ORVANA REPORTS FOURTH QUARTER AND FISCAL 2026 PRODUCTION RESULTS - Spain Annual Gold Production Exceeds Guidance

TSX:ORV
OTCQX: ORVMF

TORONTO, Oct. 16, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to report production results for the fourth quarter and full fiscal year 2026, ended September 30, 2026 ("Q4 FY2026" and "FY2026", respectively), and to provide an update on the Oxides Stockpile Project at its Don Mario operation in Bolivia.

Juan Gavidia, CEO of Orvana, commented, "Spain exceeded our FY2026 gold production guidance, supported by the strategic use of additional contractor services, which helped offset labour shortages and absenteeism. Looking ahead to FY2027, our focus remains on sustaining disciplined production performance and operational efficiency while managing inflationary cost pressures arising from broader global conditions and continued workforce challenges."

"At Don Mario's newly expanded Plant, we produced our first gold doré bars, and copper cathodes, during the quarter. Current work is about optimizing the acid leaching and filtration sectors, to further improve process efficiency and operational reliability. We expect to progressively increase daily throughput during the remainder of calendar 2026 moving towards the end goal of 1,700 tonnes per day, by the end of calendar 2026," he added.

Highlights

• Consolidated production of 12,947 Gold Equivalent Ounces ("GEO")⁽¹⁾ during Q4 FY2026, comprised of 10,895 gold ounces, 1.0 million pounds of copper and 35,502 silver ounces.
• Consolidated production of 45,160 GEO⁽¹⁾ during FY2026, comprised of 39,282 gold ounces, 3.1 million pounds of copper and 112,499 silver ounces.
• Orovalle produced 37,775 ounces of gold and 2.9 million pounds of copper in FY2026, exceeding gold production guidance and delivering copper production within guidance.
• EMIPA produced its first doré and copper cathodes from the expanded Don Mario Plant during Q4 FY2026. EMIPA FY2026 production was below the Company's FY2026 guidance for EMIPA, which was withdrawn on September 17, 2026 (see "EMIPA – FY2026 Guidance" below).

Certain statements in this news release, including statements regarding throughput increases, the objective of reaching design capacity by the end of Calendar 2026, and ongoing optimization at the Don Mario Plant, constitute forward-looking information. See "Cautionary Statements – Forward-Looking Information" below.

⁽¹⁾ Gold Equivalent Ounces ("GEO") is a Non-GAAP Financial Performance Measure. Non-GAAP measures do not have standardized meanings under IFRS and may not be comparable to similar measures of other issuers. GEO is calculated by converting copper and silver to gold equivalent using the metal prices disclosed below and adding the result to gold ounces produced. The Company believes GEO provides a useful measure to help evaluate production across multiple metals.  Refer to the Company's most recent Management's Discussion and Analysis for additional information. GEO were calculated using the following average market prices:

Q4 FY2026:  $4,269.51/oz Au, $62.73/oz Ag, $6.40/lb Cu
Q3 FY2026:  $4,516.57/oz Au, $73.44/oz Ag, $6.04/lb Cu
Q4 FY2025:  $3,455.50/oz Au, $39.38/oz Ag, $4.44/lb Cu
FY2026:        $4,450.84/oz Au, $68.82/oz Ag, $5.83/lb Cu

OROVALLE

• 10,347 gold ounces produced in Q4 FY2026, 7% higher than the previous quarter, primarily driven by a 10% increase in gold grade and a 0.8% improvement in recovery, partially offset by a 3% decrease in tonnes milled.
• 0.8 million pounds of copper produced in Q4 FY2026, 17% higher than the previous quarter, primarily due to a 13% increase in copper grade and a 7% improvement in recovery, partially offset by a 3% decrease in tonnes milled.
• Quarter–over–quarter grade changes reflect changes in oxide and skarn proportions associated with ore extraction and blending sequencing.
• For FY2026, Orovalle processed a total of 518,525 tonnes of ore and produced 43,074 GEO⁽¹⁾, comprising 37,775 ounces of gold, 2,877 thousand pounds of copper and 100,255 ounces of silver.
• Gold production of 37,775 ounces in FY2026 was approximately 2% above the upper end of the FY2026 production guidance range of 34,000 to 37,000 ounces.
• Copper production of 2.9 million pounds in FY2026 was within the FY2026 production guidance range of 2.7 to 3.0 million pounds.

EMIPA

• During Q4 FY2026, EMIPA commenced processing oxides ore through the expanded Don Mario Processing Plant achieving first production of gold doré bars and copper cathodes; marking key milestones in the ramp-up of the operation. Metallurgical recoveries during this initial ramp-up period, which included operational testing of the circuits, were below planned levels, and improving recoveries is a key focus of ongoing optimization work.
• EMIPA has now substantially completed operational validation of copper, gold and silver circuits, as well as the comminution circuit. Production to date has demonstrated that each circuit can produce finished metal from the oxide stockpile ore. The ramp-up has identified the acid leaching and filtration sectors as the principal areas for optimization, where operational efforts are now focused, including the evaluation of different filter cloth configurations to improve filtration performance. Oxides ore throughput increased each month of the quarter, from 1,694 tonnes in July, to 3,914 tonnes in August, and 11,160 tonnes in September.
• EMIPA expects to increase current throughput through the remainder of calendar 2026 to reach the plant's design capacity of approximately 1,700 tonnes per day. In parallel, EMIPA is also working to reduce unit costs as throughput increases as plant throughput progressively increases.
• During Q4 FY2026, EMIPA processed 16,769 tonnes of oxides ore, and produced 1,109 GEO⁽¹⁾, comprised of 548 ounces of gold, 265 thousand pounds of copper, and 11,165 ounces of silver.
• For FY2026, EMIPA processed a total of 64,156 tonnes of ore and produced 2,086 GEO⁽¹⁾, comprised of 1,507 ounces of gold, 265 thousand pounds of copper and 12,244 ounces of silver. Production during the year included sulphide ore processed through the gold and silver circuits, without copper recovery, in Q2 and, beginning in Q4, oxide ore processed through the expanded Don Mario Processing Plant during its ramp-up phase.
  
