ORVANA REPORTS Q FINANCIAL RESULTS; EL VALLE ACHIEVES HIGHEST GOLD PRODUCTION SINCE 2014

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1 Fr Immediate Release TSX:ORV Date: May 9, 2018 # ORVANA REPORTS Q FINANCIAL RESULTS; EL VALLE ACHIEVES HIGHEST GOLD PRODUCTION SINCE 2014 Secnd Quarter f Fiscal 2018 Highlights: Cnslidated quarterly gld prductin f 24,788 unces, cpper prductin f 2.6 millin punds; El Valle xide prductin sustained at 34% f mill re feed, achieving highest gld unce prductin since 2014; Cnslidated COC and AISC f $1,055 and $1,309, respectively; EBITDA f $4.5 millin. El Valle transitin t higher gld grade xide mining cntinues, targeting a 50% xideskarn plant thrughput rati; Dn Mari transitined mining activities successfully t Cerr Felix gld depsit. TORONTO, ONTARIO, May 9, 2018 Orvana Minerals Crp. (TSX:ORV) (the Cmpany r Orvana ) annunced tday financial and peratinal results fr the secnd quarter ( Q ). The Cmpany is als prviding financial and peratinal updates fr its El Valle and Carlés Mines (cllectively, El Valle ) peratins in nrthern Spain and its Dn Mari Mine Cmplex ( Dn Mari ) in Blivia. The unaudited cndensed interim cnslidated financial statements fr Q and Management s Discussin and Analysis related theret are available n SEDAR and n the Cmpany s website at Q Highlights El Valle Delivery f higher gld prductin due t 25% gld grade imprvement: The prgress made t increase the prprtin f xides prductin delivered t the mill was sustained, averaging 34% ver the secnd quarter f fiscal This allwed fr a 25% gld grade imprvement during the same perid t 3.36 g/t and quarterly prductin f 15,139 gld unces, the highest level since A number f gelgical and getechnical prcess changes in the mine, metallurgical prcess changes t imprve recvery f in-prcess gld and maintenance investments are expected t allw El Valle t prgress twards a targeted 50% xides prcessing blend. Dn Mari Prductin frm Cerr Felix gld depsit cmmences: Prductin at Dn Mari successfully transitined frm the depleted LMZ t the pen-pit Cerr Felix gld depsit during the secnd quarter f fiscal Gld recveries frm the Dn Mari CIL circuit rse t 91.3%, psitively impacted by the absence f cpper in the re prcessed frm Cerr Felix. Gld prductin results were impacted by lwer grades due t re dilutin caused by stripping activities during the ramp up f Cerr Felix. Gld grades are expected t recver in the secnd half f fiscal Juan Gavidia, Interim CEO stated, At El Valle, we are prud f the results f ur ramp-up f higher gld grade xide prductin, as we have reached ur highest gld quarterly prductin levels since Similarly, at Dn Mari, we achieved a smth transitin t prductin frm ur Cerr Felix gld depsit. We have reviewed ur prductin and cst guidance based n ur first half results, and believe we will achieve guidance n bth frnts. 1

2 Strategy and Outlk The Cmpany cntinues t pursue its bjectives f ptimizing prductin, lwering unitary cash csts, maximizing fee cash flw, extending the life-f-mine f its peratins and grwing its peratins t deliver sharehlder value. El Valle At El Valle, the primary bjective in fiscal 2018 cntinues t be replacing mined skarn tnnes with higher gld grade xides in rder t bring the prprtin f xide re prcessed in the plant up t a target f 50%, thereby substantially increasing re grades delivered t the mill and increasing gld unce prductin. Thrugh additinal gelgical and getechnical wrk, the Cmpany als expects t significantly increase the reliability f the mine plan by minimizing the prprtin f inferred material in its mine planning and taking additinal measures t address grade variability. Infrastructure and fleet maintenance investments t imprve prductivity and efficiency will cntinue t be made thrugh fiscal 2018 as planned. Dn Mari At Dn Mari, the Cmpany cntinues t prduce cnsistent results frm its re-cmmissined CIL circuit, with a recvery rate averaging abve 90% during the secnd