ORVANA REPORTS H2 FY2026 EXPLORATION RESULTS AT OROVALLE, SPAIN

TSX:ORV
OTCQX: ORVMF

TORONTO, Oct. 29, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to report exploration results from its El Valle and Carlés deposits in Spain for the second half of fiscal year 2026, ended September 30, 2026 ("H2 FY2026"). The Company's ongoing exploration programs at El Valle and Carlés are comprised of infill drilling to improve geological confidence in known mineralized zones and brownfield drilling to test for extensions of those zones, with the objective of supporting future updates to the Company's Mineral Resource estimates.

•    H2 FY2026 Highlights

     El Valle–Boinás:

• Drilling at the El Valle Boinás mine focused on the oxide mineralized bodies, with a total of 6,537 metres drilled, comprising 5,687 metres at Breccia East, 742 metres at Area 208 and 108 metres at Boinás East.
• Infill drilling focused on refining the geological interpretation of Breccia East, including its interpreted relationship with the Area 208 mineralized zone.
• Brownfield drilling in Breccia East intersected gold mineralization at the 300 m level, which the Company interprets as indicating that the mineralized zone remains open at depth.
• Selected drilling intercepts from H2 FY2026 (approximate true widths; see Tables 1 to 4 below):
  • DDH 26BX1094 (Breccia East):  4.17 m @ 39.85 g/t Au and 0.34% Cu, including 1.33 m @ 116.41 g/t Au and 0.47% Cu
  • DDH 26BX1105 (Breccia East):  3.31 m @ 15.80 g/t Au and 0.23% Cu
  • DDH 26BX1118 (Breccia East): 15.08 m @ 10.68 g/t Au and 0.27% Cu
  • DDH 26BX1120 (Breccia East):  3.39 m @ 16.77 g/t Au and 1.92% Cu
  • DDH 26A22025 (Area 208): 4.77 m @ 4.50 g/t Au and 0.32% Cu

     Carlés:

• 1,197 metres completed in Carlés Northwest (1,046 metres infill and 151 metres brownfield) to define the northeastern extension of the mineralized zone between the -35 and +50 levels.

•    Drilling Summary

A total of 53 drill holes were completed during H2 FY2026 across the El Valle–Boinás and Carlés deposits.

•  Breccia East

Of the total 5,687 metres drilled during H2 FY2026, 3,959 metres were infill drilling aimed at improving the geological interpretation of the mineralized zones and providing additional data to support the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources in a future Mineral Resource update. There is no certainty that any Inferred Mineral Resources will be converted to Indicated Mineral Resources. The remaining 1,728 metres consisted of brownfield drilling, which the Company interprets as indicating continuity at depth of one of the mineralized bands. This interpretation will be further assessed as part of future brownfield drilling programs.

Drill hole locations, orientations, and reported intercepts are illustrated in Figures 1 through 3, and listed in Tables 1-5 in this news release. These figures provide plan and sectional views of the drilling completed during H2 FY2026, together with historical drilling in these areas. 

^{Figure 1. Level 420 – Breccia East}

The Breccia East zone is interpreted to occupy a fault zone located at the contact between limestone and sandstone. The latter acts as a relatively impermeable barrier to hydrothermal fluids, causing Au and Cu mineralization to precipitate along the structure (Figures 2 and 3). Breccia East consists of subangular to rounded clasts supported by a hematitic clay matrix with visible native copper in some drill holes.

The upper part of the structure is bounded by Tertiary rocks along a broadly sub-horizontal contact at approximately 465 metres elevation. To the east, an Alpine thrust places Middle Cambrian carbonate rocks of the Láncara Formation over Tertiary rocks and Upper Cambrian sandstones of the Oville Formation. The structure remains open at depth and will be further evaluated as part of future exploration programs. (Figures 2 and 3)

The zone is further affected by NW-SE fault system that produces significant offsets and variations in the thickness of the mineralized zone, resulting in a structurally complex setting (Figure 1).

The Breccia East structure comprises a series of subvertical bands whose thickness varies from south to north, with average widths of approximately 20 metres in the southern sector, narrowing to around 7 metres in the northern sector. Gold mineralization within these bands is typically concentrated in horizons with true widths of 2 to 3 metres and average grades of approximately 4 g/t Au. Locally higher-grade zones have been intersected in the southern portion of the structure, as demonstrated by DDH 26BX1118, which returned 15.08 m at 10.68 g/t Au. Gold mineralization is occasionally accompanied by copper mineralization, as observed in DDH 26BX1116, which returned 1.79 m at 7.21 g/t Au and 1.49% Cu.

The drilling program carried out has improved the understanding of the geometry and continuity of mineralization within Breccia East, increasing confidence in the geological model. In addition, the brownfield drilling results indicate that the mineralization remains open at depth and will be the subject of further evaluation in future exploration campaigns.

^{Figure 2. Cross section A-A´}

^{Figure 3. Cross section B-B}

•  Area 208

At Area 208, three holes totalling 742 metres (482 metres infill and 260 metres brownfield) were drilled in Q3 FY2026. Results are presented in Table 2.

