Orvana Minerals (ORV) investor relations material

Operational highlights

• Three mining units in Spain, Bolivia, and Argentina, each with significant land packages and exploration potential.

• Share price increased from CAD 0.60 to CAD 2.6 over the past year, reflecting improved production and exploration results.

• Market cap stands at CAD 360 million, with an enterprise value of $320 million.

• Spain operations have produced copper concentrate and gold/silver doré bars, with 2025 output at 30,000 oz gold and 3.5 million lbs copper; 2026 guidance is above 35,000 oz gold.

• Spain's land package in Asturias totals 30,000 hectares, enabling acquisition of four new permits.

Bolivia project update

• Production resumed in 2026 after a seven-year hiatus, leveraging a 2 million ton oxide stockpile containing 130,000 oz gold and 41,000 tons copper.

• New acid leaching circuit constructed to process stockpile, with a three-year project timeline.

• Exploration to extend mine life is ongoing, with over 33,000 hectares and two mineralized belts identified.

• Additional opportunity exists in 8 million tons of tailings with gold and copper content, with metallurgical testing underway.

Argentina (Taguas) exploration strategy

• Taguas project in San Juan province expanded to 7,000 hectares after acquiring the Evelina property.

• Initial focus was on oxide resources, with a 2021 PEA based on open pit, heap leach operation at $1,700/oz gold.

• Recent strategy shift to explore deeper porphyry potential, supported by geophysical surveys and deep drilling.

• First deep drill hole intercepted porphyry mineralization at 700–900 meters, with 0.25 g/t gold and 0.12% copper.

• 2026 exploration budget of CAD 15 million targets integration of Evelina, expanded geophysics, infill drilling for oxides, and 10,000 meters of deep drilling.