Mr. Juan Gavidia reports

ORVANA'S BOLIVIAN SUBSIDIARY RECEIVES APPROVAL FOR US$25M SECOND BOND ISSUANCE TO ADVANCE DON MARIO OXIDES PROJECT

Orvana Minerals Corp.'s Bolivian subsidiary, Empresa Minera Paititi S.A. (EMIPA), has obtained approval for its second bond issuance in Bolivia and has notified the Bolivian market of its intention to commence the bond offering early September, 2025, through the Bolivian Stock Exchange.

The bonds are being offered exclusively by EMIPA through the Bolivian Stock Exchange. Orvana is not offering any securities under this financing initiative and will not receive any proceeds from the second EMIPA bond issuance.

This financing initiative is intended to support EMIPA's advancement of the oxides stockpile project (OSP), a central element of Orvana's strategy to restart operations at its Don Mario property. The OSP is designed to process existing oxide stockpiles at Don Mario through the expansion of the processing plant. EMIPA is responsible for advancing the OSP, which represents a key step in Orvana's plan to unlock value from its Bolivian assets and generate cash flow to support the company's broader growth strategy across its portfolio.

Juan Gavidia, chief executive officer of Orvana Minerals, stated: "The approval of EMIPA's second bond issuance is an important achievement in advancing the oxides stockpile project. Completion of the bond placement will be a significant milestone in securing the funding required to develop the project, which, if achieved as planned, would support our objective of restarting operations at Don Mario in early 2026."

Background: bond offering in Bolivia to finance the OSP

In September, 2023, EMIPA received approval from the Autoridad de Supervision del Sistema Financiero (ASFI) for its registration as an eligible bond issuer in the Bolivian capital market. In November, 2023, ASFI approved EMIPA's first bond issuance in the Bolivian market of 327.12 million bolivianos. As of July, 2024, approximately 80 per cent of the offer was successfully placed, with the remainder of the offering having expired.

In 2025, EMIPA initiated the process for a second issuance of $24.98-million (U.S.) to continue advancing the financing of the oxides stockpile project. On Aug. 27, 2025, EMIPA received the regulatory approval of the second EMIPA bond issuance and subsequently announced to the Bolivian market its intention to launch the offering on a best efforts basis starting early September, 2025, through the Bolivian Stock Exchange.

The net proceeds of the second EMIPA bond issuance will be allocated to the OSP.

Second EMIPA issuance -- highlights

Denomination:  EMIPA bond

Type of security:  bonds, mandatory and redeemable in a fixed term

Currency:  U.S. dollar

Units offered:  24,980

Nominal value:  $1,000 (U.S.) per unit

Total offering amount:  $24.98-million (U.S.)

Issue date:  Aug. 28, 2025

Offering period:  180 calendar days from Aug. 28, 2025, unless extended in accordance with applicable Bolivian regulations (expected to close on or before Feb. 24, 2026)

Minimum placement:  none

Principal maturity date:  Feb. 19, 2027

Interest rate:  10 per cent nominal, annual and fixed (The interest is payable in two instalments: the first approximately 360 days from issuance; and the second approximately 180 days thereafter, in accordance with the official coupon schedule.)

Boliviano exchange rate update

Since 2024, several developments in the Bolivian economy have led to limited availability of U.S. dollars at the official exchange rate for purchasing U.S. dollars with bolivianos, driving an increase in the market exchange rate. Given this environment -- and the absence of official rates that accurately reflect current economic conditions -- the company is applying the policy of estimating a foreign exchange market rate based on market transactions closed in different exchange houses throughout Bolivia.

Based on current conditions, EMIPA estimates that U.S.-dollar proceeds from the second EMIPA bond issuance placement during September, 2025 -- once converted into bolivianos -- could fall between the official exchange rate and the average buying market rate observed in August, 2025. This projection reflects prevailing market-driven constraints on the effective conversion of U.S. dollars into bolivianos.

The estimate remains subject to change depending on market dynamics and there is no guarantee that the actual conversion rate will fall within the projected range. Any future estimates will be reassessed in line with prevailing market conditions.

The company will provide updates on the progress of the second EMIPA bonds issuance offering in Bolivia and the OSP development when further material information becomes available.

There is no assurance that the second EMIPA bond issuance placement will be completed as planned or at all. Even if the bond offer is fully subscribed, additional financing will be required to fully finance the development of the oxides stockpile project. The ability to secure such financing is subject to a variety of factors, including market conditions, regulatory approvals and operational performance. A more detailed discussion of the risks associated with Orvana's operations in Bolivia, including permitting, political and regulatory considerations, and financing requirements, can be found in the company's most recent annual information form and management's discussion and analysis, available on SEDAR+. These filings should be reviewed in conjunction with this news release for a comprehensive understanding of the company's Bolivian operations and related risk factors.

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, and the Taguas property located in Argentina.

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