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C o r p o r a t e P r e s e n t a t i o n
August 6, 2015
R e d i s c o v e r i n g O r v a n a
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FORWARD LOOKING STATEMENTS
All#monetary#amounts#in#U.S.#dollars#unless#otherwise#stated.#
Certain( statements( in( this( presenta-on( cons-tute( forward4looking( statements( or( forward4looking( informa-on( within( the( meaning( of( applicable( securi-es( laws((“forward4looking( statements”).( Any( statements( that( express( or( involve(discussions(with( respect( to( predic-ons,( expecta-ons,( beliefs,( plans,( projec-ons,( objec-ves,(assump-ons,(poten-als,(future(events(or(performance((oDen,(but(not(always,(using(words(or(phrases(such(as(“believes”,(“expects”(“plans”,(“es-mates”(or(“intends”(or(sta-ng(that(certain(ac-ons,(events(or(results(“may”,(“could”,(“would”,(“might”,(“will”(or(“are(projected(to”(be(taken(or(achieved)(are(not(statements(of(historical(fact,(but(are(forward4looking(statements.(
The( forward4looking( statements( herein( relate( to,( among( other( things,(Orvana’s( ability( to( op-mize( its( assets( to( deliver( shareholder( value;(Orvana’s( ability( to( repay(currently( outstanding( debt;( es-mates( of( future( produc-on,( opera-ng( costs( and( capital( expenditures;( mineral( resource( and( reserve( es-mates;( the( metal( price(assump-ons(used(in(mineral(resource(and(mineral(reserve(es-mates;(metal(or(mineral(recoveries;(future(financial(performance,(including(the(ability(to(increase(cash(flow(and(profits;(future(financing(requirements;(mine(life(and(produc-on(rates;(and(mine(development(plans.(
Forward4looking(statements(are(necessarily(based(upon(a(number(of(es-mates(and(assump-ons(that,(while(considered(reasonable(by(Orvana(as(of(the(date(of(such(statements,( are( inherently( subject( to( significant( business,( economic( and( compe--ve( uncertain-es( and( con-ngencies.( The( es-mates( and( assump-ons( of( Orvana(contained(or(incorporated(by(reference(in(this(presenta-on,(which(may(prove(to(be(incorrect,(include,(but(are(not(limited(to,(the(various(assump-ons(set(forth(herein(and(in(the(Company’s(most(recently(filed(Management’s(Discussion(&(Analysis(and(Annual(Informa-on(Form(in(respect(of(the(Company’s(most(recently(completed(fiscal(year( (the(“Company(Disclosures”),(or(as(otherwise(expressly( incorporated(herein(by(reference(as(well(as:( there(being(no(significant(disrup-ons(affec-ng(opera-ons,(whether(due(to( labour(disrup-ons,(supply(disrup-ons,(power(disrup-ons,(damage(to(equipment(or(otherwise;(permiTng,(development,(opera-ons,(expansion(and(acquisi-ons(at( the(El(Valle(and(Don(Mario(Mines(being(consistent(with( the(Company’s( current(expecta-ons;(poli-cal(developments( in(any( jurisdic-on( in(which( the(Company(operates(being(consistent(with( its( current(expecta-ons;(certain(price(assump-ons( for(gold,( copper(and(silver;(prices( for(key(supplies(being(approximately(consistent(with(current(levels;(produc-on(and(cost(of(sales(forecasts(mee-ng(expecta-ons;(the(accuracy(of(the(Company’s(current(mineral(reserve(and(mineral(resource(es-mates;(and(labour(and(materials(costs(increasing(on(a(basis(consistent(with(Orvana’s(current(expecta-ons.(
