ORVANA EXPANDS TAGUAS PROJECT FOOTPRINT THROUGH ACQUISITION OF ADJACENT CLAIMS

Rhea-AI Summary

Orvana Minerals (TSX: ORV) expanded its Taguas Project in San Juan, Argentina, by acquiring the adjacent Evelina Property from a Pan American Silver (NYSE/TSX: PAAS) subsidiary for US$1.2 million.

The four Evelina claims add 4,015 hectares, increasing Taguas’ footprint by about 123% to 7,289 hectares and extending the project along the same metallogenic belt, supporting district-scale epithermal and porphyry exploration potential.

Positive

• Acquisition of Evelina claims for US$1.2 million completed June 26, 2026
• Taguas Project footprint increased about 123% from 3,274 to 7,289 hectares
• Four additional claims add 4,015 hectares in same metallogenic belt as Cerros Taguas
• Deep drilling program in FY2026 completed 2 holes totaling 2,173.7 metres
• Petrographic studies indicate dacitic porphyry-related hydrothermal system at depth
• Transaction enhances logistical options for potential future infrastructure development

Negative

• US$1.2 million cash outlay required for Evelina Property acquisition
• Evelina West remains underexplored with only early-stage indicators of a system
• Drill hole TADD-279 results remain pending, delaying full geological interpretation

News Market Reaction – PAAS

+0.27%

+0.27% Session close to close

In the Jun 30 session, PAAS gained 0.27%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Orvana’s acquisition of Evelina from PAAS, a small transaction versus i...

Analysis

This announcement highlights Orvana’s acquisition of Evelina from PAAS, a small transaction versus its roughly $19.15B value. With low reported short interest, key watchpoints remain broader gold-sector trends and future portfolio-optimization steps by the company.

Key Figures

Acquisition consideration: US$1,200,000 Evelina Property size: 4,015 hectares Number of claims: 4 claims +5 more

8 metrics

Acquisition consideration US$1,200,000 Total consideration for Evelina Property transaction

Evelina Property size 4,015 hectares Total area of four Evelina claims

Number of claims 4 claims Evelina I, Gabriela 1, Gabriela 2, Gabriela 3

Exploration footprint increase 123% Increase in Taguas exploration footprint after Evelina acquisition

Prior Taguas area 3,274 hectares Taguas Project footprint before Evelina acquisition

New Taguas area 7,289 hectares Taguas Project footprint after adding Evelina claims

Geophysical survey depth 1,500 metres Depth targeted by Taguas geophysical survey for deep exploration

FY2026 drilling length 2,173.7 metres Total length from two deep drill holes at Taguas in FY2026

Historical Context

5 past events · Latest: Jun 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 01	Exploration update	Positive	-2.6%	Outlined sizable Timmins exploration and development program and capital plans.
May 27	ESG report	Positive	+3.5%	Released 2025 sustainability report highlighting progress on emissions and ESG metrics.
May 12	Investor Day	Neutral	-0.2%	Announced June 1, 2026 Investor Day focused on strategy, growth and exploration.
May 05	Earnings results	Positive	+12.0%	Reported strong Q1 2026 revenue, earnings, record cash and higher shareholder returns.
May 05	Capital returns	Positive	+12.0%	Announced enhanced framework targeting up to $1 billion in 2026 shareholder returns.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

PAAS has generally risen on strong financial/shareholder-return news, with one notable divergence on an exploration update.

Key Terms

metallogenic belt, epithermal system, hydrothermal system, dacitic porphyry, +2 more

6 terms

metallogenic belt technical

"within the same Oligocene–Miocene metallogenic belt that hosts the Cerros Taguas."

A metallogenic belt is a geographic zone where natural deposits of metal ores, like copper, gold or zinc, are concentrated due to past geological processes. For investors, it acts like a neighborhood known for valuable real estate: companies operating there are more likely to find recoverable minerals, which can lower exploration cost and raise the potential payoff, but location alone doesn’t guarantee profitability because extraction, permitting and market prices still matter.

epithermal system technical

"satellite imagery has outlined an epithermal system, consistent with the presence of a hydrothermal system."

An epithermal system is a near-surface geological setting where hot, mineral-bearing fluids moved through cracks and cooled, leaving concentrations of metals such as gold, silver, and sometimes copper. Think of it like mineral-rich water flowing through a sponge and depositing metal 'streaks' as it cools. For investors, identifying an epithermal system signals a higher potential for economically valuable ore near the surface, affecting exploration value and development risk.

hydrothermal system technical

"outlined an epithermal system, consistent with the presence of a hydrothermal system."

