Mr. Juan Gavidia reports

ORVANA REPORTS Q3 FY2023 PRODUCTION AND PROVIDES EXPLORATION UPDATE

Orvana Minerals Corp. has released production results and drilling updates from Orovalle, Orvana's unit in Spain, for the third quarter of fiscal year 2023, ended June 30, 2023.

Highlights:

• Q3 FY 2023 production of 13,398 gold equivalent ounces (11,522 gold ounces, 800,000 copper pounds and 25,965 silver ounces);
• 3,085 metres of infill and brownfield drilling;
  • DDH23SB133: 5.8 m at 46.42 grams per tonne Au;
  • DDH23SB138: 7.2 m at 12.02 g/t Au;
  • DDH23SB141: 14.7 m at 9.29 g/t Au;
• 850 m of greenfield drilling.

Juan Gavidia, chief executive officer of Orvana, stated: "Exploration results in Boinas South show the potential of additional resources to the life of mine at the El Valle deposit. The new underground hauling strategy implemented at the El Valle mine in January, 2023, has benefited the operation by allowing the accumulation of 25,000 dmt [dry metric tonne] stockpile, providing the operation with sufficient stockpile materials to process for the remainder of our fiscal year," added Mr. Gavidia.

Q3 FY 2023 production results:

• 11,522 gold ounces produced, on track to meet low range of fiscal year 2023 guidance of 46,000 to 51,000 oz, with higher throughput planned for the fourth quarter of the fiscal year when compared with previous quarters;
• 800,000 copper pounds produced, on track to meet high range of fiscal year 2023 guidance of four million to 4.4 million pounds.

El Valle Boinas:

• Boinas East: 923 m infill drilling and 389 m brownfield drilling targeting to extend the orebody to the northwest and completing the definition around level 0;
• Black Skarn: 1,061 m were completed to define the stopes included in FY 2024 mine plan and 195 m were completed in one drill hole looking for skarn mineralization in deeper levels. Drilling program will continue during fourth quarter to define the continuity of mineralization intersected around level 10;
• 517 m were drilled in Boinas South continuing with mineral definition in a garnet skarn between 200 and 250 levels. DDH 23SB133 intersected 5.8 m at 46.42 g/t Au, DDH 23SB138 intersected 7.2 m at 12.02 g/t Au and DDH 23SB141 intersected 14.7 m at 9.29 g/t Au. Drilling program in Boinas South will continue during Q4 FY 2023.

Ortosa-Godan

This project is located three kilometres northwest of the Carles mine, and within the same gold belt. The exploration program focuses on two areas: Ortosa and Godan. In both cases, the mineral potential is in relation with intrusives. Currently an exploration drilling program is being executed in Godan.

Ten drill holes (3,018 m) were completed in Godan between 1981 and 2011, intersecting skarn mineralization in the contact between the intrusive and the Devonian sedimentary rocks. The orebody is still open to the north and to the south following the regional structure, and at depth. A total of 1,911 m were completed in FY 2023 up to date in five drill holes intersecting calcic skarn bands; two drill holes were completed in Q3 FY 2023, with 850 m. Information is under evaluation and will be provided in due course.

Exploration strategy for the fourth quarter is focused on defining the ore potential in this area, looking for a connection with the Carles deposit located on the other side of the synclinal.

Lidia

This project is located in the Navelgas gold belt, 20 kilometres west from El Valle mine. This gold porphyry occurs within the easternmost part of the Navelgas fracture systems. A granodiorite intrusive outcrops over an area of approximately one square km. It is dissected by a set of northeast-trending mineralized quartz veins and affected by different alteration phases.

A total of 2,421 metres, in five drill holes, were completed between fiscal years 2021 and 2022, confirming the presence of gold in the granodiorite. Drilling will restart in Q4 FY 2023, with 500 metres planned for the quarter, and the rest of the program occurring in FY 2024. The campaign is focused on defining the mineralization continuity, completing two sections to the north and to the south, and targeting the extension at depth.

Quality control

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. Infill and brownfield drill holes samples were analyzed in Orovalle's laboratory.

Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

The core samples are dried at a temperature of 105 degrees and then crushed through a jaw crusher to 95 per cent less than six millimetres. The coarse-crushed sample is further reduced to 95 per cent less than 425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450-gram to 550-gram subsample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal minus 200 mesh using an LM2 bowl-and-puck pulverizer. Subsamples of 140 grams are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.

After sample preparation, 30-gram samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for silver, arsenic, bismuth, copper, mercury, lead, antimony, selenium and zinc by inductively couple plasma optical emission spectroscopy (ICP-OES) after an aqua regia digestion.

In case of the samples sent to an external laboratory, 30-gram samples are analyzed for Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an agua region digestion. When Au and Ag values are greater than 100 parts per million and Cu and As values are greater than 10,000 ppm, specific analysis methods are used to determinate the final grade.

The reported work has been completed using industry-standard procedures, including a quality assurance/quality control program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menendez, a qualified person for the purposes of National Instrument 43-101 and an employee of Orovalle Minerals SL, a subsidiary of Orvana.

Financial performance

Q3 FY 2023 financials will be released mid-August, 2023.

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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