Orvana Minerals Corp. · TSX:ORV
Orvana Minerals — Investor Presentation (September 2026)
35 slides from Orvana Minerals's investor presentation, Sep 21, 2026
Slide 1: Multi-Asset Producer Growing for Value Creation
First Copper Cathodes at Don Mario plant, Bolivia. September 2026 Multi-Asset Producer Growing for Value Creation Corporate Presentation | September 21, 2026 TSX: ORV | OTCQX: ORVMF ORVANA.COM September | 2026 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS All monetary amounts in U.S. dollars unless otherwise stated. Certain statements in this presentation constitute forward-looking statements or forward-looking information within the meaning of applicable circuit to steady-state production, particularly, political and civil
Slide 3: Company Overview
COMPANY OVERVIEW OPTION 2 BUSINESS UNIT STATUS GROWTH PLATFORM OROVALLE PRODUCING Au – Ag - Cu 30,779 ha GROWTH El Valle Boinás–Carlés SPAIN Key Targets: El Valle Boinás, Carlés, Ortosa-Godán and Lidia Continuous production since 2011 EMIPA PRODUCING Au – Ag - Cu 53,325 ha GROWTH Don Mario BOLIVIA K
Slide 4: Snapshot
SNAPSHOT Common Shares O/S 136.6M Unrestricted Cash (06/30/26) USD 32.6M Options (06/30/26) None Total Debt (06/30/26) USD 100.2M Stock Price (09/18/26) CAD 2.61 Enterprise Value (09/18/26) USD 322.5M Market Capitalization (09/18/26) CAD 356.6M Monthly Avg. Trading Volume 3.6M Fiscal Year ends Septe
Slide 5: Orovalle
EL VALLE - BOINÁS - CARLÉS El Valle Boinás Operation OROVALLE SPAIN September | 2026 5
Slide 6: Production - Spain
PRODUCTION - SPAIN OROVALLE OPERATION LOCATION Asturias, Northern Spain MINING El Valle Boinás and Carlés Mines Underground Methods: Drift and fill; Sublevel Stoping PROCESSING El Valle Plant Circuits: Gravimetry, Flotation, CIL Output: Copper Concentrate & Au-Ag Dore FY2025 METAL PRODUCTION Au: 29.
Slide 7: Growth - Spain
GROWTH - SPAIN LOCATION Orovalle Mine Operations and Projects are located in GIJÓN PORT Northern Spain Major Regional Gold Belts El Valle Plant: 89 kilometres by road to Gijon Port LA LINDE OVIEDO TARGETS ORTOSA-GODAN CARLES MINE Regional Targets based on 30,779 ha land package CHUGARON with 14 Expl
Slide 8: EMIPA - Don Mario
DON MARIO Don Mario Operation EMIPA BOLIVIA September | 2026 8
Slide 9: Production - Bolivia
PRODUCTION - BOLIVIA Don Mario plant expansion completed, DON MARIO PLANT Ramp-up underway; first doré bars and cathodes produced; steady-state operations enabling the processing of oxide ore targeted by Q1 FY2027. stockpiles from previous years of mining activity High-level Flowsheet Don Mario Plan
Slide 10: Growth - Bolivia
GROWTH - BOLIVIA DON MARIO DISTRICT LOCATION Santa Cruz, Eastern Bolivia 53,325 ha Land Package Mineralized structures over 2 belts Divided in 10 areas: Don Mario (center of the land package, and where the Don Mario Operation is located), Sena Quina, La Tercera, Mónica, Álvaro, La Aventura, Mine
Slide 11: Taguas
TAGUAS Taguas Project TAGUAS ARGENTINA September | 2026 11
Slide 12: Growth - Argentina: Taguas Project
TAGUAS PROJECT GROWTH - ARGENTINA V LOCATION San Juan Province Highly prolific area known for high-sulfidation epithermal Au-Cu- Ag deposits and porphyry Cu-Au systems 7,289 HA LAND PACKAGE Includes the Taguas Property and the Evelina Property, acquired in 2026 STRATEGY • Advancing the understanding
Slide 13: 2021 Oxides PEA
This PEA (dated December 2021) refers only to the oxidized gold-silver mineralization occurring near surface in Cerro Taguas and does not reflect the results of exploration work completed since that time. 2021 OXIDES PEA V Estimate of Inferred Mineral Resource for Cerro Taguas Oxides reported at 0.2
Slide 14: FY2026 Campaign: Deep Porphyry Target
FY2026 CAMPAIGN: DEEP PORPHYRY TARGET V • First-ever deep drilling campaign on the property between late January and early May 2026. • The campaign followed the development of an updated geological model and a geophysical survey aimed at identifying potential deep targets to 1,500 metres. The geophy
Slide 15: FY2027 Exploration Program
FY2027 EXPLORATION PROGRAM V STATUS ACTIVITIES Key preparatory activities are advancing, including Evelina Property Integration contractor engagement, Designed to enhance the Company's understanding of the broader mineral system. permitting and operational readiness for program Structural Mapp
