with the company's fiscal 2023 production guidance, positioning the company to meet targets for fiscal 2023. We are also encouraged with the current energy and reagent prices being below 2022 levels, which will be favourable in managing our production costs," said Orvana chief executive officer Juan Gavidia.

Operating highlights for the second quarter of fiscal 2023:

• Orovalle:
  • Production of 14,470 gold equivalent ounces generally in line with the plan for the period, with higher throughput planned for the second half of the fiscal year when compared with the first half; on track to meet production guidance;
  • A total of 3,071 metres of infill drilling were completed at El Valle Boinas, and 882 m of greenfield drilling were completed at Ortosa Godan.
• Emipa:
  • Don Mario continues in care and maintenance (C&M) while the oxide stockpile project (OSP) continues advancing, with the current main focus being its project financing;
  • 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 of the bond program issuance and completing the remaining financing 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;
• Orvana Argentina:
  • Orvana 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.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carles 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.

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