  
• EMIPA – FY2026 Guidance
  
  EMIPA's FY2026 production of 1,507 ounces of gold and 0.27 million pounds of copper was below the Company's FY2026 guidance for EMIPA. On February 11, 2026, the Company provided guidance of 13,000 to 14,000 ounces of gold and 6.7 to 7.5 million pounds of copper, based on the planned processing of approximately 256,000 tonnes of oxide stockpile ore during the second half of FY2026, in addition to legacy sulphide ore. On August 13, 2026, the Company revised this guidance to 4,200 to 4,700 ounces of gold and 1.9 to 2.1 million pounds of copper, and on September 17, 2026, the Company withdrew it. 
  
  The shortfall was primarily the result of processing significantly fewer tonnes of oxide ore than planned, reflecting (i) a delay in the start of oxide ore processing, principally due to civil unrest and logistics disruptions in Bolivia during May and June 2026; and (ii) lower-than-anticipated throughput during the ramp-up period. Metallurgical recoveries below planned levels during the ramp-up period also contributed to the shortfall. The Company is not currently providing production or cost guidance for EMIPA Additional information will be included in the Company's Management's Discussion and Analysis for FY2026.

Qualified Person

The scientific and technical information in this news release related to the Company's Orovalle operation has been reviewed and approved by Guadalupe Collar Menéndez, Chief of Geology of Orovalle Minerals S.L., a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.

The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A. ("EMIPA"), a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.

Consolidated Operational and Financial Performance

Q4 FY2026 consolidated operational and financial highlights will be released with the audited annual financial statements and MD&A for FY2026, expected to be published in late November 2026.

ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas project located in Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements – Forward-Looking Information

Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking information in this news release includes, without limitation, statements regarding current expectations, estimates, projections and assumptions about future events and operating performance, including the expected increase in throughput at the expanded Don Mario processing plant and the objective of reaching its design capacity of approximately 1,700 tonnes per day, including the anticipated timing thereof, the expected outcome of ongoing optimization of the acid leaching and filtration stages and of metallurgical recoveries at Don Mario, expected improvements in mechanical reliability and operational stability at Don Mario; the expected reduction of unit costs at EMIPA as throughput increase; the timing of any future production guidance for EMIPA;  maintaining disciplined production performance and operational efficiency while managing inflationary cost pressures and workforce-related challenges in Spain, and the anticipated timing of the Company's audited annual financial statements and related MD&A for FY2026

Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions, including those relating to ramp-up expectations, underlying the forward-looking statements in this news release include, without limitation: (i) timely completion of planned maintenance, commissioning and ramp-up activities; (ii) the successful optimization of the acid leaching and filtration stages at the Don Mario Processing Plant, including through changes to filter cloth configurations, within a timeframe consistent with the Company's current expectations; (iii) metallurgical recoveries at Don Mario improving over time towards the levels assumed in the Company's production planning, and the grades and metallurgical characteristics of the oxide stockpiles being consistent with the Company's current expectations; (iv) improvement in the mechanical reliability of the expanded Don Mario Processing Plant; (v) the continued availability of reagents (including sulphuric acid and cyanide), consumables, equipment, qualified personnel and contractors at Don Mario and Orovalle; (vi) no material disruptions to operations due to labour, supply chain logistics, power, equipment damage or other events; (vii) permitting, development, operations and expansion activities at Orovalle, Don Mario and Taguas proceeding consistent with the Company's current expectations; (viii) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (ix) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (x) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (xi) the availability of necessary funds to execute the Company's plans, including cash flow from Don Mario sufficient to meet EMIPA's obligations under its prepayment facility. There can be no assurance that such expectations will be achieved.

A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates; the Company's ability to increase throughput at Don Mario to design capacity within the expected timeframe or at all; the possibility that optimization of the acid leaching and filtration stages is not successful, or takes longer or costs more than expected; the possibility that metallurgical recoveries at Don Mario do not improve to the levels assumed in the Company's production planning; mechanical or equipment failures during ramp-up; the risk that the grades or metallurgical characteristics of the oxide stockpiles differ from expectations; insufficient cash flow from Don Mario to meet EMIPA's obligations under its prepayment facility; increases in operating costs (including energy, power, reagent and environmental compliance costs); labour shortages, absenteeism and the availability of qualified personnel and contractors; risks generally associated with mineral exploration and development; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements and actual results may differ materially from those expressed or implied in such statements.