TSX:ORV

OTCQX: ORVMF

TORONTO, Oct. 15, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to report production results for the fourth quarter and full fiscal year 2026, ended September 30, 2026 ("Q4 FY2026" and "FY2026", respectively), and to provide an update on the Oxides Stockpile Project at its Don Mario operation in Bolivia.

Juan Gavidia, CEO of Orvana, commented, "Spain exceeded our FY2026l gold production guidance, supported by the strategic use of additional contractor services o, which helped offset labour shortages and absenteeism. Looking ahead to FY2027, our focus remains on sustaining disciplined production performance and operational efficiency while managing inflationary cost pressures arising from broader global conditions and continued workforce challenges."

"At Don Mario's newly expanded Plant, we produced our first gold doré bars, and copper cathodes, during the quarter. Current work is about optimizing the acid leaching and filtration sectors, to further improve process efficiency and operational reliability. We expect to progressively increase daily throughput during the remainder of calendar 2026 moving towards the end goal of 1,700 tonnes per day, by the end of calendar 2026," he added.

Highlights

- Consolidated production of 12,947 Gold Equivalent Ounces ("GEO")(1) during Q4 FY2026, comprised of 10,895 gold ounces, 1.0 million pounds of copper and 35,502 silver ounces.

- Consolidated production of 45,160 GEO(1) during FY2026, comprised of 39,282 gold ounces, 3.1 million pounds of copper and 112,499 silver ounces.

- Orovalle produced 37,775 ounces of gold and 2.9 million pounds of copper in FY2026, exceeding gold production guidance and delivering copper production within guidance.

- EMIPA produced its first doré and copper cathodes from the expanded Don Mario Plant during Q4 FY2026. EMIPA FY2026 production was below the Company's FY2026 guidance for EMIPA, which was withdrawn on September 17, 2026 (see "EMIPA – FY2026 Guidance" below).

Certain statements in this news release, including statements regarding throughput increases, the objective of reaching design capacity by the end of Calander 2026, and ongoing optimization at the Don Mario Plant, constitute forward-looking information. See "Cautionary Statements – Forward-Looking Information" below.

(1) Gold Equivalent Ounces ("GEO") is a Non-GAAP Financial Performance Measure. Non-GAAP measures do not have standardized meanings under IFRS and may not be comparable to similar measures of other issuers. GEO is calculated by converting copper and silver to gold equivalent using the metal prices disclosed below and adding the result to gold ounces produced. The Company believes GEO provides a useful measure to help evaluate production across multiple metals. Refer to the Company's most recent Management's Discussion and Analysis for additional information. GEO were calculated using the following average market prices:

Q4 FY2026:  $4,269.51/oz Au, $62.73/oz Ag, $6.40/lb Cu

Q3 FY2026:  $4,516.57/oz Au, $73.44/oz Ag, $6.04/lb Cu

Q4 FY2025:  $3,455.50/oz Au, $39.38/oz Ag, $4.44/lb Cu

FY2026:        $4,450.84/oz Au, $68.82/oz Ag, $5.83/lb Cu

OROVALLE

- 10,347 gold ounces produced in Q4 FY2026, 7% higher than the previous quarter, primarily driven by a 10% increase in gold grade and a 0.8% improvement in recovery, partially offset by a 3% decrease in tonnes milled.

- 0.8 million pounds of copper produced in Q4 FY2026, 17% higher than the previous quarter, primarily due to a 13% increase in copper grade and a 7% improvement in recovery, partially offset by a 3% decrease in tonnes milled.

- Quarter–over–quarter grade changes reflect changes in oxide and skarn proportions associated with ore extraction and blending sequencing.

- For FY2026, Orovalle processed a total of 518,525 tonnes of ore and produced 43,074 GEO(1), comprising 37,775 ounces of gold, 2,877 thousand pounds of copper and 100,255 ounces of silver.

- Gold production of 37,775 ounces in FY2026 was approximately 2% above the upper end of the FY2026 production guidance range of 34,000 to 37,000 ounces.