Slide 16: Integrated Mapping & Geophysical Program
INTEGRATED MAPPING & GEOPHYSICAL PROGRAM EVELINA INTEGRATION V Available datasets from Evelina will be integrated into a consolidated geological model covering both the original Taguas property and the Evelina property. STRUCTURAL MAPPING Collection and interpretation of kinematic indicators to
Slide 17: FY2027 Infill Drilling
A CERRO V FY2027 INFILL DRILLING CERROS TAGUAS A’ CAMPAMENTO INFILL DRILLING AREA CERROS TAGUAS OXIDES 10,000 metres planned within the existing Cerros Taguas oxide resource(*) area. Objectives: • Support the potential conversion of the current Inferred Resources(1) to the Measured and Indicated
Slide 18: FY2027 Deep Drilling
A CERRO FY2027 DEEP DRILLING V CERROS TAGUAS A’ CAMPAMENTO DEEP DRILLING AREA 2.5 KM LENGTH BETWEEN CERRO CAMPAMENTO AND CERRO TAGUAS SOUTH 9,500 metres planned Objectives: • Test high-priority deep targets • Advance understanding of the porphyry copper-gold system UP TO 2KM DEPTH • Refine explo
Slide 19: Financial Performance
FINANCIAL PERFORMANCE Financial Performance (US 000’s) Q3 YTD FY 2023 FY 2024 FY 2025 Year-end: September 30 FY2026 Revenue $99,122 $90,310 $98,903 $132,129 Net Income (Loss) $2,708 ($4,952) ($12,299) $30,920 EBITDA (*) $21,652 $16,865 $21,366 $62,497 OCF, before Non-Cash WC changes $16,291 $21,409
Slide 20: Positioned for Value Creation
POSITIONED FOR VALUE CREATION Three assets. One platform Orovalle (Spain): Operating asset in Spain Brownfield and greenfield upside Cash flow generation EMIPA (Bolivia): Production ramp-up underway Expanded processing plant Organic growth potential Taguas (Argentina): Located in a world-class minin
Slide 21: Orvana Minerals Corp
ORVANA MINERALS CORP September | 2026 21
Slide 22: Management
MANAGEMENT Juan Gavidia Nuria Menéndez Binh Vu Raúl Álvarez Rubén Collar Guadalupe CEO since 2018 CFO since 2018 Collar & GM Orovalle since 2016 VP Legal Affairs Director of Exploration & Director of Operations Director of Geology 40 years work experience in Technical Services Orovalle Orovalle Gene
Slide 23: Mineral Resources GEO
MINERAL RESOURCES GEO Gold Equivalent Ounces (M) 4.7 4.7 4.7 2.8 2.8 2.8 0.6 0.6 0.6 1.5 1.3 1.3 Orovalle September 30, 2023 September 30, 2024 September 30, 2025 Don Mario Taguas Gold Equivalent Ounces (GEO) (*) calculations were based on assumed metal prices of: (*) Gold Equivalent Ounces (GEO) is
Slide 24: Orovalle Reserves & Resources
OROVALLE RESERVES & RESOURCES V SPAIN Mineral Reserves2 – Sept. 30, 2025 Tonnes Grade Contained Metal Au Cu Ag Au Ounces Cu Lbs Category (000’s) (g/t) (%) (g/t) (000’s) (000’s) Total Proven Reserves 431 2.31 0.43 7.89 32 4,048 Total Probable Reserves 2,099 2.68 0.21 3.32 181 9,629 Total P+P Reserves
Slide 25: Notes to Orovalle Reserves & Resources
Notes to Mineral Reserves table: NOTES TO OROVALLE RESERVES & RESOURCES Notes to Mineral Resources table: V SPAIN 1. CIM (November 29, 2019) definitions and guidelines were followed for Mineral Reserve 1. CIM definitions and guidelines (November 29, 2019) were followed for Mineral Resources estimati
Slide 26: Don Mario Resources
DON MARIO RESOURCES V BOLIVIA Oxide Stockpile and Tailings Reprocessing Project’s Mineral Resources – Sept. 30, 2025 Tonnes Grade Contained Metal Au Cu Ag Au Ounces Ag Ounces Category (000’s) Cu Tonnes (g/t) (%) (g/t) (000’s) (000’s) Total Measured Resources (Oxides 2,184 1.84 1.89 49.3 129 41,283 3
Slide 27: Don Mario Reserves
DON MARIO RESERVES V BOLIVIA Stockpile Mineral Reserves – Sept. 30, 2025 Tonnes Grade Contained Metal Au Au Cu Ag Cu Ag Ounces Category (000’s) Ounces (g/t) (%) (g/t) Tonnes (000’s) (000’s) Total Proven Reserves 2,032 1.85 1.89 49.3 121 38,438 3,221 Total Probable Reserves 0 0 0 0 0 0 0 Total P+P Re
Slide 28: Taguas Resources
Taguas Mineral Resources – September 30, 2025 TAGUAS RESOURCES V ARGENTINA Tonnes Grade Contained Metal Au Ag Au Ag Cu Cu Lbs Location Material Type Class (000’s) Ounces Ounces (g/t) (g/t) (%) (million) (000’s) (000’s) Indicated 39,463 0.37 11.1 467 14,037 Oxide Cerro Taguas Inferred 17,736 0.35 16.