A(variety(of(inherent(risks,(uncertain-es(and(factors,(many(of(which(are(beyond(the(Company’s(control,(affect(the(opera-ons,(performance(and(results(of(the(Company(and(its(business,(and(could(cause(actual(events(or(results(to(differ(materially(from(es-mated(or(an-cipated(events(or(results(expressed(or(implied(by(forward(looking(statements.(Some(of(these(risks,(uncertain-es(and(factors( include(fluctua-ons(in(the(price(of(gold,(silver(and(copper;(the(need(to(recalculate(es-mates(of(resources(based(on(actual(produc-on(experience;(the(failure(to(achieve(produc-on(es-mates;(varia-ons(in(the(grade(of(ore(mined;(varia-ons(in(the(cost(of(opera-ons;(varia-ons(in( the( costs( associated(with( the( suspension( of(mining( at( Carlés;( the( availability( of( qualified( personnel;( the( Company’s( ability( to( obtain( and(maintain( all( necessary(regulatory(approvals(and(licenses;(the(Company’s(ability(to(use(cyanide(in(its(mining(opera-ons;(risks(generally(associated(with(mineral(explora-on(and(development,(including(the(Company’s(ability(to(con-nue(to(operate(the(El(Valle(Mines(and/or(the(Don(Mario(Mine;(the(Company’s(ability(to(acquire(and(develop(mineral(proper-es(and(to(successfully(integrate(such(acquisi-ons;(the(Company’s(ability(to(obtain(financing(when(required(on(terms(that(are(acceptable(to(the(Company;(the(Company’s(ability( to( execute( on( its( strategy;( challenges( to( the( Company’s( interests( in( its( property( and(mineral( rights;( current,( pending( and( proposed( legisla-ve( or( regulatory(developments(or(changes(in(poli-cal,(social(or(economic(condi-ons(in(the(countries(in(which(the(Company(operates;(general(economic(condi-ons(worldwide;(and(the(risks(iden-fied(in(the(Company(Disclosures(under(the(heading(“Risks(and(Uncertain-es”.(This(list(is(not(exhaus-ve(of(the(factors(that(may(affect(any(of(the(Company’s(forward4looking(statements(and(reference(should(also(be(made(to(the(Company’s(Disclosures(for(a(descrip-on(of(addi-onal(risk(factors.((
Forward4looking(statements(are(based(on(management’s(current(plans,(es-mates,(projec-ons,(beliefs(and(opinions(and,(except(as(required(by(law,(the(Company(does(not(undertake(any(obliga-on( to(update( forward4looking(statements( should(assump-ons( related( to( these(plans,(es-mates,(projec-ons,(beliefs(and(opinions(change.(Readers(are(cau-oned(not(to(put(undue(reliance(on(forward4looking(statements.(
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INVESTMENT HIGHLIGHTS
Multi Mine - Au, Cu, Ag Producer
Focused on Europe/Americas
Strong Balance Sheet
Organic Growth
Trading Below 0.5 x EV / EBIDTA
Toronto, Canada Head Office
Asturias, Spain ElValle Mines
Bolivia Don Mario Mine
El Valle: Optimization Don Mario: Pit optimization Increase LoM Metallurgical work
Exploration Exploration
Strategy committee - may include transformational transactions
Highly undervalued among peers
YTD 2015 Production – 105.4M Au Eq Oz
M&A Opportunities
Repaid over USD$70M Now well positioned for market
YTD COC/AISC (by product) - $867/$1,133
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COMPANY SNAPSHOT
OVERVIEW
Ticker TSX:ORV
Common Shares 136.6M
Options / Warrants 2.3M / 1.5M
Market Capitalization (Aug 06/15) $27-$30M
OVERVIEW
Unrestricted Cash (June 30/15) $23.9M
Total Debt (June 30/15) $0M
Fiscal Year End Sept 30
Shareholder Breakdown
Fabulosa Insiders Institutions retail
All in US$ unless otherwise noted
Stock Chart (1 year)
Retail 52%
3
52wk hi-lo: $0.57-$0.20
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OPERATING PERFORMANCE/GUIDANCE
Net revenue from Cu and Ag by-products represented approximately 46% of net revenue in fiscal 2015 YTD.
