ORVANA REPORTS Q3 FY2024 PRODUCTION AND EXPLORATION UPDATE FROM OROVALLE, SPAIN

TSX:ORV

TORONTO, July 16, 2024 /PRNewswire/ – Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) is happy to file manufacturing and exploration updates for the 3rd quarter of fiscal future 2024 (“Q3 FY2024) ending June 30, 2024 and revised guidance for production for the year ended September 30, 2024, from Orovalle, Spain.

Highlights

• Q3 FY2024 Manufacturing: 13,078 Gold Identical Oz., 29% upper than the former quarter.
• Outlook:  Manufacturing steerage for the fiscal future ended September 30, 2024 (“FY2024”) is up to date from that disclosed within the Corporate’s Control’s Dialogue and Research for the 3 and 6 months ended March 31, 2024.

• Q3 FY2024 Exploration: 2,835 m of Infill and Brownfield drilling, with key intercepts in Boinas South and Section 208 as follows:
  • DDH 24SB200: 14.00 m @ 11.82 g/t Au
  • DDH 24A21927: 13.20 m @ 4.04 g/t Au
  • DDH 24A21929:   7.25 m @ 10.32 g/t Au
  • DDH 24A21935:   4.40 m @ 5.29 g/t Au
  • DDH 24A21936:  11.70 m @ 4.94 g/t Au

Juan Gavidia, CEO of Orvana said: “We are pleased with the operational recovery at Orovalle after a challenging first half of the year. We have achieved a quarterly production of more than 150,000 tonnes, improving at the same time gold grade and recovery. We believe that Orovalle can continue increasing production levels, at the same time that we maintain our focus on safe and efficient operations”.

Q3 FY2024 Manufacturing Effects

• The mill processed roughly 150,843 tonnes, 11% upper than the prior quarter.
• Gold manufacturing used to be 39% upper than the prior quarter because of upper tonnage milled, grade and cure.
• Copper manufacturing used to be 10% not up to the prior quarter because of decrease grade and cure, partly offset by means of upper tonnage milled.

⁽¹⁾ Gold Identical Oz. (“GEO”) had been calculated the use of please see reasonable marketplace costs:

Q3 FY2024: $2,337.99/oz. Au, $28.86/oz. Ag, $4.42/lb Cu
Q2 FY2024: $2,071.76/oz. Au, $23.36/oz. Ag, $3.83/lb Cu
Q3 FY2023: $1,977.33/oz. Au, $24.20/oz. Ag, $3.85/lb Cu

GEO is a Non-GAAP Monetary Efficiency Measure. For additional data and impressive reconciliations, refer to the “Non-GAAP Financial Performance Measures” category of the Corporate’s Q2 FY2024 MD&A.

Exploration Replace – Orovalle

Section 208:

1,722 m of infill drilling had been done in Section 208 (oxides) concentrated on to transform inferred sources into slow and indicated. Section 208 is shaped by means of a number of parallel oxide constructions into limestone with variable width suffering from fault displacements and dipping to the east. Mineralization is noticeable to the east. Infill drilling program will proceed throughout the fourth quarter.

Boinás South:

1,039 m had been drilled proceeding with the mineral definition between Boinas South and Dark Skarn so as to add untouched sources. 8 brownfield drill holes had been done intersecting calcic garnet skarn with slender mineralized bands in deeper ranges and to the north. Drilling program will proceed throughout the primary a part of the fourth quarter to finish the mineral definition.

Component Keep watch over

Infill and brownfield drill holes samples had been analyzed in Orovalle’s Laboratory.

Pattern preparation used to be performed on the El Valle facility. All diamond core samples were ready the use of please see process, as soon as fracture:

• The core samples are parched at a temperature of 105ºC and next beaten thru a jaw crusher to 95%<6 mm.
• The coarse-crushed pattern is additional decreased to 95%<425 microns the use of an LM5 bowl-and-puck pulverizer.
• An Essa rotary splitter is old to pull a 450 g to 550 g sub-sample of each and every fracture for pulverizing.
• The excess deny portion is bagged and saved.
• The pattern is decreased to a nominal -200 mesh the use of an LM2 bowl-and-puck pulverizer. 140 g sub-samples are fracture the use of a different vertical-sided scoop to trim channels during the pattern which has been unfold right into a pancake on a sampling mat.
• Samples are next despatched to the laboratory for gold and bottom steel research.
• Leftover pulp is bagged and saved.

