ORVANA PROVIDES UPDATE ON ITS BOLIVIAN SUBSIDIARY EMIPA

Orvana Minerals Corp. (ORV) reported that the Don Mario oxide ramp at EMIPA’s mine has improved, with all key plant circuits now operational. In October, the facility processed approximately 17,500 tonnes of oxide material, and average throughput exceeded 900 tonnes per day (tpd) during the final week of the month.

Filtration had been the primary bottleneck in operations. New filter cloths were installed on two of the three units by mid-October, with the third unit completed on November 1. The company targets a throughput of approximately 1,400 tpd in November and may test further increases toward the design throughput of about 1,700 tpd in December.

Metallurgical performance is described as “generally in line with design assumptions,” though no recovery figures or production ounces were disclosed in the release.

Regarding financial covenants, EMIPA’s September 30, 2026 unaudited Bolivian GAAP financials were outside required thresholds. The initial cure period runs through December 8, 2026, and may be extended only with bondholder approval. EMIPA Bonds I mature on November 7, 2026, with the fifth and final coupon expected to satisfy scheduled debt service for that tranche. EMIPA Bonds II mature on February 19, 2027.

The release did not include consolidated Q4 FY2026 financials, cost data, all-in sustaining costs (AISC), or revised production guidance. Audited FY2026 annual statements and management’s discussion and analysis (MD&A) are expected in late November 2026.

Orvana Minerals Corp. (ORV) reported a second consecutive quarterly breach of its EMIPA covenant as of September 30, a development that introduces refinancing and default risk alongside its operational updates. The company faces a short cure period ending December 8 with no assurance of resolution, compounded by near-term bond maturities. Bonds I mature on November 7, while Bonds II are due on February 19, 2027.

On the operational front, production in October reached 17,500 tonnes, exceeding the entire Q4 FY2026 oxide throughput of 16,769 tonnes and representing an approximately 57% increase from September’s 11,160 tonnes. Despite this growth, the average daily rate of roughly 565 tonnes per day remains at approximately 33% of the 1,700 tonnes per day design rate, indicating the operation is still in an early-stage ramp-up phase. The current operating improvement is not yet supported by stabilized costs, recoveries, or steady-state throughput.

Market sentiment has reflected these concerns, with the stock falling from C$2.11 on August 13 to C$1.53 on October 30, and from C$2.79 on September 2 to C$1.53 on October 30. The share closed at C$1.58 on November 2 prior to the release of this information.

Orvana Minerals Corp. (ORV) is a multi-mine gold-copper-silver producer with a September 30 fiscal year end. The company’s operations include the Orovalle mine in Asturias, Spain, an underground gold-copper-silver operation that has produced since 2011 and serves as a stable cash-generating base. Orovalle holds 30,779 hectares, comprising 14 exploitation concessions and 6 research permits.

In Bolivia, the company operates the EMIPA project, which features the Don Mario plant and an oxide stockpile reprocessing operation on a 53,325-hectare land package. The plant produces copper cathodes and gold-silver doré and was restarted in FY2026 after being suspended since fiscal 2020. Additionally, Orvana holds the Taguas project in San Juan, Argentina, an exploration-stage high-sulfidation epithermal and porphyry Cu-Au site. The land package now totals 7,289 hectares following the Evelina acquisition. While a 2021 oxide PEA exists for Taguas, the current focus is on resource conversion and deep porphyry testing.

Fabulosa Mines is the majority shareholder with a 51.9% stake. Juan Gavidia serves as CEO and Nuria Menéndez as CFO. The public float is relatively small, with 136.6M shares outstanding.