A hydrothermal system is a natural underground network where hot water and steam circulate through rock, carrying heat and dissolved minerals from deep beneath the surface. For investors, these systems matter because they can concentrate valuable mineral deposits (like gold or copper) that make mining projects economically attractive, and they can also be harnessed as a source of geothermal energy for power generation — like a natural oven and delivery pipe that concentrates and brings resources closer to the surface.

dacitic porphyry technical

"indicate that the mineralized host rock corresponds to a dacitic porphyry."

A dacitic porphyry is a type of igneous rock made when silica-rich magma cools and leaves large crystals embedded in a finer-grained matrix—think chocolate chips set in cookie dough. In mining and investment, these rocks matter because they commonly host widespread, low-to-moderate grade deposits of metals like copper, gold and molybdenum; finding a dacitic porphyry can point to a large, bulk-mining target that influences exploration value and long-term project economics.

sericitic alteration technical

"identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite."

A type of hydrothermal alteration where hot, mineral-rich fluids change original rock into a fine, silky white mica called sericite, often making the rock look bleached or soft like fabric that’s been chemically washed. For investors, sericitic alteration is important because it commonly marks zones where valuable metals such as copper or gold have been concentrated by those same fluids, serving as a useful exploration indicator of potential mineral deposits.

preliminary economic assessment technical

"resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TSX:ORV
OTCQX: ORVMF
#17-2026

TORONTO, June 29, 2026 /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to announce the strategic expansion of its land position at the Taguas Project, located in San Juan Province, Argentina, through the acquisition of the Evelina claims (the "Evelina Property") from a subsidiary of Pan American Silver Corp. (NYSE: PAAS; TSX: PAAS), for total consideration of US$1,200,000 (the "Transaction").

Highlights

• The Evelina Property comprises four claims totalling 4,015 hectares, located in the Iglesia Department of San Juan Province, Argentina: Evelina I (Exp. No. 11240381-M-06), Gabriela 1 (Exp. No. 0001-M-96), Gabriela 2 (Exp. No. 0002-M-96), and Gabriela 3 (Exp. No. 0003-M-96).
• The addition of the Evelina Property increases the Taguas Project's exploration footprint by approximately 123%, from 3,274 to 7,289 hectares.
• The Evelina Property extends the Taguas Project along the same metallogenic belt, highlighting the potential continuity of a prospective epithermal corridor supported by early geological evidence. The Transaction provides opportunities to expand exploration activities at Taguas while increasing logistical optionality and flexibility for potential future infrastructure development.

Juan Gavidia, Chief Executive Officer of Orvana, commented: "As we advance our understanding of the porphyry system at depth at Taguas, we are expanding our land position and strengthening our presence in the district. The Evelina Property acquisition consolidates a continuous land package alongside Taguas, enhancing our geological optionality and increasing flexibility for potential future development."

Evelina Property

The Evelina claims total 4,015 hectares and represent a strategic expansion withinthe same Oligocene–Miocene metallogenic belt that hosts the Cerros Taguas. This addition enhances the Taguas Project's broader geological footprint and reinforces its district-scale exploration potential, particularly for epithermal gold and silver systems.

Evelina East (see Figure 1) is interpreted as the potential southern extension of the Cerros Taguas mineralized corridor and constitutes the most advanced sector within the Evelina claims in terms of historical work. WordView-3 satellite imagery has outlined an epithermal system, consistent with the presence of a hydrothermal system. This geological continuity increases confidence in the potential extension of mineralization beyond the current limits of the Taguas claims.

Evelina West (see Figure 1), by contrast, remains underexplored but presents compelling early-stage indicators of a hydrothermal system. The presence of argillic alteration, with abundant alunite, is consistent with high-sulfidation epithermal environments. The scale and intensity of alteration observed suggest the potential for a concealed mineralized system.

Strategic Context

The Company has expanded its evaluation of the Taguas Project beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.

The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres.  Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling. The FY2026 program comprised 2 drill holes, totaling 2,173.7 metres drilled. First drill hole TADD-278 reached 1,331.7 metres and second TADD-279, 842 metres.

