Orvana Minerals Corp (ORV)

ORVANA ANNOUNCES ATTENDANCE AT THE MINING INVESTMENT EVENT IN QUEBEC CITY, CANADAJune 1, 2026 7:30 PM
PR Newswire (US) TSX:ORV
OTCQX: ORVMFTORONTO, June 1, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to announce that Mr. Raúl Álvarez, Director of Exploration and Technical Services  and Ms. Nuria Menéndez, Chief Financial Officer, will represent Orvana at The Mining Investment Event, to be held on June 2-4, 2026 in Quebec City. The Company's participation is intended to facilitate engagement with investors and industry participants. Detailed information on this event, including the agenda for Orvana's presentation, is available at the following link: https://www.themininginvestmentevent.com/Orvana's corporate presentation, which provides an overview of the Company's operations and projects, is available on the Company's website at: https://www.orvana.com/English/investors/presentations/default.aspxABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements - Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Orvana's planned participation at upcoming conference, which may be subject to change due to scheduling or other factors. The Company's presentation referred to in the news release contains forward-looking information and should be read in conjunction with the Company's public disclosure record available on SEDAR+ at www.sedarplus.ca.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions. View original content to download multimedia:https://www.prnewswire.com/news-releases/orvana-announces-attendance-at-the-mining-investment-event-in-quebec-city-canada-302787542.htmlSOURCE Orvana Minerals Corp. Original: ORVANA ANNOUNCES ATTENDANCE AT THE MINING INVESTMENT EVENT IN QUEBEC CITY, CANADA

ORVANA PROVIDES TAGUAS DRILLING UPDATE: FULL ASSAY RESULTS FROM TADD-278; SECOND HOLE RESULTS PENDINGMay 27, 2026 6:30 AM
PR Newswire (US)                                                                                                                                                                                                      TSX:ORV
  OTCQX: ORVMFHighlightsPetrographic studies completed on core samples from first drill hole TADD-278, indicate that the mineralized host rock corresponds to a dacitic porphyry (Image 1).Intense sericitic alteration was identified, dominated by quartz–sericite–pyrite, with pyrite–rich mineralization plus associated enargite and/or chalcopyrite in disseminations and veinlets (Image 2), supporting a porphyry–related system.Complete lab results from TADD-278 (Table 1), highlights a 205 metres (downhole length; true widths not yet determined) interval (715 to 920 metres), with 0.25 g/t gold and 0.12% copper.Completion of second drill hole TADD-279 assay results, plus VNIR-SWIR Terraspec measurements, and geochronological studies is expected over the coming months to position Orvana for its October 2026 – April 2027 drilling campaign.  TORONTO, May 27, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or "the Company"), is pleased to provide a further update on its deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina, including additional assay results beyond those previously reported on April 8, 2026, and an update on planned next steps, with laboratory analyses and supporting studies ongoing.Raúl Álvarez, Director of Exploration and Technical Services of Orvana, commented: "The latest drilling and ongoing technical studies continue to support our interpretation of a deep porphyry-related system at Taguas. The integration of VNIR–SWIR Terraspec data, geochemistry, and geological interpretation is helping us to vector toward the core of the system and refine targets for the next drilling phase."Strategic ContextThe Company has expanded its evaluation of the Taguas Project beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling.Deep Drilling Results to DateThe FY2026 program comprised 2 drill holes (Image 3), totaling 2,173.7 metres drilled. First drill hole TADD-278 reached 1,331.7 metres and second TADD-279, 842 metres. The program has been concluded in anticipation of the winter season. The second drill hole has been cased, preserving the option to resume and continue drilling during the next summer field campaign.Petrographic studies completed on drill core samples from hole TADD-278 indicate that the mineralized host rock corresponds to a dacitic porphyry (Image 1). The analyzed intervals display a well-developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a hydrothermal porphyry system.The studies also identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite. Ore mineralization is primarily composed of pyrite with associated enargite and/or chalcopyrite (Image 2), occurring as disseminations and veinlet fillings, further supporting the interpretation of a dacitic porphyry-related hydrothermal system.Complete lab results from TADD-278 (Table 1), highlighting interval from 715 to 920 metres, returned 0.25 g/t gold and 0.12% copper over 205 metres (downhole length). Chalcopyrite occurs only in trace amounts, while pyrite dominates. Assay data and identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.The most significant intercepts from drill hole TADD–278 are detailed in Table 1 below:Table 1. Selected intercepts from TADD-278DDHFromToDownhole
length (m)Au (g/t)Ag (g/t)Cu (%)TADD-278490.00492.002.0032.344.500.06*TADD-278536.00552.8016.800.324.200.81*including536.00537.001.001.3420.005.39*including551.50552.801.301.499.002.44*TADD-278638.00675.0037.000.866.090.69*including672.00675.003.005.6210.200.29*TADD-278715.00920.00205.000.251.820.12including812.00828.0016.000.433.370.07including848.00863.0015.000.614.060.21TADD-2781007.701015.007.300.308.200.28TADD-2781097.701109.0011.300.231.710.26TADD-2781121.001127.006.000.291.480.19* Copper content above 715 metres is primarily associated with the presence of enargite (Cu3AsS4), characteristic of high-sulfidation epithermal systems.** Intercepts reported are downhole lengths unless otherwise stated, and true widths are not yet known. No cut-off grade has been applied. The reported intervals may not be representative of mineralization across the property.   Next StepsLaboratory analyses for TADD-279 and related technical interpretation are in progress; results will be disclosed as additional data becomes available. VNIR–SWIR Terraspec measurements will be extended to all drill core footage completed during the 2026 drilling campaign, ensuring a consistent and comprehensive spectral database across the project. VNIR–SWIR spectroscopy identifies key alteration minerals and spectral parameters that help vector toward areas of higher temperature and stronger magmatic influence, indicating the proximity of concealed porphyry intrusions beneath the system.The company also plans to undertake appropriate geochronological studies on selected drill core samples in order to constrain the timing of the different porphyry intrusion phases and better understand the temporal evolution of the hydrothermal system.The integration and interpretation of all spectral, geological, geochemical, geochronological, and historical drilling data will provide a robust framework for vectoring toward the central core of the mineralized system, supporting the design and targeting of the next drilling campaign.Quality Assurance-Quality Control ("QA/QC")Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in a storage facility in Mendoza, Argentina.The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and 2 different CRMs inserted in batches of roughly 50 samples.This exploration update has been prepared under the supervision of Raúl Alvarez Cifuentes, a Qualified Person as defined under NI 43-101. Mr. Alvarez is an employee of the Company, and therefore is not independent of the Company.The Qualified Person has reviewed and verified the technical data disclosed in this news release. Drilling was conducted using diamond drilling methods.ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements - Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward–looking information includes, but is not limited to statements regarding: (i) the next steps of the Taguas exploration campaign; (ii) interpretation of a porphyry-related system; (iii) plans for the next drilling campaign; (iv) potential for copper-gold mineralization; and (v) geochronological study plans. There is no assurance that the current drilling program will result in the definition of mineral resources or that any mineralization identified will be economically viable.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to advance the exploration at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. View original content to download multimedia:https://www.prnewswire.com/news-releases/orvana-provides-taguas-drilling-update-full-assay-results-from-tadd-278-second-hole-results-pending-302782724.htmlSOURCE Orvana Minerals Corp. Original: ORVANA PROVIDES TAGUAS DRILLING UPDATE: FULL ASSAY RESULTS FROM TADD-278; SECOND HOLE RESULTS PENDING

ORVANA PROVIDES UPDATE ON TRANSPORT AND LOGISTICS DISRUPTIONS IN BOLIVIA AND IMPACT ON THE DON MARIO OXIDE STOCKPILE PROJECTMay 25, 2026 7:30 PM
PR Newswire (Canada) TSX: ORV
OTCQX: ORVMF
#14-2026TORONTO, May 25, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is issuing this news release to update shareholders and the market on ongoing transport and logistics disruptions in Bolivia and their impact on the Company's Oxide Stockpile Project ("OSP") at its Don Mario operation, operated through its controlled subsidiary Empresa Minera Paitiítí S.A. ("EMIPA"). Bolivia is currently experiencing significant civil unrest, including nationwide strikes and road blockades1, which are disrupting the movement of goods and personnel across the country. These conditions are materially impacting logistics and supply chains nationwide.The situation remains fluid and unresolved as of the date of this news release. The Company is monitoring developments on a continuous basis.Impact on the Oxide Stockpile ProjectAs previously reported in its Management's Discussion & Analysis for the three and six months ended march 31, 2026, dated May 12, 2026, EMIPA successfully completed the verification phase of the Don Mario plant's Au–Ag circuit during the quarter ended march 31, 2026, producing 959 gold ounces and 1,079 silver ounces of doré from the processing of legacy sulphide ore. Following completion of the Au–Ag testing phase, EMIPA advanced the commissioning and integration of the copper leaching, solvent extraction and electro–winning circuits, with the expanded plant undergoing final testing and operational readiness verification.The commencement of oxide ore processing at Don Mario is being directly impacted by constraints on the supply of required materials, driven by ongoing supply chain and logistical disruptions.EMIPA continues to take all available steps to advance the OSP, including evaluating alternative and in–country sourcing options where feasible. Personnel safety and security at the Don Mario site remain a priority, and the Company continues to monitor conditions closely.OutlookThe Company will provide further updates as the situation in Bolivia evolves and as the impact on EMIPA's operations becomes clearer.As a result of the previously described conditions, the commencement of oxide ore processing will be delayed beyond the previously communicated timeline. The Company is not in a position to provide a revised start–up date at this time. Orvana will update the market when sufficient clarity becomes available.The Company will reassess EMIPA's guidance once greater visibility is available regarding the duration and operational impact of the current disruptions.Orvana's primary focus at this time remains the safety of its personnel at Don Mario, together with continued engagement with Bolivian authorities on operational matters.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Sources1 https://travel.gc.ca/destinations/boliviaCautionary Statements – Forward-Looking InformationCertain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information includes, without limitation: statements regarding the expected timing, if any, of commencement of oxide ore processing at Don Mario under the OSP; EMIPA's ability to obtain the required import authorizations for OSP materials; the Company's ability to manage EMIPA's liquidity and meet its debt and financing obligations during the current period; and statements regarding the Company's continued engagement with Bolivian authorities on operational matters and its evaluation of near-term financing alternatives.Forward-looking statements are not statements of historical fact and are generally identified by words or phrases such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "may", "could", "would", "might" or "will", or similar expressions, and include statements regarding future events and performance.Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. The forward-looking statements in this news release are based on assumptions including, without limitation: that the current civil unrest in Bolivia will be resolved or sufficiently abate within a timeframe that permits EMIPA to advance the OSP; the ability of EMIPA to procure necessary materials; no further material disruption to logistics and supply chains at or near Don Mario; EMIPA's ability to maintain compliance with its financing covenants and obligations; and commodity prices remaining within ranges consistent with current expectations. There can be no assurance that any of these assumptions will prove correct or that the forward-looking statements will be achieved.Actual results could differ materially from those expressed or implied in forward-looking statements due to a variety of factors, many beyond the Company's control, including: the continuation or further escalation of civil unrest and road blockades in Bolivia; the inability to obtain import authorizations for required OSP materials in a timely manner; continued or worsened supply chain and logistics disruption at or near Don Mario; further deterioration in Bolivia's economic conditions, including foreign exchange constraints and fuel shortages; the inability of EMIPA to maintain compliance with its financing covenants and obligations; increases in operating and capital costs; the inability to obtain additional financing on acceptable terms; and changes in law, regulation or government policy affecting mining operations in Bolivia. Additional risk factors applicable to the Company are described in the Company's most recent Annual Information Form, available at www.sedarplus.ca.Orvana does not undertake any obligation to update forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements. View original content to download multimedia:https://www.prnewswire.com/news-releases/orvana-provides-update-on-transport-and-logistics-disruptions-in-bolivia-and-impact-on-the-don-mario-oxide-stockpile-project-302781251.htmlSOURCE Orvana Minerals Corp. Original: ORVANA PROVIDES UPDATE ON TRANSPORT AND LOGISTICS DISRUPTIONS IN BOLIVIA AND IMPACT ON THE DON MARIO OXIDE STOCKPILE PROJECT

ORVANA ANNOUNCES Q2 FY2026 RESULTS; PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AND TAGUAS DRILLINGMay 13, 2026 8:25 AM
PR Newswire (US) TSX:ORVTORONTO, May 13, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) (the "Company" or "Orvana") reports results for the quarter ended March 31, 2026 ("Q2 FY2026"), and provides updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, as well as on the deep drilling campaign at Taguas, Argentina. Juan Gavidia, CEO of Orvana, commented, "We are pleased with the Q2 results, which demonstrate Orvana's strong operating cash–flow generation potential in the current operating and metal price environment. Looking ahead to the second half of the fiscal year, management expects that the planned commencement of oxide stockpile processing in Bolivia will further support operating cash–flow generation and strengthen our financial performance over time, subject to operational performance, metal prices and market conditions"."We have completed the Taguas drilling campaign and are encouraged by the initial results, which indicate that drilling intersected a vertically zoned hydrothermal system transitioning from a high sulfidation epithermal environment into a deeper porphyry setting. Detailed technical interpretation and analysis of the results are continuing, and further updates are expected through May and June 2026 as additional laboratory assay results become available" he added.Selected Financial Information Net revenue of $54.4 million in Q2 FY2026, up 70% from $32.0 million in the first quarter of fiscal 2026 ("Q1 FY2026"), driven by higher realized metal prices(1) and increased sales volumes.Cash flows provided by operating activities of $29.9 million in Q2 FY2026, compared to $0.8 million of cash used in Q1 FY2026 (an improvement of $30.7 million).Free Cash Flow(1) surplus of $10.6 million in Q2 FY2026, compared to a Free Cash Flow(1) deficit of $3.7 million in Q1 FY2026 (an improvement of $14.3 million).
Q2 FY2026Q1 FY2026Q2 FY2025YTD FY2026YTD FY2025Financial Performance (in 000's, except per share amounts)



Revenue$54,410$32,034$26,746$86,444$48,459Mining costs$26,724$15,491$16,682$42,215$31,383Gross margin$24,755$14,494$7,135$39,249$11,604Net income (loss)$19,582($7,180)$499$12,402$1,925Net income (loss) per share (basic/diluted)$0.14($0.05)$0.00$0.09$0.01EBITDA (1)$27,523$10,998$5,122$38,521$11,501Operating cash flows before non-cash working capital changes$25,535$13,107$6,328$38,642$10,489Operating cash flows$29,947($813)$7,700$29,134$10,229Free Cash Flow (1)$10,629$(3,660)($1,586)$6,969($1,081)Ending cash and cash equivalents$47,984$32,176$30,045$47,984$30,045Capital expenditures (cash-basis) (2)$14,906$16,767$7,914$31,673$11,570

(1)GEO, EBITDA, Free Cash Flow and Realized Metal Prices are Non-GAAP Financial Performance Measures and do not have standardized meanings under IFRS, and may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q2 FY2026 MD&A.