Mineralization in Area 208 is concentrated within bands, with variable thickness (between 5-10 m) of altered skarn and semi-jasperoid breccias within the limestone; subsequently, the intrusion of porphyry dikes led to silicification and mineral enrichment of these bands. The arrangement of the mineralized bands in contact with the limestone and sandstone units, together with the presence of porphyritic dikes, is similar to that described in Breccia East, suggesting a correlation between the two structures.

•  Boinás East

Boinás East is a magnesian skarn that has developed along the contact between intrusive and carbonate units. The metallic mineralization consists of chalcopyrite, bornite, and magnetite, and is associated with Au-Cu mineralization. One infill hole (108 metres) was drilled in Q3 FY2026 to complete the delineation of a mining stope in the Boinás East skarn. Results are presented in Table 3.

•  Carlés

At the Carlés mine, 1,197 metres were completed between 1,046 metres of infill (major part of the program) and 151 metres of brownfield drilling. The drilling program was conducted to define the northeastern extension of the Carlés Northwest mineralized zone between the -35 and +50 levels. The zone remains open at depth and will be evaluated in future drilling programs. Results are presented in Table 4.

•  Technical Information

Tables 1 to 4 present results from drilling completed during H2 FY2026.

Reported intercepts for the El Valle–Boinás and Carlés drilling (Table 1 to Table 4) represent approximate true widths.

^{(*) Collar: UTM ED1950}

Quality Control

Infill and brownfield drill holes samples were analyzed in Orovalle's Laboratory.

Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 70%<6 mm. The coarse-crushed sample is further reduced to 70%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced by 85% to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 150 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat.  Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.

After sample preparation, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and one-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP optical emission spectroscopy (ICP-OES) after an aqua regia digestion. Sampling is carried out in batches of a maximum of 30 samples for the fire test and 42 samples for the acid digestion test, with the first and last samples being analyzed twice, also a standard and a blank is inserted in every batch by laboratory personnel. Gold values exceeding 16.7 g/t Au are automatically repeated by the metallic screening method, to confirm the grade of the sample. For Breccia East and Area 208 core samples is used a 1000 g sub-sample of each split and 250 g sub-samples are split. 50 g samples are twice analyzed. In case of the twice analysis do not match, a metaling screening method is used to confirm the grade.

In addition to the controls inserted by laboratory personnel, geologists insert certified reference material (CRM), blanks and duplicate samples into the sample stream. The on-site senior geologist reviews the results prior to acceptance of the assay results. Orovalle repeats the entire batch analysis if the standard falls outside acceptable limits. If a blank or duplicate is observed to fail, 20% of the batch is re-assayed. If the 20% that is re-assayed does not match the original analysis, then the entire batch is re-analyzed.

The technical information in this news release, including geological, assay, and drilling interpretation data, has been reviewed and approved by Guadalupe Collar Menéndez, a Qualified Person under National Instrument 43-101, who is not independent of the Company, and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

The Qualified Person has verified the data disclosed in this news release by reviewing the results of the quality control program described under "Quality Control" above. No limitations were placed on the verification process.

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, among other things, current expectations, estimates, projections and assumptions about future events and operating performance, including: interpretations regarding the continuity and extent of mineralization and whether such mineralization remains open, the potential extent of mineralized zones, and the timing, scope and direction of future exploration programs and next steps, including the interpretation of drilling results and the potential implications for future exploration and development activities; potential future updates to the Company's Mineral Resource estimates; the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources; geological interpretations, including the interpreted continuation of mineralization at depth; plans for future infill and brownfield drilling at El Valle–Boinás and Carlés; the expected reporting of pending assay results; and the expected timing of the release of the Company's Q4 FY2026 results and audited annual financial statements.

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 underlying the forward-looking statements in this news release include, without limitation: (i) the drilling and assay results reported in this news release being reliable and the geological interpretations based on them being reasonable; (ii) no material disruptions to operations due to labour, supply chain, power, equipment damage or other events; (iii) permitting, development, operations and expansion activities at Orovalle, Don Mario and Taguas proceeding consistent with the Company's current expectations; (iv) political, regulatory and social conditions in the jurisdictions in which the Company operates remaining broadly consistent with the Company's current expectations; (v) commodity prices and input costs (including labour, energy and key supplies) remaining within ranges consistent with the Company's current expectations; (vi) the accuracy of the Company's current mineral reserve and mineral resource estimates; and (vii) the availability of necessary funds to execute the Company's plans. There can be no assurance that such expectations will be achieved. Exploration results are inherently uncertain and subject to further interpretation, which may affect the Company's understanding of mineralization and future exploration plans.

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 or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the risk that further drilling does not confirm the geological interpretations or continuity of mineralization described in this news release; the risk that Inferred Mineral Resources are not converted to Indicated Mineral Resources; the reliability of assay results, including results from the Company's in-house laboratory; the Company's ability to successfully resume production at Don Mario; 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.

For further information please contact: Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.com