ORVANA

…us to present another year. I introduce myself. I am Raul Alvarez, director of exploration for Orvana Minerals. I’ve been in the company more than eighteen years, so, well, I can explain you a lot of our company. Today I’m going to update on our three units. And I would like to highlight with this picture: we announced this month our first copper cathodes production in Bolivia. For forward-looking statements, they available in our website and presentation.

Orvana has three units. Spain in production, continuous production of gold, silver, and copper since 2011. Bolivia, resuming production this year, also producing gold, silver, and copper. And our third unit is in Argentina, and it’s in exploration. I would like to highlight that the three units has a nice land package with possibilities to grow through the exploration.

If we have a look on our share price performance during the last year, it’s a clear trend. We moved from 60 cents last year to 2.6. So it’s a way to say that the market is realizing the performance of the company in production and exploration. We have a market cap of 360 million Canadian and an enterprise value of 320 US million.

I’m going to start with Spain. We are located in the north of the country. We are the only metal mining producer in the north. Most of the metal mines in Spain are in the southern part of the country. As I said before, we’ve been in production continuously since 2011. Spain is a underground mine. We have two mines at this moment in operation. We are producing copper concentrate and gold and silver Dore bars. Production in 2025 was in the range of 30,000 ounces of gold and 3.5 million of pounds of copper. For this year, we are on track to meet the guidance, slightly above 35,000 of ounces of gold.

But this is the area where our deposits are located in Asturias, the western part of Asturias. We have really interesting exploration projects. I would like to highlight Hortos de Codán, that is trucking distance to our mines and to our plant. And, well, this 30,000 hectares has been accumulated through the years as we are the major explorer and producer in the region. This allow us to get for new permits.

When moving to Bolivia, as I said before, we are resuming production this year after a seven years gap of non-production. The base of this new production is the oxide stockpile. You can see in the picture is this stockpiles. It’s 2 million tons of stockpiles that has been accumulated during the previous operations of the company during the last fifteen years. And because at that time we cannot maximize the recoveries of the gold and copper in the stockpiles, they decide to accumulate it. And during these years, we’ve been advancing with the metallurgical testing and the engineering to find the best solution to recover.

And during the last year, after getting a solution, we start building the new circuit, that is this roof, red roofs, that is fully constructed right now. And this is the new circuit. It’s a acid leaching circuit that is going to allow us to produce the copper cathodes that you see at the beginning. After that, the circuit continues to produce gold and silver Dore bars. The total tonnage of the stockpile is 2 million tons, and the total metal content is around 130,000 ounces of gold and 41,000 tons of copper. This is going to be a three years project.

So at the same time, we are evaluating new options to keep on extending the life of mine in Bolivia. First, with exploration. We have an attractive land package of more than 33,000 hectares, with the Don Mario operation just in the middle, where we identify two belts with several indicators. We are going to resume the exploration at the same time we are resuming production. At the same time, we are going to evaluate the remnants. Remember I said that we’ve been seven years without production. When we stopped was late 2019. Gold price were below 2,000. So right now we are going to identify new opportunities to increase our resources.

And I would like to go back to this picture. We have our tailings storage facility. We have around 8 million tons with some gold and copper on it. So we are going to advance with all the metallurgical testing. The tailings have been drilled in the past, so we have a resource. In our website you can check it, more than 8 million tons. So we are going to advance also in this opportunity in Bolivia.

And moving to Argentina, our exploration unit. The parade is called Taguas, and it’s located in a high prolific area in the San Juan province, one of the most pro-mining areas in Argentina, in, I can say, in South America. We are 20 kilometers north of Barrick’s operation Veladero and Pascua Lama project, so gold production. And 10 kilometers south of Valeriano from Atex, copper deep porphyry exploration. So we are just in the middle of two different commodities, and we are going to advance in both ways in our exploration strategy.

I would like to highlight during this year we acquired the southern property besides Taguas called Evelina. This is allowing us to double the land package, moving to 7,000 hectares. This area is way underexplored, has a nice alteration pattern on surface that makes us think that could be the continuity to the south of our deposit.

When we acquired the property, 2019, we continue with the strategy of the previous owner, focusing on the oxides, the upper part of the deposit. In that way we publish in 2021 a PEA based on the oxides only. That report has a, well, open pit mine, heap leach, Merrill Crowe, low strip ratio, and economics were calculated with a price of $1,700 per ounce of gold. So we identify still this as an opportunity for us to continue developing the oxides.