quarter f fiscal Dn Mari cntinues t pursue realizatin f a number f knwn pprtunities fr mine life extensin, including prcessing existing mineral stckpiles, pursuing mining f the Cmpany s Las Tjas depsit and reprcessing gld bearing tailings. With regards t explratin activities n the Las Tjas prperty, the Cmpany expects t release full explratin results by the end f fiscal FY 2018 Prductin and Cst Guidance 2 YTD 2018 Actual FY 2018 Guidance El Valle Prductin Gld (z) 25,923 65,000 72,000 Cpper (millin lbs) Dn Mari Prductin Gld (z) 22,037 45,000 48,000 Cpper (millin lbs) Ttal Prductin Gld (z) 47, , ,000 Cpper (millin lbs) Ttal capital expenditures $11,669 $24,000 $27,000 Cash perating csts (by-prduct) ($/z) gld (1) $1,029 $950 $1,050 All-in sustaining csts (by-prduct) ($/z) gld (1) $1,283 $1,150 $1,250 (1) FY 2018 guidance assumptins fr COC and AISC include by-prduct cmmdity prices f $2.75 per pund f cpper and an average Eur t US Dllar exchange f Selected Operatinal and Financial Infrmatin Q Q Q YTD 2018 YTD 2017 Operating Perfrmance Gld Prductin (z) 24,788 23,172 20,513 47,960 36,212 Sales (z) 25,489 21,995 20,773 47,484 34,710 Average realized price / z $1,304 $1,280 $1,238 $1,293 $1,247 Cpper Prductin ( 000 lbs) 2,609 2,759 2,867 5,368 6,455 Sales ( 000 lbs) 2,531 2,700 3,032 5,231 6,592 Average realized price / lb $2.80 $2.82 $2.50 $2.81 $2.40 Financial Perfrmance (in 000 s, except per share amunts) Revenue $36,930 $34,170 $31,714 $71,100 $55,172 Mining csts $30,525 $28,060 $26,272 $58,585 $50,628 Grss margin ($394) $458 $8 $64 ($6,845)

3 Q Q Q YTD 2018 YTD 2017 Net lss ($3,505) ($3,379) ($2,233) ($6,884) ($10,387) Net lss per share (basic/diluted) ($0.03) ($0.02) ($0.02) ($0.05) ($0.08) EBITDA (1) $4,473 $4,182 $4,774 $8,655 $1,440 Operating cash flws ($5,486) $2,147 $928 ($3,339) $629 Ending cash and cash equivalents $12,482 $20,617 $14,210 $12,482 $14,210 Capital expenditures (2) $5,462 $6,207 $4,501 $11,669 $12,220 Cash perating csts (by-prduct) ($/z) gld (1) $1,055 $999 $993 $1,029 $1,099 All-in sustaining csts (by-prduct) ($/z) gld (1)(2) $1,309 $1,253 $1,214 $1,283 $1,422 (1) Earnings befre interest, taxes, depreciatin and amrtizatin ( EBITDA ), cash perating csts and all-in sustaining csts are nn-ifrs perfrmance measures. (2) Each reprted perid excludes capital expenditures incurred in the perid which will be paid in subsequent perids and includes capital expenditures incurred in prir perids and paid fr in the applicable reprting perid. The calculatin f AISC includes capital expenditures incurred (paid and unpaid) during the perid. Operatinal Restructuring The Cmpany als annunced a restructuring f peratins t ptimize peratinal efficiency, imprve perfrmance and build sharehlder value. In cnnectin with the peratinal restructuring, the Cmpany has cnslidated management int its peratins in Spain by appinting Ms. Nuria Menendez as its new Chief Financial Officer. Ms. Menendez has been an emplyee f OrValle Minerals S.L. ( OrValle ), a whllywned subsidiary f the Cmpany, since September In September 2016, Ms. Menendez was appinted General Manager f OrValle t manage and lead the peratins at El Valle. Since jining OrValle, Ms. Menendez has taken the lead in managing OrValle s strategy in ptimizing peratins and increasing prductin. Ms. Menendez will replace Mr. Jeffrey Hillis wh is leaving the Cmpany t pursue ther pprtunities. Prir t jining OrValle, Ms. Menendez was a manager at Delitte Spain fr ver 12 years with bth public and private cmpany clients in varius industries. She received her Bachelr f Business and Administratin frm the University f Ovied in Ms. Menendez subsequently received her Master in Business Administratin in Finance and certified CFO Prgram designatin. "I wuld like t welcme Ms. Menendez t the executive management team f Orvana" stated Grdn Pridham, the Chairman f the Bard f Directrs. "Already familiar with the Cmpany s peratins during