Don Mario Reserves/Resources

(see Orvana’s Annual Information Form dated December 27, 2019 for the fiscal year-ended September 31, 2019, pages 24-27)

Cautionary Notes to Investors - Mineral Reserves and Resources Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this news release have been prepared as at September 30, 2018 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 2016, the Company engaged an independent engineering firm, DCGS Exploration and Mining Consulting (“DCGS”), to update the mineral resource and reserve estimates for Don Mario as at September 30, 2016, which was published in the “Technical Report on Done Mario Mine Operation” dated September 30, 2016 by Mr. Gino Zandonai, M.Sc. Mining, CP, Mining Engineer, who is a qualified person independent of the Company for the purposes of NI 43-101, and filed on January 27, 2017 (“Don Mario Mine 43-101 Report”).

In fiscal year 2019, the Company engaged Mr. Zandonai, DCGS, an independent mining consulting company, to update mineral reserves and resource estimates for Las Tojas mine, and the stockpile of oxides ores. Updated estimates of mineral resources and reserves for Don Mario mine as of September 30, 2019 were prepared by Mr. Zandonai, an independent Qualified Person under NI 43-101. With respect to the stockpile of oxides, the tonnage reported as a measured resource as of September 30, 2018 was updated to proven reserves as of September 30, 2019 and the total depletion of the Cerro Félix reserve was recorded during fiscal year 2019.

The following tables summarize the estimates of mineral resources in situ for Las Tojas mine, and estimates of mineral reserves for the stockpile of oxides ores:

From the mine, waste material is sent to the waste dump. The inventory of the mineral resources and reserves stockpile estimates of the Company is provided in the tables below.