ORVANA REPORTS LATEST TAGUAS PROJECT DRILLING RESULTS Highlight: Notable intercept of 0.82 g/t Au over 61.2 meters

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Date: March 31, 2022 #06-2022

ORVANA REPORTS LATEST TAGUAS PROJECT DRILLING RESULTS

Highlight: Notable intercept of 0.82 g/t Au over 61.2 meters

TORONTO, ONTARIO, March 31, 2022 – Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”)

is pleased to announce infill and expansion drill ing results for the Company’s 100% -owned Taguas Project in

San Juan, Argentina.

As of March 27th 2022, 24 DDH holes totaling 3,845 meters have been drilled, of which 1946.5 meters (12 DDH)

have analytical readings already . Work to date represent s the first set of in fill and expansion drilling of the

ongoing fiscal 2022 program. The drilling program continues progressing well and the Company expects to

achieve a total of 7,400 meters by May 2022. The company expects to disclose further drilling r esults in the

near future, as they become available.

Juan Gavidia, CEO of Orvana, commented, “ Based on the reported intercepts , we are very optimistic that the

Taguas Project could improve its initial economics, as we enter the Pre-Feasibility stage. In addition, efforts are

being made to understand the high-grade oxides in Cerro Campamento, which could potentially be a cash flow

catalyst for the first years of the operation. Our team on the ground is working 24/7 to complete drilling targets

before snow season settles in.”

2022 Drill Program Overview

COVID, and a large exploration drilling demand in San Juan prevented the Company from starting 45 days

before the preliminary plan. Infill program has been divided in two phases, the first one between late December

2021 and May 2022, and the second one starting in November 2022. Below is a summary of the Company’s

2022 drill program at Taguas:

 Cerros Taguas

- Program focused on the oxides portion.

- Infill drilling phase-1 (6,000 meters) to upgrade a significant portion of the mineralization currently

classified as Inferred to the Measured and Indicated categories. Phase-2 (additional 11,000 meters)

is targeted to be completed in second quarter of fiscal 2023. Re- classification to be used as the

basis for a prefeasibility study, which is targeted to be delivered in fiscal 2023.

- Testing for lateral extensions to the northeast.

- Drilling in areas within the pit proposed in the Preliminary Economic Assessment (December 29,

2021) that are currently outside the block model due to lack of drillholes (e.g., TADD246 and

TADD249 in Figure 1).

 Cerro Campamento

- Program focused on the oxides portion.

- Infill drilling phase-1 (1,400 meters) to delineate the shallower part of high gold grade veins in this

area, which can potentially be mined by open pit . Phase-2 (additional 3,000 meters) is targeted to

be completed in second quarter of fiscal 2023.

Cerros Taguas Results

- 24 core holes totaling 3,845 meters drilled to date.

- Results for 12 core holes totaling 1,946.5 meters (Table 1).

- Early lab assays showing solid results , identifying more high grades structures than previously

modeled:

 61.2 meters @ 0.82 g/t Au and 16.59 g/t Ag

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 25.7 meters @ 0.53 g/t Au and 17.49 g/t Ag

 84.6 meters @ 0.36 g/t Au and 3.82 g/t Ag

- Proved continuity of structures and grade in Cerros Taguas Oxides deposit.

- Additional 2,000 meters planned.

Figure 1. Drilling Campaign status in Cerros Taguas, with selected intercepts

Cerros Campamento Results

- Drilling has commenced in Cerro Campamento in order to define the shallower part of high gold

grade oxides, which can potentially be mined by open pit.

- 3 core holes totaling 251.2 meters.

- All assays are pending.

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Figure 2. Drill campaign status in Cerro Campamento (all assays are pending)

Quality Assurance-Quality Control (“QA/QC”)

Samples were prepared and analyzed by Alex Stewart International Argentina SA Laboratory in Mendoza. This

laboratory is ISO 9001; ISO 17025, and ISO 14001 certified. Samples were prepared following the P -5

laboratory preparation code: the samples were dried, crushed to passing 10 mesh (>80%), riffle split of 1kg

sample and pulverized to 106 microns (>95%). The assays included 50 g Au by fire assay (FA), AA finish and

39 element package with aqua regia dilution and ICP OES finish. Over limits for Au and Ag w ere run in 50 g

sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in the

Piuquenes storage facilities.

The reported work has been completed using industry standard procedures, including a quality

assurance/quality control (“QA/QC”) program consisting of the insertion of quarter core field duplicates, coarse

duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical

blank samples and 2 different CRMs inserted in batches of roughly 50 samples.

The exploration update was prepared under the supervision of Raúl Alvarez Cifuentes, a qualified person for

the purposes of NI 43-101 and an employee of the company.

