Orvana Reports Consolidated Financial Results For The Third Quarter Of Fiscal 2022

Q3 FY2022 Orovalle Highlights:

• 15,798 gold equivalent ounces produced (12,354 Au oz, 1.3 million Cu lb and 38,082 Ag oz), a 49% increase from previous quarter.
• COC at $1,655, and AISC at $2,056.
• On track to meet fiscal 2022 guidance.

Q3 FY2022 Consolidated Highlights:

• Revenue ($M): 18.5
• EBITDA ($M): 1.7
• CAPEX ($M): 7.1
• Unrestricted Cash EoP ($M): 6.1

TORONTO, Aug. 10, 2022 - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports consolidated financial and operational results for the quarter ended June 30, 2022.

This news release should be read in conjunction with the Company's Management's Discussion and Analysis, unaudited Financial Statements and Notes to unaudited Financial Statements for the corresponding period, which have been posted on the Orvana Minerals Corp. SEDAR profile at www.sedar.com, and which are also available on the Company's website at www.orvana.com. All figures are in U.S. dollars unless otherwise noted.

"As a result of increased throughput and higher grades, Orovalle is on track to meet fiscal 2022 production guidance. Electricity and fuel pricing continue at the core of the inflationary scenario. Meanwhile, we continue managing our costs diligently and our liquidity in a prudent fashion, and we are confident of meeting our cost guidance", said Orvana CEO Juan Gavidia. "In respect of the feasibility of proceeding with the OSP, we are near to completing the final analysis of CAPEX requirements, risk assessments and funding availability. We expect to be in a position to make a decision on the development of the OSP by December 2022" added Juan Gavidia.

Consolidated Financial Results and Operating Highlights:

• Revenue of $18.5 million for the three months ended June 30, 2022 ("Q3 FY2022") and $67.0 million for the nine months ended June, 2022.
  
  
• EBITDA of $1.7 million for Q3 FY2022, and $4.1 million for the nine months ended June 30, 2022,
  
  
• Capital expenditures (on a cash basis) of $7.1 million for Q3 FY2022, and $16.1 million for the nine months ended June 30, 2022.
  
  
• $6.1 million of cash and cash equivalents as at June 30, 2022.

Orovalle:

• Q3 FY2022 production of 15,798 gold equivalent ounces ounces (12,354 gold ounces, 1.3 million copper pounds and 38,082 silver ounces), a 49% increase from previous quarter.
  
  
• 12,354 gold ounces produced, a 48% increase from the three months ended March 31, 2022 ("Q2 FY2022")
  
  
• 1.3 million copper pounds produced, a 62% increase from Q2 FY2022.
  
  
• 6,589 m of Infill and Brownfield Drilling.
  
  
• 1,337 m of Greenfield Drilling.
  
  
• 22.16 g/t Au over 6.05 meters intercept in Ortosa West, part of the Ortosa-Godán Project.

EMIPA:

• Don Mario continues in care and maintenance ("C&M"). Critical areas of the C&M program are: site security, environmental control, and maintenance of power generators, process plant, mine equipment and camp facilities.
  
  
• The Oxides Stockpile Project ("OSP"), consisting of a plant expansion to treat ore stockpiled from previous years of mining activity, continues in progress. The Company expects to complete final OSP engineering plans, and final CAPEX estimate, by September 2022; as well as project economics and risk assessment. Conditional upon being satisfied of the project economics, risk assessment results and obtaining sufficient funding, EMIPA expects construction to start in early calendar 2023.
  
  
• The Company is evaluating the results of the 82 holes drilled in the tailings accumulated in the Don Mario Tailings Storage Facility. Scoping studies for this Tailings Reprocessing Project ("TRP") continue in progress.
  
  
• Exploration activities continue in the Don Mario Complex. During the third quarter of fiscal 2022, activities were focused on the evaluation of Las Tojas and Oscar sectors where mapping, geochemical and sampling activities had been carried out during the first half of the year. The Company is currently planning trenching and additional geochemistry and geophysics lines to continue exploring those two sectors.

Orvana Argentina:

• The Company started a drilling campaign in late December 2021 to upgrade the mineral resource from the inferred category, and to realize its oxide mineral tonnage upside potential.
  
  
• Phase I consisted of 6,482.6 meters in 41 diamond drill holes (DDH's), with over 4,900 assay samples. The main goal of the program was to upgrade Cerros Taguas Oxides Sector to Measured & Indicated Resource categories, as those terms are defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") while moderately expanding the ore tonnage previously reported in the Company's NI 43-101 compliant Taguas preliminary economic assessment report dated December 29, 2021 and filed on SEDAR on February 11, 2022 (the "Taguas 2021 PEA"). The second goal was to incorporate satellite Cerro Campamento Sector into the Oxides scope, going forward.
  
  
• Mineralization encountered in all 41 holes.
  
  
• Grades generally equaling-improving average previous resource grades included in the Taguas 2021 PEA.
  
  
• Based on the information obtained, the Company is currently working on the resource re-modeling. Completion expected by the last quarter of fiscal 2022.

Consolidated Financial Results and Operating Highlights:

Consolidated Results

ABOUT ORVANA - Orvana is a gold-copper-silver company. Orvana's assets consist of the producing Orovalle Operation in northern Spain, the Don Mario property in Bolivia, currently in care and maintenance, 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 presentation 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, 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, in the case of Don Mario, the processing of the mineral stockpiles and the reprocessing of the tailings material, and sufficient funding to proceed with the processing; Orvana's ability to optimize its assets to deliver shareholder value; the Company's ability to optimize productivity at Don Mario and El Valle; 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; and 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 information, 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 and Don Mario 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; 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: the potential impact of the COVID-19 on the Company's business and operations, including: our ability to continue operations; our ability to manage challenges presented by COVID-19; the accounting treatment of COVID-19 related matters; Orvana's ability to prevent and/or mitigate the impact of COVID-19 and other infectious diseases at or near our mines; 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; 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 El Valle and/or ability to resume long-term operations at the Carlés Mine; the Company's ability to successfully implement a sulphidization circuit and ancillary facilities to process the current oxides stockpiles at Don Mario; the Company's ability to successfully carry out development plans at Taguas; sufficient funding to carry out development plans at Taguas and to process the oxides stockpiles at Don Mario; 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 COVID-19; 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.

Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company 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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SOURCE Orvana Minerals Corp.