(2)These amounts are presented on a cash basis. Each reported period excludes capital expenditures incurred in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable reporting period.Bolivia­In December 2025, EMIPA commenced verification of the Don Mario plant's Au–Ag circuit following the completion of upgrades to the comminution, thickening, desorption and smelting areas. During Q2 FY2026, legacy sulphide ore was processed through the Au–Ag circuit, resulting in doré production of 959 Au oz and 1,079 Ag oz. The produced material has been exported, sold and fully collected as of the date of this report, supporting the validation of the logistics and commercialization processes.­Following completion of this testing phase in the second half of March, the Au–Ag circuit was shut down, and EMIPA advanced the commissioning and integration of the Cu circuits, with the overall processing facilities currently undergoing final testing and operational readiness verification.­Feeding the plant with oxide ore from the stockpiles is expected to commence in the coming weeks, subject to operational readiness, followed by a progressive ramp–up over the subsequent months, although the timing and achievement of planned production levels remain subject to operational performance.ArgentinaThe Company conducted its first deep drilling campaign targeting deeper mineralized systems on the Taguas property between late January and early May 2026. This program followed the development of an updated geological model and a recent geophysical survey, aimed at identifying potential deep targets to 1,500 metres. The geophysical results, combined with a review of historical exploration data, guided the prioritization of key targets for the 2026 drilling campaign. The program comprised 2 drill holes, totaling 2,173.7 metres drilled. First drill hole TADD278 reached 1,331.7 metres and second TADD279, 842 metres. The FY2026 program has been concluded in anticipation of the winter season. The second drill hole has been cased, preserving the option to resume and continue drilling during the next summer field campaign. Based on assays received from the first 920 metres of the first drill hole, drilling has intersected a vertically zoned hydrothermal system transitioning from a high-sulfidation epithermal environment into a deeper porphyry setting. These results are preliminary in nature and subject to receipt of additional assays and verification. While the results are encouraging, the drilling program remains at an early stage, and additional drilling is required to determine the extent, continuity and potential economic significance of the mineralization.­Laboratory analysis and technical interpretation are in progress; results will be disclosed once additional data becomes available.Spain­Orovalle produced 9,827 gold equivalent ounces(1) ("GEO") during Q2 FY2026, approximately 7% lower than the 10,576 GEO(1) produced in the previous quarter. The primary drivers of the variance between Q2 FY2026 and the prior quarter are outlined below:The mill processed approximately 130,506 dry tonnes, in line with the prior quarter.8,464 gold ounces produced, 9% lower than the previous quarter primarily due to 9% lower head grade and 1% lower recoveries, slightly off-set by 1% higher tonnes milled.0.8 million copper pounds produced, 9% higher copper than the previous quarter due to 3% higher copper grade, 4% higher recoveries and 1% higher tonnes milled.Quarter–over–quarter grade movements reflect changes in oxide and skarn proportions associated with ore extraction and blending sequencing.In Q2 FY2026, Orovalle completed 2,845 metres of drilling at its El Valle mine, primarily focused on Area 208 and Black Skarn orebodies. An additional 880 metres were drilled at the greenfield Lidia Project in Asturias, Spain. Drilling remains ongoing at El Valle mine.FY2026 Guidance OrovalleThe following table sets out Orovalle's first half of fiscal 2026 results and fiscal 2026 production, capital expenditures and costs (3) guidance:
Orovalle
YTD FY2026ActualFY 2026 Guidance (4)Metal Production


    Gold (oz)
17,77234,000 – 37,000    Copper (million lbs)
1.52.7 – 3.0Sustaining Capital Expenditures (USD thousands)
$5,519$15,000 - $17,000Cash operating costs (by-product) ($/oz) gold (3) (4)
$1,915$2,300 - $2,500All-in sustaining costs (by-product) ($/oz) gold (3) (4)
$2,306$2,700 - $3,000

(3)Cash operating costs ("COC") and All-in sustaining costs ("AISC") per ounce are Non-GAAP Financial Performance Measures. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q2 FY2026 MD&A.

(4)Orovalle Fiscal 2026 guidance assumptions for COC and AISC include by-product commodity prices of $4.5 per pound of copper and an average Euro to USD exchange rate of 1.20.Orovalle is currently on track to meet FY2026 Guidance, based on results to date and current operating assumptions, although actual results may differ materially depending on operational performance and market conditions (see "Cautionary Statements - Forward-Looking Information").EMIPAQ2 FY2026 was the first quarter with metal production at Don Mario since fiscal year 2020. The following table sets out EMIPA's first half of fiscal 2026 production results and fiscal 2026 production and costs(5) guidance:
EMIPA
Q2 FY2026
Actual (8)FY2026 Guidance (7) Metal Production


    Gold (oz)
95913,000 – 14,000    Copper (million lbs)
-6.7 – 7.5Cash operating costs (co-product) ($/oz) gold (5) (6)-$1,900 - $2,300Cash operating costs (co-product) ($/lb) copper (5) (6)-$2.60 - $3.20All-in sustaining costs (co-product) ($/oz) gold (5) (6)-$2,200 - $2,600All-in sustaining costs (co-product) ($/lb) copper (5) (6)-$2.90 - $3.50

(5)Cash costs per ounce (COC) and all-in sustaining costs (AISC) per ounce are Non-GAAP Financial Performance Measures, intended to provide additional information to investors and do not have any standardized meaning under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this MD&A.

(6)COC and AISC are reported for gold and copper. Silver production is accounted for as a by-product of gold, and the associated revenues are credited against gold production costs for the purpose of COC and AISC calculations. EMIPA fiscal 2026 guidance for COC and AISC assumes an average BOB to U.S. Dollar exchange rate of 9.60. EMIPA fiscal 2026 guidance for COC and AISC of gold assumes a by-product silver price of $75 per ounce. These assumptions are subject to change as operations ramp-up.

(7)The metal production guidance for FY2026 was estimated in February 2026 based on the estimated processing of 256,288 tonnes of oxide ore and approximately 65,000 tonnes of legacy sulfide ore. This guidance was based on the expected phased restart of the Don Mario plant. Any significant deviations from the planned restart schedule, as well as changes in plant operating performance, could have a material impact on production assumptions and levels for the fiscal year, including variability in the mix of stockpiled materials processed and in the resulting grades. Cost estimates are based on preliminary assumptions derived from information available in February 2026 and may vary as operations commence and stabilize, including during commissioning and ramp-up, as well as due to changes in operating consumptions, input prices, and other cost drivers.

(8)Q2 FY2026 COC and AISC are not considered representative, as production commenced during the quarter as part of the Au–Ag circuit testing phase, while the Oxides Stockpile Project continued to progress toward production. Unit cost metrics are expected to be reported from Q3 FY2026 onward, following the ramp–up of the Oxides Stockpile Project.EMIPA is on track to meet its FY2026 guidance based on current operating assumptions. The key assumptions include the operational readiness of the expanded plant, including the availability of all required supplies and consumables, the successful commencement of feeding the plant with oxide stockpile ore, and the expected production levels and operating cost profile. Actual results may differ materially depending on operating performance, metal prices, market conditions and other factors described under "Cautionary Statements – Forward–Looking Information".This news release contains only a summary of the Company's financial and operations results for the second quarter of fiscal 2026, and readers should refer to the full set of unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025, and accompanying management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company's website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Non-GAAP financial measures used in this release do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.The assumptions underlying all forward-looking statements in this release are described under "Cautionary Statements – Forward-Looking Information".Qualified PersonThe scientific and technical information in this news release related to the Company's Orovalle operation has been reviewed and approved by Guadalupe Collar Menéndez, Chief of Geology of Orovalle, a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of EMIPA, a Qualified Person as defined under National Instrument 43-101 and an employee of Empresa Minera Paitití, S.A., a subsidiary of Orvana, and is not independent of the Company.The scientific and technical information in this news release related to the Company's Taguas property has been reviewed and approved by Raúl Álvarez, Director of Exploration and Technical Services, a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.Orvana subsidiary in Bolivia reports Q2 FY2026 unaudited financial results As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with Autoridad de Supervisión del Sistema Financiero ("ASFI"). The unaudited financial statements for the six months ended March 31, 2026 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"):https://www.asfi.gob.bo/index.php/registro-rmv/mv-entidades-inscritas-en-el-rmv.htmlTo search for EMIPA's financial statements, select the following at the ASFI Page:ENTIDADES REGULADAS – EMISORES: Empresa Minera Paitití, S.A. EMIPA
Ver: Estados FinancierosABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements.The forward-looking statements herein relate to, among other things, including Orvana's ability to achieve improvement in operating cash flow; the ability to commence the feeding of the Don Mario Plant with oxides stockpile ore and subsequently ramp-up production; the ability to complete the interpretation of results of the Taguas drilling campaign; the ability to achieve the outlook of increased production; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company's most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and Taguas being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver, which are subject to fluctuation and volatility beyond the Company's control; prices for key supplies being approximately consistent with current levels; stable labour, energy supply, and logistics conditions in the jurisdictions where the Company operates; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with Orvana's current expectations; and the availability of necessary funds to execute the Company's plan. Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: delays or difficulties in obtaining or maintaining necessary permits, including tailings storage and environmental authorizations at Orovalle; the potential impact of global health and global economic conditions on the Company's business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of the continuing conflict between Russia and Ukraine, and the current conflict involving Iran, as well as broader regional geopolitical instability; our ability to support the sustainability of our business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations, including increases in energy, power, and environmental compliance costs; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; delays or difficulties in obtaining or maintaining necessary permits, including Orovalle's ability to complete the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity, and obtaining environmental authorizations at Orovalle; Orovalle's ability to complete the stabilization project of the legacy open pit wall; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to continue to operate the El Valle Boinás and Carlés Mines and El Valle Plant; the Company's ability to process the current oxides stockpiles at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; sufficient funding to carry out exploration and development plans; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks identified in the Company's disclosures. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors. Additional risk factors are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects, including operational ramp-up activities, production performance, mine life extension initiatives and financial outcomes, and the timing and results of processing stockpiled material scheduled for FY2026, including variations in ore grade, recoveries, or throughput that could affect realized production. These forward-looking statements are intended to provide an overview of management's expectations with respect to certain future activities of the Company and are subject to the risks, uncertainties and assumptions described herein and in the Company's disclosures, and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.comLogo - https://mma.prnewswire.com/media/2978729/Orvana_Minerals_Corp__ORVANA_ANNOUNCES_Q2_FY2026_RESULTS__PROVID.jpg  View original content:https://www.prnewswire.co.uk/news-releases/orvana-announces-q2-fy2026-results-provides-update-on-oxides-stockpile-project-and-taguas-drilling-302770912.html Original: ORVANA ANNOUNCES Q2 FY2026 RESULTS; PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AND TAGUAS DRILLING

ORVANA REPORTS Q2 FY2026 EXPLORATION RESULTS IN SPAINApril 27, 2026 6:00 PM
PR Newswire (Canada)

TSX:ORV
OTCQX: ORVMFTORONTO, April 27, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to report exploration updates in Spain for the second quarter of fiscal year 2026, ended March 31, 2026 ("Q2 FY2026"). The Company's ongoing exploration programs at Orovalle are focused on extending known mineralization and supporting potential mine life growth.Highlights
    El Valle–Boinás: 2,845 metres drilled in Q2 FY2026, mainly focused on Area 208 and Black Skarn.Infill drilling supports the continuity of oxide-hosted gold mineralization in Area 208, which remains open to the east based on current drilling.Brownfield drilling intersected gold mineralization in Area 208. Significant intercepts include (apparent width):DDH 26A22020: 2.00 m @ 19.55 g/t Au and 0.30% CuDDH 26A22021: 6.00 m @ 6.78 g/t Au Results will inform future drilling programs focused on testing broader mineralization potential, subject to further evaluation and interpretation by the Company.  Lidia: 880 metres drilled in Q2 FY2026, completing the fiscal–year program, for a total of 1,427 metres drilled.Drilling results indicate that the target remains open to the southwest. Next steps will focus on evaluating this area to determine the extent of mineralization in that direction.Reported intercepts for the El Valle–Boinás infill drilling (Figure 1) represent approximate true widths. Reported intercepts for the El Valle–Boinás brownfield drilling, presented in the Highlights section, and for the Lidia greenfield drilling (Figures 2 and 3), represent apparent widths.SummaryA total of 14 drill holes were completed during the quarter across the El Valle–Boinás and Lidia areas. Drill hole locations, orientations, and reported intercepts are illustrated in Figures 1 through 3 in this news release. These figures provide plan and sectional views of the drilling completed during Q2 FY2026 —together with historical drilling in these areas—, including the spatial relationship of drill holes to interpreted mineralized zones. The intercepts reported herein represent selected significant results from drilling completed in the areas shown. For infill drilling, reported intercepts approximate true widths, while for brownfield and greenfield drilling, reported intercepts represent apparent widths, as illustrated in Figures 1 through 3.Orovalle - Q2 FY2026
Drilling meters
InfillBrownfieldGreenfieldTOTALEl Valle Boinás



Area 208826969-1,795Black Skarn-1,050-1,050Lidia--880880TOTAL8262,0198803,725El Valle–Boinás Brownfield Infill Program At the El Valle Boinás mine, Q2 FY2026 drilling has focused on the Area 208 (A2), where 1,795 metres have been completed. Of this total, 826 metres were drilled with the objective of converting inferred resources (see Figure 1), while 969 metres were drilled to define the geological connection between the A2 and E2 structures (located to the east of A2). This work is expected to be completed in the coming months. The results are expected to inform the design and targeting of future drilling programs, subject to further evaluation and interpretation.Mineralization in this zone of Area 208 is concentrated within bands, with variable thickness (between 5-10 m) of altered skarn and semi-jasperoid breccias within the limestone; subsequently, the intrusion of porphyry dikes led to silicification and mineral enrichment of these bands. The mineralized bands are dipping towards the southeast, with potential for further extension in that direction.In addition, a total of 1,050 metres were drilled at the Black Skarn target to assess mineralization at deeper skarn levels. Further evaluation of the area is planned for future campaigns.Lidia Greenfield ProgramAt the Lidia Project, a total of 880 metres were completed during Q2 FY2026, completing the drilling campaign planned for fiscal 2026, which totalled 1,427 metres. Drill hole traces, assay intervals and geological interpretation are presented in Figures 2 and 3.Lidia project is located in Navelgas Gold Belt, 20 km from El Valle mine. This gold porphyry occurs within the easternmost part of Navelgas fracture systems. A granodiorite intrusive outcrops over an area of approximately 1 km2. It is dissected by a set of northeast trending mineralized quartz veins and affected by different alteration phases. Orovalle carried out a drilling campaign between fiscal 2021 and fiscal 2022, confirming the presence of gold in the granodiorite (see NR April 17, 2023). During fiscal 2024, drilling work continued, allowing the northern part of the granodiorite to be defined (see NR January 16, 2024). For fiscal 2026, a 1,500 m drilling campaign was planned with the objective of defining mineralization at depth and towards the south, completing 1,427 metres in two drill holes (25LI008 and 26LI009).The objective of DDH 25LI008 was to test the downward continuity of mineralization, for which it was planned with an inclination of -84 degrees. The hole was completed to a depth of 699.15 metres. The drill hole intersected fine-grained equigranular granodiorite with disseminated pyrite, transitioning at 247 metres into a porphyritic granodiorite affected by sericitic and potassic alteration. Quartz veins with various orientations were also encountered, likewise associated with sericitic and potassic alteration. Au mineralization was identified throughout the intrusive body, with a more intensely mineralize zone occurring at approximately 500 metres below surface. Assay results show 302.7 m (downhole length) at 0.40 g/t Au, including several higher-grade intervals such as 10.9 metres at 1.03 g/t Au (see Figure 2). These results support the interpretation that the mineralized body remains open at depth.DDH 26LI009 was designed to test the southern extension of the mineralization and was drilled toward the southeast (azimuth 154º). While continuity of the intrusive body was intersected, mineralization terminates at approximately 289 metres downhole. As a result, the target area remains open to the southwest (based on current drilling), where a historical drill hole located 650 metres away has intersected mineralization. The next steps will focus on evaluating this area to determine the extent of mineralization in that direction (See Figure 3).Quality ControlGreenfield 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 70%10,000 ppm, specific analysis methods are used to determinate the final grade.In addition to the controls inserted by laboratory personnel, geologists insert certified reference material (CRM), blanks and duplicate samples into the sample stream. The on-site senior geologist reviews the results prior to acceptance of the assay results. Orovalle repeats the entire batch analysis if the standard falls outside acceptable limits. If a blank or duplicate is observed to fail, 20% of the batch is re-assayed. If the 20% that is re-assayed does not match the original analysis, then the entire batch is re-analyzed.The technical information in this news release, including geological, assay, and drilling interpretation data, has been reviewed and approved by Guadalupe Collar Menéndez, a Qualified Person under National Instrument 43-101, who is not independent of the Company, and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.Consolidated Operational and Financial PerformanceQ2 FY2026 consolidated operational and financial highlights will be released with the second quarter financials, expected mid-May, 2026.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding, among other things, current expectations, estimates, projections and assumptions about future events and operating performance, including: interpretations regarding the continuity and extent of mineralization and whether such mineralization remains open, the potential extent of mineralized zones, and the timing, scope and direction of future exploration programs and next steps, including the interpretation of drilling results and the potential implications for future exploration and development activities.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions, including those relating to production guidance and ramp-up expectations, underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Orovalle, Don Mario and Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans. There can be no assurance that such expectations or guidance will be achieved. Exploration results are inherently uncertain and subject to further interpretation, which may affect the Company's understanding of mineralization and future exploration plans.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully resume production at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements and actual results may differ materially from those expressed or implied in such statements.