Updated 2015 Guidance Low High
Capital Expenditures $11.5M $12.5M
4
70,000 55,929
80,541 84,084
57,610
73,000
-
25,000
50,000
75,000
100,000
FY 2012 FY 2013 FY 2014 YTD Q3-2015 Guidance-2015
Gold Oz
Don Mario El Valle
23,000
15,366 17,303
21,057 18,192
25,000
-
5,000
10,000
15,000
20,000
25,000
FY 2012 FY 2013 FY 2014 YTD Q3-2015 Guidance-2015
Copper Lbs (thousands)
Don Mario El Valle
$629 $631 $771 $867 $850
- $950
$1,383
$950 $1,015 $1,133
$1,150 - $1,250
$-
$400
$800
$1,200
$1,600
FY 2012 FY 2013 FY 2014 YTD Q3 2015 Guidance-2015
COC/AISC per Au/oz sold, By-product COC AISC
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KEY MILESTONES
To-Date ! Strong cash position ! Repaid over $70M in debt ! Improved grades ! Steady operating cash flow ! Sale of Copperwood for up to $25M ! Experienced management, board ! Achieved 2014 production guidance
Ongoing Initiatives " Continue to optimize operations " Lower cash costs " Extend LoM of operations " External growth opportunities " Increase share price relative to EBITDA " Enhance CSR programs
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MANAGEMENT & DIRECTORS
SENIOR MANAGEMENT
Daniella Dimitrov President, CEO & Director
• Over 20 years of capital markets, commercial and operations experience. Executive roles including as CFO of Orvana, Executive Vice-Chair of Baffinland Iron Mines and with Dundee Securities and Raymond James.
Jeffrey Hillis Chief Financial Officer
• Over 10 years of senior management and mining financial experience. Executive roles including as CFO of Potash Ridge Corp., Iberian Minerals and Excellon Resources.
João Nunes General Manager, El Valle
• Over 18 years of experience in mine operations and development. Senior mine management roles in Europe with Sociedade Mineira de Neves Corvo and Minas de Aguas Teñidas.
John Bracale President, Don Mario
• Over 30 years of senior mining management in Latin America, the Pacific Rim, and the U.S. Executive roles including President, Country Manager for CGN Guatemala, a subsidiary of HudBay Minerals.
DIRECTORS
Jacques McMullen Chairman
• Over 20 years’ experience in the mining sector. Principal and non-executive director BBA, Member of the Advisory Committee to Minera S.A. Formerly held senior positions at Barrick Gold.
Gordon Bogden • Over 30 years’ experience in the mining/finance sectors. President & CEO and Director of Alloycorp Mining,
Chair of NexGen Energy, Director of Camino Minerals, Royal Gold. Formerly held senior positions at Standard Chartered Bank, Gryphon Partners and National Bank Financial.
Ed Guimaraes • Over 20 years’ experience in the mining sector. CFO of Sierra Metals, Director Aldridge Minerals and Aquila Resources. Formerly held senior progressive positions at Aur Resources.
Gordon Pridham • Over 25 years’ experience mining/finance sectors. Principal of Edgewater Capital, Director of Newalta Corp
and Roxgold and Chairman of Titanium Corp. Formerly held senior positions in a number of finance companies and has advised public companies across a broad range of industry sectors.
Audra Walsh • Over 20 years’ experience in the mining sector. Previously held senior positions at Sierra Metals, Minera S.A., A2Z, Barrick and Newmont.
John Wilson • Over 30 years’ experience in the mining/finance sectors. Member of the Advisory Committee to Minera S.A. Formerly held senior positions with IFC and World Bank Group.