Slide 29: Orovalle Production & Costs
OROVALLE PRODUCTION & COSTS COC/AISC(*) per Au/oz sold V SPAIN Gold oz Production Copper lbs Production (thousands) By-product 36,488 37,000 3,744 3,612 $2,700 - $3,000 34,000 29,276 3,000 $2,186 $2,271 $2,300 - $2,500 2,700 $1,829 27,428 Q3 YTD 2,121 $1,872 $1,847 Q3 YTD $1,539 FY 2024 FY 2025 FY 2
Slide 30: Rio Narcea Gold Belt
RIO NARCEA GOLD BELT V SPAIN OROVALLE - LONG TERM EXPLORATION STRATEGY GOING NORTH FROM CURRENT OPERATIONS ORTOSA GODAN TARGET TARGET ORTOSA GODAN CARLES TARGET CARLES MINE MINE EL VALLE - BOINAS MINE OXIDES N LEGEND SKARN Exploitation EL VALLE- BOINAS Concessions MINE Mine Operations Ortosa- Godan
Slide 31: Ortosa – Godán
ORTOSA – GODÁN • V Located close to Carlés deposit (Río Narcea Gold Belt) SPAIN • Airborne Geophysics / Geochemistry / Surface sampling • 9,833 m of drilling in 37 historical holes (1981-2011) • 10,834 m of drilling in 25 holes by Orovalle (2021-2025) ORTOSA TARGET ORTOSA 1.6 Km • Drill data indicat
Slide 32: Godan
Legend GODAN TARGET GODAN 2.0 km V SPAIN CARLES MINE Old Drillholes 0m Orovalle Drillholes Au intersections Calcic Skarn 1.5 km Downhole DDH Au (g/t) length (m) 20CN1160 3.15 1.40 - 500 m 20CN1161 0.90 3.68 ? 20CN1162 23GOD05 23GOD05 0.50 3.70 1.30 3.11 5.91 2.26 23GOD05 5.70 0.82 Underground drift
Slide 33: Ortosa
ORW-3X ORTOSA 21ORW05 22ORW11 V SPAIN 11.25 m @ 6.8 g/t Au 2.90 m @ 20.66 g/t Au 1.10 m @ 33.12 g/t Au 22ORW07 6.05 m @ 22.16 g/t Au A’ 1.60 m @ 27.43 g/t Au 300 m OPEN 100 m A Au (g/t) 21ORW06 0 50 >=0.25 <1.00 100 >= 1.00 <2.25 >= 2.25 <3.50 Quaternary Diorite Jasperoid Breccia >=3.50 <5.00 FeOx S
Slide 34: Lidia
EL VALLE- BOINAS MINE 21LIDIA02 99.3 m @ 0.48 g/t Au 22LIDIA04 196.5 m @ 0.53 g/t Au LIN-4x 142.5 m @ 0.44 g/t Au • • LIDIA Exploration background: V SPAIN Located in Navelgas Gold Belt, 20 km west from El Valle Mine Including: 1.90 m @ 3.14 g/t Au 22LIDIA05 318.0 m @ 0.44 g/t Au Detailed mapping
Slide 35: Contact: 70 York Street, Suite 1710
Raúl Álvarez Director Exploration & Technical Services ralvarez@orvana.com Nuria Menéndez Chief Financial Officer nmenendez@orvana.com 70 York Street, Suite 1710 Toronto, Ontario Canada M5J 1S9 T 416-369-1629 www.orvana.com Drill rig in operation at the Taguas Project, Argentina. FY2026 Program.
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