her tenure as OrValle s General Manager, Ms. Menendez als brings with her the prfessinal experience necessary t manage the Cmpany s strategy f ptimizing peratins at bth f ur mining peratins. On behalf f the Bard f Directrs I wuld like t thank Mr. Hillis fr his cntributins ver the last three years. The bard and management team wish him well in his future endeavurs." Abut Orvana Orvana is a multi-mine gld and cpper prducer. Orvana s perating assets cnsist f the prducing gldcpper-silver El Valle and Carlés mines in nrthern Spain and the prducing gld Dn Mari mine in Blivia. Additinal infrmatin is available at Orvana s website ( Fr further infrmatin please cntact: Binh Vu General Cunsel T (416) E bvu@rvana.cm Cautinary Statements - Frward-Lking Infrmatin Certain statements in this infrmatin cnstitute frward-lking statements r frward-lking infrmatin within the meaning f applicable securities laws ( frward-lking statements ). Any statements that express r invlve discussins with respect t predictins, expectatins, beliefs, plans, prjectins, bjectives, assumptins, ptentials, future events r 3

4 perfrmance (ften, but nt always, using wrds r phrases such as believes, expects, plans, estimates r intends r stating that certain actins, events r results may, culd, wuld, might, will r are prjected t be taken r achieved) are nt statements f histrical fact, but are frward-lking statements. The frward-lking statements herein relate t, amng ther things, Orvana s ability t achieve imprvement in free cash flw; the ptential t extend the mine life f El Valle and Dn Mari beynd their current life-f-mine estimates including specifically, but nt limited t in the case f Dn Mari, the cmpletin f the majr tailings strage facility expansin, the mining f the Cerr Felix depsit, the prcessing f the mineral stckpiles and the reprcessing f the tailings material; Orvana s ability t ptimize its assets t deliver sharehlder value; the Cmpany s ability t ptimize prductivity at Dn Mari and El Valle; estimates f future prductin, perating csts and capital expenditures; mineral resurce and reserve estimates; statements and infrmatin regarding future feasibility studies and their results; future transactins; future metal prices; the ability t achieve additinal grwth and gegraphic diversificatin; future financial perfrmance, including the ability t increase cash flw and prfits; future financing requirements; and mine develpment plans. Frward-lking statements are necessarily based upn a number f estimates and assumptins that, while cnsidered reasnable by the Cmpany as f the date f such statements, are inherently subject t significant business, ecnmic and cmpetitive uncertainties and cntingencies. The estimates and assumptins f the Cmpany cntained r incrprated by reference in this infrmatin, which may prve t be incrrect, include, but are nt limited t, the varius assumptins set frth herein and in Orvana s mst recently filed Management s Discussin & Analysis and Annual Infrmatin Frm in respect f the Cmpany s mst recently cmpleted fiscal year (the Cmpany Disclsures ) r as therwise expressly incrprated herein by reference as well as: there being n significant disruptins affecting peratins, whether due t labur disruptins, supply disruptins, pwer disruptins, damage t equipment r therwise; permitting, develpment, peratins, expansin and acquisitins at El Valle and Dn Mari being cnsistent with the Cmpany s current expectatins; plitical develpments in any jurisdictin in which the Cmpany perates being cnsistent with its current expectatins; certain price assumptins fr gld, cpper and silver; prices fr key supplies being apprximately cnsistent with current levels; prductin and cst f sales frecasts meeting expectatins; the accuracy f the Cmpany s current mineral reserve and mineral resurce estimates; and labur and materials csts increasing n a basis cnsistent with Orvana s current expectatins. A variety f inherent