Mr. Raul Alvarez Cifuentes reports

ORVANA PROVIDES TAGUAS DRILLING UPDATE: FULL ASSAY RESULTS FROM 2026 DRILLING CAMPAIGN; PROVIDES EL VALLE-BOINAS BROWNFIELD DRILLING UPDATE

Orvana Minerals Corp. has provided a further update on its deep drilling campaign at its 100-per-cent-owned Taguas project in San Juan, Argentina, including additional assay results beyond those previously reported on May 27, 2026, and an update on planned next steps, with laboratory analyses and supporting studies continuing. In addition, the company provides an update on its brownfield and infill drilling program completed during the third quarter of fiscal 2026 at its El Valle-Boinas mine in Asturias, Spain.

Raul Alvarez Cifuentes, director of exploration and technical services of Orvana, commented: "The results from TADD-279, combined with the development of sericitic alteration at depth, reinforce our interpretation that we are vectoring toward the core of a hydrothermal system potentially linked to a deeper porphyry source. Our next steps will focus on integrating the 2026 and historical data sets, completing detailed petrographic studies to refine targeting for the next phase of drilling."

Strategic context:

• The company has expanded its evaluation of the Taguas project beyond the near-surface oxidized gold-silver resource outlined in the 2021 preliminary economic assessment (dated Dec. 29, 2021, available on SEDAR+) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.
• The company completed an updated geological model for the Taguas project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.
• Results from the geophysical survey, combined with the recent review of historical exploration data, have been used to prioritize key targets for the initial deep drilling.

Deep drilling results to date:

• The FY (fiscal year) 2026 program comprised two drill holes, totalling 2,173.7 metres drilled. First drill hole TADD-278 reached 1,331.7 metres and second drill hole TADD-279 reached 842 metres. The program has been concluded in anticipation of the winter season. The second drill hole has been cased, preserving the option to resume and continue drilling during the next summer field campaign.
• Petrographic studies completed on drill core samples from hole TADD-278 indicate that the mineralized host rock corresponds to a dacitic porphyry. The analyzed intervals display a well-developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a hydrothermal porphyry system.
• The studies also identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite. Sulphide mineralization is primarily composed of pyrite with associated enargite and/or chalcopyrite, occurring as disseminations and veinlet fillings, further supporting the interpretation of a dacitic porphyry-related hydrothermal system.
• Complete lab results from TADD-278 (table 1), highlighting interval from 715 to 920 metres, returned 0.25 gram per tonne (g/t) gold and 0.12 per cent copper over 205 metres (downhole length). Chalcopyrite occurs only in trace amounts, while pyrite dominates. Assay data and identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.
• Completed lab results from TADD-279 (table 1) returned several intercepts, highlighted by a 1.25-metre interval (from 398 to 399.25 metres) grading 9.19 g/t gold and 5.55 per cent copper. This high-grade intercept indicates that the high-sulphidation epithermal system remains rooted and mineralized at these depths, demonstrating vertical continuity of the hydrothermal system.
• The most significant intercepts from 2026 campaign are detailed in table 1.

Next steps:

• Complete detailed petrographic studies on TADD-279 to characterize alteration, mineralization and paragenesis, and better constrain the geological processes operating at depth within the hydrothermal system;
• Advance vectoring studies toward a potential deep porphyry source, focusing on the spatial relationship between high-sulphidation mineralization, recent porphyry intercepts on 2026 campaign, alteration zonation, structural controls and geochemical signatures observed in recent drilling;
• The company also plans to undertake appropriate geochronological studies on selected drill core samples in order to constrain the timing of the different porphyry intrusion phases and better understand the temporal evolution of the hydrothermal system;
• Conduct a technical workshop during July involving subject matter experts in porphyry and epithermal systems to review geological, geochemical, mineralogical, structural and alteration data sets, and provide independent input on the exploration model;
• Incorporate the outcomes of the technical review into exploration targeting, with the objective of defining priority drill targets and optimizing the design of the next exploration campaign;
• Undertake a comprehensive desktop review of the recently acquired Evelina claims, located south of the main Taguas property, to evaluate their exploration potential and generate priority targets.

El Valle-Boinas brownfield infill program:

• At the El Valle Boinas mine, Q3 (third quarter) FY 2026 drilling has focused on the oxide mineralized bodies, specifically the Breccia East and Area 208, where infill and brownfield drilling campaigns totalling 2,862 metres and 742 metres, respectively, were completed.
• The objective of these programs is to validate inferred mineral resources and assess the potential to extend the existing mineralization.
• In addition, an infill drill hole was completed in the Boinas East skarn to finalize the delineation of a mining stope.
• The assays results are pending and will be reported in future news releases.
• During Q4 (fourth quarter), drilling activities will continue at the El Valle-Boinas mine, with work at the Breccia East focused on upgrading inferred resources to the indicated category. The company also plans to undertake a 1,000-metre infill and brownfield drilling program at the Carles mine, targeting the upgrade and expansion of mineral resources within the Northwest Carles skarn body between the minus-30-metre and minus-100-metre levels.

Quality assurance/quality control (QA/QC)

Taguas

Samples were prepared and analyzed by Alex Stewart International Argentina S.A.'s laboratory in Mendoza. This laboratory is ISO 9001, ISO 17025 and ISO 14001 certified. Samples were prepared following the P-5 laboratory preparation code: The samples were dried, crushed to passing 10 mesh (more than 80 per cent), riffle split of one-kilogram (kg) sample and pulverized to 106 microns (more than 95 per cent). The assays included 50-gram (g) gold (Au) by fire assay (FA), AA (atomic absorption) finish, and 39-element package with aqua regia dilution and ICP-OES (inductively coupled plasma optical emission spectroscopy) finish. Overlimits for Au and silver (Ag) were run in 50 g sample by FA and gravimetric method finish. Coarse and pulp rejects were returned and are stored in a storage facility in Mendoza, Argentina.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control program consisting of the insertion of quarter core field duplicates, coarse duplicates split after laboratory crushing, pulp duplicates split after laboratory pulverization, coarse analytical blank samples and two different CRMs (certified reference materials) inserted in batches of roughly 50 samples.

This exploration update relating to the Taguas project has been prepared under the supervision of Raul Alvarez Cifuentes, a qualified person as defined under National Instrument 43-101. Mr. Alvarez Cifuentes is an employee of the company and therefore is not independent of the company.

The qualified person has reviewed and verified the technical data relating to Taguas disclosed in this news release. Drilling was conducted using diamond drilling methods.

El Valle-Boinas

The technical information in this news release relating to the El Valle-Boinas mine, including drilling metres and the interpretation of exploration results described above, has been reviewed and approved by Guadalupe Collar Menendez, a qualified person under NI 43-101 and chief geologist of Orovalle Minerals S.L., a subsidiary of the company. Ms. Collar Menendez is an employee of Orovalle Minerals and therefore is not independent of the company.

Assay results from the El Valle-Boinas drilling programs described in this news release are pending and will be subject to the company's standard QA/QC protocols and review by the applicable qualified person before being reported in a future news release.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia and the Taguas property located in Argentina.

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