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Original: ORVANA REPORTS Q2 FY2026 EXPLORATION RESULTS IN SPAIN

ORVANA REPORTS Q2 FY2026 PRODUCTION RESULTS AND PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AT DON MARIO, BOLIVIAApril 16, 2026 7:00 PM
PR Newswire (US)

TSX:ORV
OTCQX: ORVMFTORONTO, April 16, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to report production results for the second quarter of fiscal year 2026, ended March 31, 2026 ("Q2 FY2026") and provide an update on the Oxides Stockpile Project at its Don Mario operation in Bolivia.







Juan Gavidia, CEO of Orvana, stated: "Q2 FY2026 marks the restart of doré production at Don Mario in Bolivia, a significant milestone for Orvana. Operations in both Bolivia and Spain are performing in line with current expectations for FY2026 production guidance. We are pleased to be operating two production units again and are focused on completing the ramp-up and integration of the processing circuits at Don Mario, with the objective of increasing production levels over the coming quarters."Highlights:Consolidated production of 10,738 of Gold Equivalent Ounces ("GEO")(1) during Q2 FY2026.Orovalle, the Company's subsidiary in Spain, produced 9,827 GEO(1) (8,464 gold ounces, 0.8 million copper pounds and 25,424 silver ounces).EMIPA, the Company's subsidiary in Bolivia, produced doré during Q2 FY2026 as part of the phased restart of the Don Mario operation, contributing 911 GEO (1) (893 gold ounces and 1,055 silver ounces) during the quarter.Certain statements in this news release, including statements regarding ramp-up and production expectations, constitute forward-looking information. See "Cautionary Statements – Forward-Looking Information" below.Orovalle Q2 FY2026:Orovalle
Q2
FY2026Q1
FY2026Q2
FY2025YTD-Q2
FY2026FY 2026
GuidanceOre milled (tonnes)
130,506129,622111,272260,128
Gold equivalent (oz)(1)
9,82710,5768,41620,403
Gold





    Grade (g/t)
2.202.412.062.30
    Recovery (%)
91.992.992.092.4
    Production (oz)
8,4649,3086,79217,77234,000 - 37,000Copper





     Grade (%)
0.340.330.430.33
     Recovery (%)
78.775.484.077.1
     Production (K lbs)
7727068851,4782,700 - 3,000Silver





     Grade (g/t)
7.749.439.818.59
     Recovery (%)
78.278.980.178.6
     Production (oz)
25,42431,00728,12956,431
Orovalle is on track to meet FY2026 production guidance, based on results to date and current operating assumptions (see "Cautionary Statements – Forward-Looking Information").The mill processed approximately 130,506 dry tonnes during Q2 FY2026, in line with the prior quarter.8,464 gold ounces produced in Q2 FY2026, 9% lower than the previous quarter primarily due to 9% lower head grade and 1% lower recoveries, slightly off-set by 1% higher tonnes milled.0.8 million copper pounds produced in Q2 FY2026, 9% higher copper than the previous quarter due to 3% higher copper grade, 4% higher recoveries and 1% higher tonnes milled.Quarter–over–quarter grade movements reflect changes in oxide and skarn proportions associated with ore extraction and blending sequencing.EMIPA Q2 FY2026:EMIPA
Q2
FY2026Q1
FY2026Q2
FY2025YTD-Q2
FY2026FY 2026 
GuidanceOre milled (tonnes)
47,387--47,387
Gold equivalent (oz)(1)
911--911
Gold





    Grade (g/t)
0.94--0.94
    Recovery (%)
62.1--62.1
    Production (oz)
893--89313,000 - 14,000Copper





     Grade (%)
----
     Recovery (%)
----
     Production (K lbs)
----6,700 - 7,500Silver





     Grade (g/t)
10.89--10.89
     Recovery (%)
6.4--6.4
     Production (oz)
1,055--1,055
EMIPA is on track to meet FY2026 production guidance, based on results to date and current operating assumptions (see "Cautionary Statements – Forward-Looking Information").EMIPA produced doré during Q2 FY2026 as part of the phased restart of the Don Mario Plant. Following completion of performance verification of the comminution and thickening circuits, and upgrades to the Au-Ag desorption and smelting areas, EMIPA performed during February and March 2026 operational trials by processing legacy low-grade sulfide ore through the Au-Ag circuit, resulting in doré production.The Don Mario plant processed approximately 47,387 dry tonnes during Q2 FY2026, producing 893 gold ounces and 1,055 silver ounces. Recoveries were affected by the grade characteristics of the material processed and by operational interruptions inherent to testing activities.The testing phase was completed during the second half of March, after which EMIPA commenced the integration of the Au–Ag circuit with the new plant circuits as part of the transition to sustained operations.

(1) Gold Equivalent Ounces ("GEO") is a Non-GAAP Financial Performance Measure. Non-GAAP measures do not have standardized meanings under IFRS and may not be comparable to similar measures of other issuers. GEO is calculated by converting copper and silver to gold equivalent using the metal prices disclosed below and adding the result to gold ounces produced. The Company believes GEO provides a useful measure to help evaluate production across multiple metals.  Refer to the Company's most recent Management's Discussion and Analysis for additional information. GEO were calculated using the following average market prices:Q2 FY2026:  $4,875.39/oz Au, $84.39/oz Ag, $5.83/lb Cu
Q1 FY2026:  $4,141.90/oz Au, $54.71/oz Ag, $5.03/lb Cu
Q2 FY2025:  $2,862.56/oz Au, $31.91/oz Ag, $4.24/lb CuOxides Stockpile Project
The Don Mario operation, located in the Don Mario district in southeastern Bolivia, is owned and operated by EMIPA, Orvana's Bolivian subsidiary. Mining and milling operations at Don Mario were temporarily suspended in the first quarter of fiscal 2020 following depletion of the mineral reserves then being mined.The Company is now advancing the Oxides Stockpile Project ("OSP"), which is designed to process oxide material that was stockpiled during previous years of mining at Don Mario. The project includes an expansion and upgrade of Don Mario Processing Plant to optimize the recovery of copper, gold and silver from these stockpiles.The OSP consists of three components:plant expansion proper, including new circuits for acid leaching, filtering, solvent extraction and electrowinning to produce Cu cathodes, and enhancement of the pre-existing Au-Ag detox circuits;overhaul of legacy comminution (ore crushing and grinding) and thickening circuits; andbusiness-readiness initiatives, including upgrades to power generation, chemical and metallurgical laboratories, warehouses and workshops, and the recruitment and training of new personnel.Don Mario Processing Plant - Restart ProgressIn December 2025, EMIPA commenced verification of the Don Mario Plant Au–Ag circuit, following the completion of upgrades to the comminution, thickening, desorption and smelting areas. During Q2 FY2026, legacy sulphide ore was processed through the Au–Ag circuit, resulting in doré production. Following completion of this testing phase in the second half of March, the Au–Ag circuit was shut down to allow integration with the new plant circuits.Next operational milestones include final construction and commissioning close–out of the Cu circuits, followed by completion of the phased integration of all processing circuits. Feeding the plant with oxide ore from the stockpiles is expected to commence in the coming weeks, subject to commissioning progress and operational readiness, followed by a progressive ramp–up over the subsequent months, with the objective of achieving full planned production levels during Q4 FY2026.Qualified PersonThe scientific and technical information in this news release related to the Company's Orovalle operation has been reviewed and approved by Guadalupe Collar Menéndez, Chief of Geology of Orovalle Minerals S.L., a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A. ("EMIPA"), a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.Consolidated Operational and Financial Performance
Q2 FY2026 consolidated operational and financial highlights will be released with the second quarter financials, expected mid-May, 2026.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com). Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding, among other things, current expectations, estimates, projections and assumptions about future events and operating performance, including: statements that Orovalle and EMIPA are "on track" to meet FY2026 production guidance; the expected timeline for completing the construction, commissioning and integration of all circuits at Don Mario and resuming production; the expected timeline to reach stabilized planned production levels at Don Mario; the Company's ability to meet FY2026 production guidance at Orovalle and EMIPA; and the anticipated timing of the Company's second quarter financial results.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions, including those relating to production guidance and ramp-up expectations, underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Orovalle, Don Mario and Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans. There can be no assurance that such expectations or guidance will be achieved.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully resume production at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements and actual results may differ materially from those expressed or implied in such statements.



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Original: ORVANA REPORTS Q2 FY2026 PRODUCTION RESULTS AND PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT AT DON MARIO, BOLIVIA

ORVANA ANNOUNCES ATTENDANCE AT HAMBURG MINING CONFERENCE AND MINING FORUM EUROPEApril 10, 2026 11:18 AM
PR Newswire (US)

TSX:ORV
OTCQX: ORVMFTORONTO, April 10, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to announce that Mr. Raúl Álvarez, Director of Exploration and Technical Services  and Ms. Nuria Menéndez, Chief Financial Officer, will represent Orvana at the Hamburg Mining Conference, to be held on April 10–11, 2026, and at Mining Forum Europe, taking place on April 13–15, 2026. The Company's participation is intended to facilitate engagement with investors and industry participants.
Detailed information on these events, including the agendas for Orvana's presentations, is available at the following links:Hamburg Mining Conference: https://www.hamburg-mining-conference.com/event-scheduleMining Forum Europe:  https://europe.miningforum.com/participating-companies/?layout=grid&search=orvanaOrvana's corporate presentation, which provides an overview of the Company's operations and projects, is available on the Company's website at: https://www.orvana.com/English/investors/presentations/default.aspxABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements - Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Orvana's planned participation at upcoming conferences, which may be subject to change due to scheduling or other factors. The Company's presentation referred to in the news release contains forward-looking information and should be read in conjunction with the Company's public disclosure record available on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.comLogo - https://mma.prnewswire.com/media/2953914/Orvana_Minerals_Corp__ORVANA_ANNOUNCES_ATTENDANCE_AT_HAMBURG_MIN.jpg



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Original: ORVANA ANNOUNCES ATTENDANCE AT HAMBURG MINING CONFERENCE AND MINING FORUM EUROPE

ORVANA ANNOUNCES ATTENDANCE AT HAMBURG MINING CONFERENCE AND MINING FORUM EUROPEApril 10, 2026 11:12 AM
PR Newswire (US)

TSX:ORV
OTCQX: ORVMFTORONTO, April 10, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to announce that Mr. Raúl Álvarez, Director of Exploration and Technical Services  and Ms. Nuria Menéndez, Chief Financial Officer, will represent Orvana at the Hamburg Mining Conference, to be held on April 10–11, 2026, and at Mining Forum Europe, taking place on April 13–15, 2026. The Company's participation is intended to facilitate engagement with investors and industry participants.







Detailed information on these events, including the agendas for Orvana's presentations, is available at the following links:Hamburg Mining Conference: https://www.hamburg-mining-conference.com/event-scheduleMining Forum Europe:  https://europe.miningforum.com/participating-companies/?layout=grid&search=orvanaOrvana's corporate presentation, which provides an overview of the Company's operations and projects, is available on the Company's website at: https://www.orvana.com/English/investors/presentations/default.aspxABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements - Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Orvana's planned participation at upcoming conferences, which may be subject to change due to scheduling or other factors. The Company's presentation referred to in the news release contains forward-looking information and should be read in conjunction with the Company's public disclosure record available on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.