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$72,160
$61,020
$25,978
$0 $-
$20,000
$40,000
$60,000
$80,000
FY 2012 FY 2013 FY 2014 Q3 2015
El Valle Short-term Corporate Don Mario
SELECTED FINANCIALS
7
DECLINING DEBT
Financial Performance (in 000’s except per share amounts)
Q3 2015
Q2 2015
Q3 2014
YTD 2015
YTD 2014
Revenue $32,162 $30,108 $34,064 $101,040 $98,409
Adjusted Gross Margin ($5,791) $78 ($2,078) $3,265 $4,413
Adjusted EBITBA $629 $2,689 $9,407 $12,443 $24,979
Adjusted net income ($5,522) ($4,130) $905 ($8,914) ($1,208)
Adjusted net income per share (basic/diluted) ($0.04) ($0.03) $0.01 ($0.07) ($0.01)
Capital expenditures $1,720 $3,596 $6,486 $7,777 $13,988
Refer(to(Orvana(financial(statements(and(MD&A(for(complete(financial(informa-on(
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FINANCIAL PERFORMANCE
OCF BEFORE NON-CASH WORKING CAPITAL CHANGES
FY 2012, FY 2013 and FY 2014 include realized gains/losses on settled derivatives instruments.
• Adjusted EBITDA excludes non-cash impairment losses, asset de-recognition, M2M of unrealized derivatives and loss from discontinued operations.
• Adjusted EBITDA for FY 2012, FY 2013 and FY 2014 includes realized gains/losses on settled derivative instruments.
ADJUSTED EBITDA
8
$41,317
$50,328
$44,173
$12,443
-
15,000
30,000
45,000
60,000
FY 2012 FY 2013 FY 2014 YTD Q3 2015
US$
000
's
$(2,263)
$33,276
$38,900 $37,923
$11,142
(5,000)
5,000
15,000
25,000
35,000
45,000
FY 2011 FY 2012 FY 2013 FY 2014 YTD Q3 2015
US$
000
's
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SPAIN: EL VALLE PRODUCING MINE
EL VALLE OVERVIEW
Ownership 100%
2014 Au/Cu Production 62,957 Au oz / 5,626,000 Cu lbs
2015E Au/Cu Production 50.5-52,500 Au oz / 6.5-7,000,000 Cu lbs
YTD Q3 2015 COC/AISC $1,047 / $1,277
Q3 2015 Plant Recoveries 92.3% Au / 80.0% Cu
Plant Capacity 2,000 tpd
Q3 2015 Grade 3.37 gpt / 0.67% Cu UG
El Valle Au, Cu, Ag
SPAIN
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EL VALLE OVERVIEW
• Operating for 4 years • Excellent infrastructure • Optimizing grade of mineralization
mined, focused on profitable ounces • Experienced operating team • Now transitioned to owner/operator
mining of oxides
El Valle Hoist
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EL VALLE PRODUCTION/COSTS
COC#$884#
11
65,992 62,957
41,647
-
14,000
28,000
42,000
56,000
70,000
FY 2013 FY 2014 YTD Q3 2015
Gold Oz Production
6,658,000 5,626,000
4,775,000
-
1,800,000
3,600,000
5,400,000
7,200,000
FY 2013 FY 2014 YTD Q3 2015
Copper lbs Production
$803 $952 $1,047
$1,086 $1,160
$1,277
$-
$350
$700
$1,050
$1,400
FY 2013 FY 2014 YTD Q3 2015
El Valle COC/AISC (By-Prodcut) per Oz Au Sold
COC AISC
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EL VALLE PROPERTY OVERVIEW
El Valle located in Northern Spain, Rio Narcea Gold Belt • Investigation permits granted and
pending in all belts • >4,298ha in Exploitation Concessions
>23,854ha in Investigative Permits >8,064 pending Investigative Permits
• Prolific mining history • Mined by Romans ~2,000 years ago
• Historical exploration • Barrick Gold • Rio Narcea Gold Mines • Anglo American
SPAIN
El Valle
El(Valle(Roman(workings(
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CARLÉS#
BOINÁS#
LA#BRUEVA#
Rio#Narcea#Belt#
EL VALLE GROWTH
FY 2015 Plan • Exploration and drill program
• Delineation drilling • Targeting new resources • Expansion of known resources • Production drilling
Targets • La Brueva (8 kms from El Valle)
• Phase I completed, 9 holes 1,860m
• Phase II commenced • Exploration activities underway
