Orvana Minerals Corp. Reports Q2 Fy2026 Production Results And Provides Update On Oxides Stockpile Project, 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 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 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 Cu

Oxides 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:

1. 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;
2. overhaul of legacy comminution (ore crushing and grinding) and thickening circuits; and
3. 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 Progress

In 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 Person

The 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.<

SOURCE Orvana Minerals Corp.



For further information please contact:

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