Orvana Reports Q1 FY2026 Production and Exploration Results; and Provides Update ON Oxides Stockpile Project at Don Mario, Bolivia
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For Immediate Release TSX:ORV
Date: January 16, 2026 #01-2026
ORVANA REPORTS Q1 FY2026 PRODUCTION AND EXPLORATION RESULTS;
AND PROVIDES UPDATE ON OXIDES STOCKPILE PROJECT
AT DON MARIO, BOLIVIA
TORONTO, ONTARIO, January 16, 2026 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) is pleased to report production and exploration updates for the first quarter of fiscal year 2026,
ended December 31, 2025 (“Q1 FY2026") as well as an update on the Oxides Stockpile Project at its Don
Mario operation in Bolivia.
Juan Gavidia, CEO of Orvana, stated: “The first quarter of fiscal 2026 was a strong quarter for Orvana,
with operational improvements and grade increases leading to higher gold production at Orovalle. We
have also made progress in our exploration program for the Taguas Project in Argentina, and the
expansion of the Don Mario Plant in Bolivia is advancing, with initial doré production expected to
commence in February, subject to completion of ongoing performance verification activities ."
Highlights:
• Orovalle remains on track to meet its FY2026 production guidance, while the Company advances
drilling at Taguas and progresses with its Oxides Stockpile Project in Bolivia.
• Q1 FY2026 Production:
o 10,576 Gold Equivalent Ounces(1) (9,308 gold ounces, 0.7 million copper pounds and 31,007
silver ounces).
o 100% of the Company’s production for the quarter was generated by Orovalle, the Spanish
unit.
• Q1 FY2026 Exploration:
o Taguas: Exploration program advancing as scheduled.
Geophysical survey completed over the full 4 km² area of interest between Cerro
Campamento and Cerro Cuarto (part of Cerros Taguas), using a 400 m × 400 m grid.
Results are currently under evaluation and will be reported in a future update .
Based on preliminary geophysical results and the updated geological model, the
Company is advancing to the next phase of its exploration program, commencing with
the first deep drilling campaign. Mobilization of drilling equipment is underway in
preparation for the planned drilling program. The Company expects to drill
approximately 4,500 met res through April 2026, targeting areas showing potential
copper-gold porphyry indicators.
o Orovalle: 3,337 metres drilled (1,278 and 1,512 metres infill and brownfield drilling at El Valle
Boinás, and 547 metres greenfield drilling at Lidia).
• Oxides Stockpile Project:
o The project involves a plant expansion to treat ore stockpiled from previous years of mining
activity. The expansion consists of: (i) plant expansion proper, including new circuits for Cu
oxides’ acid leaching, filtering, solvent extraction and electro-winning to produce Cu cathodes;
and Au- Ag and Detox circuits’ enhancement, both in terms of throughput and in terms of
technological performance; (ii) comprehensive overhaul of pre- existing comminution and
thickening circuits; and (iii) business -readiness ini tiatives, including upgrades to power
generation, chemical and metallurgical laboratories, warehouses and workshops; and
recruitment – training of new manpower.
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o As previously announced on December 17, 2025, the Company initiated performance
verification of the comminution and thickening circuits, originally expected to be completed by
mid-January 2026. These activities have taken longer than anticipated and are now expected
to continue until early February, primarily due to corrective maintenance identified during
testing, including the delivery and installation of certain spare parts. The Company is also
working to enhance the desorption and smelting processes for gold and silver, and expects to
complete these processes in January 2026.
o Subject to the completion of the previously detailed works in the Au-Ag circuit, legacy ore from
the Las Tojas area that remained on site from prior operations (and is distinct from the
Company’s oxide stockpiles) is expected to be processed beginning in February into mid-
March 2026, and the Company expects initial doré production to commence in February 2026.
o The copper circuit, part of the Don Mario Plant expansion, whose construction was previously
scheduled to be completed in January 2026, is now anticipated to be completed by mid-March,
following delays in the delivery of certain materials and services. Subsequent commissioning
activities will then be completed, an d the connection between the Cu and Ag- Au circuits will
be made, with the processing of oxide stockpiles ore expected to begin during April 2026.
o The on-site pilot test has been completed, and work is now underway on the analytical lab
results. Upon assessment of these results, the pilot testing, together with pre- existing
metallurgical data, is expected to enable the Company to update its metal production
estimates derived from processing the oxide stockpiles at Don Mario. The Company expects
to provide updated information once the testing results have been validated.
o Capital Expenditures are currently under review as the project enters the final stages of
construction. The Company expects to provide an update with its first quarter results.
o Overall, the Don Mario plant expansion is advancing through final construction and
commissioning activities. The Company remains focused on implementing a robust and
controlled ramp-up of operations, with the timing of completion dependent on the availabil ity
of required materials and services for the pending activities.
Orovalle – Q1 FY2026 Production
• Orovalle is on track to meet FY2026 production guidance.
• The mill processed approximately 129,622 dry tonnes during Q1 FY2026, 28% higher than the prior
quarter, supported by increased tonnage mined from parallel operations at El Valle Boinás and Carlés
mines.
• 9,308 gold ounces produced in Q 1 FY2026, 47% higher than the previous quarter primarily due to
28% higher tonnes milled, 2% higher recoveries and 13% higher gold grade. The higher gold grade
was primarily due to a higher percentage of oxides in the blend.
