Orvana Reports Q2 FY2025 Production and Exploration Results from Orovalle, Spain
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For Immediate Release TSX:ORV
Date: April 17, 2025 #06-2025
ORVANA REPORTS Q2 FY2025 PRODUCTION
AND EXPLORATION RESULTS FROM OROVALLE, SPAIN
TORONTO, ONTARIO, April 17, 2025 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) is pleased to
report production and exploration updates for the second quarter of fiscal year 2025 (“Q2 FY2025) ending March 31, 2025
from Orovalle (Spain).
Juan Gavidia, CEO of Orvana, commented, “Gold production was lower than planned due to maintenance issues. We are
implementing the necessary measures to achieve guidance. Notably, our copper production is outperforming expectations,
which should assist us in achieving guidance for the year. We remain focused on maintaining operating discipline while
advancing our growth strategy with exploration in Orovalle”.
Orovalle – Q2 FY2025 Production Results
• The mill processed approximately 111,272 tones, 6% lower than the prior quarter. The plant was shut down 28 days in
the quarter: 17 days to carry out maintenance activities and 11 days in accordance with the scheduled workforce
calendar. By March 31, 2025, approximately 18,000 tones of ore had been stockpiled for processing in the third quarter.
• 6,792 gold ounces produced in Q2 FY2025. Orovalle is targeting to reach the lower end of the 2025 production guidance
of 37,000 - 41,000 Oz.
• 0.9 million copper pounds produced in Q2 FY2025. Orovalle expects to exceed the higher end of the 2025 production
guidance of 2,400 – 2,700 K lbs
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Q2 FY2025 Q1 FY2025 Q2 FY2024 YTD Q2
FY2025
FY 2025
Guidance
Ore milled (tones) 111,272 118,649 136,371 229,921
Gold equivalent
(oz)(1) 8,416 9,694 10,101 18,110
Gold
Grade (g/t) 2.06 2.16 1.97 2.11
Recovery (%) 92.0 92.7 90.0 92.4
Production (oz) 6,792 7,631 7,775 14,424 37,000 - 41,000
Copper
Grade (%) 0.43 0.48 0.47 0.45
Recovery (%) 84.0 85.5 78.0 84.8
Production (K
lbs) 885 1,068 1,095 1,953 2,400 - 2,700
Silver
Grade (g/t) 9.81 10.78 8.17 10.31
Recovery (%) 80.1 81.0 74.6 80.6
Production (oz) 28,129 33,306 26,728 61,435
(1) Gold Equivalent Ounces (“GEO”) is a Non-GAAP Financial Performance Measure. For further information and detailed reconciliations, please see
the “Non-GAAP Financial Performance Measures” section of the Company’s latest MD&A. GEO were calculated using the following average market
prices:
Q2 FY2025: _$2,862.56/oz Au, $31.91/oz Ag, $4.24/lb Cu
Q1 FY2025: _$2,661.61/oz Au, $31.34/oz Ag, $4.16/lb Cu
Q2 FY2024: _$2,071.76/oz Au, $23.36/oz Ag, $3.83/lb Cu
Orovalle – Q2 FY2025 Drilling Update
Drilled Meters Infill Brownfield Greenfield TOTAL
El Valle Boinás
Area 208 (A2) 636 2,485 - 3,121
Ortosa-Godán - - 1,380 1,380
TOTAL 636 2,485 1,380 4,501
El Valle Boinás
The drilling program in Q2 FY2025 continued focused on Area 208, oxide orebody, in order to define new inferred
resources and targeting to convert inferred resources into indicated resources.
Drill holes were completed along 160 m following the mineral continuity between sandstone and limestone and extending
the structure around 70 m at depth.
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Mineralization in the sections drilled is related with porphyry dikes and faults which plays an important role in the mineral
remobilization. Sections close to the porphyry dikes show two types of mineralization, one of them enriched in gold and
another one enriched in copper. Oxide skarn, massive sulphides, polymictic breccias, fault zones and silicified zones were
intersected (Figure 1).
Figure 1. A-A’ Longitudinal section A208. (Intercepts not true widths).
Drilling program in third quarter will be focused on defining skarn mineralization in Boinás East and Boinás South.
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Ortosa-Godán
The Ortosa-Godan Project is located three kilometers northwest of our Carlés mine, within the same gold belt. The
exploration program is currently focused on the Godán area, where FY2024 drilling proved mineralization at the contact
between the intrusive and sedimentary rocks, with calcic skarn bands dipping 60-70º ESE over 200 meters of strike
potential.
FY2025 program is underway. As of March 2025, two drill holes have been completed and a third is in progress, expected
to be completed by May 2025. The target is to extend skarn mineralization 200 m deeper. Based on the dip, there is
potential for this mineralization to connect with the Carles skarn. No grade values or economic significance is implied until
additional results are obtained from at least the completion of the third drill hole.
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 digestion.
For A208 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 metalling screening method is used to confirm the grade.
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
Consolidated Operational and Financial Performance & FY2025 Guidance:
Project updates for Bolivia and Argentina, and Q2 FY2025 financial highlights will be released with the second quarter
financials, expected mid-May, 2025.
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ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing El Valle
and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, and the Taguas
property located in Argentina. Additional information is available at Orvana’s website (www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
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,
Orvana’s ability to optimize its assets to deliver shareholder value; 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; 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 news release, 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, Don Mario and Taguas 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
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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 global health and global economic conditions on the Company’s
business and operations, including: our ability to continue operations; and our ability to manage challenges presented by
such conditions; 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 cri sis 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; Orovalle’s ability to complete the permitting process of the El Valle Tailings
Storage Facility increasing the storage capacity; Orovalle’s ability to complete the stabilization project of the legacy open pit
wall; 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 operations at the
Carlés Mine; the Company’s ability to successfully implement an acid leaching 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 exploration and development plans at Taguas and to process the oxides stockpiles at Don
Mario; EMIPA’s ability to finalize the OSP financial model and subsequently complete the required funding for the OSP; 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 worl dwide; the challenges presented by global health conditions; 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.