Orvana currently has three properties. 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. Operations at Don Mario are currently in care & maintenance while an analysis is being completed to determine an economic way to treat its oxides stockpile accumulated from past mining activities (2 million tonnes, 1.85 g/t Au and 1.89% Cu). In fiscal 2020, it was concluded that a sulfidation circuit would maximize the value of the stockpile. The oxide stockpile project (OSP) quality assurance (metallurgical) testing was completed in the second half of November 2021. Next phases of the OSP are engineering and cost analysis to establish the CAPEX, and financing alternatives evaluation. Subject to a positive outcome, construction is planned for fiscal 2023. Subject to the favorable completion of technical, economic and funding analysis, the OSP is expected to provide three full production years for Don Mario.

Taguas Project, Argentina

In May 2021 the Company acquired the Taguas property through its subsidiary, Orvana Argentina S.A. The Taguas property is located in the Province of San Juan, Argentina. In fiscal 2020, as a result of the completion of an intelligence-assisted data analysis, the Company identified a total of 17 new high probability gold targets at Taguas, consisting of 9 new areas and 8 extended areas of previous known mineralization. All of the newly identified targets are based on a 96% level of similarity to the known gold mineralization. These results suggested that there was an enhanced probability of increasing the potential of Taguas’ oxides and sulphides resources. In order to validate the potential of the new targets, the Company developed a fieldwork exploration campaign during the first quarter of fiscal 2021, including new access points, geological mapping and soil and rock sampling. A drilling campaign to enlarge the mineral resource commenced in February 2021 and was completed in April 2021 with a total of 4,689 meters drilled.