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t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Committed to sustainable growth
O r v a n a . c o m
Corporate Presentation - September 2018
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
FORWARD LOOKING STATEMENTS
1
All monetary amounts in U.S. dollars unless otherwise stated. Certain statements in this information constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements. The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in free cash flow; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to in the case of Don Mario, the completion of the major tailings storage facility expansion, the mining of the Cerro Felix deposit, the processing of the mineral stockpiles and the reprocessing of the tailings material; Orvana’s ability to optimize its assets to deliver shareholder value; the Company’s ability to optimize productivity at Don Mario and El Valle; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained or incorporated by reference in this information, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in Orvana’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most recently completed fiscal year (the “Company Disclosures”) or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle and Don Mario being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana’s current expectations. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to continue to operate the El Valle and/or Don Mario and/or ability to resume long-term operations at the Carlés Mine; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to execute on its strategy; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Company’s disclosures. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Disclosures for a description of additional risk factors. Any forward-looking statements made in this information with respect to the anticipated development and exploration of the Company’s mineral projects are intended to provide an overview of management’s expectations with respect to certain future activities of the Company and may not be appropriate for other purposes. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.
Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.
The forward-looking statements made in this information are intended to provide an overview of management’s expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.
Cautionary Notes to Investors – Reserve and Resource Estimates
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this AIF have been prepared in accordance with NI 43-101 (as defined below), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's "CIM Standards on Mineral Resources and Reserves Definitions and Guidelines" (the "CIM Guidelines").
Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h 2
INVESTMENT HIGHLIGHTS
FOCUSED ON SUSTAINABLE GROWTH
- Operations – Production, Grades & Unitary Costs
- Exploration Targets – Expanded Portfolio
Toronto, Canada HEAD OFFICE
SOUTH AMERICAN EXPLORATION
TARGETS & BUSINESS DEVELOPMENT
PERU, BOLIVIA, ARGENTINA Au, Cu, Ag - Targets
14,735 13,893
6,943
8,000 - 8,400
-
4,000
8,000
12,000
16,000
FY 2016 FY 2017 YTD 2018
Copper lbs Production (thousands)
Don Mario El Valle
Guidance
$1,082 $1,015 $1,028
$1,428
$1,269 $1,286
$1,000 - $1,050
$1,250 - $1,300
$0
$400
$800
$1,200
$1,600
FY 2016 FY 2017 YTD 2018 Guidance 2018
COC/AISC per Au/oz sold, By-product
COC AISC
65,785
90,292
74,721
100 - 110k
-
30,000
60,000
90,000
120,000
FY 2016 FY 2017 YTD 2018
Gold oz Production
Don Mario El Valle
Guidance
ASTURIAS, SPAIN
OROVALLE – EL VALLE & CARLÉS
Au, Cu, Ag Producer
YTD Au Production 42,768 oz
YTD Cu Production 3.8 M lbs
YTD COC $1,153 | AISC $1,389
Q3/2018: COC $991 | AISC $1,181
BOLIVIA
EMIPA – DON MARIO MINE
Au, Cu, Producer
YTD Au Production 31,953 oz
YTD Cu Production 3.1 M lbs
YTD COC $873 | AISC $1,113
Q3 COC $1,091 | AISC $1,479
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
OVERVIEW
All in US$ unless otherwise noted
Ticker TSX:ORV Unrestricted Cash (06/30/18) $13.5M
Common Shares O/S 136.6M Total Debt (06/30/18) $20.8M
Options / Warrants (06/30/18) 1.2M/0.6M Fiscal Year End Sept 30
Stock Price (09/14/18) C$0.155 Majority Shareholder (51.9%) Fabulosa Mines Ltd.