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Original: ORVANA ANNOUNCES ATTENDANCE AT HAMBURG MINING CONFERENCE AND MINING FORUM EUROPE

ORVANA REPORTS INITIAL RESULTS FROM DEEP DRILLING PROGRAM AT TAGUASApril 8, 2026 7:00 PM
PR Newswire (Canada)

TSX:ORV
OTCQX: ORVMFHighlightsDrilling is ongoing on the first deep drill hole (TADD–278) at the Taguas property, Argentina, which has reached a depth of approximately 1,326 metres as of April 7.The Company's objective is to advance the drill hole to the maximum feasible depth, currently targeted at between 1,500 and 2,000 metres.Drilling has intersected a vertically zoned hydrothermal system, transitioning from a high–sulfidation epithermal environment into a deeper porphyry setting.Preliminary assay results (Table 1) and the identified mineralogy (Figure 1) support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.TORONTO, April 8, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or "the Company"), is pleased to report an update on the progress to date, initial assay results, and planned next steps of the ongoing deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina.Raúl Álvarez, Director of Exploration and Technical Services of Orvana, commented: "We are encouraged by the results obtained to date.  The upcoming metres of drilling are expected to further improve our understanding of the Taguas mineral system."Strategic ContextThe Company has expanded its evaluation of the Taguas Project beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling, which is now underway.Deep Drilling Results to DateAs of April 7, 2026, 1,326 metres had been drilled on drill hole TADD-278 (Figure 2). Drilling progress has been notably slowed by the structurally complex fault zones encountered.Drilling has intersected a vertically zoned hydrothermal system transitioning from a high-sulfidation epithermal environment into a deeper porphyry setting. These results are preliminary in nature and subject to receipt of additional assays and verification. While the results are encouraging, additional drilling is required to determine the extent, continuity and economic significance of the mineralization.The upper section is dominated by rhyolitic tuffs with argillic alteration, evolving into dacitic volcanics and a sericitic-altered intrusive from 736 metres depth. Increased veining intensity, the presence of A- and B-type veins, and the appearance of molybdenum-bearing veinlets are interpreted to be consistent with a porphyry-style system, although the core has not yet been intersected.Preliminary assay results (Table 1) from 715 to 920 metres returned 0.25 g/t gold and 0.12% copper over 205 metres (downhole length). Chalcopyrite occurs only in trace amounts, while pyrite dominates (Figure 1). Assay data and identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.Assays from 920 metres to the current depth remain pending.The most significant intercepts available to date from drill hole TADD–278 are detailed in Table 1 below:Table 1. Selected intercepts from TADD-278DDHFromToDownhole
length (m)Au (g/t)Ag (g/t)Cu (%)TADD-278490.00492.002.0032.344.500.06*TADD-278536.00552.8016.800.324.200.81*including536.00537.001.001.3420.005.39*including551.50552.801.301.499.002.44*TADD-278638.00675.0037.000.866.090.69*including672.00675.003.005.6210.200.29*TADD-278715.00920.00205.000.251.820.12including812.00828.0016.000.433.370.07including848.00863.0015.000.614.060.21 * Copper content above 715 metres is primarily associated with the presence of enargite (Cu3AsS4), characteristic of high-sulfidation epithermal systems.
** Intercepts reported are downhole lengths unless otherwise stated, and true widths are not yet known. No cut-off grade has been applied. The reported intervals may not be representative of mineralization across the property.Next StepsThe Company expects to continue advancing drill hole TADD–278, targeting a final depth in the range of 1,500 to 2,000 metres.No additional drill holes are planned for the current field season due to anticipated adverse weather conditions associated with the arrival of winter season.Completion of drilling and full data analysis, together with geological mapping, petrographic studies, and a technical review, are expected to provide further insight into the system and support planning of the next exploration campaign.Further updates on drilling results, along with additional analytical and geological information, are expected as additional assay results are received and analyzed.Quality Assurance-Quality Control ("QA/QC")Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and 39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in a storage facility in Mendoza, Argentina.The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and 2 different CRMs inserted in batches of roughly 50 samples.This exploration update has been prepared under the supervision of Raúl Alvarez Cifuentes, a Qualified Person as defined under NI 43-101. Mr. Alvarez is an employee of the Company, and therefore is not independent of the Company.The Qualified Person has reviewed and verified the technical data disclosed in this news release. Drilling is being conducted using diamond drilling methods.ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements - Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward–looking information includes, but is not limited to, statements regarding the next steps of the Taguas exploration campaign, including the planned depth of the drill hole currently in progress, forthcoming geological work, and the anticipated next exploration campaign. There is no assurance that the current drilling program will result in the definition of mineral resources or that any mineralization identified will be economically viable.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to advance the exploration at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.










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Original: ORVANA REPORTS INITIAL RESULTS FROM DEEP DRILLING PROGRAM AT TAGUAS

ORVANA GRADUATES TO TRADING ON OTCQX BEST MARKET IN THE UNITED STATESMarch 26, 2026 7:00 PM
PR Newswire (US)

TSX: ORVTORONTO, March 26, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or "the Company"), is pleased to announce that, as of today, its common shares have graduated to trading on the OTCQX Best Market ("OTCQX") under the ticker symbol of ORVMF. Orvana's common shares will continue to trade on the TSX Exchange under the symbol ORV.







"We are pleased to commence trading on the OTCQX Best Market, which we believe will enhance Orvana's visibility within the investment community and broaden accessibility to U.S. investors. This milestone is aligned with our strategy of expanding our investor base while supporting our broader growth strategy as we continue advancing the restart of production in Bolivia, progress exploration activities in Argentina, and support stable operations in Spain," stated Nuria Menéndez, Orvana's CFO.The OTCQX Market is the highest-level market of OTC Markets on which 12,000 U.S. and global securities trade. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. To qualify for trading on OTCQX, companies must meet stringent financial standards, adhere to best practice corporate governance, and demonstrate compliance with applicable securities laws. U.S. investors can find current financial disclosure and real-time Level 2 quotes for Orvana common shares at www.otcmarkets.com.About Orvana – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain, the Don Mario operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).  Cautionary Statements – Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of trading on the OTCQX Best Market, including enhanced visibility and accessibility to U.S. investors, as well as statements regarding the restart of production in Bolivia, the advancement of exploration activities in Argentina, and the maintenance of stable operations in Spain, as well as the Company's growth strategy, strategic development, and expansion plans.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully complete the implementation and commissioning of processing circuits and ancillary facilities at Don Mario (including the copper circuit and any acid leaching circuit and related facilities); the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.



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Original: ORVANA GRADUATES TO TRADING ON OTCQX BEST MARKET IN THE UNITED STATES

ORVANA ANNOUNCES FIRST DORÉ BAR FROM DON MARIO PLANT RESTARTMarch 10, 2026 6:00 PM
PR Newswire (US)

TSX: ORVHighlightsFirst doré bar produced from legacy sulfide ore processed through the Au-Ag circuit as part of the Don Mario restart.Milestone confirms successful restart of the Au-Ag circuit following upgrades.Completion of construction and commissioning of the Cu circuits remains the key near-term milestone.Oxide stockpile processing is expected to begin thereafter, with ramp-up through Q3 FY2026 and target full operating capacity in Q4 FY2026.The restart of the Don Mario plant is a key step toward processing oxide material stockpiled during previous years of mining at the operation.TORONTO, March 10, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announces that its Bolivian subsidiary, Empresa Minera Paitití S.A. ("EMIPA"), has produced its first doré as part of the phased restart of the Don Mario Plant. Following completion of performance verification of the comminution and thickening circuits, and upgrades to the Au-Ag desorption and smelting areas, EMIPA commenced operational trials by processing legacy sulfide ore through the Au-Ag circuit, resulting in the production of the first doré bar."Producing the first doré bar marks an important milestone in restarting the Don Mario plant," said Juan Gavidia, Chief Executive Officer of Orvana."This achievement confirms that the Au-Ag circuit is operating as expected following refurbishment and upgrades. Achieving this milestone during a period of strong gold and silver prices further underscores the strategic importance of bringing Don Mario back into operation. Our focus now is on completing construction and commissioning of the Cu circuits required to process the oxide stockpiles and advancing the phased integration of all processing circuits to support oxide stockpile ramp-up and achievement of full operating capacity" he added.Photo 1: Dore bar from the first gold pour after the Don Mario Plant RestartPhoto 2: First gold pour from the restart of Don Mario PlantPhoto 3: Don Mario Director of Operations, post-first pourPhoto 4: View of Don Mario Plant, in the Don Mario district, south-eastern BoliviaOxides Stockpile ProjectThe Don Mario operation, located in the Don Mario district in southeastern Bolivia, is owned and operated by EMIPA, Orvana's Bolivian subsidiary. Mining and milling operations at Don Mario were temporarily suspended in the first quarter of fiscal 2020 following depletion of the mineral reserves then being mined.The Company is now advancing the Oxides Stockpile Project ("OSP"), which is designed to process oxide material that was stockpiled during previous years of mining at Don Mario. The project includes an expansion and upgrade of Don Mario Processing Plant to optimize the recovery of copper, gold and silver from these stockpiles.The OSP consists of three components:(i) plant expansion proper, including new circuits for acid leaching, filtering, solvent extraction and electrowinning to produce Cu cathodes, and enhancement of the pre-existing Au-Ag detox circuits;
(ii) overhaul of legacy comminution (ore crushing and grinding) and thickening circuits; and
(iii) business-readiness initiatives, including upgrades to power generation, chemical and metallurgical laboratories, warehouses and workshops, and the recruitment and training of new personnel.Don Mario Processing Plant - Restart ProgressIn December 2025, EMIPA commenced verification of the Don Mario Plant gold-silver (Au-Ag) circuit. The Company has completed performance verification of the comminution and thickening circuits, as well as upgrades to the Au-Ag desorption and smelting areas. Following these upgrades, the circuit is now processing legacy sulfide ore and has produced its first doré bar as part of this process. This milestone confirms the operational readiness of key portions of the Au-Ag circuit and forms part of the broader phased restart of the Don Mario processing plant.Next Operational MilestonesThe next operational milestones are the completion of construction and commissioning of the Cu circuits and the phased integration of all processing circuits. Processing of the oxide stockpiles is expected to begin thereafter and ramp up progressively through the third quarter of fiscal 2026, with the objective of achieving full operating capacity during the fourth quarter of fiscal 2026.Qualified PersonThe scientific and technical content of this news release was reviewed, verified, and approved by Luis Isla, Chief of Geology of EMIPA, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Isla is an employee of EMIPA and is not independent of the Company within the meaning of NI 43-101.About Orvana – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com). Cautionary Statements – Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding restart, construction, commissioning and ramp-up of the Don Mario plant, including the expected timing for completion of plant circuits, initiation of oxide stockpile processing, and achievement of full operational capacity.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully complete the implementation and commissioning of processing circuits and ancillary facilities at Don Mario (including the copper circuit and any acid leaching circuit and related facilities); the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.










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Original: ORVANA ANNOUNCES FIRST DORÉ BAR FROM DON MARIO PLANT RESTART

ORVANA PROVIDES TAGUAS EXPLORATION UPDATEFebruary 27, 2026 10:09 PM
PR Newswire (US)

ATTENDING PDAC 2026 CONVENTION IN TORONTO, MARCH 1-4 EXHIBITING AT BOOTH #2243TSX:ORV
#06-2026TORONTO, Feb. 28, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report exploration updates from Taguas, Argentina, and announces that it will be exhibiting at the 2026 Prospectors and Developers Association of Canada (PDAC) International Conference being held in Toronto at the Metro Toronto Convention Centre from March 1 to 4, 2026.PDAC 2026 Orvana cordially invites shareholders, investors, brokers, analysts, and interested parties, to learn more about its operations and growth perspectives via brownfield and greenfield exploration programs, by visiting booth #2243 in the Investors Exchange area of PDAC.The PDAC International Convention, Trade Show & Investors Exchange is the world's leading convention for people, companies and organizations in, or connected with, mineral exploration. For more information about the conference, visit: https://pdac.ca/convention-2026The Corporate Presentation, providing an overview of our operations and properties, is available at: https://www.orvana.com/English/investors/presentations/default.aspxTAGUAS PROJECT – FIRST DEEP DRILLING PROGRAMThe first drill hole has reached a depth of 650 metres of the planned 1,500 metres. Drilling has intersected the upper portion of the epithermal system as anticipated, comprising several bands of polymictic hydrothermal breccias locally cut by quartz–pyrite–enargite veinlets. The final metres drilled exhibit sericitic alteration.Drilling commenced in January 2026 as part of an initial approximately 4,500-metre program utilizing one drill rig, with completion expected by April 2026, subject to drilling conditions and logistics. The current hole is targeting the core of a low-resistivity anomaly identified by a recent geophysical survey (see Image 1; for further details, see the Company's news release dated January 28, 2026), located between Cerro Taguas Norte and Cerro Campamento.The program is designed to evaluate the potential deep porphyry copper-gold system at the Taguas Property for the first time. Deep drilling will test zones exhibiting geological and geophysical characteristics commonly associated with copper–gold porphyry systems.Drill results from the program are expected to be released as they become available, subject to analysis and verification.Quality ControlThe scientific and technical information contained in this news release has been reviewed and approved by Raúl Álvarez Cifuentes, EurGeol, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Álvarez Cifuentes is a non-independent Qualified Person within the meaning of NI 43-101, as he is an employee of the Company.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain, the Don Mario operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding: the expected timing and scope of drilling at the Taguas Project, and the results of current and future drilling programs.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.com Photo - https://mma.prnewswire.com/media/2922437/Orvana_Minerals_Corp__ORVANA_PROVIDES_TAGUAS_EXPLORATION_UPDATE.jpg 
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Original: ORVANA PROVIDES TAGUAS EXPLORATION UPDATE

ORVANA PROVIDES TAGUAS EXPLORATION UPDATEFebruary 27, 2026 9:29 PM
PR Newswire (US)

ATTENDING PDAC 2026 CONVENTION IN TORONTO, MARCH 1-4 EXHIBITING AT BOOTH #2243TSX:ORV
#06-2026TORONTO, Feb. 27, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report exploration updates from Taguas, Argentina, and announces that it will be exhibiting at the 2026 Prospectors and Developers Association of Canada (PDAC) International Conference being held in Toronto at the Metro Toronto Convention Centre from March 1 to 4, 2026.PDAC 2026 Orvana cordially invites shareholders, investors, brokers, analysts, and interested parties, to learn more about its operations and growth perspectives via brownfield and greenfield exploration programs, by visiting booth #2243 in the Investors Exchange area of PDAC.The PDAC International Convention, Trade Show & Investors Exchange is the world's leading convention for people, companies and organizations in, or connected with, mineral exploration. For more information about the conference, visit: https://pdac.ca/convention-2026The Corporate Presentation, providing an overview of our operations and properties, is available at: https://www.orvana.com/English/investors/presentations/default.aspxTAGUAS PROJECT – FIRST DEEP DRILLING PROGRAMThe first drill hole has reached a depth of 650 metres of the planned 1,500 metres. Drilling has intersected the upper portion of the epithermal system as anticipated, comprising several bands of polymictic hydrothermal breccias locally cut by quartz–pyrite–enargite veinlets. The final metres drilled exhibit sericitic alteration.Drilling commenced in January 2026 as part of an initial approximately 4,500-metre program utilizing one drill rig, with completion expected by April 2026, subject to drilling conditions and logistics. The current hole is targeting the core of a low-resistivity anomaly identified by a recent geophysical survey (see Image 1; for further details, see the Company's news release dated January 28, 2026), located between Cerro Taguas Norte and Cerro Campamento.The program is designed to evaluate the potential deep porphyry copper-gold system at the Taguas Property for the first time. Deep drilling will test zones exhibiting geological and geophysical characteristics commonly associated with copper–gold porphyry systems.Drill results from the program are expected to be released as they become available, subject to analysis and verification.Quality ControlThe scientific and technical information contained in this news release has been reviewed and approved by Raúl Álvarez Cifuentes, EurGeol, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Álvarez Cifuentes is a non-independent Qualified Person within the meaning of NI 43-101, as he is an employee of the Company.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain, the Don Mario operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding: the expected timing and scope of drilling at the Taguas Project, and the results of current and future drilling programs.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.