Petrographic studies completed on drill core samples from hole TADD-278 indicate that the mineralized host rock corresponds to a dacitic porphyry. The analyzed intervals display a well-developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a hydrothermal porphyry system. The studies also identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite. Ore mineralization is primarily composed of pyrite with associated enargite and/or chalcopyrite, occurring as disseminations and veinlet fillings, further supporting the interpretation of a dacitic porphyry-related hydrothermal system.  Detailed information is available in the Company's news releases dated April 8, 2026 and May 27, 2026. Results from drill hole TADD-279 remain pending and will be disclosed as additional data becomes available.

Orvana considers the acquisition of the Evelina Property as part of its broader Taguas Project strategy, as the Company completes the interpretation of results from its FY2026 drilling campaign, continues the evaluation of historical data at Evelina, and advances the design of an integrated exploration program for FY2027.

Transaction Details

Pursuant to the Transaction, Orvana Argentina S.A., a wholly-owned subsidiary of the Company, acquired 100% of the interest in the claims comprising the Evelina Property from a subsidiary of Pan American Silver Corp. on an as-is, where-is basis, for total consideration of US$1,200,000. The Transaction was completed on June 26, 2026, with customary registration formalities remaining.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Raúl Alvarez Cifuentes, a Qualified Person as defined under NI 43-101. Mr. Alvarez is an employee of the Company, and therefore is not independent of the Company.

ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas Project located in Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements – Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding: (i) the anticipated benefits of expanding Orvana's land position in the Iglesia Department of San Juan Province through the addition of the Evelina Property adjacent to the Taguas Project; (ii) the potential for mineralization continuity between the Evelina Property and the Taguas Project, including within the Evelina East and Evelina West sectors; and (iii) the Company's plans to advance exploration in Argentina, including the October 2026 – April 2027 drilling campaign at Taguas. There can be no assurance that exploration of the Evelina Property will result in the delineation of any mineral resources, or that any mineralization identified will be economically viable.

Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.

A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: the Company's ability to advance exploration at the Evelina Property and the Taguas Project; challenges to the Company's property interests and mineral rights; delays or difficulties in obtaining or maintaining necessary permits and authorizations; the impact of global economic and geopolitical conditions; fluctuations in the prices of gold, silver, and copper; availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to obtain financing on acceptable terms when required; and legislative, regulatory, political, social, and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.

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. Readers are cautioned not to place undue reliance on forward-looking statements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/orvana-expands-taguas-project-footprint-through-acquisition-of-adjacent-claims-302813643.html

SOURCE Orvana Minerals Corp.

FAQ

What did Pan American Silver (PAAS) agree to sell to Orvana at Taguas in June 2026?

Pan American Silver’s subsidiary agreed to sell the Evelina claims to Orvana for US$1.2 million. According to the company, the Evelina Property includes four mining claims totaling 4,015 hectares adjacent to the Taguas Project in San Juan, Argentina.

How much did Orvana pay Pan American Silver (PAAS) for the Evelina Property?

Orvana paid total consideration of US$1,200,000 for the Evelina Property. According to the company, the deal closed on June 26, 2026, transferring 100% interest in the four Evelina claims on an as-is, where-is basis, subject to customary registrations.

How does the Evelina acquisition affect the size of the Taguas Project for PAAS-related ground?

The Evelina acquisition increases the Taguas Project area by about 123%, from 3,274 to 7,289 hectares. According to the company, the newly acquired claims extend Taguas along the same metallogenic belt previously held by a Pan American Silver subsidiary.

What exploration potential does the Evelina Property add to Orvana’s Taguas Project near PAAS assets?

The Evelina Property extends Taguas along an Oligocene–Miocene metallogenic belt, supporting epithermal and porphyry potential. According to the company, Evelina East may continue the Cerros Taguas mineralized corridor, while Evelina West shows early signs of a hydrothermal system.

What drilling has Orvana completed at Taguas before acquiring ground from Pan American Silver (PAAS)?

Before this acquisition, Orvana’s FY2026 program completed two deep drill holes totaling 2,173.7 metres. According to the company, hole TADD-278 reached 1,331.7 metres with petrography indicating a dacitic porphyry system, while TADD-279 results remain pending.

When was the Evelina Property transaction between Orvana and the Pan American Silver subsidiary completed?

The Evelina Property transaction closed on June 26, 2026. According to the company, Orvana Argentina S.A. acquired 100% interest in the Evelina claims for US$1.2 million, with only customary registration formalities remaining after completion.