Orvana Minerals Corp. · TSX:ORV
Orvana Minerals — Investor Presentation (August 2022)
33 slides from Orvana Minerals's investor presentation, Aug 18, 2022
Slide 1: Delivering Value with Organic Growth
PRODUCER · DEVELOPER · EXPLORER DELIVERING VALUE TAGUAS OPEN PIT CONCEPT WITH ORGANIC GROWTH TSX | ORV Corporate Presentation | Summer 2022 ORVANA.COM | 2022
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS All monetary amounts in U.S. dollars unless otherwise stated. of these risks, uncertainties and factors include: the potential impact of the COVID-19 on the Company’s business and Certain statements in this presentation constitute forward-looking statements or forward-look
Slide 3: Overview
OVERVIEW 2022 – 2026 Growth Strategy in Place Toronto Exploration – Development - Production HEAD OFFICE Spain OROVALLE 100% Owned Assets Au, Cu, Ag Spain In Production Bolivia In Development Pacific Ocean Atlantic Ocean Argentina In PEA Free Cash Flow Bolivia Committed to EMIPA Organic Growth
Slide 4: Snapshot - TSX:ORV
SNAPSHOT - TSX:ORV Common Shares O/S 136.6M Unrestricted Cash (06/30/22) USD 6.1M Options (06/30/22) 0.6M Total Debt (06/30/22) USD 22.8M Stock Price (08/17/22) CAD 0.28 Enterprise Value (08/17/22) USD 45.8M Market Capitalization (08/17/22) CAD 38.3M Monthly Avg. Trading Volume 0.4M Fiscal Year ends
Slide 5: Management
MANAGEMENT New core management since 2016 and new CEO since 2018 Juan Gavidia Nuria Menéndez Guadalupe Binh Vu Raúl Álvarez Rubén Collar 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 e
Slide 6: Spain Orovalle Strategy
SPAIN • Annual Production: 60K+ Gold Equivalent Ounces (GEO) OROVALLE • Optimizing OPEX & CAPEX at all levels STRATEGY • Organic Growth: (*) • Mineral Resource: 14 Million Tons @ Au 3.7 g/t • Exploration Drilling: 25,000 meters per year • Regional Exploration: 45K ha’s • Current Drilling at Lidia &
Slide 7: Production Profile
PRODUCTION PROFILE Mining Methods V SPAIN • Cut and Fill Safety First • Sublevel Stoping Monthly Underground Development • Drilling and blasting (hard rock): 500 m Enviromental • Retro-excavation (weaker rock): 750 m • Total: 1,250 m Responsibility Daily Extraction • Hoist: 700 tpd • Trucking: 1,400
Slide 8: Boinás Mine Exploration
BOINÁS MINE EXPLORATION EAST BRECCIA V SPAIN N EL VALLE FAULT Legend AREA 208 WEST SKARN In Progress Mining CHARNELA AREA E2 Future Mining Exploration Potential BLACK SKARN Growth Potential A 107 BOINAS SOUTH VILLAR S 107 HIGH ANGLE EAST BOINAS EAST HIGH ANGLE TSX | ORV Aug 18 | 2022 8
Slide 9: Regional Exploration
Cantabrian Sea REGIONAL EXPLORATION Northern Spain Major Regional Gold Belts V SPAIN Tapia de Casariego ! Region has been mined for over 2,000 years ! ! Navia Luarca Pravia ! ! Regional Targets based on 45,163 ha land package La Linde Salas ! ! Ortosa Godan FY2022 Key Targets: Grado Tineo • Orto
Slide 10: Production & Cost
PRODUCTION & COST V SPAIN Gold oz Production Copper lbs Production COC/AISC per Au/oz sold (thousands) By-product 51,104 6,283 47,413 $1,898 46,000 $1,850 5,611 44,000 5,200 $1,700 4,800 $1,385 $1,376 $1,400 $1,300 $1,558 32,425 3,540 $1,151 $1,043 Q3 YTD Q3 YTD FY 2020 FY 2021 FY 2022 FY 2020 FY 20
Slide 11: Argentina Taguas Project Strategy
ARGENTINA Phase 1 - Oxides: 0.9 M GEO Mineral Resource • Infill Drilling (Phase I) FY2022 TAGUAS • Resource remodeling PROJECT • Pre-feasibility activities STRATEGY Next • Infill Drilling (Phase II) Steps (*) • Feasibility studies • EPCM Target Production Starts FY2026 Phase 2 - Sulphides: 1.7 M G
