Don Mario Reserves/Resources

(see Orvana’s Annual Information Form dated December 29, 2022 for the fiscal year-ended September 31, 2022, pages 27-29)

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, 2022 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, The Mineral Resources and Mineral Reserves, hosted in five of the six oxide stockpiles, estimated by Zandonai (2020).

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 (Don Mario Tailings 43-101 Report”).

In the second quarter of fiscal 2022, EMIPA engaged an independent engineering firm, Caracle Creek International Consulting Inc. (“Caracle”), to review the mineral resources estimates reported for the Don Mario Tailings (Zandonai and Feddersen, 2021) and the Don Mario Stockpiles (Zandonai, 2020), and Co-Author Mr. Michael Gross, reviewed the methodology used for the mineral reserve estimates as reported for the Don Mario Stockpiles (Zandonai, 2020). The Authors verified that the Mineral Resources and Mineral Reserves were prepared in accordance with the Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum's "CIM Definition Standards for Mineral Resources & Mineral Reserves” (CIM, 2014), and can therefore be considered current Mineral Resource and Mineral Reserve estimates.

EMIPA filed an amended technical report entitled "National Instrument 43-101 Technical Report for the Don Mario Property, Eastern Bolivia" and dated March 15, 2022 incorporating both projects at Don Mario in one report. The full text of the Don Mario Oxide Stockpile 43-101 Report is available for viewing on SEDAR at www.sedar.com

The following tables summarize the Mineral Resource and Mineral Reserve estimates for EMIPA as at September 30, 2022:

Mineral Resources

Notes:

1. CIM (2014) definitions were followed for Mineral Resources as originally prepared by G. Zandonai (effective date 30 Sept. 2021), 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 estimate has not been updated since September 2021.
3. Mineral Resources were estimated using average long-term prices US$ 1,700 per ounce gold, US$3.25 per pound copper and US$20 per ounce silver.
4. Numbers may not add due to rounding.
5. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.
2. Numbers may not add due to rounding.
3. Highlighted Base Case Au 0.3 g/t cut-off considered for the project life.
4. Numbers may not add due to rounding.
5. Mineral Resources that are not mineral reserves do not have demonstrated economic viability
6. The updated Mineral Resources for the Tailings Reprocessing Project were prepared by EMIPA, under the supervision of Mr. Luis Isla, a Qualified Person for the purposes of NI43-101, who is an employee of EMIPA S. A. and is not independent of Orvana.

Mineral Reserves

Estimated metal recoveries based on processing by sulphidation.

Notes:

1. CIM (2014) definitions were followed for Mineral Reserves as originally prepared by G. Zandonai (effective date 30 Sept. 2021), a Qualified Person for the purposes of NI43-101, who is an employee of DGCS SA and is independent of the Company.
2. Mineral reserves estimate has not been updated since September 2021.
3. Mineral Reserves were estimated using a long-term gold price of $ 1,600 per ounce, copper price of $3.00 per pound and a silver price of $18 per ounce.
4. Mineral Reserves (exclusive of in situ). Numbers may not add due to rounding.