ORVANA COMPLETES REPAYMENT OF EMIPA BONDS I, PROVIDES UPDATE ON ITS BOLIVIAN SUBSIDIARY, AND ANNOUNCES PARTICIPATION IN THE 2026 PRECIOUS METALS SUMMIT IN ZURICH

Orvana Minerals Corp. (ORV) reported that EMIPA repaid EMIPA Bonds I in full at maturity on November 7, 2026, made the fifth and final coupon payment, and will move to release the guarantees securing that program. EMIPA Bonds II remain outstanding and mature February 19, 2027. Financial covenant ratios for both bond programs were outside required thresholds as of September 30, 2026; with Bonds I repaid, the cure period now applies only to Bonds II. EMIPA is negotiating with bondholders to restore compliance or amend ratios. The release explicitly states there is no assurance of success and that bondholders would be entitled to exercise rights if the matter is not resolved.

October 2026 Don Mario operating data: - 17,428 t milled - 887 oz Au at 1.75 g/t and 90.5% recovery - 14,878 oz Ag at 38.82 g/t and 68.4% recovery - 504,460 lb Cu at 1.66% and 79.1% recovery

Q4 FY2026 figures were adjusted upward from the October 15 preliminary release by approximately 90 oz Au, 2,436 oz Ag, and 146,704 lb Cu. Throughput averaged more than 900 t/d in the final week of October. November target is approximately 1,400 t/d; December target is toward design capacity of approximately 1,700 t/d, with ramp-up completion expected by end-December 2026. The release repeats the November 2 targets rather than raising them. No October cost, AISC, reagent-consumption, or FY2027 production guidance is provided. Conference participation in Zurich on November 9-11, 2026 is administrative and non-material to valuation.

Orvana Minerals Corp. (ORV) reported October production figures that exceeded the entire Q4 FY2026 total for gold, silver, and copper, signaling that the oxide circuit is operating at a higher level than during the September ramp. The company also confirmed that Bonds I were retired as scheduled. However, Bonds II remain outstanding with an unresolved covenant breach. The cure period applies only to Bonds II, which are part of the Bond Program II totaling approximately $24.9 million and maturing on February 19, 2027.

Operational throughput in October averaged 562 t/d, based on 17,428 t of ore milled, against a design capacity of approximately 1,700 t/d. While the final week of the month saw throughput exceed 900 t/d, this represents only about 53% of design capacity. The company confirmed previously disclosed targets of 1,400 t/d for November and 1,700 t/d for December, issued on November 2, but did not raise these guidance levels.

The release provided data on grades, recoveries, and throughput but omitted cash cost, AISC, acid consumption, or reagent cost figures. Management’s emphasis on optimizing reagent consumption suggests these costs remain a concern.

Market reaction reflected existing skepticism regarding Bolivia operations and covenants. The stock closed at CAD 2.11 on August 13, 2026, following the Q3 FY2026 results release, and fell to CAD 1.66 on November 6, 2026, a decline of about 21%. From a September 2 high of CAD 2.79, the stock was down approximately 40.5% at the time of this release.

Orvana Minerals Corp. (ORV) is a multi-mine gold-copper-silver producer with assets located in Spain, Bolivia, and Argentina. The company’s portfolio includes the Orovalle mine in Asturias, northern Spain, an underground gold-copper-silver operation that has maintained continuous production since 2011. The Orovalle land package covers 30,779 hectares, comprising 14 exploitation concessions and 6 research permits. Processing at the site utilizes gravimetry, flotation, and carbon-in-leach (CIL) methods to produce copper concentrate and gold-silver doré.

In Bolivia, the company operates the EMIPA project, which includes the Don Mario operation and an oxide stockpile project. The EMIPA land package spans 53,325 hectares. The expanded plant features crushing, grinding, thickening, acid leaching, solvent extraction, and electrowinning for copper cathodes, alongside cyanide leach and activated carbon adsorption-desorption-re-elution (ADR) for gold-silver doré production. The facility is currently ramping up operations after being idle since fiscal 2020. Additionally, Orvana holds the Taguas project in San Juan Province, Argentina, at the exploration stage. Following the Evelina acquisition, the Taguas land package covers 7,289 hectares and is situated near Barrick’s El Encierro, Pascua-Lama, and Veladero projects.

For fiscal year 2026, consolidated production totaled 45,160 gold equivalent ounces (GEO), comprising 39,282 ounces of gold, 3.1 million pounds of copper, and 112,499 ounces of silver. Orovalle contributed 37,775 ounces of gold and 2.9 million pounds of copper, while EMIPA produced 1,597 ounces of gold and 411,274 pounds of copper on an updated basis. While the asset base is geographically diversified, the company’s current profile is heavily influenced by the ramp-up at the Bolivia operation and the debt structure associated with EMIPA.