Don Mario Reserves/Resources

(see Orvana’s Annual Information Form dated December 29, 2021 for the fiscal year-ended September 31, 2021, pages 26-28)

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 have been prepared as at September 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 the first quarter of fiscal 2021, EMIPA engaged an independent engineering firm, DGCS Exploration and Mining Consulting (“DGCS”), to confirm the mineral resource and reserve estimates for the Oxides Stockpile at Don Mario as at September 30, 2020, which was published in the “Technical Report on Don Mario Oxide Stockpile,” dated December 29, 2020 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 (Oxide Stockpile NI 43-101 Report”).

In the first quarter of fiscal 2022, EMIPA engaged the independent engineering firm DCGS to confirm the mineral resource for the Don Mario Tailings Reprocessing Project as at September 30, 2021, which was published in the “Technical Report on Don Mario Tailings Reprocessing Project, Eastern Bolivia,” dated December 23, 2021 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 (Tailings NI 43-101 Report”).

In the second quarter of fiscal 2022, EMIPA engaged Caracle Creek International Consulting Inc. to prepare an updated technical report entitled "National Instrument 43-101 Technical Report for the Don Mario Property, Eastern Bolivia" (the "Don Mario Technical Report") and dated March 15, 2022. The Don Mario Technical Report merges the Oxide Stockpile NI 43-101 Report and the Tailings NI 43-101 Report and supersedes the prior reports. Mineral Resources and Reserves estimates as of September 30, 2021 of the Don Mario Property remain unchanged, as previously disclosed in the Annual Information Form for the year ended September 30, 2021.

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:

Mineral Resource Estimates

Tailings Reprocessing Project (TPR)

Table 1-1 provides the Mineral Resource Statement for the tailings of Indicated and Inferred Mineral Resources, with an effective date of 30 September 2021.

Table 1-1. Indicated and Inferred Mineral Resource Statement, Don Mario Tailings (effective date 30 Sept. 2021).

Notes to Table 1-1:
1. CIM (2014) definitions were followed for Mineral Resources as originally prepared by G. Zandonai (an employee of DGCS SA) and C. Feddersen (Zandonai and Feddersen, 2021), both qualified persons for the purposes of NI43-101, and independent of the Orvana.
2. Highlighted Base Case Au 0.3 g/t cut-off considered for mine life.
3. Numbers may not add due to rounding.
4. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Oxide Stockpiles Project (OSP)

The Oxide Stockpiles Project includes six oxide stockpiles of oxidized mine material that was segregated and stockpiled because of their poor recovery in the process plant, in use when the open pit UMZ was being mined. During mining, drill hole spacing and sampling, and industry standard grade control protocols identified the oxide material yielding poor recovery and that mineralized tonnage was put into stockpiles for potent processing at a later time.

The Mineral Resources and Mineral Reserves, hosted in five of the six oxide stockpiles, were most recently estimated by Zandonai (2020). Co-Author Mr. Michael Gross has reviewed the previous work with respect to mining and processing. In addition Mr. Gross reviewed the drilling, blasting, sampling, grade control and reconciliation milled and stockpiled mineralized material with the original UMZ Proven and Probable Ore Reserves and the Authors are of the opinion that the data defining the current Mineral Resources and Mineral Reserves in the oxide stockpiles are adequate for reporting in a NI 43-101 Technical Report.

Table 1-2 provides the Mineral Resource Statement for the five oxide stockpiles of Measured Mineral Resources with an effective date of 30 September 2021 (Orvana, 2021a).

Table 1-2. Measured Mineral Resource Statement for Don Mario Stockpiles (effective date 30 Sept. 2021).

Notes to Table 1-2:
1. CIM (2014) definitions were followed for Mineral Resources as originally prepared by G. Zandonai (Zandonai, 2020), a qualified person for the purposes of NI43-101, who is an employee of DGCS SA and is independent of the Company.
2. Mineral Resources are estimated using average long-term prices of US$1,700 per ounce gold, US$3.25 per pound copper, and US$20.0 per ounce silver.
3. Numbers may not add due to rounding.
4. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Reserve Estimates

Table 1-3 provides the Mineral Reserve Statement for the oxide stockpiles of Proven Mineral Reserves, with an effective date of 30 September 2021 (Orvana, 2021a). Estimated metal recovers are based on processing by applying a sulphidation process.

Table 1-3. Proven Mineral Reserve Statement for Don Mario Stockpiles (effective date 30 Sept. 2021).

Notes to Table 1-3:
1. CIM (2014) definitions were followed for Mineral Reserves as originally prepared by G. Zandonai (Zandonai, 2020), a qualified person for the purposes of NI43-101, who is an employee of DGCS SA and is independent of the Company.
2. Mineral Resources are estimated using average long-term prices of US$1,600 per ounce gold, US$3.00 per pound copper, and US$18.0 per ounce silver.
3. Numbers may not add due to rounding.