Orvana Announces Results of Annual Shareholders’ Meeting
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Date: February 18, 2021 #03-2021
Orvana Announces Results of Annual Shareholders’ Meeting
Toronto, Ontario, February 18, 2021 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”)
announced today that, at its annual shareholders’ meeting (the “ Meeting”) held on February 18, 202 1, the
individuals noted below were elected as directors of the Company. The report on proxies provided by the
Company’s transfer agent indicated the following:
George Darling received 78,734,816 votes (representing 9 5.30% of votes cast); Alan Edwards received
77,916,316 votes (representing 9 4.30% of votes cast); Alfredo Garcia Gonzalez received 78,684,816 votes
(representing 95.23% of votes cast); Ed Guimaraes received 77,916,316 votes (representing 94.30% of votes
cast); Sara Magner received 77,916,316 votes (representing 94.30% of votes cast); and Gordon Pridham
received 78,684,816 votes (representing 95.23% of votes cast).
Mr. Gordon Pridham was re-appointed as chairman of the board of directors; Mr. Juan Gavidia was re-appointed
Chief Executive Officer; Ms. Nuria Menendez was re- appointed Chief Financial Officer; and Mr. Binh Vu was
re-appointed Corporate Secretary/VP Legal Affairs, immediately after the Meeting.
The Company received 75,099,013 votes (representing 90 .89% of votes cast) to re -approve its 2018 Stock
Option Plan. The Company also reports the re-appointment of PricewaterhouseCoopers LLP as the Company's
independent auditor.
For full voting details please see Orvana's voting results as filed on SEDAR at www.sedar.com.
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, and the Don Mario gold- silver
property in Bolivia, currently in care and maintenance. Orvana is in t he process of completing the registration
of transfer documents with the mining authorities in connection with the acquisition of Taguas, Argentina.
Additional information is available at Orvana’s website (www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
Joanne Jobin
Investor Relations Officer
T: 647 964 0292
Cautionary Statements - Forward-Looking Information
Certain statements made herein 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”, “intends” or “anticipates” 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 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 t o optimize its
assets to deliver shareholder value; the Company’s ability to optimize productivity at Don Mario and El Valle; any measures taken by the
Company to prevent and/or mitigate the impact of COVID -19 and other infectious diseases at or near the Company’s mines and support
the sustainability of its business including through the development of crisis management plans, increasing stock levels for key supplies,
monitoring of guidance from the medical community, and engagement with local communities and authorities; estimates of future
production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future
feasibility studies and their results; future transactions (including the completion of the acquisition of Taguas and subsequent results of any
exploration work on Taguas ); future metal pric es; the ability to achieve additional growth and geographic diversification; future financial
performance, including the ability to increase cash flow and profits; future financing requirements; and 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.
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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 m ost 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; permi tting,
development, operations, expansion and acquisitions at El Valle and Don Mario being consistent with the Company’s current expectations;
political developments in any jurisdiction in which the Company operates being consistent with its current expectations; cert ain 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; and labour
and materials costs increasing on a basis consistent with Orvana’s current expectations.
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 r esults 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 effect of
COVID-19 and other infectious diseases on the Company’s operations, workforce and supply chain, 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 generally associated with mineral exploration and development, including the Company’s ability to continue to operate the El Valle
and/or Don Mario 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 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 c hanges in political, social or economic
conditions in the countries in which the Company operates; general economic conditions worldwide; 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.