Orvana Reports Fiscal Year 2021 Consolidated Production of 63,108 GOLD Equivalent Ounces and Provides Drilling Update

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Date: Oct 19, 2021 #17-2021

ORVANA REPORTS FISCAL YEAR 2021 CONSOLIDATED PRODUCTION OF

63,108 GOLD EQUIVALENT OUNCES AND PROVIDES DRILLING UPDATE

TORONTO, ONTARIO, October 19, 2021 - Orvana Minerals Corp. (TSX:ORV ) (the “Company” or

“Orvana”) is pleased to provide production results for the fourth quarter of fiscal year 2021 (“Q4 FY2021”),

and full FY2021, and provides drilling update for Q4 2021 at Orovalle, Spain.

Juan Gavidia, CEO of Orvana stated: "The Orvana Team is glad to have delivered another strong operating

year, allowing our strategic developments in Argentina and Bolivia to advance. The minor production pause

resulting from the temporary suspension of the TSF pumping circuit in Orovalle was dealt with in an efficient

and expeditious manner, and we anticipate that we will recoup the delayed production volume in the

following months. We look forward to a successful fiscal year 2022, both, with a reliable Orovalle operation,

and with positive developments in our two other international assets”.

FY 2021 Production Highlights:

• Consolidated production of 63,108 gold equivalent ounces ( 47,413 gold ounces, 6.3 million

copper pounds and 166,427 silver ounces).

• Metal production was slightly below Guidance mainly due to the mid-August Plant stoppage caused

by the assessment of corrective measures to the tailings pumping circuits , in turn, impacted by the

failure of a legacy open- pit wall. Underground mining continued operating through out the plant

stoppage, generating a stockpile that will be the basis to catch-up FY2021 delayed production into

FY2022.

Q4 FY2021 Operational Results:

• Metal production: 8,621 gold ounces, 1.3 million copper pounds and 32,563 silver ounces.

• Q4 FY2021 metal production was negatively impacted by the temporary stoppage of activities at the

plant in August 2021.

• 5,351m of diamond drilling, pursuant to aggressive resources annual program. Highlights:

o 28.22 g/t Au over 11.00 meters in East Breccia.

o 13.86 g/t Au, 129 g/t Ag and 3.00 % Cu over 3.30 meters in Boinas South.

o 9.35 g/t Au and 0.83% Cu over 5.1 meters in Carles West.

FY2022 Outlook:

- Orovalle: Strong cash flow generation based on stable production plan. Continue exploration drive

to keep replenishing, and expanding, the resource base. Renew 5-Year Life of Mine Plan, as has

been the case for the last five years.

- Taguas: Issue new PEA in Q1 FY 2022. Start Infill Drilling Program, required to develop Pre-

Feasibility Study, in Q1 FY2022, subject to financing completion.

- EMIPA: Make decision on Oxides Stockpile Project in FY2022. Subject to approval and financing,

construction planned for FY2023; with a 3-year production life between 2024 and 2026. Scoping

studies for a subsequent project regarding reprocessing tailings will be underway in FY 2022.

Comprehensive exploration program started in FY2021 to continue throughout FY2022, with non-

drilling field and cabinet work.

- FY2022 guidance will be released with FY2021 year-end financials.

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Production Results

Q4

FY2021 Q3 FY2021 FY2021 FY2020 FY 2021

Guidance

Ore milled (tones) 134,626 181,258 655,866 698,640

Gold Equivalent (oz) 12,042 18,471 63,108 63,937

Gold

Grade (g/t) 2.18 2.60 2.45 2.56

Recovery (%) 91.3 91.5 91.9 93.1

Production (oz) 8,621 13,879 47,413 53,421 50,000 - 55,000

Copper

Grade (%) 0.52 0.48 0.53 0.45

Recovery (%) 80.9 84.6 82.3 80.8

Production (K lbs) 1,253 1,630 6,283 5,611 7,000 - 8,500

El Valle Boinás – Carlés Q4 FY2021 Drilling Update

Q4 FY2021 drilling program focus continued on Inferred material conversion with a total of 5,351 m drilled

(see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program

can be found in Table 2:

Infill (m) Brownfield (m) TOTAL (m)

East Breccia (BX) 1,342 - 1,342

Boinas South (SB) 1,261 - 1,261

Carlés West (CW) 1,489 - 1,489

Boinas East (BE) 535 - 535

A208 East (E2) - 724 724

TOTAL 4,627 724 5,351

Table 1. Orovalle Drilling Q4 FY2021

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Figure 1. Plan view of Boinas Areas Drilled in Q4 FY 2021

Highlights per Area (see detailed assays in Table 2):

• East Breccia: 11.00 meters with 28.22 g/t Au . Drilling advancing to the North converting Inferred

resources into M&I, and getting better grades, as part of the objectives set for FY2021.

• Boinas South: 3.30 meters with 13.86 g/t Au, 129 g/t Ag and 3.00% Cu. Mineral expansion is open

upwards with copper mineralization at depth and to the North.

• Carles West: 5.05 meters with 9.35 g/t Au and 0.83% Cu . Drilling campaign will be completed in

Q1FY2022 targeting Inferred resources conversion.

• Boinas East: Stope definition drilling was executed according to mine production plan.

• A208 East: 724 meters of exploration drilling were completed in the quarter. Results are under review

and will be disclosed shortly.

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East Breccia (BX)

Infill drilling program advancing to the North converting Inferred resources into M&I resources.

