ORVANA ANNOUNCES RESTART OF PRODUCTION AT OROVALLE, SPAIN Last of Spain's striking truck drivers agreed on Saturday to suspend the stoppage
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Date: April 4, 2022 #07-2022
ORVANA ANNOUNCES RESTART OF PRODUCTION AT OROVALLE, SPAIN
Last of Spain's striking truck drivers agreed on Saturday to suspend the stoppage
Toronto, Ontario, April 4 , 2022 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”)
announces that it has restarted operations and production at its Orovalle Operation in Spain.
The nationwide transport strike that started on March 14, 2022 was suspended on Saturday , April 2 , 2022.
Supply chains are being progressively reactivated, after three weeks of disruption due to the nationwide strike.
The Company has received the required materials to restart operations, and continues to investigate any and
all options at its disposal to access to the materials required on a timely manner.
The Company is in the process of reviewing its operations and costs as a result of the temporary stoppage and
expects to be in a position to provide a more comprehensive update on the impacts on operations as part of
the Q2 Fiscal 2022 reporting process.
In the meantime, Orvana continues on the execution of its short term activities, and near term strategies in
Spain, Argentina and Bolivia. Please refer to the Company's most recent corporate presentation and news
releases for more details on Orvana's properties and growth strategies. The corporate presentation can be
accessed at: https://www.orvana.com/English/investors/presentations/default.aspx
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, currently in care and maintenance, 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” or “are projected to” 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 abili ty
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; 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, operating costs and capital
expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their r esults;
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 .
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 h erein 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
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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 presentation also contains certain "forwar d-looking
statements" within the meaning of applicable securities legislation, including, without limitation, statements with respect to the results of the
preliminary economic assessment, including but not limited to the mineral resource estimation, conceptual mine plan and operations,
internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, c apital costs,
production data and economic potential; the timing and costs for production decisions; permitting timelines and requi rements; exploration
and planned exploration programs; the potential for discovery of additional mineral resources; timing for completion of a feasibility study;
timing for first gold production at Taguas; processing the stockpile at El Valle in connection with the metal production catch- up program;
identifying additional resources beyond the replenishment of annual depletion rates at El Valle for the extension of mine life; issuing an
expanded resource PEA for Taguas in a timely manner; completion of the infill drilling program at Taguas; making a decision on the oxides
stockpile at Don Mario in a timely manner; 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; our ability to support the sustainability of our business including
through the development of crisis m anagement 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 general ly 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.