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MINERALS CORP.
ORVANA
Fourth Quarter andFiscal 2013 Results
Presentation December 10, 2013
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 thatcertain 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 ofdecisions 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 studiesand their results; production forecasts; future transactions; future gold prices; the ability to achieve additional growth and geographic diversification; future productioncosts; 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 suchstatements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvanacontained 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 andin the Company’s most recently filed Annual Information Form, or as otherwise expressly incorporated herein by reference as well as: there being no significantdisruptions 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; politicaldevelopments 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’scurrent 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 Companyand 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 actualproduction experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualifiedpersonnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; risks generally associated with mineral exploration anddevelopment, including the Company’s ability to develop the UMZ deposit, the EVBC deposit , and the CW project; the Company’s ability to acquire and developmineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to theCompany; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes inpolitical, social or economic conditions in Bolivia; general economic conditions worldwide; and the risks identified in Orvana’s latest Management’s Discussion andAnalysis 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 andreference 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 doesnot 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
TOTAL ANNUAL PRODUCTION
Gold ozCopper k/lbs
Silver oz
FY-2014 GUIDANCE
3
80 - 93k oz
18 - 20 M lbs
875 - 950k 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-2014GUIDANCE
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY-2012 FY-2013 FY-2014GUIDANCE
2013 Guidance
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
EL VALLE-BOINÁS CARLÉS MINES
Location: Spain
Producer: Gold-copper-silver
Commercial Production: August 2011
FY-2014 Production Guidance
65 - 75k oz
6 - 6.5 M lbs
175 - 200k oz
Copper SilverGold
5
FY-2013 Production Guidance
63,000oz
6M lbs
200,000oz
Copper SilverGold
FY-2013 Production Actual
65,992oz
6.7M lbs
197,768k oz
Copper SilverGold
FY-2011 FY-2012 FY-2013 FY-2014GUIDANCE
FY-2011 FY-2012 FY-2013 FY-2014GUIDANCE
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
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
0
200
400
600
800
1000
1200
1400
1600
1800
Q3-13 Q4-130
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
UPPER MINERALIZED ZONE
Location: Bolivia
Producer: Copper-gold-silver
Commercial Production:January 2012
9
FY-2014 Production Guidance
15 - 18k oz
12 - 13.5M lbs
700 - 750k oz
Copper SilverGold
FY-2013 Production Guidance
12,000oz
12M lbs
650,000 oz
Copper SilverGold
FY-2013 Production Actual
14,549oz
10.65M lbs
820,043 oz
Copper SilverGold
FY 2011 FY 2012 FY 2013 FY 2014GUIDANCE
FY 2011 FY 2012 FY 2013 FY 2014GUIDANCE
FY 2011 FY 2012 FY 2013 FY 2014 GUIDANCE
UMZ PRODUCTION
9,977 oz
13,065 oz14,549 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
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%
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
COPPERWOOD
Location: Michigan, USA
Development ready: Copper
Mine Life: 13+ years
13
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
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
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
PRODUCTION and SALES
17
PRODUCTION EVBC2013
UMZ2013
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 EVBC2013
UMZ2013
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
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
UMZ0
30000
60000
90000
120000
150000
180000
FY-12 FY-13
EVBC
UMZ
Revenue by Quarter Revenue by Fiscal Year
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
Thou
sand
s
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
Tho
usa
nd
s
Adjusted Net Income FY-2013
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
Tho
usa
nd
sOperational Cash Flow FY-2013 Actual
13,039
32,5692,275
1,440
12,006 1,252
21,157
850 13,200
-
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
Tho
usa
nd
s
Financing & Investing Cash Flow FY-2013 Actual
SUMMARY
21
Multi Mines Producer Strategy
Major European Gold Producer
Organic Growth Opportunities
Strong Cash Flow/Income Generation
Balance Sheet Getting Stronger