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Original: ORVANA PROVIDES TAGUAS EXPLORATION UPDATE

ORVANA ANNOUNCES RESULTS OF ANNUAL GENERAL SHAREHOLDERS' MEETINGFebruary 12, 2026 7:30 PM
PR Newswire (US)

TSX:ORVTORONTO, Feb. 13, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report the results of its annual general shareholders' meeting (the "Meeting") held earlier today. 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 75,958,613 votes (representing 99.47% of votes cast); Alfredo Garcia Gonzalez received 75,958,613 votes (representing 99.47% of votes cast); Robert Metcalfe received 75,950,513 votes (representing 99.46% of votes cast); and Michael Mutchler received 75,958,613 votes (representing 99.46% of votes cast).Following the Meeting, Mr. Robert Metcalfe was re-appointed as chairman of the board of directors; Mr. Juan Gavidia was re-appointed Chief Executive Officer; Ms. Nuria Menendez was re-appointed Chief Financial Officer; and Mr. Binh Vu was re-appointed Corporate Secretary/VP Legal Affairs, for the ensuing year. The Company also received 82,754,363 votes (representing 99.51% of votes cast) to re-appoint PricewaterhouseCoopers LLP as the Company's independent auditor for the ensuing year and to authorize the directors to fix the auditor's remuneration.For full voting details please see Orvana's voting results as filed on SEDAR at www.sedarplus.caABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements relate to future events or the Company's future performance and reflect management's current expectations. In some cases, forward-looking statements can be identified by words such as "expects", "intends", "plans", "may", "will", "could" or similar expressions.Forward-looking statements in this news release include, without limitation, statements regarding the anticipated tenure of directors and officers and other future plans or objectives of the Company.Forward-looking statements are based on assumptions management believes to be reasonable as of the date hereof but are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, changes in general economic, market or business conditions and those risk factors disclosed in the Company's most recent Annual Information Form and Management's Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca.Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update such statements except as required by applicable law.For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.comLogo - https://mma.prnewswire.com/media/2903442/Orvana_Minerals_Corp__ORVANA_ANNOUNCES_RESULTS_OF_ANNUAL_GENERAL.jpg



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Original: ORVANA ANNOUNCES RESULTS OF ANNUAL GENERAL SHAREHOLDERS' MEETING

ORVANA ANNOUNCES Q1 FY2026 RESULTS; PROVIDES UPDATE OXIDES STOCKPILE PROJECT AND FY2026 GUIDANCE FOR BOLIVIAFebruary 11, 2026 7:58 PM
PR Newswire (US)

TSX:ORVTORONTO, Feb. 12, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports results for the quarter ended December 31, 2025 ("Q1 FY2026"), updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, and provides guidance for its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA") for Fiscal Year 2026 ("FY2026").
Juan Gavidia, CEO of Orvana, commented, "Our Bolivian operation has commenced trial processing of legacy ore through the Au-Ag circuit as part of the Don Mario plant restart. This represents an important operational step to resume metal production in Bolivia. The update and FY2026 guidance we are providing today reflect the significant efforts of the Bolivian team in advancing construction activities and preparing the operation for the phased ramp-up of production. I would like to congratulate the team for their dedication and execution under challenging conditions." Highlights Bolivia:EMIPA has commenced operational trials by processing legacy sulfide ore through the Au-Ag circuit as part of the Don Mario plant restart. Initial doré production is expected to commence in the second half of February 2026, subject to successful completion of performance verification activities.The next operational milestones include the completion of construction of the Cu circuits and the phased integration of all processing circuits, with commissioning expected to be fully completed early in the third quarter of fiscal 2026.Processing of the oxide stockpiles is expected to begin thereafter and to ramp up progressively through the third quarter of fiscal 2026, with the objective of achieving full operational capacity during the fourth quarter of fiscal 2026. The timing and pace of ramp-up will depend on plant performance, equipment reliability, and the optimization of operating parameters.As previously disclosed, EMIPA completed an on-site pilot test on representative oxide material. Based on the results of this pilot test, together with pre-existing metallurgical data, the Company has set forth its planning for the processing of its oxide stockpiles. For fiscal 2026, the plan assumes Au–Ag–Cu recoveries at levels below long-term expectations, reflecting the early stages of ramp-up and the ongoing optimization of process efficiency. Production and recovery rates are expected to improve over time as operational practices are fine-tuned, and equipment performance stabilizes.Oxide Stockpiles- Production planning - The following table presents the production planning for the oxide stockpile ore only (not including legacy sulfide ore):Oxide Stockpiles Production Planning (1)H2 FY2026FY2027 – FY2029TotalOxides milled (dmt)256,2881,532,8311,789,119Gold


   Grade (g/t)1.851.851.85   Recovery (%)85.594.092.8   Production (oz)13,03985,70198,740Silver


   Grade (g/t)42.7242.7242.72   Recovery (%)74.776.576.2   Production (oz)262,9661,609,4711,872,437Copper


   Grade (%)1.871.871.87   Recovery (%)71.278.077.0   Production ('000 lbs)7,52149,28956,810(1)The production estimates presented herein relate to the oxide stockpile material only and are preliminary in nature and are intended to provide an indicative production planning only. They do not constitute mineral reserves, a mine plan, or FY2026 production guidance. Actual production results may vary materially, as they depend on commissioning progress, plant performance, equipment reliability and other operational factors. These estimates should not be relied upon as definitive projections. The production planning will be reviewed and may be updated from time to time as additional operating data becomes available. The estimation has been reviewed and approved by Luis Isla, Chief of Geology of EMIPA, a qualified person under NI 43-101 and an employee of the Company.
This production planning is distinct from, and should not be confused with, the Company's FY2026 guidance for EMIPA, which incorporates expected production from both oxide stockpiles and legacy sulfide ore processed during FY2026.EMIPA – FY2026 Guidance - The following table sets out EMIPA's FY2026 guidance for metal production and unitary costs(2), which reflects the expected processing of both oxide stockpiles and legacy sulfide ore at the Don Mario operation. The figures in the table below are based on current assumptions regarding the completion of the plant expansion, and subject to the commissioning and ramp-up performance of the Don Mario plant. The total metal production expected for FY2026 is based on the planned processing of 256,288 tonnes of oxide ore and approximately 65,000 tonnes of legacy sulfide ore.
EMIPA

FY2026 Guidance (3) (4)Metal Production


  Gold (oz)

13,000 – 14,000  Copper (million lbs)

6.7 – 7.5Cash operating costs (co-product) ($/oz) gold (2) (3)
$1,900 - $2,300Cash operating costs (co-product) ($/lb) copper (2) (3)
$2.60 - $3.20All-in sustaining costs (co-product) ($/oz) gold (2) (3)
$2,200 - $2,600All-in sustaining costs (co-product) ($/lb) copper (2) (3)
$2.90 - $3.50(2)Cash costs per ounce (COC) and all-in sustaining costs (AISC) per ounce are Non-GAAP Financial Performance Measures, intended to provide additional information to investors and do not have any standardized meaning under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A. (3)COC and AISC are reported for gold and copper. Silver production is accounted for as a by-product of gold, and the associated revenues are credited against gold production costs for the purpose of COC and AISC calculations. EMIPA's fiscal 2026 guidance for COC and AISC assumes an average BOB to U.S. Dollar exchange rate of 9.60. EMIPA fiscal 2026 guidance for COC and AISC of gold assumes a by-product silver price of $75 per ounce. These assumptions are subject to change as operations ramp-up.(4)This guidance is based on the currently expected phased restart of the Don Mario plant. Any significant deviations from the planned restart schedule, changes in plant operating performance, or variability in the mix of oxide and legacy sulfide materials processed could have a material impact on production assumptions, grades, recoveries, and unit costs for the fiscal year, including variability in the mix of stockpiled materials processed and in the resulting grades. Cost estimates are based on preliminary assumptions derived from information currently available and may vary as operations commence and stabilize, including during commissioning and ramp-up, as well as due to changes in operating consumptions, input prices, and other cost drivers.Argentina:The current drilling program is designed to evaluate, for the first time, the potential deep porphyry copper-gold system at the Taguas Property.Ridgeback Geofísica Argentina S.A., an affiliate of Southernrock, previously conducted MT and IP surveys over the southern portion of the Taguas project, covering 4 km², between Cerro Campamento and Cerro Cuarto (part of Cerros Taguas). The geophysical results identified a north–south corridor of high chargeability and low resistivity, consistent with potential sulfide mineralization and surface indicators of porphyry copper (see news release dated January 28, 2026 for further details). While not confirming an economic deposit, these data helped define target areas for the drilling program.Drilling commenced in January 2026 with a preliminary program of approximately 4,500 metres using one drill rig, expected to be completed by April 2026, subject to conditions and logistics. The drill rig has started operations from the first platform, with the initial hole targeting the core of the low-resistivity corridor between Cerro Taguas Norte and Cerro Campamento. The planned depth for this hole is 1,500 metres, and as of the date of this press release, 356.5 metres have been drilled, encountering 34 metres of morraine and ryolithic tuff after, with some intervals of hidrotermal breccias(5).(5)The scientific and technical information regarding the Taguas Property in this news release has been reviewed and approved by Raúl Álvarez Cifuentes, EurGeol, a qualified person under NI 43-101 and an employee of the Company.Spain:­In Q1 FY2026, Orovalle produced 10,576 gold equivalent ounces(6) ("GEO"), approximately 39% higher than the 7,587 GEO(6) produced in the previous quarter. Key variances include:The mill processed approximately 129,622 dry tonnes, 28% higher than the prior quarter, supported by increased tonnage from parallel operations at El Valle Boinás and Carlés mines.Gold production reached 9,308 ounces, 47% higher than the previous quarter, primarily driven by the 28% increase in tonnes milled, 2% higher recovery, and a 13% increase in gold grade. The higher grade reflects a larger proportion of oxides in the ore blend.Copper production totaled 0.7 million pounds, 9% lower than the previous quarter, mainly due to a 25% decline in copper grade and 4% lower recoveries, partially offset by the higher tonnes milled. The decrease in grade resulted from a different ore blend, with reduced El Valle Boinás skarn content.­Orovalle completed 2,790 metres of drilling(8) at its El Valle mine in Q1 FY2026, primarily focused on Area 208, comprising both infill and brownfield drilling. An additional 547 metres were drilled at the greenfield Lidia Project in Asturias, Spain. Drilling remains ongoing at both the El Valle mine and Lidia.­The annual information form of the Company for the fiscal year ended September 30, 2025 (the "FY2025 AIF") was filed on December 29, 2025, including Mineral Resource and Reserves estimates for Orovalle with an effective date of September 30, 2025. The FY2025 AIF includes the latest production schedule produced by Orovalle based upon the estimated Mineral Reserves. The schedule includes oxides and skarns ore mined from both the Boinás and Carlés underground mines at an average rate of 508,000 tpa for a period of 5 years. The FY2025 AIF can be found on the Company's website at www.orvana.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.Orovalle is currently on track to meet its FY2026 Guidance:
OrovalleQ1 FY 2026ActualFY 2026 Guidance (7)Metal Production

  Gold (oz)9,30834,000 – 37,000  Copper (million lbs)0.72.7 – 3.0Capital Expenditures (USD thousands)$2.7$15,000 - $17,000Cash operating costs (by-product) ($/oz) gold (6) (7) $1,904$2,300 - $2,500All-in sustaining costs (by-product) ($/oz) gold (6) (7)$2,343$2,700 - $3,000(6)GEO, COC and AISC per ounce are Non-GAAP Financial Performance Measures. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A.(7)Orovalle Fiscal 2026 guidance assumptions for COC and AISC include by-product commodity prices of $4.5 per pound of copper and an average Euro to USD exchange rate of 1.20.(8)The scientific and technical information regarding Orovalle contained in this news release has been reviewed and approved by Guadalupe Collar Menéndez, EurGeol, a qualified person for the purposes of NI 43-101 and an employee of the Company.Selected Financial Information
Q1 FY2026Q4 FY2025Q1 FY2025FY 2025Financial Performance (in 000's, except per share amounts)

Revenue$32,034$23,462$21,713$98,903Mining costs$15,491$17,216$14,701$63,833Gross margin$14,494$3,861$4,469$25,036Net income (loss)($7,180)($12,043)$1,426($12,299)Net income (loss) per share (basic/diluted)($0.05)($0.09)$0.01($0.09)EBITDA (1)$10,998$1,987$6,379$21,366Operating cash flows before non-cash working capital changes$13,107$8,950$4,161$21,372Operating cash flows($813)$1,833$2,529$16,827Free Cash Flow (1)$(3,660)($1,603)$505($11,791)Ending cash and cash equivalents$32,176$28,253$33,687$28,253Capital expenditures (cash-basis)(10)$16,767$10,553$3,656$33,163






(9)EBITDA and Free  Cash Flow are Non-GAAP Financial Performance Measures. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A.(10)These amounts are presented on a cash basis. Each reported period excludes capital expenditures incurred in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable reporting period.The assumptions underlying all forward-looking statements in this release are described under "Cautionary Statements – Forward-Looking Information".This news release contains only a summary of the Company's financial and operations results for the first quarter of fiscal 2026, and readers should refer to the full set of unaudited condensed interim consolidated financial statements for the three months ended December 31, 2025 and 2024, and accompanying management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company's website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Non-GAAP financial measures used in this release do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia, currently in plant expansion; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements.The forward-looking statements herein relate to, among other things, including Orvana's expectations for the ramp-up of operations at the Carlés Mine and its impact on reducing operational risk and improving production consistency, as well as the planned parallel operation of El Valle Boinás and Carlés Mines; the ability to extend mine life and replace mined reserves through brownfield exploration at El Valle Boinás, and the potential to expand mineral resources and define mineralized structures at Orovalle and Ortosa-Godán; Orvana's ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana's ability to optimize its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company's most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: timely completion of planned maintenance and ramp-up activities at the Orovalle mill and Carlés operation, there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and Taguas being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver, which are subject to fluctuation and volatility beyond the Company's control; prices for key supplies being approximately consistent with current levels; stable labour, energy supply, and logistics conditions in the jurisdictions where the Company operates; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with Orvana's current expectations; and the availability of necessary funds to execute the Company's plan. Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: delays or difficulties in obtaining or maintaining necessary permits, including tailings storage and environmental authorizations at Orovalle; the potential impact of global health and global economic conditions on the Company's business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of  the continuing conflict between Russia and Ukraine, our ability to support the sustainability of our business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations, including increases in energy, power, and environmental compliance costs; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; delays or difficulties in obtaining or maintaining necessary permits, including Orovalle's ability to complete the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity, and obtaining environmental authorizations at Orovalle; Orovalle's ability to complete the stabilization project of the legacy open pit wall; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to continue to operate the El Valle Boinás and Carlés Mines and El Valle Plant; the Company's ability to process the current oxides stockpiles at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; sufficient funding to carry out exploration and development plans; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks identified in the Company's disclosures. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors. Additional risk factors are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects, including operational ramp-up activities, production performance, mine life extension initiatives and financial outcomes,  and the timing and results of processing stockpiled material scheduled for FY2026, including variations in ore grade, recoveries, or throughput that could affect realized production,  are intended to provide an overview of management's expectations with respect to certain future activities of the Company and are subject to the risks, uncertainties and assumptions described herein and in the Company's disclosures, and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements made in this information are intended to provide an overview of management's expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.Logo - https://mma.prnewswire.com/media/2902601/Orvana_Minerals_Corp__ORVANA_ANNOUNCES_Q1_FY2026_RESULTS__PROVID.jpg 



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Original: ORVANA ANNOUNCES Q1 FY2026 RESULTS; PROVIDES UPDATE OXIDES STOCKPILE PROJECT AND FY2026 GUIDANCE FOR BOLIVIA

ORVANA ANNOUNCES Q1 FY2026 RESULTS; PROVIDES UPDATE OXIDES STOCKPILE PROJECT AND FY2026 GUIDANCE FOR BOLIVIAFebruary 11, 2026 7:30 PM
PR Newswire (US)

TSX:ORVTORONTO, Feb. 11, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports results for the quarter ended December 31, 2025 ("Q1 FY2026"), updates on the Oxides Stockpile Project at its Don Mario operation in Bolivia, and provides guidance for its Bolivian subsidiary, Empresa Minera Paitití, S.A. ("EMIPA") for Fiscal Year 2026 ("FY2026").