Later pattern preparation, 30g samples are analyzed for Au by means of fireplace assay with an atomic absorption spectroscopy (AAS) end and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by means of ICP-optical emission spectroscopy (ICP-OES) later an water regia digestion.

The reported paintings has been finished the use of trade same old procedures, together with a detail word of honour/detail keep watch over (“QA/QC”) program consisting of the insertion of qualified reference subject material, blanks and duplicates samples into the pattern wave.

The exploration replace used to be ready below the supervision of Guadalupe Collar Menéndez, a professional individual for the needs of NI 43-101 and an worker of Orovalle Minerals S.L., a subsidiary of Orvana.

Monetary Efficiency:

Q3 FY2024 monetary highlights will probably be excepted with the 3rd quarter financials, anticipated mid-August, 2024. 

ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver corporate. Orvana’s property encompass the manufacturing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver trait in Bolivia, lately in serve and upkeep, and the Taguas trait positioned in Argentina. Spare data is to be had at Orvana’s website online (www.orvana.com). 

Cautionary Statements – Ahead-Taking a look Knowledge

Sure statements on this presentation represent forward-looking statements or forward-looking data inside the which means of acceptable securities rules (“forward-looking statements”). Any statements that categorical or contain discussions with admire to predictions, expectancies, ideals, plans, projections, targets, suppositions, potentials, day occasions or efficiency (ceaselessly, however now not all the time, the use of phrases or words reminiscent of “believes”, “expects”, “plans”, “estimates” or “intends” or declaring that sure movements, occasions or effects “may”, “could”, “would”, “might”, “will”, “are projected to” or “confident of” be taken or accomplished) aren’t statements of historic truth, however are forward-looking statements.

The forward-looking statements herein relate to, amongst alternative issues, Orvana’s talent to succeed in growth in isolated money wave; the facility to conserve anticipated mining charges and anticipated throughput charges at El Valle Plant; the possible to increase the mine lifestyles of El Valle and Don Mario past their tide life-of-mine estimates together with particularly, however now not restricted to, Orvana’s talent to optimize its property to bring shareholder price; estimates of day manufacturing (together with with out limitation, manufacturing steerage), running prices and capital expenditures; mineral useful resource and conserve estimates; statements and knowledge referring to day feasibility research and their effects; day transactions; day steel costs; the facility to succeed in spare enlargement and geographic diversification; and day monetary efficiency, together with the facility to extend money wave and earnings; day financing necessities; mine construction plans; the potential for the conversion of inferred mineral sources to mineral reserves; and Orovalle’s talent to finalize the definitive Collective Discount Promise.

Ahead-looking statements are essentially primarily based upon numerous estimates and suppositions that, past thought to be affordable by means of the Corporate as of the week of such statements, are inherently topic to vital trade, financial and aggressive uncertainties and contingencies, which contains, with out limitation, as in particular move ahead within the notes accompanying the Corporate’s maximum just lately filed monetary statements. The estimates and suppositions of the Corporate contained or included by means of reference on this information shed, which might end up to be wrong, come with, however aren’t restricted to the numerous suppositions eager forth herein and in Orvana’s maximum just lately filed Control’s Dialogue & Research and Annual Knowledge Mode in admire of the Corporate’s maximum just lately finished fiscal future (the “Company Disclosures”) or as differently expressly included herein by means of reference in addition to: there being incorrect vital disruptions affecting operations, whether or not because of labour disruptions, provide disruptions, energy disruptions, harm to apparatus or differently; allowing, construction, operations, growth and acquisitions at El Valle, Don Mario and Taguas being in step with the Corporate’s tide expectancies; political trends in any jurisdiction during which the Corporate operates being in step with its tide expectancies; sure worth suppositions for gold, copper and silver; costs for key provides being roughly in step with tide ranges; manufacturing and value of gross sales forecasts assembly expectancies; the accuracy of the Corporate’s tide mineral conserve and mineral useful resource estimates; labour and fabrics prices expanding on a foundation in step with Orvana’s tide expectancies; and the supply of vital budget to shoot the Corporate’s plan. With out restricting the generality of the foregoing, this information shed additionally incorporates sure “forward-looking statements” inside the which means of acceptable securities law, together with, with out limitation, references to the result of the Corporate’s exploration actions, together with however now not restricted to, drilling effects and analyses, mineral useful resource estimation, conceptual mine plan and operations, inner charge of go back, sensitivities, taxes, web provide price, possible healings, design parameters, running prices, capital prices, manufacturing knowledge and financial possible; the timing and prices for manufacturing choices; allowing timelines and necessities; exploration and deliberate exploration techniques; and the Corporate’s basic targets and techniques.