During the last two years, we’ve been repositioning the strategy for Taguas, not only focus on the oxides, but also in the deeper part of the deposit, because we have a lot of indicators that a potential porphyry could be under the epithermal system. So first we make a re-logging of all that deep drill holes that reach 700 meters maximum depth. So targeting for veining, alteration, copper, molybdenum, all the indicators for porphyry. So after that, we identify an area of 2.5 kilometers north to south full of that indicators. In November last year, we made a deep geophysics survey, IP plus magnetotelluric. The result of that survey is that image, orange on the left. It’s a low resistivity anomaly that is indicating us the potential presence of sulfides.

So we drill. In January, we started with the first deep drilling campaign in Taguas. It was only two drill holes, around 2,000 meters total, and the first drill hole reached 1,300 meters. We cannot continue because of mechanical limitations of the drill rig, but we were successful, and we hit the first porphyry in Taguas. At 700 meters to 900 meters, we hit 0.25 grams per ton of gold and 0.12% of copper. So it’s the first porphyry in Taguas that is giving us a lot of information to try to vectorize for a deeper opportunity and to plan next season.

And talking about next season, we are going to advance in three different objectives, with a total budget of 15 US million. We are going to integrate the new acquisition, Febelina, in the geological model of Taguas. So first, we are going to do some mapping, sampling, normal geological activity, and we are going to expand the geophysical program that we did in 2025 into this property. And this is the area that we are going to cover with this season geophysics. You can check that it’s not only to the south, but the north, because the anomaly that we identify this year is open north and south. So with this information, we are going to unveil the potential of the full property of depth.

The second part of this campaign is the infill drilling program in the oxides. So this area of Cerro Taguas is where the oxides, the epithermal system is and where the PEA report is based on. So we are going to complete the infill drilling program with 10,000 meters short drill holes at surface. You can see the picture on the left where this brown envelope is the area where we are going to drill. With this drilling, we will be able to move all the inferred resources into measured and indicated, and with this new resource, we will have the possibility to move this oxides project to a potential pre-feasibility in the future. We also would like to make some step-out drilling to expand the tonnage in the oxides.

Then the third, the most exciting for us, is the deep drilling. We are planning another 10,000 meters of deep drill holes up to 2 kilometers in this 2.5 kilometers area between Cerro Campamento and Cerro Taguas South. This deep drill holes is where we have all the deep indicators, and we would like to test this season looking for the core of the porphyry system. Remark that this is the area where we make the intercept this season. So we are going to drill not only in that area, but the full property with the potential of a porphyry.

Regarding the financial performance of the company, these numbers are after the third quarter. We are ending the fiscal year in two days. So by the end of the third quarter, we have an EBITDA of 62 million. And I would like to remark that this EBITDA is related to Spain production, as Bolivia was only starting.

So just to summarize, I would like to remember last year, I said that Orvana was way undervalued. If you remember the share price trend, it was. But this year, I have to say that for us it’s still way undervalued. Just thinking the EBITDA, this is only with Spain production. For the next year, we are going to double the production, Spain plus Bolivia. So this is going to be a catalyst. But exploration in Taguas is going to allow us to grow on a different way. Remember the 10,000 meters of deep drilling that could be transformational for the company. So, well, I will ask you to stay tuned, and thank you for attending. Any questions?

Thank you for the presentation. [applause] Just while people are thinking of their questions, I might start with at high level: you have three projects across Spain, Bolivia, and Argentina. What is the capital allocation strategy between the three project areas?

Okay. Well, they are way individual. So any finance that we made for Bolivia is allocated in Bolivia. Okay. So with that policy, we are trying to commit the local stakeholders.

All right. And Oroval in Spain, the costs have trended higher. Is there one or two particular factors behind that increase in the cost base? And have you got some mitigation strategies to bring those costs back?

Basically, the highest cost in production in Spain is the oxides. So we are moving to more oxides production. So that’s basically one of the reasons. Then the inflation of the materials for ground support is also affecting us. But well, we are always trying to control the cost. If you see the guidance, we are below the guidance. So that’s a success of the operational team in Spain. We are always on that way, controlling costs.

Yes. Are there any questions from the floor? And just in the time remaining: at Taguas, the original plan for the oxide system was processing through a heap leach. Is that still the plan now that the focus has moved more towards a porphyry-style system?

Yeah. Well, we are completing the infill drilling because we think that the oxides is still a nice opportunity for us. We are producers, and the oxides are the best way to reach a fast production in Taguas. But we need to understand the full potential of the property before starting with any development in the oxides, because maybe there is some kind of bad interaction between mining at surface and the deep exploration. So yes, we are still focusing on both.

Thank you. And one last quick one. What is the timeframe for permitting a heap leach operation in Argentina?

Well, they are really not fast track. But the authorities are really pro-mining, pushy in that way. Could be, well, take more time with environmental studies. But could be, well, four years. I don’t know exactly. But yeah, it takes… Could be shorter. It takes time.

Okay. Very good. Thank you very much for your presentation. Thank you.