Juan Gavidia, CEO of Orvana, commented, "Our Bolivian operation has commenced trial processing of legacy ore through the Au-Ag circuit as part of the Don Mario plant restart. This represents an important operational step to resume metal production in Bolivia. The update and FY2026 guidance we are providing today reflect the significant efforts of the Bolivian team in advancing construction activities and preparing the operation for the phased ramp-up of production. I would like to congratulate the team for their dedication and execution under challenging conditions." Highlights Bolivia:EMIPA has commenced operational trials by processing legacy sulfide ore through the Au-Ag circuit as part of the Don Mario plant restart. Initial doré production is expected to commence in the second half of February 2026, subject to successful completion of performance verification activities.The next operational milestones include the completion of construction of the Cu circuits and the phased integration of all processing circuits, with commissioning expected to be fully completed early in the third quarter of fiscal 2026.Processing of the oxide stockpiles is expected to begin thereafter and to ramp up progressively through the third quarter of fiscal 2026, with the objective of achieving full operational capacity during the fourth quarter of fiscal 2026. The timing and pace of ramp-up will depend on plant performance, equipment reliability, and the optimization of operating parameters.As previously disclosed, EMIPA completed an on-site pilot test on representative oxide material. Based on the results of this pilot test, together with pre-existing metallurgical data, the Company has set forth its planning for the processing of its oxide stockpiles. For fiscal 2026, the plan assumes Au–Ag–Cu recoveries at levels below long-term expectations, reflecting the early stages of ramp-up and the ongoing optimization of process efficiency. Production and recovery rates are expected to improve over time as operational practices are fine-tuned, and equipment performance stabilizes.Oxide Stockpiles- Production planning - The following table presents the production planning for the oxide stockpile ore only (not including legacy sulfide ore):Oxide Stockpiles Production Planning (1)H2 FY2026FY2027 – FY2029TotalOxides milled (dmt)256,2881,532,8311,789,119Gold


   Grade (g/t)1.851.851.85   Recovery (%)85.594.092.8   Production (oz)13,03985,70198,740Silver


   Grade (g/t)42.7242.7242.72   Recovery (%)74.776.576.2   Production (oz)262,9661,609,4711,872,437Copper


   Grade (%)1.871.871.87   Recovery (%)71.278.077.0   Production ('000 lbs)7,52149,28956,810(1)The production estimates presented herein relate to the oxide stockpile material only and are preliminary in nature and are intended to provide an indicative production planning only. They do not constitute mineral reserves, a mine plan, or FY2026 production guidance. Actual production results may vary materially, as they depend on commissioning progress, plant performance, equipment reliability and other operational factors. These estimates should not be relied upon as definitive projections. The production planning will be reviewed and may be updated from time to time as additional operating data becomes available. The estimation has been reviewed and approved by Luis Isla, Chief of Geology of EMIPA, a qualified person under NI 43-101 and an employee of the Company.
This production planning is distinct from, and should not be confused with, the Company's FY2026 guidance for EMIPA, which incorporates expected production from both oxide stockpiles and legacy sulfide ore processed during FY2026.EMIPA – FY2026 Guidance - The following table sets out EMIPA's FY2026 guidance for metal production and unitary costs(2), which reflects the expected processing of both oxide stockpiles and legacy sulfide ore at the Don Mario operation. The figures in the table below are based on current assumptions regarding the completion of the plant expansion, and subject to the commissioning and ramp-up performance of the Don Mario plant. The total metal production expected for FY2026 is based on the planned processing of 256,288 tonnes of oxide ore and approximately 65,000 tonnes of legacy sulfide ore.
EMIPA

FY2026 Guidance (3) (4)Metal Production


  Gold (oz)

13,000 – 14,000  Copper (million lbs)

6.7 – 7.5Cash operating costs (co-product) ($/oz) gold (2) (3)
$1,900 - $2,300Cash operating costs (co-product) ($/lb) copper (2) (3)
$2.60 - $3.20All-in sustaining costs (co-product) ($/oz) gold (2) (3)
$2,200 - $2,600All-in sustaining costs (co-product) ($/lb) copper (2) (3)
$2.90 - $3.50(2)Cash costs per ounce (COC) and all-in sustaining costs (AISC) per ounce are Non-GAAP Financial Performance Measures, intended to provide additional information to investors and do not have any standardized meaning under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A. (3)COC and AISC are reported for gold and copper. Silver production is accounted for as a by-product of gold, and the associated revenues are credited against gold production costs for the purpose of COC and AISC calculations. EMIPA's fiscal 2026 guidance for COC and AISC assumes an average BOB to U.S. Dollar exchange rate of 9.60. EMIPA fiscal 2026 guidance for COC and AISC of gold assumes a by-product silver price of $75 per ounce. These assumptions are subject to change as operations ramp-up.(4)This guidance is based on the currently expected phased restart of the Don Mario plant. Any significant deviations from the planned restart schedule, changes in plant operating performance, or variability in the mix of oxide and legacy sulfide materials processed could have a material impact on production assumptions, grades, recoveries, and unit costs for the fiscal year, including variability in the mix of stockpiled materials processed and in the resulting grades. Cost estimates are based on preliminary assumptions derived from information currently available and may vary as operations commence and stabilize, including during commissioning and ramp-up, as well as due to changes in operating consumptions, input prices, and other cost drivers.Argentina:The current drilling program is designed to evaluate, for the first time, the potential deep porphyry copper-gold system at the Taguas Property.Ridgeback Geofísica Argentina S.A., an affiliate of Southernrock, previously conducted MT and IP surveys over the southern portion of the Taguas project, covering 4 km², between Cerro Campamento and Cerro Cuarto (part of Cerros Taguas). The geophysical results identified a north–south corridor of high chargeability and low resistivity, consistent with potential sulfide mineralization and surface indicators of porphyry copper (see news release dated January 28, 2026 for further details). While not confirming an economic deposit, these data helped define target areas for the drilling program.Drilling commenced in January 2026 with a preliminary program of approximately 4,500 metres using one drill rig, expected to be completed by April 2026, subject to conditions and logistics. The drill rig has started operations from the first platform, with the initial hole targeting the core of the low-resistivity corridor between Cerro Taguas Norte and Cerro Campamento. The planned depth for this hole is 1,500 metres, and as of the date of this press release, 356.5 metres have been drilled, encountering 34 metres of morraine and ryolithic tuff after, with some intervals of hidrotermal breccias(5).(5)The scientific and technical information regarding the Taguas Property in this news release has been reviewed and approved by Raúl Álvarez Cifuentes, EurGeol, a qualified person under NI 43-101 and an employee of the Company.Spain:­In Q1 FY2026, Orovalle produced 10,576 gold equivalent ounces(6) ("GEO"), approximately 39% higher than the 7,587 GEO(6) produced in the previous quarter. Key variances include:The mill processed approximately 129,622 dry tonnes, 28% higher than the prior quarter, supported by increased tonnage from parallel operations at El Valle Boinás and Carlés mines.Gold production reached 9,308 ounces, 47% higher than the previous quarter, primarily driven by the 28% increase in tonnes milled, 2% higher recovery, and a 13% increase in gold grade. The higher grade reflects a larger proportion of oxides in the ore blend.Copper production totaled 0.7 million pounds, 9% lower than the previous quarter, mainly due to a 25% decline in copper grade and 4% lower recoveries, partially offset by the higher tonnes milled. The decrease in grade resulted from a different ore blend, with reduced El Valle Boinás skarn content.­Orovalle completed 2,790 metres of drilling(8) at its El Valle mine in Q1 FY2026, primarily focused on Area 208, comprising both infill and brownfield drilling. An additional 547 metres were drilled at the greenfield Lidia Project in Asturias, Spain. Drilling remains ongoing at both the El Valle mine and Lidia.­The annual information form of the Company for the fiscal year ended September 30, 2025 (the "FY2025 AIF") was filed on December 29, 2025, including Mineral Resource and Reserves estimates for Orovalle with an effective date of September 30, 2025. The FY2025 AIF includes the latest production schedule produced by Orovalle based upon the estimated Mineral Reserves. The schedule includes oxides and skarns ore mined from both the Boinás and Carlés underground mines at an average rate of 508,000 tpa for a period of 5 years. The FY2025 AIF can be found on the Company's website at www.orvana.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.Orovalle is currently on track to meet its FY2026 Guidance:
OrovalleQ1 FY 2026ActualFY 2026 Guidance (7)Metal Production

  Gold (oz)9,30834,000 – 37,000  Copper (million lbs)0.72.7 – 3.0Capital Expenditures (USD thousands)$2.7$15,000 - $17,000Cash operating costs (by-product) ($/oz) gold (6) (7) $1,904$2,300 - $2,500All-in sustaining costs (by-product) ($/oz) gold (6) (7)$2,343$2,700 - $3,000(6)GEO, COC and AISC per ounce are Non-GAAP Financial Performance Measures. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A.(7)Orovalle Fiscal 2026 guidance assumptions for COC and AISC include by-product commodity prices of $4.5 per pound of copper and an average Euro to USD exchange rate of 1.20.(8)The scientific and technical information regarding Orovalle contained in this news release has been reviewed and approved by Guadalupe Collar Menéndez, EurGeol, a qualified person for the purposes of NI 43-101 and an employee of the Company.Selected Financial Information
Q1 FY2026Q4 FY2025Q1 FY2025FY 2025Financial Performance (in 000's, except per share amounts)

Revenue$32,034$23,462$21,713$98,903Mining costs$15,491$17,216$14,701$63,833Gross margin$14,494$3,861$4,469$25,036Net income (loss)($7,180)($12,043)$1,426($12,299)Net income (loss) per share (basic/diluted)($0.05)($0.09)$0.01($0.09)EBITDA (1)$10,998$1,987$6,379$21,366Operating cash flows before non-cash working capital changes$13,107$8,950$4,161$21,372Operating cash flows($813)$1,833$2,529$16,827Free Cash Flow (1)$(3,660)($1,603)$505($11,791)Ending cash and cash equivalents$32,176$28,253$33,687$28,253Capital expenditures (cash-basis)(10)$16,767$10,553$3,656$33,163






(9)EBITDA and Free  Cash Flow are Non-GAAP Financial Performance Measures. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's Q1 FY2026 MD&A.(10)These amounts are presented on a cash basis. Each reported period excludes capital expenditures incurred in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable reporting period.The assumptions underlying all forward-looking statements in this release are described under "Cautionary Statements – Forward-Looking Information".This news release contains only a summary of the Company's financial and operations results for the first quarter of fiscal 2026, and readers should refer to the full set of unaudited condensed interim consolidated financial statements for the three months ended December 31, 2025 and 2024, and accompanying management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company's website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Non-GAAP financial measures used in this release do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia, currently in plant expansion; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements.The forward-looking statements herein relate to, among other things, including Orvana's expectations for the ramp-up of operations at the Carlés Mine and its impact on reducing operational risk and improving production consistency, as well as the planned parallel operation of El Valle Boinás and Carlés Mines; the ability to extend mine life and replace mined reserves through brownfield exploration at El Valle Boinás, and the potential to expand mineral resources and define mineralized structures at Orovalle and Ortosa-Godán; Orvana's ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana's ability to optimize its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company's most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: timely completion of planned maintenance and ramp-up activities at the Orovalle mill and Carlés operation, there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and Taguas being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver, which are subject to fluctuation and volatility beyond the Company's control; prices for key supplies being approximately consistent with current levels; stable labour, energy supply, and logistics conditions in the jurisdictions where the Company operates; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with Orvana's current expectations; and the availability of necessary funds to execute the Company's plan. Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: delays or difficulties in obtaining or maintaining necessary permits, including tailings storage and environmental authorizations at Orovalle; the potential impact of global health and global economic conditions on the Company's business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of  the continuing conflict between Russia and Ukraine, our ability to support the sustainability of our business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations, including increases in energy, power, and environmental compliance costs; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; delays or difficulties in obtaining or maintaining necessary permits, including Orovalle's ability to complete the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity, and obtaining environmental authorizations at Orovalle; Orovalle's ability to complete the stabilization project of the legacy open pit wall; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to continue to operate the El Valle Boinás and Carlés Mines and El Valle Plant; the Company's ability to process the current oxides stockpiles at Don Mario; the Company's ability to successfully carry out exploration and development plans at Taguas; sufficient funding to carry out exploration and development plans; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks identified in the Company's disclosures. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors. Additional risk factors are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects, including operational ramp-up activities, production performance, mine life extension initiatives and financial outcomes,  and the timing and results of processing stockpiled material scheduled for FY2026, including variations in ore grade, recoveries, or throughput that could affect realized production,  are intended to provide an overview of management's expectations with respect to certain future activities of the Company and are subject to the risks, uncertainties and assumptions described herein and in the Company's disclosures, and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements made in this information are intended to provide an overview of management's expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.



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Original: ORVANA ANNOUNCES Q1 FY2026 RESULTS; PROVIDES UPDATE OXIDES STOCKPILE PROJECT AND FY2026 GUIDANCE FOR BOLIVIA

ORVANA SUBSIDIARY IN BOLIVIA REPORTS Q1 FY2026 FINANCIAL RESULTSFebruary 2, 2026 8:00 PM
PR Newswire (Canada)

TSX:ORVTORONTO, Feb. 2, 2026 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announces the filing at the Bolivian stock market by its subsidiary, Empresa Minera Paitií, S.A. ("EMIPA"), of its unaudited Financial Statements for the first quarter of the fiscal year 2026 ("Q1 FY2026").







In September 2023, Autoridad de Supervisión del Sistema Financiero ("ASFI"), Bolivia's financial regulator, approved and registered EMIPA as an eligible bond issuer on the Bolivian stock market. As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with ASFI. The unaudited Financial Statements for the period ended December 31, 2025 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"):https://www.asfi.gob.bo/pb/entidades-inscritas-registro-del-mercado-valoresTo search for EMIPA's financial statements, select the following at the ASFI Page:Buscar: Empresa Minera Paitití, S.A. EMIPA
Ver: Estados FinancierosOrvana's consolidated Q1 FY2026 financial highlights will be released with the first quarter financials, expected mid-February, 2026ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, the anticipated timing of the Company's first quarter consolidated financial results.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions underlying the forward-looking statements in this news release include, without limitation: (i) the timely completion of the Company's internal financial reporting processes; (ii) the availability and accuracy of financial and operating information required to prepare consolidated financial results; (iii) the timely completion of required internal and external reviews of such information; and (iv) the absence of unanticipated issues arising in the financial reporting process that could delay the completion or release of the Company's consolidated first quarter fiscal 2026 financial results.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully implement and commission processing circuits and ancillary facilities at Don Mario (including the copper circuit and any acid leaching circuit and related facilities); the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.



