TORONTO, Jan. 16, 2026 — Leads & Copy — Orvana Minerals Corp. (TSX: ORV) reported production and exploration updates for the first quarter of fiscal year 2026, ended December 31, 2025 (“Q1 FY2026”), along with an update on the Oxides Stockpile Project at its Don Mario operation in Bolivia.
According to Juan Gavidia, CEO of Orvana, the first quarter of fiscal 2026 was a strong one for the company, with operational improvements and grade increases leading to higher gold production at Orovalle. He added that progress has been made in the exploration program for the Taguas Project in Argentina, and the expansion of the Don Mario Plant in Bolivia is advancing, with initial doré production expected to commence in February, subject to completion of ongoing performance verification activities.
Orovalle remains on track to meet its FY2026 production guidance, while the company advances drilling at Taguas and progresses with its Oxides Stockpile Project in Bolivia.
Q1 FY2026 production included 10,576 gold equivalent ounces (9,308 gold ounces, 0.7 million copper pounds and 31,007 silver ounces). 100% of the company’s production for the quarter was generated by Orovalle, the Spanish unit.
The Taguas exploration program is advancing as scheduled. A geophysical survey was completed over the full 4 km² area of interest between Cerro Campamento and Cerro Cuarto (part of Cerros Taguas), using a 400 m × 400 m grid. Results are currently under evaluation and will be reported in a future update.
Based on preliminary geophysical results and the updated geological model, the company is advancing to the next phase of its exploration program, commencing with the first deep drilling campaign. Mobilization of drilling equipment is underway in preparation for the planned drilling program. The company expects to drill approximately 4,500 metres through April 2026, targeting areas showing potential copper-gold porphyry indicators.
Orovalle drilled 3,337 metres (1,278 and 1,512 metres infill and brownfield drilling at El Valle Boinás, and 547 metres greenfield drilling at Lidia).
The Oxides Stockpile Project involves a plant expansion to treat ore stockpiled from previous years of mining activity. The expansion consists of: (i) plant expansion proper, including new circuits for Cu oxides’ acid leaching, filtering, solvent extraction and electro-winning to produce Cu cathodes; and Au-Ag and Detox circuits’ enhancement, both in terms of throughput and in terms of technological performance; (ii) comprehensive overhaul of pre-existing comminution and thickening circuits; and (iii) business-readiness initiatives, including upgrades to power generation, chemical and metallurgical laboratories, warehouses and workshops; and recruitment – training of new manpower.
As previously announced on December 17, 2025, the company initiated performance verification of the comminution and thickening circuits, originally expected to be completed by mid-January 2026. These activities have taken longer than anticipated and are now expected to continue until early February, primarily due to corrective maintenance identified during testing, including the delivery and installation of certain spare parts. The company is also working to enhance the desorption and smelting processes for gold and silver, and expects to complete these processes in January 2026.
Subject to the completion of the previously detailed works in the Au-Ag circuit, legacy ore from the Las Tojas area that remained on site from prior operations (and is distinct from the company’s oxide stockpiles) is expected to be processed beginning in February into mid-March 2026, and the company expects initial doré production to commence in February 2026.
The copper circuit, part of the Don Mario Plant expansion, whose construction was previously scheduled to be completed in January 2026, is now anticipated to be completed by mid-March, following delays in the delivery of certain materials and services. Subsequent commissioning activities will then be completed, and the connection between the Cu and Ag-Au circuits will be made, with the processing of oxide stockpiles ore expected to begin during April 2026.
The on-site pilot test has been completed, and work is now underway on the analytical lab results. Upon assessment of these results, the pilot testing, together with pre-existing metallurgical data, is expected to enable the company to update its metal production estimates derived from processing the oxide stockpiles at Don Mario. The company expects to provide updated information once the testing results have been validated.
Capital Expenditures are currently under review as the project enters the final stages of construction. The company expects to provide an update with its first quarter results.
Overall, the Don Mario plant expansion is advancing through final construction and commissioning activities. The company remains focused on implementing a robust and controlled ramp-up of operations, with the timing of completion dependent on the availability of required materials and services for the pending activities.
Orovalle is on track to meet FY2026 production guidance. The mill processed approximately 129,622 dry tonnes during Q1 FY2026, 28% higher than the prior quarter, supported by increased tonnage mined from parallel operations at El Valle Boinás and Carlés mines.
9,308 gold ounces were produced in Q1 FY2026, 47% higher than the previous quarter primarily due to 28% higher tonnes milled, 2% higher recoveries and 13% higher gold grade. The higher gold grade was primarily due to a higher percentage of oxides in the blend.
0.7 million copper pounds were produced in Q1 FY2026, 9% lower copper than the previous quarter mainly due to 25% lower copper grade and 4% lower recoveries, partially off-set by 28% higher tonnes milled. The decrease in copper grade resulted from a different ore blend, with reduced El Valle Boinás skarn content.
The Annual Information Form of the Company for the fiscal year ended September 30, 2025 (the “FY2025 AIF”) was filed on December 29, 2025, including Mineral Resource and Reserves estimates for Orovalle with an effective date of September 30, 2025. The FY2025 AIF includes the latest production schedule produced by Orovalle based upon the estimated Mineral Reserves. The schedule includes oxides and skarns ore mined from both the Boinás and Carlés underground mines at an average rate of 508,000 tpa for a period of 5 years. The FY2025 AIF can be found on the Company’s website at www.orvana.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Q1 FY2026 consolidated operational and financial highlights will be released with the first quarter financials, expected mid-February, 2026.
Guadalupe Collar Menéndez, a Qualified Person under National Instrument 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana, reviewed and approved the technical information in this news release, including geological, assay, and drilling interpretation data.
Additional information is available at Orvana’s website.
Source: Orvana Minerals Corp.
