Mr. Juan Gavidia reports

ORVANA REPORTS FY2023 RESULTS & FY2024 GUIDANCE

Orvana Minerals Corp. has released its financial and operational results for fiscal year 2023 (ended Sept. 30, 2023), and has noted the approval of its $47-million bonds program in Bolivia. The proposed bonds offering in Bolivia is the core component of the financing structure in Bolivia to finance the proposed expansion of the Don Mario plant. Funding in Bolivia for the expansion of the Don Mario plant is expected to comprise a combination of the $47 bonds offering and $36-million additional financing that the company is still in the process of pursuing. The potential closing of the bonds program is contingent on the company securing the additional financing.

This news release contains only a summary of the company's financial and operations results for fiscal year 2023, and readers should refer to the full set of audited consolidated financial statements for the years ended Sept. 30, 2023, and 2022 (FY2023 and FY2022), and accompanying management's discussion and analysis (MD&A), available on SEDAR+, and on the company's website. All financial figures contained herein are expressed in United States dollars unless otherwise noted.

Highlights:

• Gold equivalent production of 57,250 in FY2023, in line with the prior fiscal year.
• Revenue 5 per cent higher and mining costs 12 per cent lower when compared with FY2022.
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $21.7-million in FY2023, significantly higher than the EBITDA of $6.3-million in FY2022.
• Consolidated COC and AISC were 15 per cent and 14 per cent lower, respectively, than the prior fiscal year.
• Key bonds program approval in Bolivia sets Oxides project for imminent construction start.

Juan Gavidia, chief executive officer of Orvana Minerals, stated: "FY2023 demonstrated Orvana's capacity to significantly address sudden costs increases driven by external factors that impacted us in FY2022. Sharp focus on efficiency improvements and cost management were key to deliver on our annual guidance. The company has generated substantial operating cash flow in FY2023 to support our growth initiatives and debt reduction." He added, "As we move forward, our primary focus remains delivering operating cash flow and executing our plan to restart production at Bolivia."

• At Orovalle, in Spain, the company continues to invest to extend the El Valle life through infill and brownfield drilling campaigns, and, at the same time, different initiatives are in progress to increase operational efficiencies and to continue reducing operating costs. Orovalle is the main player in metal mining in the northern part of Spain, with a portfolio of 45,158 hectares of mining rights in the province of Asturias. The company's Greenfield priority is the Ortosa-Godan project, 11 kilometres in a straight line from El Valle.
• The company expects to have a second business unit in production in fiscal 2025, by restarting production at Don Mario in Bolivia. The plan is to expand the Don Mario plant to treat the oxides stockpile accumulated in previous years of mining activity. The company expects to start the 13-month construction of the plant expansion in the first quarter of calendar 2024, subject to the completion of the financing. Once the plant expansion is completed, 35 months of processing of stockpile material are expected.
• At Taguas, the long-term future, Orvana is repositioning its strategy. The company had been focused on the oxides portion of the property, but it is reconsidering the strategy, now potentially including sulphides resources, plus deep copper-gold porphyry opportunities.

Fiscal 2024 guidance

The attached table sets out Orovalle's fiscal 2023 results and fiscal 2024 production, capital expenditures and costs guidance.

Bolivia bonds program

• EMIPA (the company's subsidiary in Bolivia) is focused on restarting production in fiscal 2025, by expanding the Don Mario plant to treat the oxides stockpile accumulated in the operation.
• In September, 2023, the Autoridad de Supervision del Sistema Financiero (ASFI), the Bolivian Financial Supervisory Authority, approved and registered EMIPA as an eligible bond issuer in the Bolivian stock market.
• In November, 2023, ASFI approved EMIPA's proposed $47-million bond program to be listed on the Bolivian stock market.
• The financing of the Don Mario plant expansion project is expected to comprise:
  • $47-million bonds program, as the core financing component, for capex (capital expenditure);
  • $3-million bank debt: during the fourth quarter of fiscal 2023 EMIPA secured a financing line with Banco FIE in Bolivia and $1.5-million of that line were withdrawn during the quarter;
  • $33-million working capital during construction and ramp-up phases. The company is currently exploring different potential financing sources, including without limitation, equity at the EMIPA's level and a prepayment facility.
• EMIPA expects to commence the bonds offering in the next few weeks, the closing of which would be conditional upon securing the remaining of OSP financing structure as summarized herein.
• Bonds program highlights:
  • Total offering amount: 327 million Bolivian bolivianos ($47-million);
  • Units: 32.712;
  • Face value: 10,000 Bolivian bolivianos/unit;
  • Term: 1,080 days (since issuance date);
  • Interest rate: 6.8 per cent;
  • Security: Don Mario plant -- new circuits
  • Covenants: financial ratios (debt coverage, debt coverage third parties and leverage).

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.

We seek Safe Harbor.