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Original: ORVANA SUBSIDIARY IN BOLIVIA REPORTS Q1 FY2026 FINANCIAL RESULTS

ORVANA REPORTS GEOPHYSICAL SURVEY RESULTS AND COMMENCES INITIAL DEEP DRILLING PROGRAM AT TAGUAS, ARGENTINAJanuary 28, 2026 10:30 AM
PR Newswire (US)

TSX:ORV
TORONTO, Jan. 28, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report that the recently conducted Induced Polarization ("IP") and Magnetotelluric ("MT") geophysical survey at the Company's Taguas project located in the San Juan Province, Argentina ("Taguas" or the "Taguas Project") outlined a north–south–trending corridor characterized by elevated chargeability and a deep zone of moderate to low resistivity. These geophysical responses can, in some geological settings, be associated with sulfide-bearing systems. With the geophysical work complete, the Company has now begun its first deep drilling program at Taguas to find out whether these signals are related to a potential deep porphyry copper-gold system.Juan Gavidia, CEO of Orvana, stated: "The integration of deep-penetrating geophysics with geological and geochemical datasets has significantly enhanced our drill targeting at Taguas, and this initial deep drilling campaign represents an important step in testing the project's potential for copper-gold mineralization at depth."Strategic ContextThe Company repositioned the Taguas Project to evaluate its broader potential, extending beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and the potential deep porphyry copper-gold system.The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling, which is now underway.Geological Modeling ResultsThe relogging of historical drill holes combined with systematic VNIR–SWIR spectral scanning (this technique maps alteration mineral zonation and vectors toward the concealed core of a deep porphyry system) has successfully identified coherent alteration and geochemical vectors consistent with a possible porphyry style mineralization along a 2.5-kilometre north–south corridor extending from Cerro Campamento to Cerro IV.Alteration mineralogy derived from SWIR data reveals consistent gradients across all three areas, indicating increasing temperature conditions and proximity to a magmatic heat source. These mineralogical trends are spatially coincident with increasing Cu and Mo values at depth, the presence of early B-type quartz veinlets (indicate proximity to the high-temperature magmatic–hydrothermal core of a potential deep porphyry system), and favorable structural settings, collectively supporting the interpretation of a magmatic–hydrothermal system at depth that warrants further evaluation through drilling.The integration of alteration vectoring, veining styles, and multielement geochemistry defines a robust exploration framework that is internally consistent across Cerro Campamento, Cerro III, and Cerro IV.While the frequency of deep drilling is limited, particularly at Cerro III, the convergence of SWIR-derived thermal gradients, Mo & Cu enrichment, and veinlets presence is considered encouraging in the context of the Company's exploration model. These results support further evaluation through targeted geophysical surveys and deeper drilling to validate and refine vectors toward a concealed porphyry intrusive center beneath the epithermal system.The geological modeling results described suggest a coherent exploration target at depth, which the Company is now testing through its initial deep drilling program.Geophysical ResultsRidgeback Geofísica Argentina S.A., an affiliate of Southernrock Geophysics was engaged by Orvana to conduct Magnetotelluric (MT) and Induced Polarization (IP) surveys across the southern portion of the Taguas property.The survey covered the full 4 km² area of interest between Cerro Campamento and Cerro Cuarto (part of Cerros Taguas), using a 400 m × 400 m grid.MT survey provided 3D models of subsurface resistivity down to depths of approximately 1,500 meters. IP survey generated chargeability models to shallower depths reaching around 800 or 1,000 meters.The integrated interpretation of IP and MT data outlines a north–south–trending corridor of elevated chargeability coincident with a deep zone of moderate to low resistivity (images 1A and 1B). This anomaly remains open both to the north and south and is interpreted as being consistent with the possible presence of sulfide mineralization at depth; however, drilling is required to determine its nature, extent, and economic significance.The geophysical results are spatially coincident with multiple independent indicators of porphyry copper potential identified at surface, including widespread veining, hydrothermal alteration, and anomalous copper and molybdenum geochemistry. Near-surface zones of high resistivity are interpreted as silicification related to epithermal alteration, while deeper conductive domains are considered compatible with more interconnected sulfide mineralization, potentially representing the nucleus of a porphyry system.In conclusion, the recent geophysical survey has identified significant subsurface features that align with geological models commonly used in the exploration of copper-gold porphyry systems. While these results do not confirm the presence of an economically viable mineral deposit, they have helped the Company better define target areas for deeper test drilling.Drilling ProgramThe current drilling program is designed to evaluate the potential deep porphyry copper-gold system at the Taguas Property for the first time.Deep drilling will test zones exhibiting geological and geophysical characteristics commonly associated with copper–gold porphyry systems. Drilling commenced in January 2026, with a preliminary program of approximately 4,500 metres using one drill rig, which the company expects to complete by April 2026, subject to drilling conditions and logistics.The drill rig has commenced operations from the first platform. The initial hole targets the core of the low resistivity between Cerro Taguas Norte and Cerro Campamento, with a planned length of 1,500 meters.Drill results from the program are expected to be released as they become available, subject to analysis and verification.Mineral Resource EstimateIn fiscal 2021, Orvana Argentina, S.A. engaged independent consultants, Mr. Joseph J. Kowalik, PhD., QP MMSA Senior Consulting Geologist, and Mr. Ronald G. Simpson, P.Geo of Geosim Services Inc., to complete mineral resources estimate, which were published in the "Independent Technical Report NI 43-101 on the Taguas Project, San Juan, Argentina," dated June 30, 2021. Each of Messrs. Kowalik and Simpson is a Qualified Person within the meaning of NI 43-101.An updated mineral resource estimate for the Cerros Taguas deposit of the project was completed by Geosim Services in September 2022. Reports are available for viewing on SEDAR at www.sedarplus.ca.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Raúl Álvarez Cifuentes, EurGeol, a qualified person under NI 43-101 and an employee of the Company.ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding: the expected timing and scope of drilling at the Taguas Project, and the results of current and future drilling programs.Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans.A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.










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Original: ORVANA REPORTS GEOPHYSICAL SURVEY RESULTS AND COMMENCES INITIAL DEEP DRILLING PROGRAM AT TAGUAS, ARGENTINA

still searching do not know yet..

Mr Blue, r u suggesting a run soon??

71 million shares held by another mining company. FLOAT MINISCULE.

Recent presentation http://www.orvana.com/investors/pdf/orvana-corporate-presentation-2013-q2.pdf

Orvana Minerals Celebrates 60 Years on the TSX
Date : 04/24/2013 @ 2:00PM
Source : Marketwired
Stock : Orvana Minerals Corp. (ORV)
Quote : 0.54 0.0 (0.00%) @ 3:59PM

Orvana Minerals Celebrates 60 Years on the TSX
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Orvana Minerals (TSX:ORV)
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1 Month : From Apr 2013 to May 2013
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Orvana Minerals Corp. (TSX:ORV) ("Orvana") is pleased to report that Robert Mitchell, Chairman of Orvana, joined Julie Shin, Director, Listed Issuer Services, Toronto Stock Exchange to open the market today to celebrate sixty years as a Toronto Stock Exchange (TSX) listed company. Ed Guimaraes, Director of Orvana, Michael Winship, Interim President and CEO, Jim Jacques, COO, Daniella Dimitrov, CFO and other Orvana management and staff were also in attendance for the celebration.

Orvana Minerals Corp. resulted as the amalgamation of New Kelore Mines and Pan Orvana Resources in December of 1991. New Kelore Mines was initially listed on the TSX in April 1953.

"It was an honour to participate in the opening of the market and to be recognized for our long standing relationship with the Toronto Stock Exchange," said Robert Mitchell, Chairman.

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinas-Carles gold-copper Mine in northern Spain. Orvana also owns and operates the Don Mario Mine in Bolivia, processing its copper-gold-silver Upper Mineralized Zone deposit. Orvana is also advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).

Contacts:

Orvana Minerals Corp.

Michael Winship

Interim President and Chief Executive Officer

(416) 369-1629



Orvana Minerals Corp.

Daniella Dimitrov

Chief Financial Officer

(416) 369-1629



Orvana Minerals Corp.

Natalie Frame

Investor Relations

(289) 200-7640

ask_us@orvana.com

www.orvana.com

Orvana Achieves Strong Mine Performance In Fiscal Second Quarter


Date : 05/13/2013 @ 8:07PM
Source : Marketwired Canada

Orvana Achieves Strong Mine Performance In Fiscal Second Quarter
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Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today
financial and operating results for the second quarter ended March 31, 2013 ("Q2
2013"). The Company reported increased gold and copper production based on
strong performance from the EVBC Mine in Spain.


The Company reported net income for Q2 2013 of $6.5 million and adjusted net
income of $0.9 million excluding the unrealized gain from the revaluation of the
Company's outstanding financial instruments and the tax effect thereof.


The unaudited consolidated interim financial statements for Q2 2013 ("Q3
Financials") and management's discussion & analysis related thereto ("Q2 2013
MD&A") are available on SEDAR and at www.orvana.com.


Dollar amounts (other than per ounce/pound and per share amounts) are in
thousands of U.S. dollars unless stated otherwise, and fine troy ounces of gold
and silver are referred to as "ounces" or "oz".


Q2 2013 Operating and Financial Highlights



-- Production of 18,144 ounces of gold, 3.9 million pounds of copper and
191,374 ounces of silver compared to 12,755 ounces of gold, 3.0 million
pounds of copper and 115,282 ounces of silver in the second quarter of
fiscal 2012. (1)

-- Sales of 19,248 ounces of gold, 3.9 million pounds of copper and 213,879
ounces of silver compared to 11,331 ounces of gold, 3.3 million pounds
of copper and 86,636 ounces of silver in the second quarter of fiscal
2012. (1)

-- Consolidated revenue of $44,301 compared to $31,245 in the second
quarter of fiscal 2012, an increase of 42%.

-- Net income of $6,483 compared to a net loss of $7,959 in the second
quarter of fiscal 2012.

-- Adjusted net income of $922 compared to adjusted net income of $2,794 in
the second quarter of fiscal 2012. (2)

-- Cash flows provided by operating activities of $14,014 compared to cash
flows used in operating activities of $5,568 in the second quarter of
fiscal 2012 and cash flows provided by operating activities before
changes in non-cash working capital of $10,627 compared to cash flows
provided by operating activities before changes in non-cash working
capital of $7,900 in the second quarter of fiscal 2012. (2)

-- Capital expenditures of $8,753 and $12,982 for the three and six months
ended March 31, 2013.

-- Debt net of cash, cash equivalents and restricted cash for debt
repayment of $50,951 and payment of long-term principal and interest of
$8,779 in the six months ended March 31, 2013.


1. For a description of the EVBC Mine and the UMZ Mine, please see "Overall
Performance - EVBC Mine" and "Overall Performance - UMZ Mine".
2. Adjusted net income (loss) and cash flows from operating activities
before changes in non-cash working capital are non-IFRS performance
measures with no standard definition under IFRS. The Company believes
that, in addition to conventional measures prepared in accordance with
IFRS, the Company and certain investors use this information to evaluate
the Company's performance including the Company's ability to generate
cash flows from its mining operations. Accordingly, it is intended to
provide additional information and should not be considered in isolation
or as substitutes for measures of performance prepared in accordance
with IFRS. For further information and a detailed reconciliation, please
see the "Other Information - Non-IFRS Measures" section of the Q2 2013
MD&A.



"The second quarter of 2013 highlights our focus on stabilizing and optimizing
operations. We had record production numbers at our EVBC Mine and we will
continue to implement changes to further improve our performance," said Michael
Winship, Interim President and CEO. "We continue to pay down our debt,
strengthening our balance sheet. With the volatility in the metals markets, we
are also concentrating on driving down unit costs."


OVERALL PERFORMANCE

In Q2 2013, the Company increased consolidated production due to a strong mining
and processing performance at the EVBC Mine. The benefit of improved throughput
was somewhat offset by increased total costs. The table below summarizes the
Company's operating and financial performance for the following periods:




----------------------------------------------------------------------------
Q1 2013 Q2 2013 Q2 2012 YTD 2013 YTD 2012
----------------------------------------------------------------------------
Operating Performance
(1)
Gold
Production (oz) 17,759 18,144 12,755 35,903 22,691
Sales (oz) 12,896 19,248 11,331 32,144 19,606
Average realized price
/ oz (2) $ 1,684 $ 1,616 $ 1,763 $ 1,651 $ 1,690
Copper
Production ('000 lbs) 4,384 3,852 3,024 8,236 6,255
Sales ('000 lbs) 3,974 3,848 3,325 7,822 4,016
Average realized price
/ lb (2) $ 3.17 $ 3.50 $ 3.81 $ 3.45 $ 3.81
Silver
Production (oz) 233,452 191,374 115,282 424,826 197,936
Sales (oz) 241,771 213,879 86,636 455,651 95,919
Average realized price
/ oz (2) $ 29.20 $ 28.10 $ 33.41 $ 29.08 $ 31.47
----------------------------------------------------------------------------
Financial Performance
Revenue $ 34,028 $ 44,301 $ 31,245 $ 78,329 $ 46,618
Mining costs $ 18,623 $ 26,163 $ 18,397 $ 44,786 $ 30,979
Depreciation and
amortization $ 4,019 $ 6,441 $ 3,819 $ 10,460 $ 6,256
Gross margin $ 11,386 $ 11,697 $ 9,029 $ 23,083 $ 9,383
Financial instruments
gain (loss) $ 11,748 $ 6,545 $ (17,267) $ 18,293 $ (19,223)
Net income (loss) $ 13,651 $ 6,483 $ (7,959) $ 20,134 $ (12,464)
Net income (loss) per
share (basic and
diluted) $ 0.10 $ 0.05 $ (0.06) $ 0.15 $ (0.09)
Adjusted net income
(loss) (3) $ 4,341 $ 922 $ 9,308 $ 5,264 $ (459)
Adjusted net income
(loss) per share (basic
and diluted) (3) $ 0.03 $ 0.01 $ 0.02 $ 0.04 $ 0.00
Operating cash flows $ 51 $ 14,014 $ (5,568) $ 14,065 $ (278)
Operating cash flows
before non-cash working
capital changes (3) $ 8,189 $ 10,627 $ 7,900 $ 18,816 $ 7,894
Ending cash and cash
equivalents $ 11,988 $ 14,346 $ 7,431 $ 14,346 $ 7,431
Restricted cash
(including long-term) $ 15,954 $ 13,858 $ 12,904 $ 13,858 $ 12,904
Capital expenditures
(including primary mine
development) (4) $ 4,229 $ 8,753 $ 5,169 $ 12,982 $ 13,343
----------------------------------------------------------------------------



(1) Metals production and sales are from the EVBC Mine and the UMZ Mine. The
EVBC Mine and the UMZ Mine reached commercial production in August 2011 and
January 2012, respectively.


(2) Average realized metal prices are calculated by dividing gross revenue
recorded for the period from sales of the particular metal, before deduction of
treatment and refinement charges, by ounces of gold or silver or pounds of
copper sold during the period.


(3) Adjusted net income (loss), adjusted net income (loss) per share and
operating cash flows before non-cash working capital changes are non-IFRS
performance measures with no standard definition under IFRS. For further
information and a detailed reconciliation, please see the "Other Information -
Non-IFRS Measures" section of the Q2 2013 MD&A.


