ORVANA

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Annual Mining Forum Europe. pleasure to see everyone. Exciting times in the sector at the moment. my name is Ross Allister, I run the mining team at Peel Hunt. We're a specialist independent UK investment bank. and we'll advise and help multiple mining companies who responsibly extract various commodities across five continents. I think we'll go straight into the, the mining company presentations and, and first up we have Raul Alvarez from Ivana, who's the exploration manager there. Thank you. Thanks. Hello, everyone. Thanks for letting us present Urbana. my name is Raul Alvarez. I'm a geologist. I'm the director of exploration and technical services for Urbana during the last 8 years. And I've been in the company for the last 20 years. So I think I have the experience and the insight to introduce you to the company and the last updates on our project. Urbana is a multi-asset producer company of gold, copper, and silver. We have presence in Spain, with a producing mine in the north part of the country. We have a project that is about to restart in Bolivia right now during this quarter, and we have an exploration project in Argentina, in the San Juan Province. So, with these 3 assets, we are in a situation that could be transformational for the company. Transformational because we are going to have our 2nd unit in production. During this year, so it's going to change completely the profile in production of the company and transformational because our exploration program in Argentina is one of the most thrilling that we have in the company right now. In this, slide you can see the last geophysical program that we developed in November with the result of this big anomaly, Under our resource surface that we are going drilling right now. So I'm going to explain in detail how is the, the plan for this target and the last results that we published some days ago. So this, the customary forward-looking statements available on our website, the presentation. So the 3 units, the, well, the company is Canadian and the 3 units is Orobale is our Spanish unit, has been in production during the last 15 years. we are the major gold producer in, in Spain and we still generating, Exploration opportunities that let us expand the resource in the country and, stable production with a life of mine of 5 years that we are replenishing year by year with exploration. In Bolivia, our unit is called EMIA and it's a historical, mine, in the region, it's in the eastern part of the country, and we've been, during the last year constructing construction of a new circuit that is going to start during this quarter with a ramp up period of, producing gold and copper. Hm. We also have a. Exploration opportunities because we have a 53,000 hectares land package. And the third unit it's called Tahus Project in Argentina. This project is based in San Juan Province, close to the Chilean border. And we are in the middle of a drilling campaign that is really ambitious because it's changing the, the profile of exploration in, in the property that we've been doing during the past years. The operations outlook of the company, you can see, the gold production in Spain is around 35 ounces of gold per year. For the next year, we are expecting to reach the 65,000 with the addition of the gold production in Bolivia. Regarding the copper, we have a production around 4 million pounds in Spain. For the next year, we are going to reach a level of 19 million pounds with the production coming from Bolivia. So the profile in production is going to change completely during this year. If we have a look on our shares, we have 137 million shares with a market cap in these days around 250 million Canadian. And if you have a look on the share price trend. This is a big jump that happens in October last year. And we think it's because of 3. Catalyst. The first and most obvious is the metal prices. The second one is the advance in the construction in the new circuit in Bolivia that People start realizing that it's going to be happening in a few periods, in a short period. And the third one is the announced of the exploration program for this year in Argentina. That the market market realized that this has the potential to be a game changer for the company. Let me start with Bolivia. The operation is called oxide stockpile project. This stockpile is the result of the mining activity in the past when we accumulate 2 million tons of ore with gold and copper. because of the plant at that time. didn't allow us to maximize the recoveries in the copper. We start, with all the metallurgical testing and the engineering process that, made us, think. That we need this new circuit. It's going to be an acid leaching circuit when we are going to extract the copper to produce copper cathodes and then use the, the gold circuit to produce dorebs. This is a fast track project of 3 years that is going to. Give us a cash flow generation that is going to be able for us to start with exploration in the, in the region. We also have The potential to expand the life of mine with the tailings reprocessing that we need to assess all the metallurgical testing for that and the evaluation of the remnants around the property because at these prices, there is a lot of potential to increase the mineral. resources. The oxide support project is a 3-year project that is going to allow us to produce around 100,000 ounces of gold and 57 million pounds of copper. And this is the, well, the guidance for this year, we are expecting because this 1st 6 months is going to be the ramp up period. So, the production is going to be around 130 to 14,000 of gold and around 7 million pounds of copper. And the unitary cost have a broad range between 22 and 2600. But it's related to the ramp-up period, so we expect to control that during the months. And moving to Argentina. We are in the middle of a jurisdiction full of mayors. You can see in the south we have the Beladero, mine of Barrick and the El Alto Lama project that is a multi-million area of gold and copper. Well, this area of gold, and to the north, we have the Valeriano of Aex that they are drilling a deep porphyry and they are less than 10 kilometers from us. Same corridor, geological continuity, so we have a lot of similarities with these two projects. More to the north, we have the Enfierro and more to the north, we have the Lundin, Philo, and Jose Maria Lunaguasi. So we are in the middle of a jurisdiction in the San Juan province that they are really pro-mining. That, but the good thing is the potential in the