ORVANA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2025

Canada NewsWire

TORONTO, Feb. 13, 2025

TSX:ORV

TORONTO, Feb. 13, 2025 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") reports consolidated financial and operational results for the quarter ended December 31, 2024 ("Q1 FY2025").

This news release contains only a summary of the Company's financial and operations results for the first quarter of fiscal 2025, and readers should refer to the full set of unaudited condensed interim consolidated financial statements for the three months ended December 31, 2024 and 2023, and accompanying management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company's website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

"We are very excited about Orvana's 2025 outlook: construction in Bolivia is advancing as planned, Spain is on track to meet its 2025 guidance, and we expect to start the geophysical survey in Argentina in the coming weeks, which will be key to the strategic repositioning of the property" stated Juan Gavidia, CEO of Orvana. "Overall, looking ahead to 2025, we envision a year of transformation for Orvana" he added.

Highlights

Bolivia:

   -- SHYIn Q1 FY2025 EMIPA has commenced the construction for the Don Mario 
      Plant expansion. Construction activities during the quarter were focused 
      on site preparations and earthworks for the plant expansion area, 
      including the concrete foundation work. 
 
   -- SHYContracting and fabrication of structural steel, tanks and key process 
      equipment is now underway. As of January 31, 2025, the project was 
      approaching 7.6% completion. 
 
   -- SHYThe Company expects to complete construction by the end of calendar 
      year 2025, conditional on securing the remaining required balance of the 
      funding during the first half of 2025. 
 
   -- SHYBased on recent contractor and vendor quotations, the Company is 
      updating capital cost estimates, and will provide updates when further 
      material information becomes available. 

Spain:

   -- SHYOrovalle, the Company's subsidiary in Spain, produced 9,694 gold 
      equivalent ounces ("GEO) (1) in Q1 FY2025, reflecting an 18% decrease 
      compared to 11,862 GEO(1) in the previous quarter. 
 
   -- SHYThe production decline was primarily due to a 15% reduction in tonnage 
      milled. The plant was shut down during the second half of December in 
      accordance with the scheduled workforce calendar. During this stoppage, 
      several scheduled maintenance activities were completed. 
 
   -- SHYThe operation continues to face challenges due to high absenteeism and 
      a shortage of maintenance personnel. Orovalle is actively enhancing its 
      recruitment and onboarding programs to minimize the time required to fill 
      temporary vacancies, and several contracts have been established to 
      reinforce technical services on site. 
 
   -- SHYOrovalle is on track to meet fiscal 2025 guidance: 
 
 Orovalle                                Q1 FY 2025Actual  FY 2025Guidance (2) 
Metal Production 
 Gold (oz)                                          7,631     37,000 -- 41,000 
 Copper (million lbs)                                 1.1           2.4 -- 2.7 
Capital Expenditures (USD thousands)               $2,010     $14,000 -$16,000 
Cash operating costs (by-product) 
 ($/oz) gold (1)                                   $1,680      $1,550 - $1,650 
All-in sustaining costs (by-product) 
 ($/oz) gold (1)                                   $2,026      $2,000 - $2,150 
 
   -- SHYOrovalle drilled 2,808 meters at its El Valle mine in Q1 FY2025, 
      focused on converting the inferred material into measured and indicated 
      material. A total of 497 meters were completed in Ortosa-Godán, 
      project located three kilometers northwest of the Company's Carlés 
      mine, and within the same gold belt. Drilling is currently ongoing at El 
      Valle mine and Ortosa-Godán. 
 
   -- SHYThe Annual Information Form of the Company for the fiscal year ended 
      September 30, 2024 (the "FY2024 AIF") was filed on December 27, 2024, 
      including Mineral Resource and Reserves estimates for Orovalle with an 
      effective date of September 30, 2024. The FY2024 AIF includes the latest 
      production schedule produced by Orovalle based upon the estimated Mineral 
      Reserves. The schedule includes oxides and skarns ore mined from both the 
      Boinás and Carlés underground mines at an average rate of 
      528,000 tpa for a period of 4 years. The FY2024 AIF can be found on the 
      Company's website at www.orvana.com and by reviewing its profile on 
      SEDAR+ at www.sedarplus.ca. 

Argentina:

   -- SHYThe Company is repositioning the strategy of its Taguas Project, 
      located in the San Juan province, now potentially including current 
      sulphides resources, plus deep copper-gold porphyry opportunities. 
 
   -- SHYOrvana plans to conduct in the coming weeks a deep geophysical survey 
      capable of detecting targets up to a depth of 1,500 m. The goal is to 
      have the results ready by the third quarter of fiscal 2025. 
 
   -- SHYThe Company is continuing to work on updating its geological modeling, 
      with key objectives focused on enhancing the understanding of the 
      oxide-sulfide transition zone, analyzing alteration zoning using infrared 
      spectroscopy, and interpreting current drilling data. The target is to 
      support the interpretation of the geophysical survey results. 

Selected Operational and Financial Information

 
                                 Q1 FY2025  Q4 FY2024  Q1 FY2024  FY2024 
Gold Equivalent Ounces produced 
 $(GEO)$ (1)                           9,694     11,862      9,550    44,591 
Financial Performance(in 000's, 
except per share amounts) 
Revenue                            $21,713    $28,834    $20,124   $90,310 
Mining costs                       $14,701    $17,694    $17,927   $66,033 
Gross margin                        $4,469     $7,969   ($2,015)   $11,597 
Net income (loss)                   $1,426   ($2,633)   ($7,202)  ($4,952) 
Net income (loss) per share 
 (basic/diluted)                     $0.01    ($0.02)    ($0.05)   ($0.04) 
EBITDA (1)                          $6,379     $6,684        $47   $16,865 
Operating cash flows before 
 non-cash working 
 capital changes                    $4,161    $10,648     $1,208   $21,409 
Operating cash flows                $2,529     $7,925     ($210)   $16,481 
Free cash flow (1)                    $505     $6,759   ($1,264)   $10,792 
Ending cash and cash 
 equivalents                       $33,687    $31,201     $3,859   $31,201 
Capital expenditures (3)            $3,656     $3,889     $2,472   $10,617 
 
 
 
(1) GEO, EBITDA, Free Cash Flow, COC and AISC per 
 ounce are Non-GAAP Financial Performance Measures. 
 For further information and detailed reconciliations, 
 please see the "Non-GAAP Financial Performance Measures" 
 section of the Company's Q1 FY2025 MD&A. 
(2) Fiscal 2025 guidance assumptions for COC and AISC 
 include by-product commodity prices of $4.30 per pound 
 of copper, $27 per ounce of silver and an average 
 Euro to US Dollar exchange of 1.10. 
(3) Capital expenditures are presented on a cash basis. 
 

Orvana subsidiary in Bolivia reports Q1 FY2025 unaudited financial results

As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with Autoridad de Supervisión del Sistema Financiero ("ASFI"). The unaudited financial statements for the three months ended December 31, 2024 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"):

https://www.asfi.gob.bo/index.php/registro-rmv/mv-entidades-inscritas-en-el-rmv.html

To search for EMIPA's financial statements, select the following at the ASFI Page:

ENTIDADES REGULADAS -- EMISORES: Empresa Minera Paitití, S.A. EMIPA

Ver: Estados Financieros

ABOUT ORVANA -- Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements -- Forward-Looking Information

Certain statements in this presentation constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements.

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