Orvana Announces 2nd Quarter Production of 14,197 AuEq Oz & Provides Exploration Update

• OroValle: Strong cash flow generation. Deliver on production guidance, and go beyond replenishment of annual depletion thus, extending mine life
• Taguas: Issue expanded-resource PEA by end of 2021, and define the Infill Drilling Program required to develop a Pre-Feasibility Study during 2022
• EMIPA: Make final decision on Oxides Stockpile Project. Subject to final approval and access to required financing, it will be a one-year construction project in 2022, and a three-year production life between 2023 and 2025

Production Results

Orovalle H1 Exploration Update

El Valle Boinás

Fiscal year 2021 drilling program focus continues on the Oxides areas with a total of 13,743m drilled in H1 2021 (see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program can be found in Table 2:

Table 1. Orovalle H1 Drilling Fiscal Year 2021

Highlights per Area (see detailed assays in Table 2):

• A208: 8.9m with 28.93 g/t Au. Drilling advancing to the North, next to East Breccia.
• Boinas South: 5.9m with 11.87 g/t Au and 1.31% Cu. Mineral expansion is open at depth and to the North. Drilling continues to the North, connecting the Black Skarn area, around the intrusive contour.
• S107: 2.1m with 43.28 g/t Au and 1.23% Cu. Drilling focused on open mineralization at depth.
• High Angle East: 4.3m with 38.38 g/t Au and 4.22% Cu. Structure growth remains open at depth and to the North.

Area 208 (A208)

Information obtained from 16,802m of infill drilling since 2019 allowed for better understanding of the structure, which remains open at depth. Zoning can be identified within the structure, where the highest gold grades are located at the footwall.

Boinas South (SB)

The drilling campaign was focused on the lower part, targeting skarn material with the highest gold and copper grades. The structure remains open at depth and to the North. An infill drilling campaign is being planned for the next few months.

S107

The infill drilling carried out in the deep zone has demonstrated a change in the inclination of the mineral layer, from a subvertical position to 45º Northwest, fitting the contact with the limestone. The skarn contains bands of massive copper sulphides.

High Angle East (HAE)

Drilling continues on the latest discovery at El Valle (see news release dated October 22, 2020). Zones within the structure contain Au and Au-Cu bands. The structure remains open at depth and to the North.

Greenfield exploration update
A total of 1,016.7m was completed at the Lidia Project in H1 FY2021. The second phase is anticipated for September 2021, once the results of the first phase have been completely evaluated.

Quality Control

The analytical work for the brownfield and infill drilling programs are being performed by the Orovalle laboratory, which is ISO 9001:2015 certified. 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%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. 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 ("QA/QC") 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.

H1 2021 Intercepts from A208, S107, SB and HAE

Zone

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