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  • 1. MINERALS CORP. ORVANA Fourth Quarter and Fiscal 2013 Results Presentation December 10, 2013
  • 2. FORWARD LOOKING STATEMENTS Certain statements in this presentation 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, potential 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. Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone (“UMZ”) deposit at Don Mario, the El Valle- Boinás/Carlés (“EVBC”) project in Spain and the Copperwood (“CW”) project in Michigan and their potential operations and production; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future gold prices; the ability to achieve additional growth and geographic diversification; future production costs; 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 Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s most recently filed Annual Information Form, 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 the UMZ deposit, the EVBC deposit and the CW project 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 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; risks generally associated with mineral exploration and development, including the Company’s ability to develop the UMZ deposit, the EVBC deposit , and the CW project; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; 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 Bolivia; general economic conditions worldwide; and the risks identified in Orvana’s latest Management’s Discussion and Analysis under the heading “Risks and Uncertainties”. 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 Annual Information Form for a description of additional risk factors. 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 2
  • 3. TOTAL ANNUAL PRODUCTION Gold oz Copper k/lbs Silver oz FY-2014 GUIDANCE 3 80 - 93 k oz 18 - 20 M lbs 875 - 950 k oz Copper SilverGold ¹FY-2014 Forecast shown in charts is at the high end of the range. - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 FY-2012 TOTAL FY-2013 TOTAL FY-2014 GUIDANCE - 5,000 10,000 15,000 20,000 25,000 FY-2012 FY-2013 FY-2014 GUIDANCE - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 FY-2012 FY-2013 FY-2014 GUIDANCE 2013 Guidance
  • 4. FISCAL YEAR 2013 HIGHLIGHTS 4 • Gold production exceeded guidance for FY-2013 by 7% and exceeded FY- 2012 production by 44% • Strong mining and processing performance at flagship EVBC Mines, Spain • First full year of commercial production at UMZ Mine, Bolivia • Final major permitting achieved at Copperwood Project, USA • Revenue increased by 11% compared to FY-2012 • Continued debt repayment and stronger balance sheet • Significant improvement to safety performance • Appointment of Michael Winship as President and CEO • Appointment of John Bracale as EMIPA President, Bolivia
  • 5. EL VALLE-BOINÁS CARLÉS MINES Location: Spain Producer: Gold-copper-silver Commercial Production: August 2011 FY-2014 Production Guidance 65 - 75 k oz 6 - 6.5 M lbs 175 - 200 k oz Copper SilverGold 5 FY-2013 Production Guidance 63,000 oz 6 M lbs 200,000 oz Copper SilverGold FY-2013 Production Actual 65,992 oz 6.7 M lbs 197,768 k oz Copper SilverGold
  • 6. FY-2011 FY-2012 FY-2013 FY-2014 GUIDANCE FY-2011 FY-2012 FY-2013 FY-2014 GUIDANCE EVBC PRODUCTION 1.05 Mlbs 3.95 Mlbs 6.7 Mlbs 28,456 oz 117,113 oz 197,768 oz 6 FY-2011 FY-2012 FY-2013 FY-2014 GUIDANCE 9,336 oz 42,864 oz 65,992 oz 65,000 oz 75,000 oz - GOLD 6.0 Mlbs 6.5 Mlbs - 175,000 oz 200,000 oz - COPPER SILVER