Slide 12: Taguas Project Profile
TAGUAS PROJECT PROFILE V ARGENTINA Located in high Andes of San Juan Province, Argentina Access to site: Via Tudcum, road services Barrick’s Veladero Mine, 25 km N-NE Highly prolific belt for world-class deposits Consisting of 15 individual claims/concessions – 3,273.87 ha High-Sulphidation Epitherm
Slide 13: Taguas Project Status
TAGUAS PROJECT STATUS V ARGENTINA New Preliminary Economic Assessment (NI 43-101) dated December 2021: Report filed on SEDAR on February 11, 2022 Prepared by Kappes, Cassiday and Associates (KCA), NCL Ingenieria & Construccion SpA (NCL), Dr. Joseph J. Kowalik and Geosim Services Inc. (Geosim) wi
Slide 14: Taguas Project – New PEA NI 43-101
COG TAGUAS PROJECT – NEW PEA NI 43-101 Estimate of Inferred Mineral Resource for Cerro Taguas Oxides reported at 0.25 g/t AuEq Cut-off Tonnes Grade V Contained Metal ARGENTINA Au Ag Au Eq Au Ounces Ag Ounces AuEq (Mt) (g/t) (g/t) (g/t) (000’s) (000’s) 0.25 55.0 0.35 12.1 0.49 619 21,429 PEA dated De
Slide 15: Bolivia EMIPA Strategy
BOLIVIA Development & Production FY2022-23 • Oxides Stockpile Project (OSP) EMIPA Development STRATEGY FY2024-26 • OSP Production (*) FY2026 • Tailing Reprocessing Project (TRP) Development FY2027-31 • TRP Production Exploration • Multi-target Exploration Program: • 53k ha Land Package in Pre-Cambri
Slide 16: Don Mario Profile
DON MARIO PROFILE V • Chiquitos, Santa Cruz Department, Eastern Bolivia BOLIVIA • 10 Mineral Rights – 53,325 ha • Production Started in 2003. In C&M since late 2019 Don Mario • In Development: • Oxides Stockpile Project • Tailings Reprocessing Project • Main Infrastructure: • 2,000 tpd Processing Pl
Slide 17: OSP & TRP Highlights
OSP & TRP Highlights V BOLIVIA Oxide Stockpile Project - OSP Oxides Stockpile Project quality assurance (metallurgical) testing is currently in progress. Decision on the project is expected in fiscal 2022. OSP and TRP Subject to favourable completion of technical, economic and funding analysis,
Slide 18: District Exploration
DISTRICT EXPLORATION V BOLIVIA 53,325 ha Land Package Mineralized structures over 2 belts Variety of greenfield targets are being explored for future satellite deposits Refreshed Exploration Program Review 30 years of historical exploration data Define new exploration targets applying latest
Slide 19: Financial Performance
FINANCIAL PERFORMANCE Financial Performance (US 000’s) FY2019 FY 2020 FY 2021 Q3 YTD 2022 Year-end: September 30 Revenue $136,400 $101,994 $105,513 $66,955 Net Income (Loss) ($5,266) ($1,592) ($1,112) ($7,251) EBITDA $18,065 $9,544 $19,917 $4,082 OCF, before Non-Cash WC changes $18,312 $8,959 $21,16
Slide 20: Fiscal 2022 Guidance
FISCAL 2022 GUIDANCE OROVALLE Low High Q3 YTD Actual Gold oz Production 44,000 46,000 32,425 Copper 000’s lbs Production 4,800 5,200 3,540 COC $/oz Au (by-product) * 1,300 1,400 1,558 AISC $/oz Au (by-product) * 1,700 1,850 1,898 Capital Expenditures ($) 15.0M 17.5M 8.1M • Fiscal 2022 Revised Guidan
Slide 21: Trading at 40% to Carrying Value Excluding Argentina
TRADING AT 40% TO CARRYING VALUE EXCLUDING ARGENTINA 08/17/22 Carrying Market Reserves (*) The carrying amount of Orvana’s net assets as at March 31, 2022 of $74 million 40 of Value (*) 74M 43 = Capitalization = 694,000 x USD/GEO includes the carrying values of the current cash-generating units (Oro
Slide 22: Why Orvana?