• 0.7 million copper pounds produced in Q1 FY2026, 9% lower copper than the previous quarter mainly
due to 25% lower copper grade and 4% lower recoveries, partially off-set by 28% higher tonnes milled.
The decrease in copper grade resulted from a different ore blend, with reduced El Valle Boinás skarn
content.
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Orovalle Q1 FY2026 Q4 FY2025 Q1 FY2025 FY 2026
Guidance
Ore milled (tonnes) 129,622 101,140 118,649
Gold equivalent (oz)(1) 10,576 7,587 9,694
Gold
Grade (g/t) 2.41 2.13 2.16
Recovery (%) 92.9 91.0 92.7
Production (oz) 9,308 6,317 7,631 34,000 - 37,000
Copper
Grade (%) 0.33 0.44 0.48
Recovery (%) 75.4 79.3 85.5
Production (K lbs) 706 773 1,068 2,700 - 3,000
Silver
Grade (g/t) 9.43 9.54 10.78
Recovery (%) 78.9 78.2 81.0
Production (oz) 31,007 24,279 33,306
(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:
Q1 FY2026: $4,141.90/oz Au, $54.71/oz Ag, $5.03/lb Cu
Q4 FY2025: $3,455.50/oz Au, $39.38/oz Ag, $4.44/lb Cu
Q1 FY2025: $2,661.61/oz Au, $31.34/oz Ag, $4.16/lb Cu
Orovalle – Life of Mine Plan
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 FY20 25 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 – Q1 FY2026 Drilling
Drilled Metres Infill Brownfield Greenfield TOTAL
El Valle Boinás
Area 208 1,180 1,512 - 2,692
Boinás South 98 - - 98
Lidia - - 547 547
TOTAL 1,278 1,512 547 3,337
• Infill-Brownfield
The El Valle Boinás program has mainly focused on Area 208, with two key objectives: continuing the
exploration initiated in previous months to further define mineralization to the south, and upgrading
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previously identified inferred resources to the indicated category. A longitudinal section of Area 208 is
shown in the following image, including the infill drill holes completed for the resources update.
Figure 1. Longitudinal section A-A’ and intercepts (not true width)
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, preferentially along fractures N30ºE/35SE 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.
A total of 2,692 m were drilled in Area 208, of which 1,512 m were completed in 8 brownfield drill holes
and 1,180 m in 6 infill drill holes. Brownfield drill holes show the continuity of one of the mineralized bands,
extending 40 m to the south and remain ing open at depth. Apparently, the mineralized bands tend to
narrow towards the south and become less numerous. The infill drilling program confirms the presence of
higher-thickness mineralized bands (Figure 1), enabling the conversion of inferred resources into indicated
resources. This infill program continues in progress during the second quarter.
• Greenfield
o Lidia Project: Orovalle carried out a drilling campaign between fiscal 2021 and fiscal 2022,
confirming the presence of gold in the granodiorite. During fiscal 2024, drilling work continued,
allowing the northern part of the granodiorite to be defined. For fiscal 2026, a 1,500 m drilling
campaign is planned with the objective of defining mineralization at depth and towards the
south. 547 m in DDH 25LI008 were drilled during Q1fiscal 2026, which is expected to be
completed by mid-January. The drilling program will continue during Q2.
o Ortosa-Godán Project: a total of 2,945 m were drilled during fiscal 2025 completing three drill
holes. Two of them intersected several non- mineralized calcic skarns at deeper levels,
showing continuity from surface down to at least 600 m bsl, keeping open the hypothesis of a
potential connection between the Godán skarn and the Carlés skarn. All lithological
information, along with sample analysis, are being reviewed to inform the planning of drill
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platforms for future programs, which have not yet been defined, with the objective of further
defining the skarn potential.
• Quality Control
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 70%<6
mm. The coarse- crushed sample is further reduced to 70%<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 by 85% to a nominal -200 mesh
using an LM2 bowl-and-puck pulverizer. 150 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 for Au by fire assay with an atomic absorption
spectroscopy (AAS) finish and one-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP optical
emission spectroscopy (ICP -OES) after an aqua regia d igestion. Sampling is carried out in batches of a
maximum of 30 samples for the fire test and 42 samples for the acid digestion test, with the first and last
samples being analyzed twice, also a standard and a blank is inserted in every batch by laboratory
personnel. Gold values exceeding 16.7 g/t Au are automatically repeated by the metallic screening
method, to confirm the grade of the sample. For A208 orebody core samples is used a 1000 g sub-sample
of each split and 250 g sub- samples are split. 50 g samples are twice analyzed. In case of the twice
analysis don´t match, a metaling screening method is used to confirm the grade.
Greenfield drill holes samples are prepared by Orovalle and then sent to an external laboratory (ALS
Laboratory) for analyses. 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.
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 resul ts. 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 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.
Consolidated Operational and Financial Performance
Q1 FY2026 consolidated operational and financial highlights will be released with the first quarter
financials, expected mid-February, 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).
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For further information please contact:
Nuria Menéndez
Chief Financial Officer
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 timing and completion of commissioning and performance verification activities at Don M ario;
the expected timing of initial doré production; the expected timing of completion of the Don Mario copper circuit; the expected timing
and outcomes of on-site pilot testing and any resulting update to metal production estimates; the expected timing and scope of drilling
at the Taguas Project; the Company’s ability to meet FY2026 production guidance at Orovalle; and the anticipated timing of the
Company’s first 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 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.
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, am ong
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 ci rcuit 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.