Orvana currently has two main projects. Further information is provided in sections on each of these projects.

El Valle-Boinás/Carlés, Northern Spain

The El Valle and Carlés Mines were acquired by Orvana in September 2009, and are located in the Rio Narcea Gold Belt in northern Spain, close to the port city of Gijón.

Commercial production commenced in August, 2011.

Don Mario District, Eastern Bolivia

The Don Mario district is located in the Chiquitos Province of eastern Bolivia and has three main mineral deposits of which the largest is the Don Mario Lower Mineralized Zone low-cost gold mine. This low-cost gold deposit was depleted in the fourth quarter of fiscal 2009 after producing more than 420,000 ounces of gold. The second, lower-grade, Las Tojas gold deposit, commenced production in August 2009 and was depleted in April of 2011. The third deposit, the Upper Mineralized Zone (“UMZ”) open-pit copper gold-silver deposit commenced Commercial production in January 2012. The UMZ has an estimated remaining mine life of two years.