ORVANA REPORTS H2 FY2026 EXPLORATION RESULTS AT OROVALLE, SPAIN

Orvana Minerals Corp. (ORV) reported second-half fiscal year 2026 exploration results from its Orovalle project in Spain, encompassing 53 drill holes and 7,734 meters across the El Valle-Boinás and Carlés zones. The El Valle-Boinás area accounted for 6,537 meters of drilling, which included 5,687 meters at Breccia East, 742 meters at Area 208, and 108 meters at Boinás East. Carlés contributed an additional 1,197 meters. Drilling at Breccia East consisted of 3,959 meters of infill work and 1,728 meters of brownfield exploration.

Assays are currently pending for holes 26BX1123, 26BX1124, 26BX1125, 26BX1126, 26BX1127, and 26NW1104. Five holes returned no intercepts above the 1.5 g/t Au cutoff grade.

Key reported intercepts include: - DDH 26BX1118, Breccia East: 124.90-148.10 m, 15.08 m approximate true width @ 10.68 g/t Au and 0.27% Cu. - DDH 26BX1094, Breccia East: 99.90-104.90 m, 4.17 m @ 39.85 g/t Au and 0.34% Cu, including 103.30-104.90 m, 1.33 m @ 116.41 g/t Au and 0.47% Cu. - DDH 26BX1120, Breccia East: 153.95-159.50 m, 3.39 m @ 16.77 g/t Au and 1.92% Cu. - DDH 26BX1105, Breccia East: 88.10-91.60 m, 3.31 m @ 15.80 g/t Au and 0.23% Cu. - DDH 26A22025, Area 208: 34.30-48.60 m, 4.77 m @ 4.50 g/t Au and 0.32% Cu. - DDH 26BE1191, Boinás East: 87.70-103.40 m, 11.34 m @ 2.76 g/t Au and 0.56% Cu, including 90.90-92.50 m, 1.16 m @ 12.10 g/t Au and 1.47% Cu. - Carlés Northwest: 26NW1096 returned 119.00-120.40 m, 0.54 m @ 37.91 g/t Au; 26NW1095 returned 1.52 m @ 4.77 g/t Au; 26NW1101 returned 1.33 m @ 4.75 g/t Au.

The release also details additional narrower intervals, including 26BX1121: 166.05-185.00 m, 12.63 m @ 2.97 g/t Au and 0.25% Cu, and 26BX1101: 154.20-156.20 m, 1.91 m @ 21.61 g/t Au and 0.06% Cu. The quoted headline holes are described as “selected,” while full tables disclose lower-grade, barren, and pending holes.

Orvana Minerals Corp. (ORV) is an established producer rather than a grassroots explorer, with the Orovalle asset serving as a core operating mine featuring reserve grades of approximately 2.6 g/t Au and measured and indicated resource grades of around 3.36 g/t Au. The company’s second-half FY2026 drilling program focused primarily on infill and near-mine brownfield work designed to support the conversion of Inferred resources to Indicated status and to test depth continuity. These efforts confirmed that the Breccia East zone contains high-grade gold deposits and that the mineralized system remains open at depth, though the results did not generate new reserves, extended mine life, or a revised resource estimate.

The market’s focus remains anchored on resource grade rather than prior discovery holes. The most recent relevant assay release from Spain, dated 27 April 2026, reported Area 208 intercepts of 6.00 m @ 6.78 g/t Au and 2.00 m @ 19.55 g/t Au, totaling roughly 39-41 gm. The new intercepts from holes 161-166 in the Breccia East zone are materially stronger in grade-width terms, reaching 161-166 gm. However, these results represent confirmation within a known mineralized structure rather than a step-change in system scale.

Orvana’s share price has declined from CAD 2.79 on 2 September 2026 to CAD 1.70 on 29 October 2026, indicating that the market was not carrying an embedded drilling premium into this release. Consequently, the confirmation is viewed as modestly positive rather than disappointing. The equity impact is expected to remain muted because the release enhances confidence in Breccia East grade continuity without altering the stated resource base. Any share-price reaction is anticipated to be in the low-single-digit positive range, with the stock’s trajectory still dominated by the separate Bolivia ramp-up, Spanish operating risks, and the upcoming Q4 FY2026 results.

Orvana Minerals Corp. (TSX: ORV, OTCQX: ORV) is a multi-asset gold-copper-silver producer listed on the TSX and OTCQX. The company’s operating assets include the Orovalle mine in Asturias, northern Spain, and the Don Mario operation in Bolivia, which is currently ramping up processing of oxide stockpiles. Orvana also owns the Taguas exploration project in San Juan, Argentina, where it is testing a high-sulfidation epithermal and deeper porphyry copper-gold system. The company’s fiscal year ends on 30 September, and Fabulosa Mines is the majority shareholder with 51.9%.

Prior-period context indicates that Orovalle produced 37,775 oz Au in FY2026 at a grade of 2.45 g/t Au, 0.34% Cu, and 7.92 g/t Ag, with recoveries of 92.3% Au, 74.7% Cu, and 75.9% Ag. Orovalle’s P&P reserves are 2.531 Mt at 2.61 g/t Au and 0.25% Cu, while M&I resources are 7.530 Mt at 3.36 g/t Au and 0.36% Cu. Don Mario is ramping up oxide stockpile processing after a long restart, and Taguas serves as a longer-dated exploration option.