Market Capitalization (09/14/18) C$21.2M
3 Month Avg. Trading Volume 0.1M
3
SHARE PRICE MOVEMENT (52 WEEKS)
COMPANY SNAPSHOT
52wk high-low: $0.28 - $0.125
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Gordon Pridham
Chairman
25 years mining/finance sector experience. Principal of Edgewater Capital, Chairman of Newalta Corp and Director of
Americas Silver. Former Director of Roxgold and a number of other boards. Senior positions in the financial sector advising
broad range of industries
Alan Edwards
35 years mining sector experience. Chairman of Rise Gold Corp. and Mason Resources Corp., Principal of Gladiator Mining
Group, and Director of Entrée Resources and Americas Silver. Former CEO of Oracle Mining and Copper One. Senior
mining executive
Ed Guimaraes 25 years mining sector experience. CFO of Sierra Metals. Former Director of Aldridge Minerals. Formerly held senior
management positions at Aur Resources.
George Darling 30 years mining sector experience. Senior Mine Executive at Sandstorm Gold. Former Senior Concultant at Hatch, SNC-
Lavalin & others Hatch, Extensive background in underground mining operations and project management
Sara Magner 15 years experience in corporate transactional & securities law. Corporate Counsel of Minera S.A. Formerly held positions
at Greenberg, Taurig and Siemens AG.
Alfredo Garcia 40 years experience in the mining sector. Extensive background in base metals and gold exploration. Senior Exploration
Geologist
Juan Gavidia
CEO
25 years mining sector experience. Spearheaded business initiatives and operational support for international projects as
independent consultant and executive of Newmont and subsidiaries. Focus on Au/Cu across Americas & Europe
Nuria Menéndez
CFO & GM Orovalle
18 years finance & management experience. Successfully leading OroValle strategy to optimize operations and increase
production. Manager at Deloitte Spain for over 13 years = Business consulting for public & private companies across various
industries.
Binh Vu
General Counsel, Orvana
15 years of corporate finance and securities regulation experience in mining sector. Participation in mergers & acquisitions,
corporate restructurings & operational initiatives. Former partner at Aird & Berlis LLP.
Joaquin Zenteno
GM EMIPA
14 years mining sector experience. Previously CFO of large international companies in Bolivia and consultant to the World
Bank on mining taxes. He has a MSc in Mineral Economics from Colorado School of Mines.
Edgar Estrada
Dir. Operations, EMIPA
35 years mining operations experience. Leader of Underground and Open Pit mines during construction, start-up, ramp-up,
steady and continuous improvement phase for several mining units across Bolivia. Mining Engineer by Oruro University
Ruben Collar
Dir. Operations Orovalle
10 years mining operations experience. Leader of Underground Operations and Mine Planning and Engineering areas.
Director of Operations on an interim basis.
4
MANAGEMENT & DIRECTORS S
en
ior
Ma
na
ge
me
nt
Dir
ec
tors
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h 5
STRATEGY
CATALYSTS STATUS
Orovalle Operations Turnaround:
• Safety & Environmental matters first
• Transform UG to soft-ground mining as a priority
• Modified process plant to accommodate throughput of higher oxides ore (higher grade)
• Increased average head-grade (Au g/t) from 2.1 to 3.7
Completed
EMIPA Operations Turnaround:
• Safety & Environmental matters first
• First change of Open Pit in 10 years (from Don Mario to Cerro Felix)
• New CIL & CIC circuits online. Former Flotation Circuit on stand-by
Completed
Timely Investments in Mine Exploration, Infrastructure & Equipment:
Providing stable Life-of Mine horizons for Orovalle and EMIPA Completed
Monitor COC and AISC by aggressively increasing production volumes, while controlling the variable
cost component: Productivity Completed
Position Orovalle & EMIPA to be cashflow-positive Completed
Reactivation of extensive exploration portfolio to generate a third operation.
Creation of Orovalle & EMIPA Business Development Teams Completed
Replace current debt with local structural debt related to CAPEX.
Key approach: Local finance institutions and return a on assets Ongoing
Re-engage mining financial markets for long term partnerships: Third Operation Ongoing
Develop a win-win equity structure: short-term monetization vs long-term shareholder value Ongoing
Leverage Orvana’s expertise in underground & open pit mining, process metallurgy, exploration, and
business development. Continuous talent development to create value. Ongoing
“...optimizing production, lowering unitary cash costs, maximizing free cash flow, extending life-of-mine of
operations and growing our exploration and business development portfolio to maximize shareholder value...”