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Table 1 – Intercepts from Cerros Taguas

The table shows the most significant results:

DDH FROM TO Downhole

lenght

True

width* Au (g/t) Ag (g/t) Cu (%) Ore Type

TADD237 0.00 22.90 22.90 14.89 0.32 19.26 <0.01 Oxide

TADD237 54.20 58.20 4.00 2.60 0.35 8.65 <0.01 Oxide

TADD238 55.80 64.60 8.80 5.72 0.29 6.69 <0.01 Oxide

TADD238 121.10 146.45 25.35 16.48 0.27 3.61 <0.01 Oxide

TADD239 30.20 134.40 104.20 67.73 0.25 4.70 <0.01 Oxide

including 85.00 88.50 3.50 2.28 1.18 10.96 <0.01 Oxide

TADD240 17.00 22.00 5.00 3.25 0.27 41.14 0.04 Oxide

TADD240 75.00 77.00 2.00 1.30 0.57 12.30 <0.01 Oxide

TADD240 114.00 117.00 3.00 1.95 0.55 7.80 0.01 Oxide

TADD240 117.00 117.80 0.80 0.52 0.59 82.00 3.61 Sulfide

TADD240 128.60 153.80 25.20 16.38 0.36 7.48 0.16 Sulfide

TADD241 4.00 23.50 19.50 12.68 0.35 15.77 0.01 Oxide

TADD241 53.00 59.00 6.00 3.90 0.29 4.83 <0.01 Oxide

TADD242 24.50 28.50 4.00 2.60 0.38 22.50 0.03 Oxide

TADD242 113.50 121.50 8.00 5.20 0.42 9.28 0.06 Oxide

TADD242 179.20 179.70 0.50 0.33 3.02 180.2 1.85 Sulfide

TADD243 48.80 72.30 23.50 15.28 0.21 15.31 0.01 Oxide

TADD243 97.10 101.10 4.00 2.60 0.43 4.80 <0.01 Oxide

TADD243 134.70 137.00 2.30 1.50 0.50 3.08 <0.01 Oxide

TADD243 177.70 185.00 7.30 4.75 0.41 8.18 0.21 Oxide

TADD244 0.00 6.00 6.00 3.90 0.34 23.73 <0.01 Oxide

TADD244 25.40 119.50 94.10 61.17 0.82 16.59 0.02 Oxide

including 62.10 77.00 14.90 9.69 2.80 26.61 0.04 Oxide

TADD244 119.50 169.10 49.60 32.24 0.73 13.08 0.22 Sulfide

TADD245 0.00 39.50 39.50 25.68 0.53 17.49 0.01 Oxide

TADD245 66.50 101.00 34.50 22.43 0.35 13.81 0.02 Oxide

TADD245 113.00 127.00 14.00 9.10 0.31 6.19 0.03 Oxide

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TADD246 77.60 116.00 38.40 24.96 0.34 15.18 <0.01 Oxide

TADD247 7.00 137.20 130.20 84.63 0.36 3.82 <0.01 Oxide

including 70.00 87.40 17.40 11.31 1.21 8.79 <0.01 Oxide

TADD248 66.00 71.00 5.00 3.25 0.26 22.30 0.01 Oxide

TADD248 164.00 170.00 6.00 3.90 0.83 8.45 0.12 Sulfide

*True width is averaged to 65% of the down-hole intercept, although ranges from 60-70% subject to intersection

with sub-vertical veins and drilling dip.

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

E: [email protected]

Cautionary Statements - Forward-Looking Information

Certain statements in this presentation constitute forward- looking statements or forward- looking i nformation 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 ta ken 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, 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 sharehol der 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 results;

future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance,

including the ability to increase cash flow and profits; and 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 recen tly filed

financial statements. The estimates and assumptions of the Company contained or incorporated by reference in t his information, 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 disr uptions

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

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 limi ting the generality of the foregoing, this presentation also contains certain "forward- 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 requirements; 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 catc h-up program;

identifying additional resources beyond the replenishment of annual depletion rates at El Vall e for the extension of mine life; issuing an

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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 dif fer 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 management plans, increasing stock levels for key supplies, monitoring of guidance from the medical

community, and engagement with local com munities and authorities; fluctuations in the price of gold, silver and copper; the need to

recalculate estimates of resources based on actual production experience; disruption of supply chains that are not within the control of the

Company causing a reduction of available supplies and materials to continue anticipated operational activity levels; the failure to achieve

production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualifi ed 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 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 t he Company;

challenges to the Company’s interests in its property and m ineral 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 e conomic

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 activit ies of the Company and may not be appropriate for other

purposes.