Orvana Minerals Corp. (TSX:ORV) is pleased to report production and exploration updates for the third quarter of fiscal year 2024 ending June 30, 2024 and revised guidance for production for the year ended September 30, 2024, from Orovalle, Spain.

Highlights

• Q3 FY2024 Production: 13,078 Gold Equivalent Ounces, 29% higher than the previous quarter.
• Outlook:  Production guidance for the fiscal year ended September 30, 2024 is updated from that disclosed in the Company’s Management’s Discussion and Analysis for the three and six months ended March 31, 2024.

• Q3 FY2024 Exploration: 2,835 m of Infill and Brownfield drilling, with key intercepts in Boinas South and Area 208 as follows:
  • DDH 24SB200: 14.00 m @ 11.82 g/t Au
  • DDH 24A21927: 13.20 m @ 4.04 g/t Au
  • DDH 24A21929:   7.25 m @ 10.32 g/t Au
  • DDH 24A21935:   4.40 m @ 5.29 g/t Au
  • DDH 24A21936:  11.70 m @ 4.94 g/t Au

Juan Gavidia, CEO of Orvana stated: “We are pleased with the operational recovery at Orovalle after a challenging first half of the year. We have achieved a quarterly production of more than 150,000 tonnes, improving at the same time gold grade and recovery. We believe that Orovalle can continue increasing production levels, at the same time that we maintain our focus on safe and efficient operations”.

Q3 FY2024 Production Results

• The mill processed approximately 150,843 tonnes, 11% higher than the prior quarter.
• Gold production was 39% higher than the prior quarter due to higher tonnage milled, grade and recovery.
• Copper production was 10% lower than the prior quarter due to lower grade and recovery, partially offset by higher tonnage milled.

⁽¹⁾ Gold Equivalent Ounces (“GEO”) were calculated using the following average market prices:

Q3 FY2024: $2,337.99/oz Au, $28.86/oz Ag, $4.42/lb Cu
Q2 FY2024: $2,071.76/oz Au, $23.36/oz Ag, $3.83/lb Cu
Q3 FY2023: $1,977.33/oz Au, $24.20/oz Ag, $3.85/lb Cu

GEO is a Non-GAAP Financial Performance Measure. For further information and detailed reconciliations, please see the “Non-GAAP Financial Performance Measures” section of the Company’s Q2 FY2024 MD&A.

Exploration Update – Orovalle

Area 208:

1,722 m of infill drilling were executed in Area 208 (oxides) targeting to convert inferred resources into measured and indicated. Area 208 is formed by several parallel oxide structures into limestone with variable width affected by fault displacements and dipping to the east. Mineralization is open to the east. Infill drilling program will continue during the fourth quarter.

Boinás South:

1,039 m were drilled continuing with the mineral definition between Boinas South and Black Skarn to add new resources. Eight brownfield drill holes were executed intersecting calcic garnet skarn with narrow mineralized bands in deeper levels and to the north. Drilling program will continue during the first part of the fourth quarter to complete the mineral definition.

Quality Control

Infill and brownfield drill holes samples were analyzed in Orovalle’s Laboratory.

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%
• The coarse-crushed sample is further reduced to 95%
• 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 completed using industry standard procedures, including a quality assurance/quality control 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.

Financial Performance:

Q3 FY2024 financial highlights will be released with the third quarter financials, expected mid-August, 2024.

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).

Figure 1: Section A-A’ Area 208 (CNW Group/Orvana Minerals Corp.)