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Financial Performance (in 000’s except /share amounts)
FY 2016 FY 2017 Q3 2018 YTD 2018
Revenue $93,850 $137,999 $38,438 $109,538
Gross margin ($7,883) ($5,480) $73 $137
EBITDA $4,417 $16,535 $3,930 $12,585
OCF, before Non-Cash WC changes $5,199 $11,914 $4,282 $8,815
Net loss ($8,455) ($15,555) ($2,982) ($9,866)
Net loss per share
(basic/diluted) ($0.06) ($0.11) ($0.02) ($0.07)
Capital expenditures $14,977 $21,332 $5,618 $17,287
6
Refer to Orvana’s financial statements and MD&A for complete financial information.
SELECTED FINANCIALS
$93,850
$137,999
$109,538
-
40,000
80,000
120,000
160,000
FY 2016 FY 2017 YTD 2018
US
$ 0
00
's
Revenue
$5,199
$11,914
$8,815
0
4,000
8,000
12,000
16,000
FY 2016 FY 2017 YTD 2018
US
$ 0
00
's
OCF before Non-cash Working Capital Changes
$4,417
$16,535
$12,585
-
5,000
10,000
15,000
20,000
FY 2016 FY 2017 YTD 2018
US
$ 0
00
's
EBITDA
t s x | o r v Committed to sustainable growth
EL VALLE UNDERGROUND MINE OVERVIEW
Ownership 100%
FY 2017 Au / Cu Production
YTD 2018 Au / Cu Production
51,546 Au oz / 5.5M Cu lbs
42,768 Au oz / 3.8M Cu lbs
Revised Guidance - 2018 55 – 62,000 Au oz / 4.9 – 5.3M Cu lbs
FY 2017 COC / AISC
YTD 2018 COC / AISC
$1,293 / $1,574 oz Au
$1,153 / $1,389 oz Au
YTD 2018 Plant Recoveries 93.1% Au / 81.0% Cu
Plant Capacity 2,000 tpd
YTD 2018 Grade 3.16 g/t Au / 0.47% Cu 7
SPAIN: EL VALLE MINE
Committed to sustainable growth
El Valle
Au, Cu, Ag
SPAIN
Gijon
t s x | o r v Committed to sustainable growth
EL VALLE PRODUCTION / GUIDANCE / COSTS
COC $884
8
2018 Production & Improvements
• Au production improved 11% vs Q2 2018
• Productivity enhancements allowed for higher mill
input
• FY 2018 oxide vs. skarn throughput ratio target:
50%-50%
• Substantially improved mine plan reliability
• Grades improved by 32% YoY
• Mechanical Advance rates increased by 20%
• Carlés short-term restart in Q4 2018
• COC/AISC costs projected to continue to improve
based on higher overall planned head grades with
sustained recoveries
$1,427 $1,150
$991
$1,781
$1,356 $1,181
$0
$500
$1,000
$1,500
$2,000
Q1 2018 Q2 2018 Q3 2018
COC/AISC per Au/oz sold, By-product
COC AISC
YTD COC/AISC per Au/oz sold, By-product Quarterly COC/AISC per Au/oz sold, By-product
44,682
51,546
42,768
55 - 62k
-
17,500
35,000
52,500
70,000
FY 2016 FY 2017 YTD 2018
YTD Gold Production (ounces)
4,257
5,507
3,833
4,900 - 5,300
-
1,500
3,000
4,500
6,000
FY 2016 FY 2017 YTD 2018
YTD Copper Production (thousands)
Guidance
Guidance
YTD Gold Production (ounces)
YTD Copper Production (thousands)
t s x | o r v Committed to sustainable growth
Don Mario Mine Au, Cu, Ag
La Paz
Santa
Cruz
9
Arica
BOLIVIA: DON MARIO MINE
DON MARIO/CERRO FELIX OPEN PIT MINE OVERVIEW
Ownership 100%
FY 2017 Au / Cu Production
YTD 2018 Au / Cu Production
38,746 Au oz / 8.4M Cu lbs
31,953 Au oz/ 3.1M Cu lbs
Revised Guidance - 2018 45 – 48,000 Au oz / 3.1M Cu lbs
FY 2017 COC / AISC
YTD 2018 COC / AISC
$663 / $870 oz Au
$873 / $1,113 oz Au
YTD 2018 Plant Recoveries 89.8% Au / 53.7% Cu
Plant Capacity 2,600 tpd
YTD 2018 Grade 2.08 g/t Au / 0.72% Cu Committed to sustainable growth
