Orvana Minerals Corp. (TSX: ORV) is pleased to report production and exploration updates for the fourth quarter of fiscal year 2025 ending September 30, 2025 from Orovalle (Spain).

Highlights

• Q4 FY2025 Production: 7,587 gold equivalent ounces (6,317 gold ounces, 0.8 million copper pounds and 24,279 silver ounces).
• FY2025 Production: 35,705 gold equivalent ounces (29,276 gold ounces, 3.6 million copper pounds and 115,466 silver ounces).
• Q4 FY2025 Exploration: 2,652 m of Infill and Brownfield drilling, with key intercepts in Area A2 as follows:
  • 18.75 g/t gold over 8.7 m
  • 14.68 g/t gold over 9.0 m
  • 11.02 g/t gold over 16.8 m
  • 9.36 g/t gold over 26.7 m

Following the strong exploration progress and steady operations at Orovalle, management provided an update on the Company’s strategic priorities at Orovalle. Juan Gavidia, CEO of Orvana, commented,  “Encouraging drilling results at El Valle Boinás during the quarter support the ongoing brownfield program, which aims to increase resource inventory and replace mined reserves. Our objective remains to manage mineral resources efficiently to support mine life extension, subject to ongoing geological and operational assessments”.

“This quarter marked a key milestone: the ramp-up of operations at Carlés. In 2026, with both El Valle Boinás and Carlés operating in parallel, we aim to reduce operational risk associated with ore extraction by having access to ore from two independent deposits”, he added.

Orovalle – Q4 FY2025 Production Results

• The mill processed approximately 101,140 dry tonnes during Q4 FY2025, 13% lower than the prior quarter as a result of planned summer maintenance shutdowns. At fiscal year-end, 12,096 wet tonnes were in stockpiles, which will be processed during the first quarter of fiscal 2026.
• 6,317 gold ounces produced in Q4 FY2025, 26% lower than the previous quarter primarily due to 13% lower tonnes milled and 12% lower gold grade,  mainly resulting from processing ore sourced from different areas of the El Valle Boinás mine.
• 0.8 million copper pounds produced in Q4 FY2025, 13% lower than the previous quarter mainly due to lower tonnes processed.

Orovalle –FY2025 Production Results

• Gold production of 29,276 ounces during the fiscal year 2025 was approximately 2% below the lower end of the fiscal year 2025 production guidance of 30,000 to 31,000 ounces. The variance primarily reflects the concentration of stope ore extraction in the latter half of September, which limited in-month processing capacity. The material was therefore stockpiled and is scheduled for milling in fiscal 2026.
• Copper production of 3.6 million pounds during the fiscal year 2025 met the 2025 production guidance of 3,500 to 3,700 K lbs.

⁽¹⁾ Gold Equivalent Ounces (“GEO”) is a Non-GAAP Financial Performance Measure. Non-GAAP measures do not have standardized meanings under IFRS and may not be comparable to similar measures of other issuers. For further information and detailed reconciliations, please see the “Non-GAAP Financial Performance Measures” section of the Company’s latest MD&A. GEO were calculated using the following average market prices:

Q4 FY2025:  $3,455.50/oz Au, $39.38/oz Ag, $4.44/lb Cu
Q3 FY2025:  $3,279.16/oz Au, $33.64/oz Ag, $4.32/lb Cu
Q4 FY2024:  $2,476.80/oz Au, $29.42/oz Ag, $4.17/lb Cu
FY2025:        $3,064.71/oz Au, $34.07/oz Ag, $4.29/lb Cu

Orovalle – Q4 FY2025 Drilling Update

The El Valle Boinás program remains focused on oxide areas, with the goal to extend the A2 mineralization southward. Drilling returned multiple high-grade intercepts between 160 m.a.s.l. and 360 m.a.s.l. outside of the previously defined resource boundary, supporting the target of expanding resources. See Figure 1 below for drilling results carried out in Q4 along a longitudinal section.

A total of 1,920 m were drilled in A2 across 8 drill holes, successfully extending the mineralized structure over a 40 m strike length and maintaining a vertical depth of 120 m.

Mineralization is concentrated within bands, with variable thickness, between 5-10 m, of altered skarn and semi-jasperoid breccias, preferentially along fractures N30ºE/35SE within the limestone; subsequently, the intrusion of porphyry dikes led to silicification and mineral enrichment of these bands. The mineralized bands are dipping towards the southeast, with potential for further extension in that direction.

Figure 2 presents a plan view of the two most recently drilled sections: A–A’, whose results were disclosed in the January 16, 2025 press release, and B–B’ (see Figure 1). The figure illustrates that the oxide structures remain open to the south.

The drilling program for the first quarter of fiscal 2026 is focused on further defining and expanding the mineral potential of these structures to the south.

At the Ortosa-Godan Project, a total of 493 metres were drilled during the quarter, completing the third drill hole of the FY2025 campaign. Drill core sample analyses are currently underway and are expected to be completed during Q1 FY2026. Based on the results obtained, the next steps will be defined.

Summary of Q4 Drilling Program:

Quality Control

Greenfield drill hole samples were sent to an external laboratory (ALS Laboratory) for analyses. 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 70%

The technical information in this news release, including geological, assay, and drilling interpretation data, has been reviewed and approved by Guadalupe Collar Menéndez, a Qualified Person under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

Consolidated Operational and Financial Performance:

Project updates for Bolivia and Argentina, and Q4 FY2025 consolidated operational and financial highlights will be released with the fourth quarter financials, expected mid-December, 2025.

FY2026 guidance will be released with FY2025 year-end financials.

ABOUT ORVANA

Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia, currently in plant expansion; and the Taguas property located in Argentina. Additional information is available at Orvana’s website (www.orvana.com).