on other targets – mapping, soil analysis, geophysics
Jasperoid#Breccia#/#La#Brueva#
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Don Mario Mine Au, Cu, Ag
BOLIVIA: DON MARIO PRODUCING MINE
DON MARIO MINE OVERVIEW
Ownership 100%
2014 Au/Cu Prod’n 21,127 Au oz / 15,430,000 Cu lbs
2015E Au/Cu Prod’n 19,500-20,500 Au oz / 16.5-18,000,000 Cu lbs
YTD Q3 2015 COC/AISC Au (co-product) per oz: $910 / $1,011 Cu (co-product) per lb: $2.16 / $2.39
Q3 2015 Recoveries 54.3% Au / 76.3% Cu
Plant Capacity 2,400 tpd
Q3 2015 Grade 1.05 gpt Au / 1.06% Cu OP
La Paz
Santa Cruz
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O R V A N A . B O L I V I A
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DON MARIO OVERVIEW
• Operating for +12 years • 2014 improved production: Au +45% and Cu +45%/guidance met • 2014 Au AISC decreased by 18% year-over-year • LoM estimated 1 year/opportunities being pursued for additional 2-3 years • Experienced local operating team
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O R V A N A . B O L I V I A
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DON MARIO PRODUCTION/COSTS
16
O R V A N A . B O L I V I A
14,549
21,127
15,963
-
6,000
12,000
18,000
24,000
FY 2013 FY 2014 YTD Q3 2015
Gold Oz Production
$1,050 $862 $910
$1,159
$955 $1,011
$-
$350
$700
$1,050
$1,400
FY 2013 FY 2014 YTD Q3 2015
Don Mario COC/AISC (Co-Product) per Oz Au Sold
COC AISC
$2.31 $2.28 $2.16
$2.55 $2.50 $2.39
$-
$0.75
$1.50
$2.25
$3.00
FY 2013 FY 2014 YTD Q3 2015
COC/AISC (Co-Product) per Lb Cu Sold
COC AISC
10,646,000
15,430,000 13,417,000
-
4,000,000
8,000,000
12,000,000
16,000,000
FY 2013 FY 2014 YTD Q3 2015
Copper lbs Production
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DON MARIO GROWTH
Mine Life Extension Initiatives
• Pit optimization • Considering a pushback into upper portion
of LMZ and crown pillar • Cerro Felix Drill program
• 39 holes totalling 3,600m focused on bringing known mineralized zones near Don Mario Pit into mineral resources
• CIL Circuit • In operation from 2006-2011 • Historical LMZ/Cerro Felix recoveries >80% • Capital estimate for potential reactivation
• Extensive land package • >68,300ha in mineral concessions provide
opportunities for future exploration programs
• Continued oxide met testing – • 2.4 M tonnes of existing oxide stockpiles
containing 153K oz Au • Au 1.96 gpt / Cu 1.74% / Ag 41.80 gpt
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O R V A N A . B O L I V I A
DON(MARIO(DEPOSIT(
LAS(TOJAS(DEPOSIT(
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SUMMARY
70 - 73K Au oz
23 - 25M Cu lbs
550 - 680K Ag oz
PRODUCTION / COST GUIDANCE 2015
Focused on Europe/Americas
Organic / M&A Growth Opportunities
Strong Balance Sheet
Multi Mine Producer - Gold, Copper, Silver
Trading at 0.5 x EV / EBIDTA
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COC/AISC - $850 - $950 / $1,150 - $1,250
CAPEX - $11.5M - $12.5M
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APPENDIX
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2015 GUIDANCE ORVANA EVBC DON MARIO
Low High Low High Low High
Gold oz Production 82,000 94,000 50,500 52,500 19,500 20,500
Copper 000’s lbs Production 20,000 23,000 6,500 7,000 16,500 18,000
Silver oz Production 550,000 680,000 150,000 180,000 400,000 500,000
COC $oz Au (by product)* $700 $770
AISC $oz Au (by product)* $1,000 $1,100
Capital Expenditures $17M $20M
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2014 EL VALLE RESERVES & RESOURCES
El Valle Mineral Reserves & Mineral Resource Estimates1