  • 7. EVBC UPDATE 7 • FY-2013 gold production exceeded guidance • Record gold production in last 2 quarters • Increased oxides mined at Boinás Mine • Alternate hauling production schedule exceeding expectations • Mill throughput hit all time high in August of 2,250 tpd – 10% above capacity • Hoist repair and enhancements well underway; expected completion early 2014
  • 8. 0 200 400 600 800 1000 1200 1400 1600 1800 Q3-13 Q4-13 0 200 400 600 800 1000 1200 1400 1600 1800 Q4-12 Q4-13 0 200 400 600 800 1000 1200 1400 1600 1800 FY-12 FY-13 EVBC COST PERFORMANCE (1) COC, AISC and AIC (by-product) reported on a per ounce of gold sold. AIC and AISC for the periods set out below are the same. For further information and a detailed reconciliation of COC, AISC and AIC, please see “Other Information - Non-IFRS Measures” section of the 2013 MD&A. Continued optimization in 4th quarter Improved efficiencies in mining of oxides Cost savings initiatives AISC $1,049 AISC $1,035 AISC $1,749 AISC $1,035 AISC $1,086 AISC $1,658 Cash Operating Costs (COC), All-In Sustaining Costs (AISC), All-In Costs (AIC) ¹ COC $803 COC $854 COC $759 COC $926COC $759 COC $846
  • 9. UPPER MINERALIZED ZONE Location: Bolivia Producer: Copper-gold-silver Commercial Production:January 2012 9 FY-2014 Production Guidance 15 - 18 k oz 12 - 13.5 M lbs 700 - 750 k oz Copper SilverGold FY-2013 Production Guidance 12,000 oz 12 M lbs 650,000 oz Copper SilverGold FY-2013 Production Actual 14,549 oz 10.65 M lbs 820,043 oz Copper SilverGold
  • 10. FY 2011 FY 2012 FY 2013 FY 2014 GUIDANCE FY 2011 FY 2012 FY 2013 FY 2014 GUIDANCE FY 2011 FY 2012 FY 2013 FY 2014 GUIDANCE UMZ PRODUCTION 9,977 oz 13,065 oz 14,549 oz 10.65 Mlbs11.42 Mlbs 2,218 oz 599,167 oz 820,043 oz 10 15,000 oz 18,000 oz - GOLD 12 Mlbs 13.5 Mlbs - 700,000 oz 750,000 oz -COPPER SILVER
  • 11. UMZ UPDATE 11 • Improved recoveries Increased access to sulphides Better blending of ores • Higher head grades • LPF processing terminated Increased production of 5% in Q4 Total all-in sustaining costs reduced by: 19% Gold 8% Copper 17% Silver $6.3M impairment cost • Evaluation of reagents to process oxides through flotation-only process continues • Commenced implementation of gold gravity circuit Completion expected Q2-14 Expected to increase gold recovery up to as much as 65%
  • 12. 0 5 10 15 20 25 30 35 Q3-13 Q4-13 Q4-12 Q4-13 FY-2012 FY-2013 0 0.5 1 1.5 2 2.5 3 3.5 4 Q3-13 Q4-13 Q4-12 Q4-13 FY-2012 FY-2013 0 200 400 600 800 1000 1200 1400 1600 Q3-13 Q4-13 Q4-12 Q4-13 FY-2012 FY-2013 UMZ COSTS PERFORMANCE 12COC and AISC (co-product) are reported on a per ounce of gold and silver sold and per pound of copper sold. AISC $2.35 COC $1.97 Continued optimization in 4th quarter Lower costs with no LPF process COC and AISC ¹ AISC $2.17 AISC $3.61 AISC $2.17 AISC $2.63 AISC $2.38 COC $2.18 COC $1.97 COC $1.92 COC $2.16 COC $2.40 AISC $17.47 COC $16.34 AISC $14.49 COC $13.17 AISC $33.00 COC $18.69 AISC $14.49 COC $13.17 AISC $24.86 COC $22.88 AISC $19.30 COC $17.64 AISC: $1,010 COC $939 AISC $823 COC $740 AISC $1,587 COC $969 AISC $823 COC $740 AISC $1,258 COC $1,147 AISC $1,051 COC $951
  • 13. COPPERWOOD Location: Michigan, USA Development ready: Copper Mine Life: 13+ years 13
  • 14. COPPERWOOD UPDATE • Strong community support • All major permits received Apr 2012 – Part 632 (Nonferrous Metallic Mining) Jul 2012 – Permit to Install, or Air Quality Permit Nov 2012 – National Pollutant Discharge Elimination System Q2 2013 – Wetland Permit • Optimization work underway Additional metallurgical testing Optimize mine design • Shovel Ready • Multitude of Value Realization Options Joint Venture Debt/Equity Sale Spin out 14