t s x | o r v Committed to sustainable growth Committed to sustainable growth
DON MARIO PRODUCTION / GUIDANCE / COSTS
10
Production and Outlook –
Transition from Cu to Au at Cerro Felix
• Gold Production up 3% compared with Q2,
2018
Copper production guidance is 63% lower vs FY
2017 due to transition to non-copper bearing ore in
Q3 FY 2018
• COC/AISC costs forecast to increase vs FY
2017 due to transition to lower copper grade,
higher strip ratio ore
• Production of Copper will transition to Gold by
the end of 2018
$863 $663
$873
$1,249
$870
$1,113
$0
$400
$800
$1,200
$1,600
FY 2016 FY 2017 YTD 2018
COC/AISC per Au/oz sold, By-product
COC AISC
$630
$942 $1,091
$753
$1,179
$1,479
$0
$400
$800
$1,200
$1,600
Q1 2018 Q2 2018 Q3 2018
COC/AISC per Au/oz sold, By-product
COC AISCYTD COC/AISC per Au/oz sold, By-product
Quarterly COC/AISC per Au/oz sold, By-product
21,102
- -
38,746
-
31,953
45 - 48k
-
15,000
30,000
45,000
60,000
FY 2016 FY 2017 YTD 2018
YTD Gold Production (ounces)
Guidance
10,478
8,386
3,110
-
3,000
6,000
9,000
12,000
FY 2016 FY 2017 YTD 2018
YTD Copper Production (thousands)
YTD Gold Production (ounces)
YTD Copper Production (thousands)
t s x | o r v Committed to sustainable growth
EXPLORATION & BUSINESS DEVELOPMENT TARGETS
11
NEAR MINE
EXPLORATION
REGIONAL
EXPLORATION
DON MARIO
EL VALLE &
CARLÉS
SANTA CRUZ ASTURIAS
BOLIVIA
SPAIN
PERU
ARGENTINA
COUNTRY
OPPORTUNITIES
t s x | o r v Committed to sustainable growth 12
N
Boinas South
Boinas East
Black
Skarn A107
Charnela East
Breccia A208
12
Villar
Surface
EL VALLE NEAR MINE EXPLORATION & GROWTH
Exploration Growth Areas. High priority: Villar, A208 & Black Skarn
t s x | o r v Committed to sustainable growth Committed to sustainable growth 13
Mine Life Extension Initiatives
Cerro Felix Deposit
• Pre-stripping commenced Q1 2018
• Mining and processing underway
Oxide Stockpiles
• Metallurgical, economic studies underway
• Stockpile mineral resources (Measured):
2.2M tonnes
Contained metal :
129k oz Au, 96M lbs copper
Au 1.84 g/t / Cu 1.89% / Ag 49.30 g/t
Tailings Re-processing
• Evaluation underway
Significant gold content; prior low gold recoveries
Near Term Targets: 58,325 ha Land Package
Las Tojas Satellite Deposit
• Drilling program underway (7,000 meters)
Don Mario West
• Variety of other greenfield targets within
concessions are being explored for future satellite
type deposits that would increase LoM and add to
current Resources
DON MARIO NEAR MINE EXPLORATION / GROWTH
Regional Initiatives
• Evaluating potential joint venture and/or acquisition opportunities elsewhere in the Santa Cruz region
t s x | o r v Committed to sustainable growth
OROVALLE REGIONAL EXPLORATION
14
Major Regional Gold Belts
• Region has been mined for over 2,000 years
• Near Term Regional targets:
Land Package: 45,652 ha
• Quintana (priority target)
• Located south of El Valle concessions
• Geology similar to El Valle Boinas.
• Continuity of the main structure at El Valle
• Lidia (priority target)
• In the Navelgas gold belt.
• 20Km west of El Valle
• Mineralization includes:
• Quartz veins: Au: 7, 17, 34 g/t.
