Orvana Reports Fourth Quarter & Year-End Financial Results, Provides 2020 Guidance.

TORONTO: Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the fourth quarter ("Q4 2019") and for the fiscal year ended September 30, 2019 ("Fiscal 2019). The Company is also providing financial and operational updates for its El Valle and Carles Mines operations in northern Spain (managed by the Spanish subsidiary "OroValle") and for its Don Mario Mine operations in Bolivia (managed by the Bolivian subsidiary "EMIPA").

The audited consolidated financial statements for Fiscal 2019 ("2019 Financials") and Management's Discussion and Analysis related thereto ("2019 MD&A") are available on SEDAR and on the Company's website at www.orvana.com.

Fiscal 2019 Highlights:

OroValle:

Production increased by 10% to 64,327 ounces gold compared to 58,259 ounces in fiscal 2018;

Production increase was due to a combination of 6% higher throughput at the mill and 4% higher head grade.

Gold head grade increased to 3.26 g/t, compared to 3.13 g/t reported last year.

Copper production decreased to 5.0 million pounds, compared to 5.1 million pounds in fiscal 2018; production exceeded guidance.

EMIPA:

The Company progressed with the engineering and metallurgical studies to process an oxidized stockpile ("Oxide Stockpile Project"), and anticipates moving forward with the development of a new sulphidization plant circuit to treat the mineral resource (Measured) of 2.18 million tonnes with an average gold grade of 1.85 g/t; and approximately 386,950 oz of gold equivalent1. It is expected that the Oxide Stockpile Project will be in operation by FY2021.

Production of 32,932 ounces gold was 27% lower compared to the previous year.

Gold head grade of 1.51 g/t, compared to 2.16 g/t reported last year, with the decrease due mainly to lower ore grades on the last benches of Cerro Felix open pit.

During the fourth quarter of fiscal 2019, mining activities transitioned from Cerro Felix to the open pit operations at Las Tojas. On November 8th the Company announced that it would suspend mining operations at Las Tojas effective on or before December 31, 2019, due to higher than expected ore-grade operational mining dilution, resulting in uneconomic unitary costs.

In light of the suspension of operations, the Company has completed an impairment test in respect of carrying values at the end of fiscal 2019, concluding that the net recoverable amounts are greater than the carrying values of the assets. As such, there...