- Copper production of 2.9 million pounds in FY2026 was within the FY2026 production guidance range of 2.7 to 3.0 million pounds.

EMIPA

- During Q4 FY2026, EMIPA commenced processing oxides ore through the expanded Don Mario Processing Plant achieving first production of gold doré bars and copper cathodes; marking key milestones in the ramp-up of the operation. Metallurgical recoveries during this initial ramp-up period, which included operational testing of the circuits, were below planned levels, and improving recoveries is a key focus of ongoing optimization work.

- EMIPA has now substantially completed operational validation of copper, gold and silver circuits, as well as the comminution circuit. Production to date has demonstrated that each circuit can produce finished metal from the oxide stockpile ore. The ramp-up has identified the acid leaching and filtration sectors as the principal areas for optimization, where operational efforts are now focused, including the evaluation of different filter cloth configurations to improve filtration performance. Oxides ore throughput increased each month of the quarter, from 1,694 tonnes in July, to 3,914 tonnes in August, and 11,160 tonnes in September.

- EMIPA expects to increase current throughput through the remainder of calendar 2026 to reach the plant's design capacity of approximately 1,700 tonnes per day. In parallel, EMIPA is also working to reduce unit costs as throughput increases as plant throughput progressively increases.

- During Q4 FY2026, EMIPA processed 16,769 tonnes of oxides ore, and produced 1,109 GEO(1), comprised of 548 ounces of gold, 265 thousand pounds of copper, and 11,165 ounces of silver.

- For FY2026, EMIPA processed a total of 64,156 tonnes of ore and produced 2,086 GEO(1), comprised of 1,507 ounces of gold, 265 thousand pounds of copper and 12,244 ounces of silver. Production during the year included sulphide ore processed through the gold and silver circuits, without copper recovery, in Q2 and, beginning in Q4, oxide ore processed through the expanded Don Mario Processing Plant during its ramp-up phase.

- EMIPA – FY2026 Guidance

EMIPA's FY2026 production of 1,507 ounces of gold and 0.27 million pounds of copper was below the Company's FY2026 guidance for EMIPA. On February 11, 2026, the Company provided guidance of 13,000 to 14,000 ounces of gold and 6.7 to 7.5 million pounds of copper, based on the planned processing of approximately 256,000 tonnes of oxide stockpile ore during the second half of FY2026, in addition to legacy sulphide ore. On August 13, 2026, the Company revised this guidance to 4,200 to 4,700 ounces of gold and 1.9 to 2.1 million pounds of copper, and on September 17, 2026, the Company withdrew it.

The shortfall was primarily the result of processing significantly fewer tonnes of oxide ore than planned, reflecting (i) a delay in the start of oxide ore processing, principally due to civil unrest and logistics disruptions in Bolivia during May and June 2026; and (ii) lower-than-anticipated throughput during the ramp-up period. Metallurgical recoveries below planned levels during the ramp-up period also contributed to the shortfall. The Company is not currently providing production or cost guidance for EMIPA Additional information will be included in the Company's Management's Discussion and Analysis for FY2026.

Qualified Person

The scientific and technical information in this news release related to the Company's Orovalle operation has been reviewed and approved by Guadalupe Collar Menéndez, Chief of Geology of Orovalle Minerals S.L., a Qualified Person as defined under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, and is not independent of the Company.

The scientific and technical information in this news release related to the Company's EMIPA operation has been reviewed and approved by Luis Isla, Chief of Geology of Empresa Minera Paitití, S.A. ("EMIPA"), a Qualified Person as defined under National Instrument 43-101 and an employee of EMIPA, a subsidiary of Orvana, and is not independent of the Company.

Consolidated Operational and Financial Performance

Q4 FY2026 consolidated operational and financial highlights will be released with the audited annual financial statements and MD&A for FY2026, expected to be published in late November 2026.

ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing Orovalle operation in northern Spain; the Don Mario operation in Bolivia; and the Taguas project located in Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements – Forward-Looking Information

Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements").