ORVANA SUBSIDIARY IN BOLIVIA REPORTS Q3 FY2026 FINANCIAL RESULTS

                                                                                                           TSX:ORV
                                                                                                          OTCQX: ORVMF

TORONTO, July 31, 2026 /PRNewswire/ -- Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") announces the filing at the Bolivian stock market by its subsidiary, Empresa Minera Paitií, S.A. ("EMIPA"), of its unaudited Financial Statements for the third quarter of the fiscal year 2026 ("Q3 FY2026"), prepared in accordance with Bolivian generally accepted accounting principles ("Bolivian GAAP").

In September 2023, Autoridad de Supervisión del Sistema Financiero ("ASFI"), Bolivia's financial regulator, approved and registered EMIPA as an eligible bond issuer on the Bolivian stock market. As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with ASFI. The unaudited Financial Statements for the period ended June 30, 2026 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"):

https://www.asfi.gob.bo/pb/entidades-inscritas-registro-del-mercado-valores

To search for EMIPA's financial statements, select the following at the ASFI Page:
Buscar: Empresa Minera Paitití, S.A. EMIPA
Ver: Estados Financieros

On June 29, 2026, Bolivia replaced its long-standing fixed exchange rate of Bs. 6.96 per U.S. dollar with a new exchange rate regime under which the official exchange rate is established daily by the Central Bank of Bolivia. The exchange rate set on the transition date was Bs. 9.73 per U.S. dollar. EMIPA's unaudited Q3 FY2026 financial statements, prepared in accordance with Bolivian GAAP, reflect the preliminary impact of this exchange rate adjustment.

EMIPA's Bond Programs in the Bolivian Market, as more fully described in the Company's most recently filed unaudited interim financial statements available on www.sedarplus.ca, are subject to certain financial covenant requirements that were tested as at June 30, 2026. The applicable covenant thresholds are set out below:

EMIPA's financial results as at June 30, 2026 were affected by a number of factors, including certain external factors such as the accounting impact of Bolivia's transition to the new official exchange rate regime and delays in the start-up of the Oxides Stockpile Project resulting from social unrest and road blockages in May and June 2026. These factors, among other matters, adversely affected EMIPA's financial covenant ratios. Consequently, based on its unaudited Q3 FY2026 financial statements prepared under Bolivian GAAP, EMIPA was not in compliance with the Debt Coverage Ratio, Third-Party Debt Coverage Ratio and Leverage Ratio covenants as at June 30, 2026.

During the cure period, EMIPA is required to prepare and submit an action plan intended to address the covenant deficiencies. The development, implementation and effectiveness of such plan, together with any other potential remedial measures, remain subject to ongoing evaluation and discussions with bondholders and other stakeholders. There can be no assurance that these efforts will successfully remedy the covenant deficiencies or otherwise result in a satisfactory outcome. The Company will provide further information regarding this matter in due course.

Orvana's consolidated Q3 FY2026 financial highlights will be released with the third quarter unaudited financials, expected mid-August, 2026.

 ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas property 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"). Forward-looking information in this news release includes, without limitation: (i) the anticipated timing of the Company's third quarter consolidated financial results; (ii) EMIPA's ability to assess, negotiate, implement and obtain approvals for measures to address the covenant deficiencies described above and the anticipated outcome of such measures; and (iii) EMIPA's assessment that the factors underlying the covenant non-compliance described above do not affect the continuity of its operations or its ability to service its obligations to bondholders.

Forward-looking statements are not statements of historical fact and are generally identified by words or phrases such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "may", "could", "would", "might" or "will", or similar expressions, and include statements regarding future events and performance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions underlying the forward-looking statements in this news release include, without limitation: (i) the timely completion of the Company's internal financial reporting processes; (ii) the availability and accuracy of financial and operating information required to prepare consolidated financial results; (iii) the timely completion of required internal and external reviews of such information; and (iv) the absence of unanticipated issues arising in the financial reporting process that could delay the completion or release of the Company's consolidated third quarter fiscal 2026 financial results; (v) EMIPA's ability to develop and implement measures to address the covenant deficiencies described above within the applicable cure period; and (vi) the accuracy of EMIPA's assessment of the factors underlying, and the expected impact of, the covenant non-compliance described above.

A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: the Company's ability to successfully assess, negotiate, implement and obtain approvals for measures intended to address covenant deficiencies under existing financing arrangements; the risk that lenders or bondholders under EMIPA's financing arrangements could declare an event of default and seek to exercise remedies, including acceleration, if the covenant deficiencies described above are not cured or waived within the applicable cure period; delays or difficulties in obtaining or maintaining necessary permits and authorizations (including environmental and tailings-related authorizations); the impact of global economic and geopolitical conditions; fluctuations in the price of gold, silver and copper; variations in ore grades, metallurgical recoveries and throughput; failure to achieve production estimates or guidance; increases in operating costs (including energy, power and environmental compliance costs); availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to successfully ramp-up production in Bolivia; the Company's ability to successfully carry out exploration and development plans at Taguas; the Company's ability to obtain financing on acceptable terms when required; challenges to the Company's property interests and mineral rights; and legislative, regulatory, political, social and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.

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SOURCE Orvana Minerals Corp.