Mr. Juan Gavidia reports

ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2024

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

This news release contains only a summary of the company's financial and operations results for the first quarter of fiscal 2024, and readers should refer to the full set of unaudited consolidated financial statements for the quarters ended Dec. 31, 2023, and 2022, and accompanying management's discussion and analysis, available on SEDAR+ and on the company's website. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Juan Gavidia, chief executive officer of Orvana, stated: "Gold price continues to highlight the strategic value of producing assets located in safe jurisdictions. Although [first quarter fiscal] 2024 was a challenging quarter in Spain in terms of operational output, we are pleased to have defined the basis of the new labour agreement providing stability to the unit until the end of 2025. We remain focused on achieving the production guidance while we continue working on operational efficiencies to reduce production costs.

"We continue our efforts to secure financing for the oxides stockpile project in Bolivia. Subject to adequate financing, we will commence a well-designed 13-month construction period to expand the plant facilities at Don Mario to treat the oxides stockpile accumulated from prior mining activities. Orvana's team is tremendously excited on the potential of our Don Mario operation in Bolivia to contribute value to our operations and to our shareholders," he added.

Highlights

Orovalle -- Spain:

• In January, 2024, Orovalle concluded negotiations regarding basic terms of its 2023 to 2025 collective bargain agreement, which were ratified by worker assemblies. The period of validity of the 2019 to 2022 collective agreement of Orovalle ended in December, 2022, and has been extended until the new CBA is finalized. Upon agreement to the basic terms of the new CBA, the three-hour stoppages per shift strike that had commenced in mid-November, 2023, were halted, and labour attendance and operational conditions were returned back to normal.
• As a consequence of this non-recurrent event, Orovalle's first quarter performance has been negatively impacted, and the tonnage mined and milled was below the plan for the quarter. Q1 FY 2024 throughput of 130,267 tonnes was 31 per cent lower than the previous quarter.
• Production of 9,550 gold equivalent ounces (7,994 gold ounces, 700,000 copper pounds and 20,393 silver ounces) was 39 per cent lower when compared with 15,567 gold equivalent ounces in the previous quarter. The main cause of the lower metal production was the lower throughput.
• Orovalle is currently reassessing production estimates for the fiscal year, targeting to reach the lower end of the 2024 production guidance. At the same time, the company continues working on the operational efficiencies planned for the year. Capital expenditures and unitary costs guidance will be reassessed at the end of the second quarter once the rescheduling of the fiscal 2024 production is completed and the implementation of operational efficiencies advances.
• The annual information form of the company for the fiscal year ended Sept. 30, 2023, was filed on Dec. 20, 2023, including mineral resource and reserve estimates for Orovalle with an effective date of Sept. 30, 2023. The FY 2023 AIF includes the latest production schedule produced by Orovalle based upon the estimated mineral reserves. The schedule includes oxide and skarn ore mined from both the Boinas and Carles underground mines at an average rate of 595,000 tonnes per year for a period of four years. The FY 2023 AIF can be found on the company's website and by reviewing its profile on SEDAR+.

Don Mario -- Bolivia:

• Orvana is focused on restarting production at Don Mario. The oxides stockpile project, consisting of a plant expansion to treat ore stockpiled in the Don Mario operation from previous years of mining activity, is projected to operate for 35 months, starting after a 13-month construction period that the company expects to start in the first half of calendar 2024, subject to the completion of sufficient financing.
• In November, 2023, the Autoridad de Supervision del Sistema Financiero (ASFI), the Bolivian financial supervisory authority, approved EMIPA's proposed $47-million bond program to be offered in the Bolivian stock market. Previously, in September, 2023, EMIPA received ASFI approval of its registration as an eligible bond issuer in the Bolivian stock market.
• The proposed OSP financing structure includes:
  • $47-million bond program, as the structure core, for capital expenditures;
  • $33-million working capital during construction and ramp-up phases; during Q1 FY 2024, the company continued exploring different potential financing sources, including, without limitation, equity at the EMIPA's level and a prepayment facility;
  • $3-million bank debt in Bolivia, secured in fiscal 2023.
• EMIPA expects to commence the bond offering in Bolivia in the next few weeks, the closing of which would be conditional upon securing the remaining of the OSP financing structure as summarized above.

Taguas -- Argentina:

• Orvana is analyzing a strategic option to combine oxides and sulphides in a larger undertaking strategy at Taguas. During Q1 FY 2024, the company continued working on enhancing the analytics of the sulphide zone of the deposit, and a new geological modelling is in progress. Next steps would include a spectral analysis campaign to improve alteration types definition, and geometallurgical tests with oxide and sulphide ores. Once the oxide and sulphide combined opportunity is understood, next steps for the project will be determined.

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.