geology that we have. So, we have a resource at surface, oxides. we put published a PEA but we have a lot of indicators of, mineralization at depth. We have, the alteration pattern changing to a high temperature. We have all the geophysics in the past with anomalies in that, in that area, and we have, well, more characteristics of This kind of porphyry system. So, after analyzing all the information from the past that we have more than 60,000 m of drill holes, but shallower, we decide first, do this Geophysical program that we developed in November where we Apply an IP plus magnitude Teic survey, and we were successful with identifying in the area where we have all the indicators, we identify a big low resistivity anomaly that could be related to the presence of sulfides. So, after that campaign, we decide to drill, to make the first, deep drilling campaign in the property. So, we plan 1500 m drill holes to, try to understand what is going on behind our epithermal system. This program. Has been Starting in in January, late January. we announced the first results, last week. We have, the first drill hole is reaching 1300 m. We have already the lab results of the 1st 900 m, but the good point is that we intercept the intrusive rock at 700 that we were expecting. we have all the, the, the system identified until this point. We, identified alterations that are matching what we were expecting. And the results, from 700 to 900, 900 is the limit that we have from the lab right now. It has, 0.25 g per ton of gold and 0.12% of copper. That's not an economic deposit, but for us it's very important, but because this drill hole is going to give us a lot of information, it's not just the lab results. We are going to identify. The, geochronology, alteration, the veining, all that information is going to allow us to vectorize for the next drill holes. So it's very important for us, it's, the first drill hole, but it's going to be, I expect, the first of, a lot of drill holes. Well, regarding Spain, as I said, Spain has been in production since 2011. The company has an annual program of exploration, brownfield and greenfield. The brownfield program is allowing us to replenish the depletion year by year. So, the El Valle mine has been successful in that regard for more than 20 years. That mine also started the production in the past with another company during the last 25 years or more. It's an underground mine, a production production profile of 2000 tons per day. And this is, well, the Production in the last quarter and in gold and Copper, we are on track to achieve the guidance. And also the, the cost, the only sustaining cost, we are a little bit in the lower limit of the guidance because, well, We set a higher. guidance because of the uncertainties on inflation during these days. Well, regarding the financial performance of the company, and during this last quarter, we have, we have a revenue of 32 million, a bit of 1, 11 million, and the CPE expenditures of 17 million, Basically related to the construction of the new circuit in Bolivia. And To summarize why Urbana is a good opportunity to invest. And, as I said before, it's a transformational time for the company as we are resuming production in Bolivia, so we are going to have two units in production with a good, production in gold and copper that is diversified. And in Spain is steady, we're still drilling, we have a land package of 30,000 ounces of ounces of hectares of land package that Make us able to drill in some additional satellite deposits that we can identify and. Take the ore to our mill. And also Bolivia has potential to to be Explore in that land package of 53,000 hectares and Argentina, Argentina, right now with these results, we are expecting to define our next steps in the property, not just the surface, but identifying a bigger, prospect at depth. So it's going to be a transformation too. and Urbana value is Based on execute, executing this steady production, continuous production in Spain. Executing on the restart and the production in Bolivia and executing with a successful exploration campaign in Argentina. So this is my presentation of the panel of the panel. Thank you, Raul. Thanks. Maybe have time for a couple of quick questions. There's any questions in the room? There's a microphone just coming over. It's like Your major shareholder is Fuldoza in Cyprus. Who are they? Well, this is a family office based in the US. In Cyprus, thank you. Any further questions? Yes, so in the case of the material you're retreating in Bolivia, I didn't see any mention of the copper or the gold grades and why was it left behind? Why wasn't it treated before? OK, this is not a retreatment that ore has never been treated. It was the upper part of the deposit that. they removed and put in a stockpile because it was oxide. It has, it's worth 2 million tons. The cop the gold grade is 1.85 g per ton and copper is 1.89%. So, at that time, they only have the flotation and CI circuits. So they can maximize the recovery of the copper. So that's why they need to evaluate an option to rep to process this ore, removing the copper first with this acid leaching, and then going to the circuit to recover the gold. So that's the the project right now. So it's not reprocessing. A lot of people is asking, is that reprocessing? No. It's crash, so the cost is going to be lower, but it's going to be just processing. We don't have major mining costs. It's just muck and put it in the mill. So that's the Bolivian Project. Any further questions? Maybe just a quick one from me. there was elections in Bolivia last year, I believe, and the new government has come in. I was wondering if you could outline any of the changes you've seen. Obviously it's been a challenging jurisdiction for a lot of Western companies historically, but is there positive developments that you could comment on? Yeah, well, I'm a geologist, remember, but in. EMIPA has been in the country operating since the early 2000s with the past government. So we are not expecting major problems because we keep all the leadership team, so they have all the knowledge, all the contacts with government, with the communities, so for us, has never been challenging. That's a good point with Havana in Bolivia, OK, but in terms of ownership or royalties or anything else, is there gonna be changes that are gonna be more positive for the mining sector in the country? Or, well, we, I'm expecting that a lot of new companies are trying to, OK, have a look on Bolivia, but we are there already, so perfect. OK, thank you, Raul. Thank you. Thanks. OK, next