(See Orvana’s Annual Information Form dated December 29, 2022 for the fiscal year-ended September 31, 2022, pages 30-34)

Cautionary Notes to Investors - Mineral Reserves and Resources Estimates

In accordance with applicable Canadian securities regulatory requirements, all disclosed mineral resource estimates of the Taguas Property have been prepared as at June 30, 2021 in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's "CIM Standards on Mineral Resources and Reserves Definitions and Guidelines" (the "CIM Guidelines").

Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral Reserve, or is or will ever be economically or legally mineable or recovered.

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.

The Taguas resource estimate as at June 30, 2021, particulars of which are set out in the Taguas NI 43-101 Report, are summarized below. The full text of the Taguas NI 43-101 Report is available for viewing on SEDAR at www.sedar.com

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. 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.
3. Cut-off grades are 0.25 g/t AuEq for oxide material and 0.30 g/t AuEq for sulfide material.
4. 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.
5. Totals may not sum due to rounding.
6. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Cerro Silla Sur and Cerro Campamento Notes:

1. Mineral resource estimate 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.