Mr. Juan Gavidia reports

ORVANA ACHIEVES FY2023 GUIDANCE WITH 57,250 GOLD EQUIVALENT OUNCES PRODUCED

Orvana Minerals Corp. has released fiscal year 2023 fourth quarter production and exploration results from Spain; and its subsidiary, Empresa Minera Paititi SA (EMIPA), has registered as a bond issuer in the Bolivian stock market.

Highlights

Q4 FY2023 production of 15,567 gold equivalent ounces (12,427 gold ounces, 1.4 million copper pounds and 38,861 silver ounces) (1)

FY2023 total production of 57,250 gold equivalent ounces (46,259 gold ounces, 4.5 million copper pounds and 144,729 silver ounces)

Q4 FY2023 drilling in Spain:

• 2,353 m of infill and brownfield drilling
  • DDH23SB151: 12.35 m @ 17.48 g/t Au
  • DDH23SB149: 7.15 m @ 5.04 g/t Au
  • DDH23SB150: 4.10 m @ 4.29 g/t Au
  • DDH23SB154: 2.35 m @ 4.84 g/t Au
• 600 m of greenfield drilling

Juan Gavidia, CEO of Orvana stated: "We are particularly pleased to have delivered on our annual production guidance by producing the highest quarterly gold equivalent ounce output of the year in Q4. Throughout the fiscal year, the Orovalle team remained resilient facing operating challenges while accomplishing key objectives and focusing on cost reductions".

"We are continuing our effort in relation to the Oxides Stockpile Project ("OSP") in Bolivia. The registration of EMIPA as a bond issuer in Bolivia marks a key milestone in our firm commitment to finance the expansion and re-start of the Don Mario Plant with locally sourced funding in Bolivia. Now that EMIPA is eligible to issue bonds in the Bolivian stock market, our efforts will focus on obtaining acceptance of the bond terms by the Bolivia's financial regulator and then closing the bond offering. Construction of the OSP is expected to commence once the project is fully funded through the bonds program and other forms of financing, which remain subject to closing. The OSP is projected to operate for 35 months starting after the 13-month construction period," added Mr. Gavidia.

El Valle Boinas

1,846 m were drilled in Boinas South continuing with mineral definition in a garnet skarn between 200 and 250 levels and to the North. DDH 23SB151 intersected 12.35 m @ 17.48 g/t Au; DDH 23SB149 intersected 7.15 m @ 5.04 g/t Au, DDH 23SB150 intersected 4.10 m @ 4.29 g/t Au and DDH 23SB154 intersected 2.35 m @ 4.84 g/t Au; defining mineralization over 60 meters in 215 level using 10*10 drilling grid (See Figure 1). Drilling program in Boinas South will continue during the first quarter of fiscal year 2024 in order to define the mineralization continuity to the North.

Black Skarn: 506 m were completed in brownfield drilling in order to define the mineralization continuity around DDH 23V1914 (9.45 m @ 3.88 g/t Au - 0.9% Cu). Brownfield program continues in progress.

Ortosa-Godan

This Project is located three kilometers northwest of our 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 exploration drilling program is being executed in Godan.

10 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. 2,483 m were completed in FY2023 up to date in 6 drill holes intersecting calcic skarn bands. 600 meters were completed in Q4 FY2023, with the last drill hole still in progress. Results will be reported to the market in due course.

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 105oC and then crushed through a jaw crusher to 95%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples 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, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.

In case of the samples sent to an external laboratory, 30 g samples are analyzed for Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When Au and Ag values are >100 ppm and Cu and As values are >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 ("QA/QC") 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 NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

Oxides Stockpile Project - Bolivia

The OSP, consisting of a plant expansion to treat ore stockpiled in the Don Mario Operation from previous years of mining activity, continues advancing. During the first quarter of fiscal 2023, EMIPA initiated the process for the issuance of a $47 million Bond Program in the Bolivian stock market. In September 2023, EMIPA received the approval of its registration as Bond Issuer and it is currently working to complete the registration of the Bonds Program.

Conditional upon closing the Bonds Program and completing the rest of local funding, EMIPA expects the 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.

Financial Performance & FY2024 Guidance:

Q4 FY2023 financial highlights will be released with the year-end financials, expected mid-December, 2023.

FY2024 guidance will be released with FY2023 year-end financials.

ABOUT ORVANA - Orvana is a multi-mine 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. Additional information is available at Orvana's website (www.orvana.com).

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