Mineralization consist of zones with high gold grades and variable copper content in a shear zone which

is verticalized towards the north. Structure is open at depth.

Figure 2. East Breccia (BX) Section

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Boinas South (SB)

Drilling campaign continue focused on the down dip open area, targeting skarn material with higher gold

and copper grades. The structure remains open at depth and to the North. An infill drilling program will be

completed in FY2022, connecting the Black Skarn area around the intrusive contour.

Figure 3. Boinas South (SB) section

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Carles West (CW)

Carles West is formed by several skarn bands between 2 and 10 meters width, with an extension of 100

meters NW -SE and dipping 65º NE. It is located in the west part of the Carles deposit where the

mineralization is developed in the contact between a granodioritic intrusive, sandstones (Furada Formation

–Upper Silurian) and limestone (Rañeces Formation – Devonian).

4,409 meters in 28 drill holes were completed before 2007. In the second half of FY 2021 an infill drilling

campaign was started in order to convert Inferred resources into Measured and Indicated. Up to end of

September 2021, 2,738 meter of 4,000 planned were executed in 13 drill holes. Several parallel calcic

skarn bands (py roxene and garnet skarn) were intersected, mineralized with Magnetite, Arsenopyrite,

Chalcopyrite and Bornite. It is expected that drilling program will be concluded in Q1 FY2022.

Figure 4. Carles West (CW) section

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Quality Control

The analytical work for the brownfield and infill drilling programs are being performed by the Orovalle

laboratory, which is ISO 9001:2015 certified. 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 95%<6

mm. The coarse -crushed sample is further reduced to 95%<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 to a nominal -200 mesh using

an LM2 bowl-and-puck pulverizer. 140 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 two-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.

The reported work has been compl eted 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.

Q4 FY2021 Intercepts from BX, SB and CW

Zone DDH From (m) To (m) Thick (m) Au(gpt) Ag(g/t) Cu(%)

BX 21BX1042 69.30 77.00 7.7 6.36 0.5 0.22

BX Including 74.40 75.50 1.1 34.56 0.5 0.09

BX 21BX1043 No intercepts Au >2 g/t

BX 21BX1044 97.30 103.65 6.4 2.56 1.9 0.39

BX 21BX1044 106.70 107.85 1.2 2.19 1.5 1.21

BX 21BX1044 123.30 125.30 2.0 2.42 0.5 0.13

BX 21BX1044 179.15 181.15 2.0 3.87 0.5 0.01

**BX 21BX1044 103.65 120.10 16.5 0.55 1.6 1.17

BX 21BX1045 47.85 48.80 0.9 3.57 4.7 0.11

BX 21BX1045 51.10 51.70 0.6 3.32 1.3 0.11

**BX 21BX1045 51.10 56.95 5.3 0.08 0.6 0.62

BX 21BX1046 115.95 129.10 13.2 19.33 1.5 0.35

BX 21BX1046 134.70 136.70 2.0 8.31 0.5 0.08

**BX 21BX1046 129.10 133.75 4.7 0.12 0.7 0.74

BX 21BX1047 58.90 60.35 1.5 17.86 2.2 0.08

BX 21BX1047 66.55 77.55 11.0 28.22 1.5 0.25

BX 21BX1047 97.25 101.25 4.0 3.25 0.5 0.07

**BX 21BX1047 76.50 92.35 15.9 0.66 2.0 0.88

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SB 21SB027 46.90 56.20 9.3 3.20 28.1 0.92

SB 21SB028 No intercepts Au >2 g/t

SB 21SB029 73.55 76.85 3.3 13.86 129.0 3.00

SB 21SB030 70.65 72.25 1.6 4.08 1.1 0.01

SB 21SB030 76.55 77.45 0.9 2.32 0.5 0.01

SB 21SB031 No intercepts Au >2 g/t

SB 21SB032 85.75 89.00 3.3 4.29 7.6 0.23

SB 21SB033 No intercepts Au >2 g/t

CW 21CW1007 106.15 11.20 5.1 9.35 8.2 0.84

CW 21CW1007 133.70 136.00 2.3 3.62 1.2 0.16

CW 21CW1007 141.95 142.45 0.5 4.03 0.5 0.01

CW 21CW1007 152.55 154.85 2.3 5.53 4.1 0.59

CW 21CW1007 159.70 164.30 4.6 3.82 8.6 0.98

CW 21CW1007 171.40 177.40 6.0 3.35 1.1 0.09

CW 21CW1008 103.00 111.55 8.6 3.73 9.8 0.63

CW 21CW1008 144.75 146.50 1.8 8.05 8.2 0.50

CW 21CW1008 148.95 153.60 4.7 4.92 3.1 0.43

CW 21CW1008 157.50 161.20 3.7 3.67 0.6 0.06

CW 21CW1009 139.10 147.60 8.5 3.70 5.9 0.49

CW 21CW1009 153.60 155.15 1.6 4.19 0.5 0.03

CW 21CW1010 135.90 137.00 1.1 2.83 0.5 0.01

CW 21CW1010 139.15 139.55 0.4 4.43 2.8 0.16

CW 21CW1010 141.85 143.30 1.5 2.67 1.0 0.09

CW 21CW1010 147.70 148.20 0.5 5.51 0.5 0.04

CW 21CW1011 No intercepts Au >2 g/t

* Not true widths

**Copper intersections with Cu > 0.6 % in Breccia East.