CEO.CA Chairman's Briefing

Ortosa-Godán Drilling Success Continues

TORONTO, Oct. 17, 2022 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report production results and drilling updates from Orovalle, Orvana's unit in Spain, for the fourth quarter of fiscal year 2022 ended September 30, 2022 ("Q4 FY2022").

• Q4 FY2022 production of 15,344 gold equivalent ounces
• FY2022 total production of 57,658 gold equivalent ounces (44,698 gold ounces, 4.8 million copper pounds and 157,207 silver ounces)
• 5,408 m of Infill and Brownfield Drilling
• 1,300 m of Greenfield Drilling at Ortosa-Godán. Intercepts:
• 33.12 g/t Au over 1.10 m in DDH 22ORW11
• 4.39 g/t Au over 3.30 m in DDH 22ORW11
• 4.55 g/t Au over 2.30 m in DDH 22ORW10

Juan Gavidia, CEO, commented:

"During second half of fiscal 2022 Orovalle operations performed mostly according to expectations, recovering well from the unprecedented COVID-related operational difficulties, European supply chain constraints, and Spain's nationwide transportation strike that impacted the operation in the first half of fiscal 2022".

"Coming out of fiscal 2022 with recovered productivity ratios, we now enter fiscal 2023 mindful of inflationary pressures and high energy prices. Nonetheless, we remain committed to safe and stable production with the continuous implementation of operational efficiencies to enhance our production plan, while keeping costs at the lowest possible level".

"On the strategic side, encouraging exploration results keep coming. The last drill holes at Ortosa-Godan highlight the excellent continuity of mineralization and the potential to provide long-term resources for our Spanish operations".

Q4 FY2022 Exploration Drilling

Ortosa-Godán is located three kilometers northwest of OroValle's Carles mine, within the same gold belt. Orovalle commenced the drilling program in Ortosa West in August 2021 to define skarns continuity and to verify mineralization related to N40ºE structures.

During the fourth quarter of fiscal 2022, 1,300 meters were completed in three drill holes, targeting to intersect mineralization throughout N40ºE structures. DDH 22ORW10 intersected 2.30 m with 4.55 g/t Au in a piroxenic-garnet skarn with sulfides; DDH 22ORW11 intersected 1.10 m with 33.12 g/t Au in an altered endoskarn with garnets and disseminated sulfides, and 3.30 m with 4.39 g/t Au in an altered piroxenic skarn with garnets and sulfides, extending the mineralization 50 meters to the Northeast, and confirming the continuity of the mineralization along 300 m Northeast-Southwest trend (see Figure 1). DDH 22ORW12 was planned to define the continuity at depth; sample assays are pending.

Between August 2021 and September 2022, 12 drill holes were completed, totaling 4,983 m. The Company disclosed previous results in Press Releases dated January 18, 2022 and July 18, 2022.

The drilling campaign continues focused on defining mineralization, with 3,800 meters planned for FY2023. DDH 22ORW13 is currently in progress, with the target to intersect structures 100 meters to the Southwest (See Figure 1).

Table 1: Intercepts

El Valle Boinás

The drilling program continued with its focus on upgrading inferred resources, with a total of 4,745 m of infill drilling completed in Boinas South and Breccia East. Also, 663 m of brownfield drilling were executed in High Angle East and E2 to extend the mineralization areas and add inferred resources.

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. Infill and brownfield drill holes samples were analyzed in Orovalle's Laboratory.

Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

• The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 95%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.
• After sample preparation, 30g samples are analyzed (in Orovalle Laboratory) for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.
• In case of the samples sent to an external laboratory, 30 g samples are analyzed for Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When Au and Ag values are >100 ppm and Cu and As values are >10,000 ppm, specific analysis methods are used to determinate the final grade.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

Q4 FY2022 financial highlights will be released with the year-end financials, expected mid-December, 2022. FY2023 guidance will be released with FY2022 year-end financials.

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.

Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.com

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