(4) These amounts are presented in the consolidated cash flows in the Q2
Financials on a cash basis. Each reported period excludes unpaid capital
expenditures for the EVBC Mine incurred in the period which will be paid in
subsequent periods and includes capital expenditures incurred in prior periods
and paid for in the applicable reporting period. See "Cash Flows, Commitments
and Liquidity - Capital Expenditures" in the Q2 2013 MD&A.


EVBC Mine, Spain

In Q2 2013, the Company started to realize a strong benefit from the new
hoisting and shaft system at the Boinas Mine. There was increased haulage and
processing flexibility with the ramp and shaft combination. There was a minor
drop in grade in Q2 2013 compared to the first quarter of fiscal 2013 and this
caused a slight negative impact to recoveries. The following table includes
consolidated operating and financial performance data for the EVBC Mine for the
periods set out below:




----------------------------------------------------------------------------
EVBC Mine (1) Q1 2013 Q2 2013 Q2 2012 YTD 2013 YTD 2012
----------------------------------------------------------------------------
Operating Performance
Ore mined (tonnes) 163,051 191,460 144,595 354,511 268,453
Ore milled (tonnes) 145,890 176,445 126,978 322,335 250,544
Gold
Grade (g/t) 3.19 3.04 2.83 3.11 2.50
Recovery (%) 93.2 90.9 93.2 92.0 91.4
Production (oz) 13,949 15,713 10,761 29,662 18,416
Sales (oz) 8,759 16,824 9,747 25,583 18,022
Copper
Grade (%) 0.51 0.48 0.40 0.49 0.37
Recovery (%) 82.5 80.4 85.1 81.4 82.3
Production ('000 lbs) 1,347 1,488 956 2,835 1,683
Sales ('000 lbs) 816 1,636 1,085 2,452 1,776
Silver
Grade (g/t) 11.46 10.03 10.27 10.68 8.77
Recovery (%) 79.5 73.8 78.8 76.6 74.7
Production (oz) 42,877 41,848 33,049 84,725 52,774
Sales (oz) 33,279 43,183 31,354 76,462 40,637
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Total cash costs (by-
product) ($/oz of gold
sold) (2) $ 847 $ 784 $ 765 $ 805 $ 985
Total production costs
(by-product) ($/oz of
gold sold) (2) $ 1,130 $ 1,076 $ 1,033 $ 1,094 $ 1,265
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Financial Performance
Revenue $ 17,278 $ 31,180 $ 20,303 $ 48,458 $ 35,676
Mining costs $ 9,731 $ 17,051 $ 8,289 $ 26,782 $ 20,796
Financial instruments
gain (loss) $ 11,748 $ 6,545 $ (17,267) $ 18,293 $ (19,223)
Income (loss) before tax $ 16,020 $ 15,377 $ (8,924) $ 31,370 $ (11,644)
Adjusted income (loss)
before tax (2) $ 2,721 $ 7,402 $ 6,434 $ 10,123 $ 5,501
Capital expenditures
(including primary
development) (3) $ 3,355 $ 3,243 $ 7,395 $ 6,598 $ 14,703
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(1) The EVBC Mine is located in the Rio Narcea Gold Belt in northern Spain. The
EVBC Mine is comprised of the El Valle-Boinas Mine, where skarns and oxides are
being mined, and the Carles Mine, where skarns are being mined. The EVBC Mine
commenced commercial production in August 2011.


(2) Total cash costs (by-product) and total production costs (by-product) per
ounce of gold sold and adjusted income (loss) before tax are non-IFRS
performance measures with no standard definition under IFRS. For further
information and a detailed reconciliation, please see the "Other Information -
Non-IFRS Measures" section of the Q2 2013 MD&A. Adjusted income before tax
includes realized expenses in connection with financial instruments settled
during the period and excludes the mark-to-market fair value adjustments of the
Company's outstanding financial instruments at the end of the period. See also
"Other Information - Financial Instruments" in the Q2 2013 MD&A.


(3) These amounts are presented on a cash basis. Each reported period excludes
unpaid capital expenditures incurred in the period which will be paid in
subsequent periods and includes capital expenditures incurred in prior periods
and paid for in the applicable reported period. See "Cash Flows, Commitments and
Liquidity - Capital Expenditures" in the Q2 2013 MD&A.


UMZ Mine, Bolivia

The performance of the UMZ Mine in Q2 2013 declined compared to the first
quarter of fiscal 2013. The mining and processing tonnage dropped due to union
labour activities. Grade was also lower in Q2 2013 due to a restricted footprint
of the open pit of the UMZ Mine in the transition and sulphide zones. Oxides
mining and waste stripping are being accelerated to improve sulphides access
and, consequently, financial performance. The recoveries dropped in Q2 2013
compared to the first quarter of fiscal 2013 due to high copper solubility and
lower grades in the feed. The following table includes operating and financial
performance data for the UMZ Mine for the periods set out below:




----------------------------------------------------------------------------
UMZ Mine (1) Q1 2013 Q2 2013 Q2 2012 YTD 2013 YTD 2012
----------------------------------------------------------------------------
Operating Performance
(1)
Ore mined (tonnes) 483,042 450,489 242,180 933,531 415,488
Ore milled (tonnes) 201,312 184,607 104,475 385,919 222,408
Gold
Grade (g/t) 1.18 1.01 1.85 1.10 1.78
Recovery (%) 49.8 40.7 31.1 45.8 33.6
Production (oz) 3,810 2,432 1,994 6,242 4,276
Sales (oz) (2) 4,137 2,424 1,584 6,561 1,584
Copper
Grade (%) 1.45 1.26 1.87 1.36 1.80
Recovery (%) 47.8 46.0 47.9 46.8 51.7
Production ('000 lbs) 3,037 2,363 2,068 5,400 4,571
Sales ('000 lbs) (2) 3,158 2,212 2,240 5,370 2,240
Silver
Grade (g/t) 52.0 42.1 86.4 47.3 81.1
Recovery (%) 56.6 59.8 28.1 58.0 25.0
Production (oz) 190,575 149,526 82,233 340,101 145,162
Sales (oz) (2) 208,492 170,697 55,282 379,189 55,282
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Total cash costs (co-
product) ($/lb) copper
(3) $ 2.05 2.47 $ 3.61 $ 2.23 $ 3.61
Total cash costs (co-
product) ($/oz) gold
(3) $ 1,008 $ 1,155 $ 1,587 $ 1,076 $ 1,587
Total cash costs (co-
product) ($/oz) silver
(3) $ 20.31 $ 22.52 $ 33.00 $ 21.29 $ 33.00
----------------------------------------------------------------------------
Financial Performance
Revenue $ 16,750 $ 13,121 $ 10,942 $ 29,871 $ 10,942
Mining costs $ 8,892 $ 9,112 $ 10,108 $ 18,004 $ 10,183
Income (loss) before tax $ 6,063 $ 369 $ (859) $ 6,432 $ (1,371)
Capital expenditures $ 1,382 $ 423 $ (3,812) $ 1,806 $ (3,812)
----------------------------------------------------------------------------



(1) The UMZ Mine is an open-pit copper, gold and silver mine located in
south-eastern Bolivia. The UMZ Mine commenced commercial production on January
1, 2012. Information relating to production for fiscal 2012 includes production
from the UMZ Mine during the start-up and commissioning period in the first
quarter of fiscal 2012. Sales for the first quarter of fiscal 2012 from the UMZ
Mine were credited against capitalized commissioning costs and sales from
January 1, 2012 onwards were recorded as revenue.


(2) The sales volumes for the first quarter of fiscal 2013 have been adjusted
from the previously reported information to deduct volume adjustments relating
to final liquidations from prior period sales. Sales volume used to calculate
unitary cash costs do not include volume adjustments relating to final
liquidations from prior period sales.


(3) Total cash costs (co-product) per pound of copper and per ounce of gold and
silver are non-IFRS performance measures with no standard definition under IFRS.
For further information and a detailed reconciliation, please see the "Other
Information - Non-IFRS Measures" section of the Q2 2013 MD&A.


Copperwood Project

Orvana has been advancing its copper project (the "Copperwood Project") located
in the Upper Peninsula of Michigan, United States. The Company has achieved most
of its major permitting milestones in calendar 2012. In February 2013, the
Company received the Wetland Permit which is the last major permit necessary.
Optimization work is being done further to the Copperwood Project feasibility
study, with a focus on additional metallurgical testing and mine design.


Total capital expenditures in respect of the Copperwood Project during Q2 2013
and for the six months ended March 31, 2013 were $1,215 and $2,285,
respectively, compared to a total of $5,842 in fiscal 2012. These capital
expenditures included metallurgical testing, mine planning, costs associated
with permitting including the Wetland Permit, well field investigation and peer
review and supporting costs.


Orvana is continuing to investigate a variety of possible options to enhance the
value of the Copperwood Project to Orvana's shareholders including mine
financing, partnerships and third party acquisition.


Outlook

Orvana's short-term focus is operational optimization at the EVBC Mine and the
UMZ Mine to generate increasing operating cash flows in order to pay down debt.
As well, Orvana will continue to de-risk the Copperwood Project and look for
means to possibly advance the mine development. Operational and corporate
reviews have been initiated to seek means to reduce operating and capital costs
given the volatility in the metals markets.


Fiscal 2013 guidance for production is 75,000 ounces of gold, 18 million pounds
of copper and 850,000 ounces of silver.

Total EVBC Mine production in the first half of fiscal 2013 was 29,662 ounces of
gold (fiscal 2013 guidance of 63,000), 2.8 million pounds of copper (fiscal 2013
guidance of 6 million) and 84,725 ounces of silver (fiscal 2013 guidance of
200,000). During fiscal 2013, the Company's primary focus at the EVBC Mine is on
improving head grade, increasing gold production and reducing total cash costs
(net of by-product revenue) per ounce of gold.


Total UMZ Mine production in the first half of fiscal 2013 was 6,242 ounces of
gold (fiscal 2013 guidance of 12,000), 5.4 million pounds of copper (fiscal 2013
guidance of 12 million) and 340,101 ounces of silver (fiscal 2013 guidance of
650,000). During fiscal 2013, the Company's primary focus at the UMZ Mine is on
improving recoveries.


Orvana's long-term focus is to utilize future cash flow and mining capabilities
to build long-term value for its shareholders.


The Company will hold a conference call on Tuesday, May 14, 2013 at 9:30 a.m.
(Eastern Time) to discuss its financial and operational results for the second
quarter of fiscal 2013. Following the presentation there will be a question and
answer period for analysts and investors.


The conference call can be accessed at 1-416-695-7806 or the North American
toll-free number at 1-888-789-9572, using the pass code 8728 099 followed by the
number sign.


About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset
is the El Valle-Boinas/Carles gold-copper Mine in northern Spain. Orvana also
owns and operates the Don Mario Mine in Bolivia, processing its
copper-gold-silver Upper Mineralized Zone deposit. Orvana is also advancing its
Copperwood copper project in Michigan, USA. Additional information is available
at Orvana's website (www.orvana.com).


Forward-Looking Disclaimer

Certain statements in this press release constitute forward-looking statements
or forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, potentials, future events or performance
(often, but not always, using words or phrases such as "believes", "expects"
"plans", "estimates" or "intends" or stating that certain actions, events or
results "may", "could", "would", "might", "will" or "are projected to" be taken
or achieved) are not statements of historical fact, but are forward-looking
statements.


Forward-looking statements relate to, among other things, all aspects of the
development of the Upper Mineralized Zone deposit ("the UMZ Mine") at the Don
Mario Mine in Bolivia, the El Valle-Boinas/Carles Mine (the "EVBC Mine") in
Spain and the Copperwood project (the "Copperwood Project") in Michigan and
their operations and production; the outcome and timing of decisions with
respect to whether and how to proceed with such development and production; the
timing and outcome of any such development and production; estimates of future
capital expenditures; mineral resource estimates; estimates of permitting time
lines; statements and information regarding future feasibility studies and their
results; production forecasts; future transactions; future metal prices; the
ability to achieve additional growth and geographic diversification; future
operating costs; future financial performance, including the ability to increase
cash flow and profits; future financing requirements; and mine development
plans.


Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Orvana as of the date of such
statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. The estimates and assumptions of
Orvana contained or incorporated by reference in this news release, which may
prove to be incorrect, include, but are not limited to, the various assumptions
set forth herein and in the Company's most recently filed Management's
Discussion & Analysis and Annual Information Form in respect of the Company's
most recently completed fiscal year (the "Annual Disclosures"), or as otherwise
expressly incorporated herein by reference as well as: there being no
significant disruptions affecting operations, whether due to labour disruptions,
supply disruptions, power disruptions, damage to equipment or otherwise;
permitting, development, operations, expansion and acquisitions at the UMZ Mine,
the EVBC Mine and the Copperwood Project being consistent with the Company's
current expectations; political developments in any jurisdiction in which the
Company operates being consistent with its current expectations; certain price
assumptions for gold, copper and silver; prices for key supplies being
approximately consistent with current levels; production and cost of sales
forecasts meeting expectations; the accuracy of the Company's current mineral
reserve and mineral resource estimates; and labour and materials costs
increasing on a basis consistent with Orvana's current expectations.


A variety of inherent risks, uncertainties and factors, many of which are beyond
the Company's control, affect the operations, performance and results of the
Company and its business, and could cause actual events or results to differ
materially from estimated or anticipated events or results expressed or implied
by forward looking statements. Some of these risks, uncertainties and factors
include fluctuations in the price of gold, silver and copper; the need to
recalculate estimates of resources based on actual production experience; the
failure to achieve production estimates; variations in the grade of ore mined;
variations in the cost of operations; the availability of qualified personnel;
the Company's ability to obtain and maintain all necessary regulatory approvals
and licenses; the Company's ability to use cyanide in its mining operations;
risks generally associated with mineral exploration and development, including
the Company's ability to continue to operate the UMZ Mine and/or the EVBC Mine
or develop the Copperwood Project; the Company's ability to acquire and develop
mineral properties and to successfully integrate such acquisitions; the
Company's ability to obtain financing when required on terms that are acceptable
to the Company; challenges to the Company's interests in its property and
mineral rights; current, pending and proposed legislative or regulatory
developments or changes in political, social or economic conditions in the
countries in which the Company operates; general economic conditions worldwide;
and the risks identified in the Annual Disclosures under the heading "Risks and
Uncertainties". This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements and reference should also be made to
the Company's Annual Disclosures for a description of additional risk factors.


Forward-looking statements are based on management's current plans, estimates,
projections, beliefs and opinions and, except as required by law, the Company
does not undertake any obligation to update forward-looking statements should
assumptions related to these plans, estimates, projections, beliefs and opinions
change. Readers are cautioned not to put undue reliance on forward-looking
statements.


FOR FURTHER INFORMATION PLEASE CONTACT:
Orvana Minerals Corp.
Michael Winship
Interim President and Chief Executive Officer
(416) 369 - 1629


Orvana Minerals Corp.
Daniella Dimitrov
Chief Financial Officer
(416) 369 - 1629


Orvana Minerals Corp.
Natalie Frame
Investor Relations
(289) 200 - 7640
ask_us@orvana.com
www.orvana.com

“The Philippines is one of the world's most highly mineralized countries, with
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