Orvana currently has three properties. Further information is provided in sections on each of these projects.
Orovalle
Through its wholly-owned subsidiary, Orovalle, Orvana owns and operates the El Valle Boinás and Carlés gold-copper-silver mines located in the Rio Narcea Gold Belt in northern Spain, along with El Valle processing plant and El Valle tailings storage facility.
Orovalle mines skarns and oxides underground, and produces copper concentrate and doré bars. Orovalle has a large regional exploration footprint of 35,841 ha, which includes concessions and investigation permits.
EMIPA
Empresa Minera Paititi S.A. (“EMIPA”), the Company’s Bolivian subsidiary, owns and operates Don Mario under a number of concessions in the Don Mario district located in south-eastern Bolivia. In the first quarter of fiscal 2020 EMIPA made a decision to temporarily suspend mining and milling operations. EMIPA is now transitioning to the Oxides Stockpile Project, which involves a plant expansion to treat ore stockpiled from previous years of mining activity. In December 2025, EMIPA commenced verification of the Au-Ag circuit. EMIPA expects to commence metal production in the second quarter, while completing the commissioning of the Cu circuits and the integration of all plant circuits. Processing of the oxide stockpiles is expected to begin thereafter and to ramp up progressively through the third quarter of fiscal 2026, with the objective of achieving full operational capacity during the fourth quarter of fiscal 2026. The timing and pace of ramp-up will depend on plant performance, equipment reliability, and the optimization of operating parameters.
Taguas Project, Argentina
Orvana is repositioning the Taguas Project to evaluate its broader potential, extending beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated on December 29, 2021; available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential deep porphyry copper-gold system