An anonymous director reports

ORVANA PROVIDES EXPLORATION UPDATE

Orvana Minerals Corp. has released exploration updates from Taguas, Argentina, and will exhibit at the 2024 Prospectors and Developers Association of Canada international conference being held in Toronto at the Metro Toronto Convention Centre from March 3 to March 6, 2024.

PDAC 2024

Orvana cordially invites shareholders, investors, brokers, analysts and interested parties to learn more about its operations and growth perspectives through brownfield and greenfield exploration programs by visiting booth No. 2243 in the investors exchange area of PDAC.

The PDAC International Convention, Trade Show and Investors Exchange is the world's leading convention for people, companies and organizations in, or connected with, mineral exploration.

Taguas project -- exploration update

Project background

Taguas gold-silver project is located in the northern sector of El Indio-Valle del Cura mineralized belt (Argentina-Chile), Iglesia department, San Juan province, Argentina, 25 kilometres north of the Veladero mine and the Pascua-Lama project. It has been described as a high-sulphidation epithermal gold-silver system hosted in Miocene age volcaniclastic rocks (Kowalik and Simpson, 2021). The Au-Ag mineralization occurs in breccias and silicified structures with a dominant northeast-southwest orientation. The supergene-oxidized gold-silver mineralization that extends to approximately 200 metres below surface consists of subvertical northeast-striking high-grade mineralized structures surrounded by an envelope of disseminated mineralization. Below the oxidation depth, mineralization continues as gold-silver and hypogene sulphides (Kowalik and Simpson, 2021).

El Indio-Valle del Cura belt has historically been explored for shallow epithermal Au-Ag mineralization; however, it has seen little exploration in the search for porphyry-type deposits that could be potentially associated with the epithermal systems.

In recent years, deep drilling in the northern sector of the belt (now denominated the Link belt) permitted the discovery of the Valeriano mineralized copper-gold-molybdenum porphyry (1,413.0 million tonnes of 0.5 per cent Cu, 0.2 gram per tonne Au and 0.96 g/t Ag, inferred, Nur, 2023) that occur below a high-sulphidation epithermal lithocap with Au-Ag mineralization (32.1 Mt of 0.54 g/t Au and 2.43 g/t Ag, inferred, Nur, 2023). This project, owned by Atex Resources, is located 10 kilometres north of the Taguas project, within Chilean territory. Valeriano porphyry deposit at depth is represented by a granodiorite and associated porphyries, the development of a strong stockwork of quartz veinlets, potassic alteration, and copper sulphide mineralization (Burgoa et al., 2015).

Orvana is repositioning its strategy at Taguas. The company had been focused on the oxide portion of the property, but it is reconsidering the strategy, now potentially including sulphide resources, plus deep copper-gold porphyry opportunities.

Hypogene sulphide mineralization

Over 63,000 metres of drilling has been conducted across different targets on the property. At Cerros Taguas, both the supergene-oxidized gold-silver mineralization within the first 200 metres beneath the surface and the gold-silver and hypogene sulphide mineralization have been drilled.

Both the oxidized portion and the hypogene sulphide portion show a predominant advanced argillic alteration. Next exploration steps will involve a spectral analysis campaign to refine alteration type definition, plus geometallurgical tests with oxide and sulphide ores. Once the combined oxide-sulphide opportunity is understood, the next steps for the project will be determined.

Potential copper-gold porphyry opportunities

High molybdenum values have been recorded in different sectors of the Taguas project. In shallow drilling intervals of Cerros Taguas, flaky molybdenite has been recognized associated with alunite-pyrite-enargite assemblages that fill fractures and conform the cement of hydrothermal breccias. In deeper intervals, molybdenite occurs in quartz plus molybdenite veinlets with straight walls, which seem to be typical B veins of porphyry deposits (Gustafson and Hunt, 1975).

Taguas exploration update was prepared under the supervision of Raul Alvarez (Orvana director of exploration and technical services), registered EurGeol No. 1614, a qualified person for the purposes of National Instrument 43-101.

Quality control

The reported drilling intercepts were carried out during the Goldfields joint venture campaign. Goldfields sampled 5,630 drill core intervals from 17 drill holes during the 2011-2012 summer field season.

The core sampling was performed following a protocol designed for the project. Company personal was not allowed to carry any metallic rings when sampling the core. The sampling intervals did not cross-define lithological/alteration limits, and the samples varied between 0.5 metre to 2.0 metres in length. The geologist performed detailed core logging, and marked the sample intervals and the core sample cut lines. The cut line had to be perpendicular to lamination on the surface of the core. A sampling form was completed with the sample number and sample length intervals. Half core samples were identified with a unique sequential sample number taken from a sample tag book, and tickets remaining in the book were completed with hole number depth from, depth to and sample length. The samples were placed in plastic bags with four identical tags stapled at the top of the bag and sealed. The same number was written on the side of the bag with a permanent marker. Quality assurance/quality control samples were inserted, and batches of 73 samples were prepared for shipment. The geologist was responsible for supervising the sample loading and completed two identical shipment forms. One form was given to the truck driver, and the other form was approved by the chief of the project and stored in a safe area. Upon arrival at the laboratory, the one responsible for the sample reception signed the shipment form (in agreement), and it was sent back to the project.

The sampling carried out during the Goldfields JV campaign included rigorous QA/QC industry standard procedures, consisting of the insertion of certified reference materials, blanks and duplicate samples into the sample stream.

The geologist sent the sample numbers and length intervals to the database administrator, who filled in the laboratory preparation and assay forms. The core samples were prepared in the ALS Chemex Laboratory in Mendoza, Argentina. Samples were crushed to 70 per cent minus two millimetres, a 250-gram subsample was riffle-split and pulverized to 85 per cent minus 75 microm. Samples were assayed at ALS Chemex in La Serena, Chile, by fire assay on a 50-gram aliquot with atomic absorption finish. Samples were also analyzed for 48 elements at ALS Chemex in Lima, Peru, using ICP AES and ICP MS from a four-acid digestion.

Ron Simpson independently audited the sample database for location accuracy, downhole survey errors, interval errors and missing sample intervals. The qualified person also reviewed the sample QA/QC results.

Annual general and special shareholders meeting results

The company also announces that, at its annual general and special shareholders meeting held on Feb. 29, 2024, the individuals noted below were elected as directors of the company. The report on proxies provided by the company's transfer agent indicated the following.

Michael Davies received 75,124,923 votes (representing 99.82 per cent of votes cast); Alfredo Garcia Gonzalez received 74,356,915 votes (representing 98.80 per cent of votes cast); Robert Metcalfe received 74,110,183 votes (representing 98.47 per cent of votes cast); and Michael Mutchler received 75,117,523 votes (representing 99.81 per cent of votes cast).

Following the meeting, Mr. Metcalfe was reappointed as chairman of the board of directors; Juan Gavidia was reappointed chief executive officer; Nuria Menendez was reappointed chief financial officer; and Binh Vu was reappointed corporate secretary/vice-president, legal affairs, for the ensuing year.

The company also received 79,120,533 votes (representing 99.32 per cent of votes cast) to reappoint PricewaterhouseCoopers LLP as the company's independent auditor for the ensuing year and to authorize the directors to fix the auditor's remuneration; and 73,967,133 votes (representing 98.28 per cent of votes cast) approving the 2018 stock option plan.

For full voting details, please see Orvana's voting results as filed on SEDAR+.

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.