(See Orvana’s Annual Information Form dated December 20, 2023 for the fiscal year-ended September 31, 2023, pages 30-32).

Mineral Reserves and Resources Estimates

In fiscal 2021, Orvana Argentina, S.A. engaged independent consultants, Mr. Joseph J. Kowalik, PhD., QP MMSA Senior Consulting Geologist, and Mr. Ronald G. Simpson, P.Geo of Geosim Services Inc., to complete mineral resources estimates, which were published in the “Independent Technical Report NI 43-101 on the Taguas Project, San Juan, Argentina,” dated June 30, 2021. Each of Messrs. Kowalik and Simpson is a Qualified Person within the meaning of NI 43-101. An updated mineral resource estimate for the Cerros Taguas deposit of the project was completed by Geosim Services in September 2022, which is included in the summary of mineral resources.

Reproduced at “Appendix B - Principal Mineral Projects - Taguas” is the summary section of the Taguas 43-101 Report dated December 29, 2021 and filed on SEDAR on February 11, 2022. The full text of the Taguas 43-101 Report is available for viewing on SEDAR at www.sedarplus.ca and is incorporated by reference in this AIF. Defined terms and abbreviations used herein and not otherwise defined shall have the meanings ascribed to such terms in the Taguas 43-101 Report. The Taguas resource estimate remains unchanged from the Taguas 43-101 Report effective as at June 30, 2021 to the date of this AIF.

Cerros Taguas Notes:

1. Mineral resource estimate prepared by Mr. R. Simpson, P.Geo., of GeoSim Services Inc. with an effective date of September 30, 2022. Mineral Resources are classified using the 2014 CIM Definition Standards.
2. Mineral resources estimate has not been updated since September 2022.
3. Gold equivalent (AuEq g/t) calculations were based on assumed metal prices of $1,700/oz Au, $20/oz Ag, and $3.25/lb Cu. Cu. AuEq = Au(g/t) + Ag(g/t) *0.0118+Cu*1.311.
4. Cut-off grades are 0.25 g/t AuEq for oxide material and 0.30 g/t AuEq for sulfide material.
5. An optimized pit shell was generated using the following assumptions: metal prices/recoveries in Note 2 above; a 45° pit slope; mining costs of $2.00 per tonne, processing costs of $5.20 per tonne in oxide and $9.00 per tonne in sulfide. General & administrative charges of $1.50 per tonne. All amounts are expressed in US dollars.
6. Totals may not sum due to rounding.
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Cerro Silla Sur and Cerro Campamento Notes:

1. Mineral resource estimate was prepared by Mr. R. Simpson, P.Geo., of GeoSim Services Inc. with an effective date of June 30, 2021. Mineral Resources are classified using the 2014 CIM Definition Standards.
2. Mineral resource estimates have not been updated since June 30, 2021.
3. Gold equivalent (AuEq g/t) calculations were based on assumed metal prices of $1700/oz Au, $20/oz Ag, and $3.25/lb Cu. AuEq = Au(g/t) + Ag(g/t) *0.0118+Cu*1.311
4. Cut-off grade is 2 g/t AuEq.
5. Vein models were diluted to a minimum width of 1.5m.
6. Totals may not sum due to rounding.
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.