WHY ORVANA? • Three NI 43-101-supported Assets. All 100% owned • “Organic Growth Strategy” being delivered since 2019 • Clear Catalysts and News Flow. Great Equity Investment with 3 Layers of Assurance: Layer 1: Proven Operations Performer. Same Team since 2016 Layer 2: Substantial Potential to
Slide 23: Appendix
ORVANA MINERALS CORP APPENDIX
Slide 24: Taguas Open Pit Preliminary Design
TAGUAS OPEN PIT PRELIMINARY DESIGN V ARGENTINA TSX | ORV Aug 18 | 2022 24
Slide 25: Mineral Resources GEO
MINERAL RESOURCES GEO Mineral Resources Gold Equivalent Ounces (M) 5.2 2.6 2.5 0.5 2.5 0.5 0.7 0.3 0.3 1.7 1.6 2.0 Orovalle September 30, 2019 September 30, 2020 September 30, 2021 Don Mario Taguas Gold Equivalent (GEO) calculations were based on assumed metal prices of: Au/Ag/Cu prices Sep 30, 2019
Slide 26: Orovalle Reserves & Resources
OROVALLE RESERVES & RESOURCES V SPAIN Mineral Reserves2 – Sept. 30, 2021 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 1,327 2.71 0.43 9.02 116 12,574 Total Probable Reserves 1,997 3.25 0.28 4.20 209 12,324 Total P+P Res
Slide 27: 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 1. CIM definitions were followed for Mineral Resources. followed for Mineral Reserve estimation. 2. Mineral Resources are estim
Slide 28: Lidia
Background LIDIA V SPAIN Detailed mapping/ rock sampling Historical soil geochemistry showing Au anomalies over the intrusive Geophysics: 4 IP lines with interesting anomalies Drilling: 5DDH 1998-2005: 1,472 m. completed LIDIA Exploration program: • 1,017m completed in FY2021 • 1,405m comple
Slide 29: Ortosa – Godán
ORTOSA – GODÁN V SPAIN Background Located close to Carlés deposit Airborne Geophysics Geochemistry / Surface sampling 37 DDH (9,833 m) completed (1981-2011) Skarn and oxide mineralization intersected Exploration program 12 DDH (6,000 m) planned Target 1: Intersect high grade skarn Ta
Slide 30: Taguas Resources
TAGUAS RESOURCES Taguas Mineral Resources – September 30, 2021 V ARGENTINA Tonnes Grade Contained Metal Au Ag Cu Au Ounces Ag Ounces Cu Lbs Location (000’s) (g/t) (g/t) (%) (000’s) (000’s) (million) Cerro Taguas 131,355 0.29 8.8 0.11 1,225 37,068 305 Cerro Silla Sur 750 3.14 57.9 0.24 76 1,396 4 Cer
Slide 31: Don Mario Resources
DON MARIO RESOURCES Oxide Stockpile and Tailings Reprocessing Project’s Mineral Resources – Sept. 30, 2021 V BOLIVIA Tonnes Grade Contained Metal Au Cu Ag Au Ounces Category (000’s) Cu Tonnes (g/t) (%) (g/t) (000’s) Total Measured Resources (Oxides 2,184 1.84 1.89 49.3 129 41,282 Stockpile) Total In
Slide 32: Don Mario Reserves
DON MARIO RESERVES V BOLIVIA Stockpile Mineral Reserves – Sept. 30, 2021 Tonnes Grade Contained Metal Au Cu Ag Au Ounces Category (000’s) Cu Tonnes (g/t) (%) (g/t) (000’s) Total Proven Reserves 2,032 1.85 1.89 49.3 121 38,438 Total Probable Reserves 0 0 0 0 0 0 Total P+P Reserves 2,032 1.85 1.89 49.
Slide 33: Delivering Value with Organic Growth
DELIVERING VALUE WITH ORGANIC GROWTH 70 York Street, Suite 1710 Nuria Menéndez Toronto, Ontario Canada M5J 1S9 T 416-369-1629 www.orvana.com Chief Financial Officer nmenendez@orvana.com
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