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
Q1 2022 Au / Cu Production 11,731 Au oz / 1.5M Cu lbs
FY 2022 Au / Cu Production Guidance 48,000 - 53,000 Au oz / 5.8 - 6.5M Cu lbs
FY 2022 COC - AISC $1,043 - $1,376 oz Au
Q1 2022 COC - AISC $1,140 - $1,446 oz Au
FY 2022 COC / AISC Guidance $1,050 - $1,150 oz Au / $1,550 - $1,700 oz Au
Plant Capacity 2,000 tpd
Q1 2022 Plant Recoveries 91.2% Au / 83.7% Cu
Q1 2022 Grade 2.27 g/t Au / 0.45% Cu


El Valle mill and offices


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