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 |
| FY 2022 Au / Cu Production |
44,698 Au oz / 4.8M Cu lbs |
| FY 2023 Au / Cu Production Guidance |
46,000 - 51,000 Au oz / 4.0 - 4.4M Cu lbs |
| FY 2021 COC - AISC |
$1,043 - $1,363 oz Au |
| FY 2022 COC - AISC |
$1,497 - $1,864 oz Au |
| FY 2023 COC / AISC Guidance |
$1,300 - $1,400 oz Au / $1,650 - $1,800 oz Au |
| Plant Capacity |
2,000 tpd |
| FY 2022 Plant Recoveries |
91.6% Au / 82.7% Cu |
| FY 2022 Grade |
2.25g/t Au / 0.39% 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.