OROVALLE OPERATION

In September 2009, Orvana acquired the EVBC Mine through its acquisition of Kinbauri Gold Corp. In June 2015 the Company changes the subsidiary name to OroValle Minerals S.L.

The EVBC Mine is located in the Rio Narcea Gold Belt of northern Spain and was previously mined from 1997 to 2006 by Rio Narcea Gold Mines. They produced nearly 1,000,000 ounces of gold and over 20,000 tonnes of copper prior to the closure of the mine.

The following table sets forth the production from the EVBC Mines for the periods indicated together with guidance for the upcoming period.

EL VALLE UNDERGROUND MINE OVERVIEW
Ownership 100 %
FY 2021 Au / Cu Production 47,413 Au oz / 6.3M Cu lbs
Q2 YTD 2022 Au / Cu Production 20,072 Au oz / 2.2M Cu lbs
FY 2022 Au / Cu Production Guidance 44,000 - 46,000 Au oz / 4.8 - 5.2M Cu lbs
FY 2021 COC - AISC $1,043 - $1,376 oz Au
Q2 YTD 2022 COC - AISC $1,515 - $1,829 oz Au
FY 2022 COC / AISC Guidance $1,300 - $1,400 oz Au / $1,700 - $1,850 oz Au
Plant Capacity 2,000 tpd
Q2 YTD 2022 Plant Recoveries 91.3% Au / 82.6% Cu
Q2 YTD 2022 Grade 2.12 g/t Au / 0.38% Cu

Beyond the extractive activity and mineral processing, OroValle develops continuous geological research work in the three gold belts of Asturias in search of new mineral resources. In this regard, Orovalle has more than 37,500 hectares in the Principality of Asturias between Exploitation Concessions and Research Permits. There is also a significant number of Research Permits that are in process in the Administration of the Principality that represent 7,644 hectares distributed among the different gold belts of western Asturias.


El Valle mill and offices


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