Rvana Reports Consolidated Financial Results FOR the Third Quarter of Fiscal 2023 Q3 FY2023 Orovalle Highlights:

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For Immediate Release TSX:ORV

Date: August 11, 2023 #07-2023

O

RVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD

QUARTER OF FISCAL 2023

Q3 FY2023 Orovalle Highlights:

• Production of 13,398 gold equivalent ounces (1) (11,522 gold ounces, 0.8 million copper pounds and

25,

965 silver ounces).

• Q3 FY2023 COC at $1,392 and AISC at $1,712. YTD Q3 FY2023 COC at $1,378 and AISC at $1,667.

• On track to meet fiscal 2023 production and unitary costs guidance.

Q3 FY2023 Consolidated Highlights:

• Revenue ($M): 24.0

• EBITDA ($M): 5.2

• CAPEX ($M): 5.0

• Unrestricted Cash EoP ($M): 5.7

TORONTO, ONTARIO, Aug 11, 2023 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or

“Orvana”) reports consolidated financial and operational results for the quarter ended June 30, 2023.

This news release should be read in conjunction with the Company’s Management’s Discussion and

Analysis, unaudited Financial Statements and Notes to unaudited Financial Statements for the

corresponding period, which have been pos ted on the Orvana Minerals Corp. SEDAR profile

at www.sedar.com, and which are also available on the Company’s website at www.orvana.com. All

figures are in U.S. dollars unless otherwise noted.

“W

e are pleased to highlight that while Orov alle operational performance is meeting expectations, we

continue lowering its COC. Exploration activities continue at Ortosa Godán, which could be developed as

another satellite deposit ”, said Orvana CEO Juan Gavidia. “Orvana remains focused on developing the

Oxides Stockpile Project in Bolivia. EMIPA is currently working on finalizing the financing structure for the

project. Subject to sufficient funding, we expect construction to start in the first quarter of 2024”, he added.

Ope

rating Highlights for the third quarter of Fiscal 2023:

 Orovalle:

 11,522 gold ounces produced, on track to meet low range of fiscal year 2023 guidance of 46,000

- 51,000 Oz, with higher throughput planned for the fourth quarter of the fiscal year whe n

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ompared to previous quarters.

 0.8 million copper pounds produced, on track to meet high range of fiscal year 2023 guidance

of 4,000 – 4,400 K lb.

 Orovalle is on track to meet fiscal 2023 unitary costs guidance. Capital expenditures are

expected below the low range due to the timing of El Valle TSF projects, deferring capital

expenditures planned for fiscal 2023 to fiscal 2024.

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 EMIPA:

 Don Mario continues in care and maintenance (“C&M”) while the Oxides Stockpile Project

(“OSP”) continues advancing, with the current main focus being its project financing.

 During the second quarter of fiscal 2023, EMIPA advanced the process for the issuance of a

$47 million Bond Program in the Bolivian stock market. Conditional upon closing the Bonds

Program issuance and completing the remaining funding requirements, EMIPA expects OSP

construction to start in the first quarter of fiscal 2024. OSP is projected to operate for 35 months,

starting after a 13-month construction period.

 Orvana Argentina:

 Orvana is analyzing a strategic option to combine Oxides and Sulphides in a larger undertaking

strategy. Fiscal 2023 is being dedicated to enhance the analytic s of the sulphides zone of the

deposit. Once the oxides – sulphides combined opportunity is understood, a potential infill

drilling campaign will be designed.

Consolidated Results

Q3 2023 Q2 2023 Q3 2022 YTD 2023 YTD 2022

Operating Performance

Gold

Grade (g/t) 2.41 2.21 2.39 2.30 2.22

Recovery (%) 90.8 91.9 91.2 91.7 91.3

Production (oz) 11,522 11,599 12,354 33,832 32,425

Sales (oz) 11,404 9,581 8,980 31,784 29,619

Average realized price / oz (1) $1,978 $1,896 $1,881 $1,866 $1,844

Copper

Grade (%) 0.29 0.36 0.40 0.36 0.39

Recovery (%) 76.6 81.2 82.5 80.5 82.6

Production (‘000 lbs) 801 1,144 1,293 3,161 3,540

Sales (‘000 lbs) 746 1,122 1,120 3,095 3,550

Average realized price / lb (1) $3.87 $4.06 $4.40 $3.84 $4.42

Silver

Grade (%) 6.84 8.40 8.91 8.70 8.99

Recovery (%) 72.0 72.9 75.4 76.0 78.1

Production (oz) 25,965 35,000 38,082 105,868 112,537

Sales (oz) 26,635 40,145 32,401 110,536 107,061

Average realized price / oz (1) $24.27 $22.80 $23.00 $22.36 $23.26

Revenue $23,998 $22,304 $18,450 $69,280 $66,955

Mining costs $18,280 $18,205 $17,873 $55,325 $60,787

Gross margin $1,096 $271 ($2,652) $2,042 ($4,110)

Net income (loss) ($89) ($472) ($1,838) ($427) ($7,561)

Net income (loss) per share (basic/diluted) ($0.00) $0.00 ($0.01) ($0.00) ($0.06)

EBITDA (1) $5,164 $3,750 $618 $11,650 $1,905

Operating cash flows before non-cash working

capital changes $4,496 $5,040 ($1,161) $12,184 $2,394

Operating cash flows $8,676 $1,262 $859 $13,625 ($4)

Free cash flow(1) ($475) $3,538 ($8,264) $2,624 ($13,676)

Ending cash and cash equivalents $5,664 $3,515 $6,060 $5,664 $6,060

Capital expenditures (2) $4,971 $1,502 $7,103 $9,560 $16,070

Cash operating costs (by-product) ($/oz) gold (1) (3) $1,469 $1,524 $1,754 $1,458 $1,655

All-in sustaining costs (by-product) ($/oz) gold (1)(2)(3) $1,802 $1,893 $2,074 $1,825 $2,069

(1) GEO, Free Cash Flow, EBITDA, Cash Costs per ounce (COC), All -in Sustaining Costs (AISC) per ounce and Realized Prices

are Non-GAAP Financial Performance Measures. These non -GAAP financial performance measures referenced in this news

release are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and

therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. For further information and detailed reconciliations, please see the “Non-GAAP

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Financial Performance Measures” section of the Company’s MD&A dated August 11, 2023. Gold equivalent ounces for the third

quarter of fiscal 2023 were calculated using the following average market prices: $1,977/oz Au, $24.20/oz Ag and $3.85/lb Cu.

(2) Capital expenditures are presented on a cash basis. Each reported period excludes capital expenditures incurred in the period

which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable

reporting period. See the “Cash Flows, Commitments and Liquidity – Capital Expenditures” of the Company’s MD&A dated May

12, 2023. All-in sustaining costs include paid and unpaid capital expenditures incurred in the period.

(3) Unitary costs do not include one-time costs nor one-time severance charges.

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 c are 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]

Cau

tionary Statements – Forward-Looking Information

Cer

tain 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.

T

he 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; and the possibility of the conversion of inferred mineral resources to mineral reserves.

Fo

rward-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 dis ruptions,

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 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 econom ic

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 crisis 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 c opper;

the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates;

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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 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 fundi ng to

carry out development plans at Taguas and to process the oxides stockpiles at Don Mario; EMIPA’s ability to complete the issuance

of the Bonds Program at Bolivia and any additional required financing to commence 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 worldwide; 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.