Various inherent dangers, uncertainties and components, lots of that are past the Corporate’s keep watch over, have an effect on the operations, efficiency and result of the Corporate and its trade, and may motive fresh occasions or effects to range materially from estimated or expected occasions or effects expressed or implied by means of ahead searching statements. A few of these dangers, uncertainties and components come with: the possible have an effect on of worldwide fitness and international financial situations at the Corporate’s trade and operations, together with: our talent to proceed operations; and our talent to supremacy demanding situations introduced by means of such situations; the overall financial, political and social affects of  the continued warfare between Russia and Ukraine, our talent to backup the sustainability of our trade together with during the construction of disaster control plans, expanding accumulation ranges for key provides, tracking of steering from the scientific nation, and engagement with native communities and government; fluctuations in the cost of gold, silver and copper; the want to recalculate estimates of sources in line with fresh manufacturing revel in; the failure to succeed in manufacturing estimates; permutations within the grade of ore mined; permutations in the price of operations; the supply of certified staff; the Corporate’s talent to acquire and conserve all vital regulatory approvals and licenses; Orovalle’s talent to finish the allowing means of the El Valle Tailings Storehouse Facility expanding the vault capability; Orovalle’s talent to finish the stabilization challenge of the legacy noticeable pit wall; the Corporate’s talent to usefulness cyanide in its mining operations; dangers in most cases related to mineral exploration and construction, together with the Corporate’s talent to proceed to function the El Valle and/or talent to renew long-term operations on the Carlés Mine; the Corporate’s talent to effectively enforce a sulphidization circuit and ancillary amenities to procedure the tide oxides stockpiles at Don Mario; the Corporate’s talent to effectively perform construction plans at Taguas; ample investment to hold out construction plans at Taguas and to procedure the oxides stockpiles at Don Mario; EMIPA’s talent to finish the issuance of the Bonds Program at Bolivia and any spare required financing to begin the OSP; the Corporate’s talent to obtain and manufacture mineral homes and to effectively combine such acquisitions; the Corporate’s talent to shoot on its technique; the Corporate’s talent to acquire financing when required on phrases which can be appropriate to the Corporate; demanding situations to the Corporate’s pursuits in its trait and mineral rights; tide, pending and proposed legislative or regulatory trends or adjustments in political, social or financial situations within the nations during which the Corporate operates; basic financial situations international; the demanding situations introduced by means of international fitness situations; fluctuating operational prices reminiscent of, however now not restricted to, energy provide prices; tide and day environmental issues; and the hazards recognized within the Corporate’s disclosures. This checklist isn’t exhaustive of the standards that can have an effect on any of the Corporate’s forward-looking statements and reference will have to even be made to the Corporate’s Disclosures for an outline of spare chance components.

Any forward-looking statements made herein with admire to the expected construction and exploration of the Corporate’s mineral tasks are meant to lend an outline of control’s expectancies with admire to sure day actions of the Corporate and might not be suitable for alternative functions. Ahead-looking statements are in line with control’s tide plans, estimates, projections, ideals and reviews and, except for as required by means of regulation, the Corporate does now not adopt any legal responsibility to replace forward-looking statements will have to suppositions homogeneous to those plans, estimates, projections, ideals and reviews exchange. Readers are cautioned to not put undue reliance on forward-looking statements. The forward-looking statements made on this data are meant to lend an outline of control’s expectancies with admire to sure day running actions of the Corporate and might not be suitable for alternative functions.

SOURCE Orvana Minerals Corp.