Tonnes Grade Contained Metal
Category (000’s) Au (g/t)
Cu (%)
Ag (g/t)
Au Ounces (000’s)
Cu Tonnes (t)
Total Proven Reserves 467 3.36 0.96 20.33 50 4,484
Total Probable Reserves 1,722 4.54 0.59 11.54 252 10,193
Total P+P Reserves 2,189 4.54 0.67 13.41 302 14,677
Total Measured Resources 1,342 3.62 0.91 20.27 156 12,166
Total Indicated Resources 4,664 4.63 0.63 12.18 695 29,332
Total M+I Resources 6,006 4.41 0.69 13.98 851 41,498
Total Inferred Resources 6,027 5.05 0.45 6.80 980 26,886 1. Mineral Resources are inclusive of Mineral Reserves
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NOTES TO RESERVES & RESOURCES
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Notes to the El Valle Mineral Reserve and Mineral Resource table:
• Mineral Reserves and Mineral Resources have been stated as at September 30, 2014. • Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. • Mineral Reserves are estimated using gold equivalent cut-off grades by zone, consisting of 4.5 g/t AuEq for Boinás Oxides, 2.9 g/t AuEq for Boinás
Skarns, and 2.8 g/t AuEq for Carlés. Gold equivalent cut-offs were calculated using recent operating results for recoveries, off-site concentrate costs, and on-site operating costs.
• Mineral Reserves are estimated using average long-term prices of US$1,100 per ounce gold, US$2.75 per lb copper, and US$20 per ounce silver. A Euro/US$ exchange rate of 1/1.33 was used.
• A minimum mining width of 4 m was used. • Mineral Resources are estimated at an Au equivalent cut-off grade of 3.8 g/t for Boinás oxide, 2.5 g/t for Boinás Skarn and 2.3 g/t for Carlés Skarn. • Mineral Resources are estimated using long-term prices of US$1,300 per ounce gold, US$3.10 per pound copper, and US$23 per ounce silver. A Euro/
US$ exchange rate of 1/1.33 was used. • A crown pillar of 10 m is excluded from the Mineral Resource below the El Valle open pit. • Unrecoverable material in exploited mining areas has been excluded from the Mineral Resource. • Mineral Resources and Mineral Reserves have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM
Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as is required by Canadian securities regulatory authorities. In addition, while the terms “Measured”, “Indicated and “Inferred” Mineral Resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the SEC. Investors should understand that “Inferred” Mineral Resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of Orvana’s Mineral Resources constitute or will be converted into Reserves.
• Mineral Reserve and Resource tonnage and contained metal have been rounded to reflect accuracy of the estimate, and numbers may not add due to rounding.
• The scientific and technical information contained above has been reviewed and approved (i) in respect of the estimated mineral reserves by Jason Cox., P.Eng., of RPA, and (ii) in respect of the estimated mineral resources, by Sean Horan, P.Geo., of RPA. RPA is an independent mining consultant and each of Messrs. Cox and Horan is a Qualified Person within the meaning of NI 43-101.
• For more details regarding the Mineral Reserve and Mineral Resource estimates please refer to the NI 43-101 “TECHNICAL REPORT ON THE EL VALLE BOINÁS - CARLÉS OPERATION, ASTURIAS, SPAIN” filed on SEDAR.
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R e d i s c o v e r i n g O r v a n a
Orvana Minerals Corp
Joanne C. Jobin Investor Relations Officer
CONTACT: Daniella Dimitrov
President & CEO [email protected] 181 University Avenue, Suite 1901
Toronto, Ontario Canada M5H 3M7 T 416-369-6275 W orvana.com