• potential skarn mineralization in the
contact between intrusive and limestone
• Palmira (investigation permit in progress)
• Navelgas (investigation permits in progress)
• Other potential regional targets being
investigated
t s x | o r v Committed to sustainable growth
GEOGRAPHIC LOCATION
• Three potential prospects
located 3 hours east of main city
Santa Cruz, and 180 km from
the small city of San Ramon.
• Infrastructure includes:
International paved roads, and
smaller 15Km cobble stone road
direct to the target.
15
EMIPA REGIONAL EXPLORATION
SAN RAMON AREA
San
Ramon
t s x | o r v Committed to sustainable growth bb
EXPLORATION COUNTRY OPPORTUNITIES
SPAIN BOLIVIA
ARGENTINA PERÚ
16
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Focused on Europe/Americas
Multi Mine Producer - Gold, Copper, Silver
100,000+ oz per year
17
100 - 110K Au oz
8.0 – 8.4M Cu lbs
PRODUCTION / REVISED COST GUIDANCE FY 2018
COC/AISC: $1,000 - $1,050 / $1,250 - $1,300
CAPEX: $21M - $24M
ORGANIC GROWTH
Don Mario: CIL completed, open pit operation
extending LoM
El Valle: Production, development optimization
lowering unitary costs and increasing
production profile
A CASE FOR INVESTMENT
Committed to sustainable growth
EXPLORATION & GROWTH
Organic exploration at El Valle & Don Mario
will potentially add to LoM
New South American exploration portfolio,
targeting additional Reserves & Resources
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
a p p e n d i x
18
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h 19
ORVANA
CONSOLIDATED REVISED GUIDANCE
OROVALLE
(El Valle Mine)
EMIPA
(Don Mario Mine)
FY 2018
Guidance Low High
Q3-YTD
2018
Actual
Low High
Q3-YTD
2018
Actual
Low High
Q3-YTD
2018
Actual
Gold oz
Production 100,000 110,000 74,721 55,000 62,000 42,768 45,000 48,000 31,953
Copper 000’s
lbs Production 8,000 8,400 6,943 4,900 5,300 3,833 3,100 3,100 3,110
COC $/oz Au
(by-product) * $1,000 $1,050 $1,028
AISC $/oz Au
(by-product) * $1,250 $1,300 $1,286
Capital
Expenditures $21M $24 M $17.3 M
FISCAL 2018 REVISED GUIDANCE
* FY 2018 guidance assumptions for COC and AISC include by-product commodity
price of $2.75 per pound of copper and average EUR/USD exchange rate of 1.18
in the fourth quarter of the fiscal year 2018.
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Juan Gavidia
CEO
25 years mining sector experience. Spearheaded business initiatives and operational support for international projects as
independent consultant and executive of Newmont and subsidiaries. Focus on Au/Cu across Americas & Europe
Nuria Menéndez
CFO & GM Orovalle
18 years finance & management experience. Successfully leading OroValle strategy to optimize operations and increase
production. Manager at Deloitte Spain for over 13 years = Business consulting for public & private companies across various
industries.
Binh Vu
General Counsel, Orvana
15 years of corporate finance and securities regulation experience in mining sector. Participation in mergers & acquisitions,
corporate restructurings & operational initiatives. Former partner at Aird & Berlis LLP.
Joaquin Zenteno
GM EMIPA
14 years mining sector experience. Previously CFO of large international companies in Bolivia and consultant to the World
Bank on mining taxes. He has a MSc in Mineral Economics from Colorado School of Mines.
Edgar Estrada
Director Operations,
EMIPA
35 years mining operations experience. Leader of Underground and Open Pit mines during construction, start-up, ramp-up,
steady and continuous improvement phase for several mining units across Bolivia. Mining Engineer by Oruro University
Ruben Collar
Director Operations
Orovalle
10 years mining operations experience. Leader of Underground Operations and Mine Planning and Engineering areas.
Director of Operations on an interim basis.
