Mr. Juan Gavidia reports

ORVANA REPORTS Q2 FY2024 PRODUCTION AND EXPLORATION UPDATE

Orvana Minerals Corp. has provided production and exploration updates from Orovalle, Spain, for the second quarter of fiscal year 2024 (Q2 FY 2024), ending March 31, 2024.

Highlights:

• Production of 10,101 gold equivalent ounces (7,775 gold ounces, 1.1 million copper pounds and 26,728 silver ounces);
• In January, 2024, Orovalle successfully concluded negotiations regarding basic terms of its 2023-2025 collective bargain agreement (CBA), which were ratified by workers' assemblies. 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;
• As a consequence of this non-recurrent event, Orovalle's second quarter performance has been negatively impacted, and the tonnage mined and milled was below the plan for the quarter. Q2 FY 2024 throughput of 136,371 tonnes was 23 per cent below the second quarter of fiscal 2023. Gold grade was below the plan for the quarter and copper grade was above the plan for the quarter, as a result of a different ore blend due to the changes in backfilling and mining sequencing;
• 2,854 metres of infill and brownfield drilling, with key intercepts in Boinas South as follows:
  • DDH (diamond drill hole) 23SB181: 20.65 metres (m) at 9.01 grams per tonne (g/t) gold (Au) and 0.29 per cent copper (Cu);
  • DDH 23SB189: 11.50 m at 3.26 g/t Au and 0.52 per cent Cu;
• 3.00 m at 52.98 g/t Au and 0.48 per cent Cu:
  • DDH 23SB191: 12.20 m at 4.03 g/t Au and 1.15 per cent Cu;
  • DDH 23SB197: 11.00 m at 4.11 g/t Au and 0.4 per cent Cu.

Juan Gavidia, chief executive officer of Orvana, stated: "During the second quarter, Orovalle rescheduled the production plan until September, 2024, and continues focusing on improving mining operational ratios, which we expect will allow us to increase our monthly throughput to 58,000 t in average over the second half of the year.

"We are committed to continue optimizing operations at El Valle and improve cost-efficiency, always in line with our safety standards," he added.

Q2 FY 2024 production results:

• 7,775 gold ounces produced. Orovalle is targeting to reach the lower end of the 2024 production guidance of 41,000 to 45,000 ounces;
• 1.1 million copper pounds produced, on track to meet fiscal year 2024 guidance of 3.3 million to 3.7 million pounds.

Boinas South

Two thousand eight hundred fifty-four metres were drilled, continuing with the mineral definition between Boinas South and Black Skarn to add new resources and using a 10-by-10-metre drilling grid. Twenty drill holes were executed intersecting calcic garnet skarn affected by retrogradation phases and mineralized with copper sulphides (chalcopyrite and bornite). The drilling program will continue during the third quarter to complete the mineral definition.

Quality control

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 C and then crushed through a jaw crusher to 95 per cent less than six millimetres (mm). 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-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. One-hundred-forty-gram subsamples 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 (Ag), arsenic (As), bismuth (Bi), Cu, mercury (Hg), lead (Pb), antimony (Sb), selenium (Se) and zinc (Zn) by inductively coupled 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 aqua regia digestion. When Au and Ag values are more than 100 parts per million (ppm) and Cu and As values are more 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 (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 National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

Financial performance

Q2 FY 2024 financial highlights will be released with the first quarter financials, expected mid-May, 2024.

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.