Orvana Minerals Corp. (TSX: ORV) is pleased to announce that its Bolivian subsidiary, Empresa Minera Paitití S.A. has obtained approval for its second bond issuance in Bolivia and has notified the Bolivian market of its intention to commence the bond offering early September 2025, through the Bolivian Stock Exchange.

The bonds are being offered exclusively by EMIPA through the Bolivian Stock Exchange. Orvana is not offering any securities under this financing initiative and will not receive any proceeds from the EMIPA Bonds II Issuance.

This financing initiative is intended to support EMIPA’s advancement of the Oxides Stockpile Project, a central element of Orvana’s strategy to restart operations at its Don Mario property. The OSP is designed to process existing oxide stockpiles at Don Mario through the expansion of the processing plant. EMIPA is responsible for advancing the OSP, which represents a key step in Orvana’s plan to unlock value from its Bolivian assets and generate cash flow to support the Company’s broader growth strategy across its portfolio.

Juan Gavidia, CEO of Orvana Minerals Corp. stated: “The approval of EMIPA’s second bond issuance is an important achievement in advancing the Oxides Stockpile Project. Completion of the bond placement will be a significant milestone in securing the funding required to develop the project, which, if achieved as planned, would support our objective of restarting operations at Don Mario in early 2026″.

Background: Bonds Offering in Bolivia to Fund the OSP

In September 2023, EMIPA received approval from the Autoridad de Supervisión del Sistema Financiero for its registration as an eligible bond issuer in the Bolivian capital market. In November 2023, ASFI approved EMIPA’s first bonds issuance in the Bolivian market of BOB 327.12 million. As of July 2024, approximately 80% of the offer was successfully placed, with the remainder of the offering having expired.

In 2025, EMIPA initiated the process for a second issuance of US$24.98 million to continue advancing the funding of the Oxides Stockpile Project. On August 27, 2025, EMIPA received the regulatory approval of the EMIPA Bonds II Issuance and, subsequently announced to the Bolivian Market its intention to launch the offering on a best-efforts basis starting early September 2025, through the Bolivian Stock Exchange.

The net proceeds of the EMIPA Bonds II Issuance will be allocated to the OSP.

EMIPA Bonds II Issuance – Highlights

Denomination: Bonos Emipa II
Type of security: Bonds, mandatory and redeemable in a fixed term
Currency: US$
Units offered: 24,980
Nominal value: US$1.000,00 per unit
Total Offering Amount: US$24.98 million
Issue Date: August 28, 2025
Offering Period: 180 calendar days from August 28, 2025, unless extended in accordance with applicable Bolivian regulations (expected to close on or before February 24, 2026)
Minimum placement: None
Principal Maturity Date: February 19, 2027
Interest Rate: 10% nominal, annual and fixed; interest payable in two instalments: the first approximately 360 days from issuance, the second approximately 180 days thereafter, in accordance with the official coupon schedule

Boliviano Exchange Rate Update

Since 2024, several developments in the Bolivian economy have led to limited availability of U.S. dollars at the official exchange rate for purchasing U.S. dollars with Bolivianos, driving an increase in the market exchange rate. Given this environment—and the absence of official rates that accurately reflect current economic conditions—the Company is applying the policy of estimating a foreign exchange “Market Rate” based on market transactions closed in different exchange houses throughout Bolivia.

Based on current conditions, EMIPA estimates that U.S. dollar proceeds from the EMIPA Bonds II Issuance placement during September 2025 —once converted into Bolivianos—could fall between the official exchange rate and the average buying Market Rate observed in August 2025. This projection reflects prevailing market-driven constraints on the effective conversion of U.S. dollars into Bolivianos.

The estimate remains subject to change depending on market dynamics, and there is no guarantee that the actual conversion rate will fall within the projected range. Any future estimates will be reassessed in line with prevailing market conditions.

The Company will provide updates on the progress of EMIPA Bonds II Issuance offering in Bolivia and the OSP development when further material information becomes available.

There is no assurance that EMIPA Bonds II Issuance placement will be completed as planned or at all. Even if the bond offer is fully subscribed, additional funding will be required to fully finance the development of the Oxides Stockpile Project. The ability to secure such funding is subject to a variety of factors, including market conditions, regulatory approvals, and operational performance. A more detailed discussion of the risks associated with Orvana’s operations in Bolivia, including permitting, political and regulatory considerations, and financing requirements, can be found in the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca. These filings should be reviewed in conjunction with this news release for a comprehensive understanding of the Company’s Bolivian operations and related risk factors.

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, and the Taguas property located in Argentina.