Orvana is a multi-mine gold-copper-silver producer with organic growth opportunities. Orvana’s properties consist of:

(i) The El Valle and Carlés mines and the El Valle processing plant (collectively, “El Valle”), producer of copper concentrate and doré. El Valle is located in Asturias, Northern Spain, and is managed by its subsidiary Orovalle Minerals, S.L. (“Orovalle”), that, in addition to El Valle, owns certain mineral rights located in the region of Asturias;

(ii) The Don Mario Operation (“Don Mario”), a set of assets that includes Las Tojas ore body, and the previously mined out Lower Mineralized Zone (“LMZ”), Upper Mineralized Zone (“UMZ”) and Cerro Felix mines, plus the Processing Plant, currently in care and maintenance. Don Mario is located in Chiquitos, Southeastern Bolivia, and is managed by its subsidiary Empresa Minera Paitií, S.A. (“EMIPA”). EMIPA temporarily suspended operations in the first quarter of fiscal 2020; and

(iii) The Taguas Property (“Taguas”), located in Argentina. On May 14, 2019, the Company entered into a purchase agreement with Compañía Minera Taguas S.A. (the “Vendor”) pursuant to which Orvana agreed to acquire the Taguas property. The Vendor is a related party, as it is indirectly owned by Orvana’s 51.9% shareholder (See “Transactions with Fabulosa Mines Limited - Related Party Transactions” for further details). Taguas consists of 15 mining concessions over an area of 3,273.87 ha. It is located in the Province of San Juan, on the eastern flank of the Andes, between 3,500 m to 4,300 m above sea level. Orvana Argentina S.A. was incorporated on December 9, 2020 as a subsidiary of the Company to complete the acquisition of the Taguas property. The transfer of the mineral rights was completed on May 21, 2021. In consideration for 100% of Taguas, Orvana granted the Vendor an indivisible net smelter royalty equal to 2.5% on all future metals production mined from Taguas. The Toronto Stock Exchange (“TSX”) has provided acceptance of the acquisition.

Orvana’s strategic focus is on initiatives and opportunities that deliver long-term shareholder value. In that regard, Orvana is currently working to optimize its operations, reduce its unitary operating costs and realize organic growth in its future production base through exploration within, and in proximity, to its existing units in Spain, Bolivia and Argentina.