ORVANA ANNOUNCES US $37.7M BONDS PLACEMENT IN BOLIVIA TO PARTIALLY FINANCE ITS RESTART PLAN FOR THE DON MARIO OPERATION

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TORONTO, July 31, 2024 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to announce the successful placement of 80.11% of the offered bonds in Bolivia, the keystone to financing its Oxides Stockpile Project at the Don Mario Operation. The bonds are being offered solely by Empresa Minera Paitití, S.A. ("EMIPA", the Company's subsidiary in Bolivia) and only through the facilities of the Bolivian stock exchange. The Company is also reporting additional financing transactions related to the Oxides Stockpile Project closed by EMIPA in Bolivia, and the filing at the Bolivian stock market by EMIPA of its unaudited Financial Statements for the third quarter of the fiscal year 2024 ended June 30, 2024 ("Q3 FY2024"). Orvana is not offering any securities under the financings to restart the Don Mario Operation.

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Orvana Minerals Corp. Logo (CNW Group/Orvana Minerals Corp.) (CNW Group/Orvana Minerals Corp.)

Juan Gavidia, CEO of Orvana Minerals Corp. stated: "This placement is the key step in the financing process of the Oxides Stockpile Project in Bolivia. We continue focusing our efforts on the completion of the remaining financing requirements to restart the Don Mario Operation. Upon closing of 80% of the bonds offering in Bolivia, EMIPA is making plans to prepare for the Don Mario Plant expansion, expecting to start construction before the end of 2024".

Bond Program

In the first quarter of fiscal 2023, EMIPA initiated the process for the issuance of a US $47 million Bond Program through the Bolivian stock market (the "Bond Program"). In September 2023, EMIPA received the Autoridad de Supervisión del Sistema Financiero ("ASFI") approval of its registration as an eligible Bond Issuer in the Bolivian stock market. In November 2023, ASFI approved EMIPA's proposed Bond Program to be offered in the Bolivian stock market. In February 2024, EMIPA notified the market in Bolivia of its intention to commence the bonds offering. On July 30, 2024, EMIPA's agent commenced the bond offering on a best effort basis, achieving an 80.11% placement of the Bond Program by the end of the day thereof.  The net proceeds of the Bond Program will be used to partially finance the Oxides Stockpile Project.