risks, uncertainties and factrs, many f which are beynd the Cmpany s cntrl, affect the peratins, perfrmance and results f the Cmpany and its business, and culd cause actual events r results t differ materially frm estimated r anticipated events r results expressed r implied by frward lking statements. Sme f these risks, uncertainties and factrs include fluctuatins in the price f gld, silver and cpper; the need t recalculate estimates f resurces based n actual prductin experience; the failure t achieve prductin estimates; variatins in the grade f re mined; variatins in the cst f peratins; the availability f qualified persnnel; the Cmpany s ability t btain and maintain all necessary regulatry apprvals and licenses; the Cmpany s ability t use cyanide in its mining peratins; risks generally assciated with mineral explratin and develpment, including the Cmpany s ability t cntinue t perate the El Valle and/r Dn Mari and/r ability t resume lng-term peratins at Carlés Mine; the Cmpany s ability t acquire and develp mineral prperties and t successfully integrate such acquisitins; the Cmpany s ability t execute n its strategy; the Cmpany s ability t btain financing when required n terms that are acceptable t the Cmpany; challenges t the Cmpany s interests in its prperty and mineral rights; current, pending and prpsed legislative r regulatry develpments r changes in plitical, scial r ecnmic cnditins in the cuntries in which the Cmpany perates; general ecnmic cnditins wrldwide; and the risks identified in the Cmpany s Disclsures under the heading Risks and Uncertainties. This list is nt exhaustive f the factrs that may affect any f the Cmpany s frward-lking statements and reference shuld als be made t the Cmpany s Disclsures fr a descriptin f additinal risk factrs. Any frward-lking statements made in this infrmatin with respect t the anticipated develpment and explratin f the Cmpany s mineral prjects are intended t prvide an verview f management s expectatins with respect t certain future activities f the Cmpany and may nt be apprpriate fr ther purpses. Frward-lking statements are based n management s current plans, estimates, prjectins, beliefs and pinins and, except as required by law, the Cmpany des nt undertake any bligatin t update frward-lking statements shuld assumptins related t these plans, estimates, prjectins, beliefs and pinins change. Readers are cautined nt t put undue reliance n frward-lking statements. The frward-lking statements made in this infrmatin are intended t prvide an verview f management s expectatins with respect t certain future perating activities f the Cmpany and may nt be apprpriate fr ther purpses. Cautinary Ntes t Investrs Reserve and Resurce Estimates In accrdance with applicable Canadian securities regulatry requirements, all mineral reserve and mineral resurce estimates f the Cmpany disclsed in this AIF have been prepared in accrdance with NI (as defined belw), classified in accrdance with Canadian Institute f Mining Metallurgy and Petrleum's "CIM Standards n Mineral Resurces and Reserves Definitins and Guidelines" (the "CIM Guidelines"). 4

5 Pursuant t the CIM Guidelines, mineral resurces have a higher degree f uncertainty than mineral reserves as t their existence as well as their ecnmic and legal feasibility. Inferred mineral resurces, when cmpared with measured r indicated mineral resurces, have the least certainty as t their existence, and it cannt be assumed that all r any part f an inferred mineral resurce will be upgraded t an indicated r measured mineral resurce as a result f cntinued explratin. Pursuant t NI , inferred mineral resurces may nt frm the basis f any ecnmic analysis, including any feasibility study. Accrdingly, readers are cautined nt t assume that all r any part f a mineral resurce exists, will ever be cnverted int a mineral reserve, r is r will ever be ecnmically r legally mineable r recvered. 5