  • 15. ORVANA GROWTH • EVBC - Spain Extending zones that are open to depth and exploring satellite properties Up to ~$1.4 million delineated drilling Up to ~$1.9 exploration targeting to add 500,000 oz/au in new resources • Don Mario – Bolivia FY-2014 Plan to spend ~$1 million targeting 680,000 oz/au in two schist belts with mining history. • Copperwood Project, Michigan USA Value add options - Joint Venture, Debt/Equity, Sale, Spin out • M&A Activity Actively reviewing project opportunities in Spain, US, Canada and Bolivia 15
  • 16. Market Overview, as at September 30, 2013 Ticker TSX:ORV Shares Outstanding 136.6 M Options 2.87 M Warrants 2.27 M Market Cap. (basic) ~$61 M Major Shareholder Fabulosa Mines Ltd. (52%) Balance Sheet (09/30/13, US$M) Unrestricted Cash $13.03 M Debt Net of Cash, Cash Equivalents and Restricted Cash for Debt Payments $39.8 M Shareholders’ Equity $158.8 M Available Credit Drawdown $8.8 M Fiscal Year End Sept. 30 Stock Chart (1 Year) COMPANY SNAPSHOT 16 0 0.2 0.4 0.6 0.8 1 1.2 1.4 01-Oct-12 01-Nov-12 01-Dec-12 01-Jan-13 01-Feb-13 01-Mar-13 01-Apr-13 01-May-13 01-Jun-13 01-Jul-13 01-Aug-13 01-Sep-13
  • 17. PRODUCTION and SALES 17 PRODUCTION EVBC 2013 UMZ 2013 TOTAL FISCAL YEAR For the three months ended June 30 Sept 30 June 30 Sept 30 2012 2013 Gold (oz) 18,439 17,823 3,880 4,427 55,929 80,541 Copper (000 lbs) 1,942 1,880 2,616 2,630 15,366 17,304 Silver (oz) 58,856 54,241 244,848 235,094 716,280 1,017,811 SALES EVBC 2013 UMZ 2013 TOTAL FISCAL YEAR For the three months ended June 30 Sept 30 June 30 Sept 30 2012 2013 Gold (oz) 16,808 17,411 3,672 4,051 55,052 74,087 Copper (000 lbs) 1,643 1,990 2,421 2,437 14,730 16,312 Silver (oz) 51,934 62,447 251,799 251,564 669,810 1,073,394
  • 18. FINANCIAL PERFORMANCE 18 Q1-2013 Q2-2013 Q3-2013 Q4-2013 FY-2012 FY-2013 Revenue $35,650 $45,577 $36,997 $43,975 $145,574 $162,199 Gross Margin $11,386 $11,697 ($4,388) $12,303 $42,326 $30,998 Adjusted EBITDA¹ $10,760 $12,961 $8,168 $18,981 $43,580 $50,870 Adjusted Net Income (loss)¹ $4,338 $922 ($654) $7,814 $15,474 $12,420 ¹ For the reconciliation of Net Income to Adjusted Net Income, please see the 2013 MD&A. - 10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 Q1-13 Q2-13 Q3-13 Q4-13 EVBC UMZ 0 30000 60000 90000 120000 150000 180000 FY-12 FY-13 EVBC UMZ Revenue by Quarter Revenue by Fiscal Year
  • 19. ADJUSTED EBITDA AND ADJUSTED NET INCOME 19 * Adjustments to Net Income are tax-effected. 19 50,870 43,295 32,623 101,063 8,544 1,722 23,865 9,277 6,389 2,771 19,240 162,199 - 25,000 50,000 75,000 100,000 125,000 150,000 175,000 Net Revenue Mining Costs G&A Other Costs Adjusted EBITDA Depreciation Amortization PP&E retirements Unrealized derivatives Finance Costs Other Expenses Income taxes Net Income Thousands Adjusted EBITDA and Net Income FY2013 12,420 6,273 1,571 873 1,387 30,307 32,623 - 10,000 20,000 30,000 40,000 50,000 Net Income LPF write-down Hoist De-recognition One-time Other payment VAT accrual Unrealized derivaties Adjusted Net Income Thousands Adjusted Net Income FY-2013
  • 20. CONSOLIDATED CASH FLOW 32,569 4,882 284 2,297 247 5,938 2,594 38,685 20,000 30,000 40,000 P&L Cash Receivables VAT & prepaids Inventories Mat. & Supplies A/P & accruals Income taxes Operational Cash Flow Thousands Operational Cash Flow FY-2013 Actual 13,039 32,569 2,275 1,440 12,006 1,252 21,157 85013,200 - 10,000 20,000 30,000 40,000 50,000 60,000 Beginning Cash Operation Cash Flow Bank debt Fabulosa CS repayment Leases & other Acctg. Capex Restricted cash Ending Cash Thousands Financing & Investing Cash Flow FY-2013 Actual
  • 21. SUMMARY 21 Multi Mines Producer Strategy Major European Gold Producer Organic Growth Opportunities Strong Cash Flow/Income Generation Balance Sheet Getting Stronger