TSX:ORV /NOT FOR DISTRIBUTION IN THE UNITED STATES/ This news release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this news release in the United States. TORONTO, May 13, 2024 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") reports consolidated financial and operational results for the quarter ended March 31, 2024 ("Q2 FY2024"). This news release contains only a summary of the Company's financial and operations results for the second quarter of fiscal 2024, and readers should refer to the full set of unaudited consolidated financial statements for the six months ended March 31, 2024 and 2023, and accompanying management's discussion and analysis (MD&A), available on www.sedarplus.ca and on the Company's website at www.orvana.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Juan Gavidia, CEO of Orvana Minerals Corp. stated: "During the second quarter Orovalle improved its advance and backfilling performance, and we have expectations of further operational improvements as the year progresses, resulting in anticipated increased tonnage mined. Based on the production plan for the second half of the year, we expect to exceed the copper production guidance, and we should be reaching the lower end of the gold guidance. Additionally, I am happy to announce that we are expecting to meet our annual unitary costs guidance". "At Bolivia, permitting, engineering and supply processes are ready to start construction of the Don Mario Plant expansion in July 2024, subject to close sufficient funding. We expect to provide news about the Bonds Program, core of the financing structure, in the following weeks", he added. Highlights Orovalle - Spain Production of 10,101 gold equivalent ounces[1] (7,775 gold ounces, 1.1 million copper pounds and 26,728 silver ounces) was 6% higher when compared to 9,550 gold equivalent ounces[1] ("GEO") in the previous quarter. The increase was mainly due to higher copper grade. Q2 FY2024 throughput of 136,371 tonnes was in line with the first quarter of fiscal 2024, but 23% below the second quarter of fiscal 2023. Main causes of the low tonnage were: The 3-hour stoppages per shift strike that had commenced in mid-November 2023 and were halted in January 2024, upon agreement to the basic terms of the 2023-2025 Collective Bargain Agreement ("CBA"). ­High levels of absenteeism, negatively impacting operational performance. The absenteeism increase is in line with the national trends in Spain. The Company is reinforcing recruitment and on boarding programs, to minimize the time required to cover temporary vacancies. ­Low level of availability of machinery, mainly due to turnover of experienced technical personnel. The Company is working on different initiatives to reinforce the maintenance team, with direct employees and additional technical services. Gold grade was below the plan for the quarter, and copper grade was above the plan for the quarter, as a result of a different ore blend, with lower percentage of oxides and higher percentage of skarn than initially planned. The Company rescheduled the mining sequence of the second quarter with higher percentage of skarn, in order to allocate equipment resources to backfill activities to increase oxides areas available for the second half of the fiscal year. During the second quarter Orovalle rescheduled the production plan until September 2024, and continues focused on improving mining operational ratios, targeting to increase the monthly throughput to 58,000 tonnes in average over the second half of fiscal 2024. At the same time, the Company continues working on the operational efficiencies planned for the year. Fiscal 2024 production guidance:  On track to meet higher end of copper guidance of 3,300 – 3,700 k lbs. ­Targeting to reach lower end of gold guidance of 41,000 - 45,000 oz. Don Mario - Bolivia Orvana continues focused on restarting production at Don Mario. The Oxides Stockpile Project (the "OSP"), consisting of a plant expansion to treat ore stockpiled in the Don Mario Operation from previous years of mining activity, is projected to operate for 35 months, starting after a 13-month construction period that the Company expects to start in July 2024, subject to the completion of sufficient financing. The proposed OSP financing structure includes: $47 million Bonds Program, as the structure core, for CAPEX; ­ $3 million Bank Debt: during the fourth quarter of fiscal 2023 EMIPA secured a financing line with Banco FIE in Bolivia and $1.5 million of that line were withdrawn during that quarter; and ­ $33 million working capital facility during construction and ramp-up phases. During Q2 FY2024 the Company continued exploring different potential financing sources, including without limitation, equity at the EMIPA's level and a prepayment facility. In the first quarter of fiscal 2023, EMIPA initiated the process for the issuance of the US $47 million Bond Program to be issued through the Bolivian Stock Market. 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 in the Bolivian Stock Exchange. EMIPA's agent, Panamerican Securities, S.A. will conduct the financing on a best efforts basis. The minimum placement amount of the Bonds Offering is 80% of the approximately US $47 million offering. As of the date hereof, EMIPA continues to seek financing for the OSP. There can be no assurance that EMIPA's efforts will result in adequate financing for the OSP. Updates on the status of EMIPA's financing efforts will be provided as material information develops from time to time. In September 2023, the Autoridad de Supervision del Sistema Financiero (ASFI),