2014 First Quarter Presentation February 11, 2014

FORWARD LOOKING STATEMENTS

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,potential future events or performance (often, but not always, using words or phrases such as “believes”, “expects” “plans”, “estimates” or “intends” or stating thatcertain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements.Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone (“UMZ”) deposit at Don Mario, the El Valle-Boinás/Carlés (“EVBC”) project in Spain and the Copperwood (“CW”) project in Michigan and their potential operations and production; the outcome and timing ofdecisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production;estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studiesand their results; production forecasts; future transactions; future gold prices; the ability to achieve additional growth and geographic diversification; future productioncosts; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of suchstatements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvanacontained or incorporated by reference in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein andin the Company’s most recently filed Annual Information Form, or as otherwise expressly incorporated herein by reference as well as: there being no significantdisruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development,operations, expansion and acquisitions at the UMZ deposit, the EVBC deposit and the CW project being consistent with the Company’s current expectations; politicaldevelopments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver;prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’scurrent mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana’s current expectations.A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Companyand its business, and could cause actual results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements.Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actualproduction experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualifiedpersonnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; risks generally associated with mineral exploration anddevelopment, including the Company’s ability to develop the UMZ deposit, the EVBC deposit , and the CW project; the Company’s ability to acquire and developmineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to theCompany; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes inpolitical, social or economic conditions in Bolivia; general economic conditions worldwide; and the risks identified in Orvana’s latest Management’s Discussion andAnalysis under the heading “Risks and Uncertainties”. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements andreference should also be made to the Company’s Annual Information Form for a description of additional risk factors.Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company doesnot undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.Readers are cautioned not to put undue reliance on forward-looking statements

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COPPERWOOD DIVESTITURE

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Value realization of Copperwood project $25 million sale price

$20 million cash - payable on closing $2.5 million cash - payable on earliest of production and 36 months from closing $2.5 million cash - payable on commercial production and $4.25/$4.50 copper price

Closing subject to financing and regulatory approvals

Strategic Focus Stronger Orvana balance sheet

Repayment of $2.7 million short term debt Improved working capital

Growth Organic growth at EVBC Mines and UMZ Mine through exploration Pursuit of growth opportunities that could better leverage existing operations

Q1 HIGHLIGHTS

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Total gold production of 18,855 ounces Total copper production of 4.7 million pounds Adjusted EBITDA of $10,914 Adjusted EPS of $0.01 Total debt net of cash of $39,475 Operating cash flow (OCF) of $3,754 Cash operating costs (COC) of $854/oz and all-in sustaining costs (AISC) of

$1,057/oz Significant progress towards hoist repairs and upgrades at Boinás Mine

GOLD COPPERQ1-2013 Q1-2014

SILVERQ1-2013 Q1-2014 Q1-2013 Q1-2014 Q1-2013 Q1-2014 Q1-2013 Q1-2014 Q1-2013

OU

NC

ES

MIL

LIO

N P

OU

ND

S

OU

NC

ES

17,75918,855

12,895

19,613

233,452

252,830

218,016

244,5164.4 4.4

4.7

4.0

Q1-2014

Production

Sales

EVBC MINES - Q1 HIGHLIGHTS

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Increased oxides mined at Boinás Mine San Martin stope recovery progressing - higher gold head grade expected in

Q2FY2014 Lower gold head grade impacted production in Q1FY2014 due to the stope

recovery Alternate hauling production schedule continues with success Significant advancement towards Q2 completion of hoist repair and upgrades

GOLDQ1-2013 Q1-2014

13,949oz

13,988oz

PRODUCTION

COPPER

1.35 m/lbs 1.26

m/lbs

COC/AISC (BY-PRODUCT)

AISC$1,363

AISC$1,116

COC$884

COC$847

(1) COC, AISC (by-product) reported on a per ounce of gold sold. GOLD

Q1-2013 Q1-2014 Q1-2013 Q1-2014

UMZ MINE – Q1 HIGHLIGHTS

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Improved copper recoveries Increased gold head grade Increased production of 10% gold and 32% copper over Q4FY2013 Oxides processing testing continued Progress in implementation of gold gravity circuit - completion targeted for

Q2FY2014 - expected to increase gold recovery by 10%-15% Cost savings initiatives including a 12% reduction in personnel

GOLDQ1-2013 Q1-2014

COPPERQ1-2013 Q1-2014

3,810oz

4,867oz

3.0m/lbs

3.5m/lbs

PRODUCTION

¹COC and AISC (co-product) are reported on a per ounce of gold and silver sold and per pound of copper sold.

COC/AISC (CO-PRODUCT)

GOLD

AISC$1,153

COC$1,010

AISC$874

COC$761

COC$1.97

COC$2.18

AISC$2.46

COC$2.05

AISC$2.33

COPPERQ1-2013 Q1-2014 Q1-2013 Q1-2014

Market Overview (at 12/31/13)

Ticker TSX:ORV

Common Shares 136.6 M

Options 2.8 M

Warrants 2.27 M

Market Capitalization ~$69 M

Major Shareholder Fabulosa Mines (52%)

Stock Chart (1 Year)

COMPANY SNAPSHOT

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Balance Sheet (at 12/31/13, US$M)

Unrestricted Cash $9.4 M

Total Debt Net of Cash $39.5 M

Shareholders’ Equity $164.8 M

Available Credit Drawdown $8.8 M

Fiscal Year End September 30

Attractive EV/EBITDA (FY2013) 2.13

0

0.2

0.4

0.6

0.8

1

1.2

1.4

01/02/13 01/03/13 01/04/13 01/05/13 01/06/13 01/07/1301/\01/13 01/08/13 01/09/13 01/10/13 01/11/13 01/12/13

FINANCIAL PERFORMANCE

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Q4-2013 Q1-2014 Q1-2013 FY-2013

Revenue $43,975 $35,220 $35,651 $162,199

Gross Margin $12,303 $4,508 $11,386 $30,998

Adjusted EBITDA $18,981 $10,914 $10,760 $50,870

Adjusted Net Income (loss) $7,814 $1,211 $4,341 $36,623

Operating Cash Flow (OCF) $7,659 $3,754 $51 $32,569

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CONSOLIDATED CASH FLOW

GROWTH

EVBC Mines - Spain Upgrade inferred resources and identify new resources at EVBC Mines

and surrounding area Up to ~$1.4 million delineated drilling Up to ~$1.9 million exploration targeting to add 500,000 oz/au in new resources

UMZ Mine - Bolivia Identify new resources at UMZ Mine surrounding area

Up to ~$1 million targeting 680,000 oz/au in two schist belts with mining history Continued oxides processing testing

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Multi Mines Producer

Major European Gold Producer

Organic Growth Opportunities

Strong Operating Cash Flow

Balance Sheet Getting Stronger

FY-2014 PRODUCTION GUIDANCE

80 – 93 k oz 18 – 20 m lbs 875 – 950 k oz

Copper SilverGold

Strong Copper Producer

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SUMMARY