Luis Isla
Director of Geology,
EMIPA
Geoscientist Engineer by Potosi University with 21 years of experience in geological exploration and 14 years in mining
operations, evaluation and reconciliation of reserves control and mine planning projects. QP (Comisión Calificadora de
Competencias en Recursos y Reservas Mineras Chile).
Guadalupe Collar
Director of Geology,
Orovalle
Mine geologist with 17 years experience in underground and open pit operations. Geologist Manager of Orovalle since 2013
and European Geologist (QP) since April 2014.
Raúl Álvarez
Exploration Manager
Registered professional geologist in Spain, with an MSc in geological resources from the University of Oviedo. Over 10
years experience in mining sector, involved at different stages in gold and copper projects in Spain and South America.
Cristina Orejas
HHRR Manager
Over 10 years experience providing Legal, Health & Safety and Human Resources advice to large and medium companies.
Labor & Employment lawyer at Baker & McKenzie and Grant Thornton for over 8 years.
Pablo García
Controller
Over 17 years of experience in business and finance. Formerly worked as a Manager at Deloitte Spain, leading several local
and international projects, mainly in the areas of business transformation and centralization, analytics, reporting and
compliance.
20
MANAGEMENT & DIRECTORS S
en
ior
Ma
na
ge
me
nt
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
EL VALLE RESERVES & RESOURCES
El Valle Mineral Reserve Estimates2 – Sept. 30, 2017
Tonnes Grade Contained Metal
Category (000’s) Au (g/t)
Cu (%)
Ag (g/t)
Au Ounces (000’s)
Cu Tonnes (000`s)
Total Proven Reserves 945 2.86 0.73 13.06 87.0 6.9
Total Probable Reserves 1,287 4.53 0.34 8.62 187.0 4.3
Total P+P Reserves 2,232 3.82 0.50 11.19 274.0 11.2
1. Mineral Resources are inclusive of Mineral Reserves.
2. Notes to the Reserves & Resources can be found in the next slide of this presentation.
21 t s x | o r v
El Valle Mineral Resource Estimates1, 2 – Sept. 30, 2017
Tonnes Grade Contained Metal
Category (000’s) Au (g/t)
Cu (%)
Ag (g/t)
Au Ounces (000’s)
Cu Tonnes (000’s)
Total Measured Resources 4,980.9 2.83 0.71 15.82 452.5 35.5
Total Indicated Resources 4,300.6 4.70 0.52 9.80 650.1 22.2
Total M+I Resources 9,281.5 3.69 0.62 13.03 1,102.6 57.7
Total Inferred Resources 4,341.2 5.23 0.41 6.90 730.1 17.9
Committed to sustainable growth 21
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h 22
Notes to the El Valle Mineral Reserve and Mineral Resource table:
•Mineral Reserves and Mineral Resources have been stated as at September 30, 2017.
•Mineral resources are estimated at gold equivalent (“AuEq”) cut-off grades of 3.1 g/t for El Valle oxides, 2.1 g/t for El Valle skarns and 2.6 g/t for Carlés
skarns. AuEq cut-offs are based on recent operating results for recoveries, off-site concentrate costs and on-site operating costs.
•Mineral resources are estimated using a long-term gold price of US$1,350 per ounce; copper price of US$2.75 per pound; and a silver price of US$19.00
per ounce. A US$/Euro exchange rate of 1/1.20 was used.
•A crown pillar of 50 m is excluded from the mineral resource below El Valle open pit.
•A crown pillar of 42 m is excluded from the mineral resource below El Valle East open pit.
•Unrecoverable material in exploited mining areas has been excluded from the mineral resource.
•Inferred mineral resources do not include inferred mineral resources at La Brueva.
•Mineral reserves are estimated using gold equivalent break-even cut-off grades by zone, consisting of 3.7 g/t AuEq for El Valle oxides, 3.2 g/t AuEq for El
Valle skarns, and 2.7 g/t AuEq for Carlés longhole stoping. Gold equivalent cut-offs are based on recent operating results for recoveries, off-site concentrate
costs and on-site operating costs.
•Mineral reserves are estimated using average long-term prices of US$1,250 per ounce gold, US$2.50 per lb copper, and US$17.00 per ounce silver. A
US$/Euro exchange rate of 1/1.20 was used.
