Mr. Juan Gavidia reports

ORVANA REPORTS 49% QUARTERLY PRODUCTION INCREASE AND PROMISING DRILL INTERCEPTS AT ORTOSA WEST, IN OROVALLE, SPAIN

Orvana Minerals Corp. has released production results and drilling updates from Orovalle, Orvana's unit in Spain, for the third quarter of fiscal year 2022 ended June 30, 2022.

Highlights:

• Q3 FY2022 production of 15,798 gold equivalent ounces, a 49-per-cent increase from previous quarter;
• 22.16 grams per tonne (g/t) gold over 6.05 metres intercept in Ortosa West, part of the Ortosa-Godan project;
• 6,589 metres of infill and brownfield drilling;
• 1,337 metres of greenfield drilling.

"We are very pleased that Orovalle has stabilized production after overcoming external factors earlier in the year," stated Orvana chief executive officer Juan Gavidia. "Our exploration strategy is advancing with positive results, as evidenced by the latest reported high-grade intercept at the Ortosa-Godan project in Spain. With additional planned exploration work to be conducted at the Ortosa-Godan project throughout the remainder of fiscal 2022, we hope to identify the third mineral resource opportunity at Orovalle, along with Boinas and Carles. We are very excited with the short term prospects of the Ortosa-Godan project," Mr. Gavidia added.

Q3 2022 production results:

• Production of 15,798 gold equivalent ounces (12,354 gold ounces, 1.3 million copper pounds and 38,082 silver ounces);
• 12,354 gold ounces produced, a 48-per-cent increase from Q2 2022. On track to meet fiscal year 2022 guidance of 44,000 to 46,000 ounces;
• 1.3 million copper pounds produced, a 62-per-cent increase from Q2 2022. On track to meet fiscal year 2022 guidance of 4.8 million to 5.2 million pounds.

Ortosa-Godan

The Ortosa-Godan project is located three kilometres northwest of the Carles mine, at the same gold belt.

Orovalle started an exploration drilling program in Ortosa West at the end of August, 2021, in order to define the skarn continuity and verify the oxide mineralization related to N40oE structures. The company disclosed first quarter fiscal 2022 results in the press release dated Jan. 18, 2022.

During Q2 2022, 426 metres were completed in one drill hole and during Q3 2022, 1,337 metres were completed in three drill holes, one of them still continuing. These drill holes were planned to intersect mineralization throughout N40oE direction. Drill hole 22ORW07 intercepted 6.05 m with 22.16 g/t Au and 1.60 m with 27.43 g/t Au. These results confirm the continuity of the mineralization along the 250-metre northeast-southwest trend. Calcic skarn with sulphides (arsenopyrite mainly) and mineralized silicified breccias were intersected.

10 drill holes were completed to date (the last one is in progress) with 2,890 metres. The first four drill holes were focused on defining the skarn mineralization at depth in a previously drilled area and the remaining six drill holes were completed in an undrilled area targeting intersect mineralization related to N40oE structures.

The drilling campaign is still in progress focused on defining mineralization to the Northeast and the structure at depth.

El Valle Boinas

The drilling program continued with its focus on upgrading inferred resources, with a total of 3,197 m of infill drilling completed in Breccia East, Boinas South and High Angle East. Also, 3,392 m of brownfield drilling were executed in High Angle East and E2 to extend the mineralization areas and add inferred resources.

Quality control

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. 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 105oC and then crushed through a jaw crusher to 95 per cent less than six millimetres. 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-gram-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-fourty-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-gra, samples are analyzed (in Orovalle laboratory) for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for silver, arsenic, bismuth, copper, mercury, lead, antimony, selenium and zinc by ICP-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 over 100 parts per million (ppm) and Cu and As values are over 10,000 parts per million, 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 SL, a subsidiary of Orvana.

Financial performance

Q3 2022 financials will be released mid-August, 2022.

We seek Safe Harbor.