•A minimum mining width of 4 m was used.
•Certain incremental material (below break-even cut-off grade) was included in the estimated mineral reserves in order to maintain production levels.
•Mineral Resources and Mineral Reserves have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM
Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council in accordance with the requirements of National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as is required by Canadian securities regulatory authorities. In addition, while
the terms “Measured”, “Indicated and “Inferred” Mineral Resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian
standards differ significantly from the requirements of the SEC, and mineral resource information contained herein is not comparable to similar information
regarding mineral reserves disclosed in accordance with the requirements of the SEC. Investors should understand that “Inferred” Mineral Resources have a
great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to
assume that any part or all of Orvana’s Mineral Resources constitute or will be converted into Reserves.
•Mineral Reserve and Resource tonnage and contained metal have been rounded to reflect accuracy of the estimate, and numbers may not add due to
rounding.
•The scientific and technical information contained in the El Valle reserve and resource estimates has been reviewed and approved (i) in respect of the
estimated mineral reserves by Dave Duncan, Professional Mining Engineer of Canada, and (ii) in respect of the estimated mineral resources, by Guadalupe
Collar Menéndez, European Geologist. Both D. Duncan and G. Collar are employees of OroValle and thus not independent of the company. Both D.
Duncan and G. Collar are Qualified Persons within the meaning of NI 43-101.
•For more details regarding the Mineral Reserve and Mineral Resource estimates please refer to the company’s fiscal year 2017 Annual Information Form
(“AIF”) filed on SEDAR.
22
NOTES TO EL VALLE RESERVES & RESOURCES
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
DON MARIO RESERVES & RESOURCES
In-Situ Don Mario Mineral Reserves & Mineral Resource Estimates1,2 – Sept. 30, 2017
Tonnes Grade Contained Metal
Category (000’s) Au (g/t)
Cu (%)
Ag (g/t)
Au Ounces (000’s)
Cu Tonnes (t)
Total Proven Reserves - - - - - -
Total Probable Reserves 811 2.60 0.16 2.41 71.2 1,631.5
Total P+P Reserves 811 2.60 0.16 2.41 71.2 1,631.5
Total Measured Resources - - - - - -
Total Indicated Resources 811 2.60 0.16 2.41 71.2 1,631.5
Total M+I Resources 811 2.60 0.16 2.41 71.2 1,631.5
Total Inferred Resources - - - - - -
1. Mineral Resources are inclusive of Mineral Reserves and consist of in-situ material for the LMZ and Cerro Felix deposits.
2. Notes to the Reserves & Resources can be found in the next slide of this presentation.
23 23 t s x | o r v Committed to sustainable growth
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h 24
Notes to the Don Mario Mineral Reserve and Mineral Resource table:
• Mineral Reserves are estimated using gold equivalent cut-off grade of 0.4g/t. Gold equivalent cut-offs were calculated using recent operating results for recoveries and
on-site operating costs.
• Mineral Reserves are estimated using average long-term prices of US$1,250 per ounce gold, US$2.50 per lb copper, and US$17.00 per ounce silver.
• The mineral reserves at the LMZ have been based on processing by the CIL and flotation methods.
• The mineral reserves at Cerro Felix have been based on processing by CIL only.
• Mineral reserves and mineral resources have been stated as at September 30, 2017 and consist of in-situ material for the LMZ and Cerro Felix deposits.
• Numbers may not add due to rounding.
• Mineral Resources and Mineral Reserves have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition
Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council in accordance with the requirements of National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”), as is required by Canadian securities regulatory authorities. In addition, while the terms “Measured”, “Indicated and
“Inferred” Mineral Resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements
of the SEC, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the
requirements of the SEC. Investors should understand that “Inferred” Mineral Resources have a great amount of uncertainty as to their existence and great uncertainty as
to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of Orvana’s Mineral Resources constitute or will be converted
into Reserves.
• The scientific and technical information contained in the Don Mario reserve and resource estimates has been reviewed and approved by G. Zandonai, CP, of DGCS SA.
DGCS SA is an independent mining consulting firm and Mr. Zandonai is a Qualified Person within the meaning of NI 43-101.
• For more details regarding the Mineral Reserve and Mineral Resource estimates please refer to the company’s fiscal year 2017 Annual Information Form (“AIF”) filed on
SEDAR.
24
NOTES TO DON MARIO RESERVES & RESOURCES
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
DON MARIO RESERVES & RESOURCES
Stockpile Don Mario Mineral Reserves & Mineral Resource Estimates1,2 – Sept. 30, 2017
Tonnes Grade Contained Metal
Category (000’s) Au (g/t)
Cu (%)
Ag (g/t)
Au Ounces (000’s)
Cu Tonnes (t)
Total Proven Reserves 44 1.62 0.91 8.46 2.3 400.6
Total Probable Reserves 0 0 0 0 0 0
Total P+P Reserves 44 1.62 0.91 8.46 2.3 400.6
Total Measured Resources 2,184 1.84 1.89 49.30 129.0 41,282.6
Total Indicated Resources 0 0 0 0 0 0
Total M+I Resources 2,184 1.84 1.89 49.30 129.0 41,282.6
1. Mineral Resources are inclusive of Mineral Reserves.
25
Notes to the Don Mario Mineral Stockpile Reserve and Mineral Resource table:
Notes to stockpile mineral resources:
•CIM definitions were followed for Mineral Resources and were prepared by G. Zandonai, a qualified person for the purposes of NI43-101, who is an employee of DGCS
SA and is independent of the Company.
•Mineral resources contained in stockpiles are estimated at a copper equivalent cut-off grade of 0.85% CuEq.
•Mineral resources are estimated using a long-term gold price of US$1,300 per ounce, copper price of US$3.00 per pound and a silver price of US$18 per ounce.
•Mineral resources contained in stockpiles are exclusive of In-situ Mineral Resources. Mineral Resources that are not mineral reserves do not have demonstrated
economic viability. The UMZ Oxide Stockpile resources are currently not economically viable to process through the gravity flotation plant.
•Numbers may not add due to rounding
Notes to stockpile mineral reserves:
•CIM definitions were followed for Mineral Resources and were prepared by G. Zandonai, a qualified person for the purposes of NI43-101, who is an employee of DGCS
SA and is independent of the Company.
•Mineral Reserves are estimated using a gold equivalent cut-off grade of 0.4 g/t. Gold equivalent cut-offs were calculated using recent operating results for recoveries and
on-site operating costs.
•Mineral Reserves are estimated using average long-term prices of US$1,250 per ounce gold, US$2.50 per lb copper, and US$17 per ounce silver.
•Numbers may not add due to rounding.
•UMZ stock for processing Flotation
•LMZ Stock for processing by CIL
25
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
IP QUINTANA
Located South of Boinas.
Adjacent to El Valle-Boinas concessions.
QUINTANA
TARGET
EL VALLE-
BOINAS
3D VIEW
26
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
IP QUINTANA
Geology similar to El Valle Boinas.
Continuity of the main structures.
Structural map
27
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
IP QUINTANA
Geochemistry anomalies…………………………….0.3 g/t Au
Resistivity anomaly………………………….Intrusive at depth?
Chargability anomaly………………………………..Sulphides?
Drilling.
28
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
IP LIDIA
4 Geophysics lines completed:
Resistivity: different values can been interpreted similar to different lithologies.
Chargeability: some interesting anomalies can indicate sulphides mineralization,
providing information about the areas with ore potential to drill.
Detailed mapping of limestone.
29
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
IP PALMIRA
• Investigation Permit in Administration Process (not yet granted).
• Oscos Gold Belt.
• Roman works.
• Presence of Tungsten mines.
• Favorable structures and geology: intrusive and limestone.
• Drilled by other companies intercepting ore at depth.
30
t s x | o r v C o m m i t t e d t o s u s t a i n a b l e g r o w t h
Orvana Minerals Corp
CONTACT:
Joanne Jobin
Investor Relations Officer
T 647 964 0292
Nuria Menendez Chief Financial Officer
170 University Avenue, Suite 900
Toronto, Ontario Canada M5H 3B3
T 416-369-1629 W orvana.com
Committed to sustainable growth