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Here are 1-2 brief analogies for Orla Mining:

• Newmont for Mexican gold production

• Barrick Gold for focused growth in gold mining

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• Gold: Precious metal extracted and processed from its mining operations, primarily from the Camino Rojo Oxide Mine in Mexico.

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Orla Mining (ORLA) primarily sells its products, gold and silver dore, to other companies. Its major customers are:

• Precious Metals Refineries: Orla Mining sells its gold and silver dore directly to third-party precious metals refineries. These refineries process the semi-pure dore into high-purity gold and silver bullion, which can then be sold to banks, jewelers, industrial users, or investors.

  While Orla Mining's public disclosures (such as financial reports) consistently state that dore is sold to a "third-party refinery" at prevailing market prices, the specific names of these individual refinery customers are generally not disclosed by the company. This is a common practice in the gold mining industry, where sales are often made on a spot basis or through short-term contracts with various established refiners globally.

  Examples of well-known international precious metals refiners that serve the industry (though not explicitly named by Orla Mining as its specific customers) include:

  • Metalor Technologies SA (private company)
  • Argor-Heraeus SA (private company)
  • MKS PAMP SA (private company)
  • Rand Refinery (private company)

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Jason Simpson, President and Chief Executive Officer

Mr. Simpson is a mining executive with over 28 years of experience in operations leadership, mining engineering, and project construction. He joined Orla Mining in 2018. Most recently, he served as Chief Operating Officer of Torex Gold Resources for nearly six years, where he oversaw the successful construction and operation of the ELG Mine in Mexico. Prior to Torex, Mr. Simpson spent 11 years at Vale, concluding his tenure as General Manager of the Labrador Operations (Voisey's Bay). He also gained global multi-commodity experience working at McIntosh Redpath Engineering on mining studies for companies including Barrick, Freeport McMoran, CVRD, Rio Tinto, and Falconbridge. Mr. Simpson holds dual degrees in Mining Engineering from the Technical University of Nova Scotia and in Physics from Dalhousie University.

Etienne Morin, Chief Financial Officer

Mr. Morin is an accomplished finance professional with a 17-year career in the mining industry. He joined Orla Mining in 2018, having previously served at Goldcorp Inc. for 11 years in various finance and operations capacities. During his time at Goldcorp, Mr. Morin held progressively more senior Corporate Development positions, playing a key role in executing the company's growth strategy, and also led the investor relations function. He also worked as Chief Financial Officer at Gold Standard Ventures Corp. Mr. Morin holds a Bachelor of Arts degree in geology from Colgate University and an MBA from the Telfer School of Management at the University of Ottawa.

Andrew Cormier, Chief Operating Officer

Mr. Cormier has over 27 years of experience in the mining industry and was appointed Chief Operating Officer of Orla Mining in April 2020. Prior to joining Orla, he was the Vice President of Development and Construction at Alamos Gold Inc. for seven years. He also served as Project Manager at AuRico Gold, where he advanced the development of the Young–Davidson mine. Throughout his career, Mr. Cormier has worked for companies such as Noranda Inc., Barrick Gold Corporation, SNC-Lavalin, and Cambior Limited. He holds a B.Eng. degree in Extractive Metallurgical Engineering from Laurentian University and a Diploma in Technology, Management and Entrepreneurship from the University of New Brunswick.

Sylvain Guerard, Senior Vice President, Exploration

Mr. Guerard brings 30 years of global mining industry experience to Orla Mining, which he joined in August 2020. He has held various roles at companies including Barrick Gold, Kinross Gold, and Inmet Mining, leading teams in the successful discovery of mineral deposits and resource expansions. Most recently, he was Senior Vice-President, Exploration at McEwen Mining, where he oversaw exploration activities across the Americas. Mr. Guerard holds a Bachelor of Science (B.Sc.) in Geology from the University of Montreal.

Andrew Bradbury, Vice President, Investor Relations and Corporate Development

Mr. Bradbury has an 18-year career in mining, beginning at Gabriel Resources and then Teranga Gold, where he played a key role in the company's growth through strategic deals, expanding its production and asset base in West Africa. He joined Orla Mining in 2020, helping to transform it from a junior explorer to a successful producer. Mr. Bradbury earned an EMBA from a joint program at London and Columbia Business Schools.

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The key risks for Orla Mining (ORLA) are primarily centered around its operational activities, regulatory environment, and exposure to commodity markets.

1. Operational Risks and Geotechnical Challenges

   Orla Mining faces inherent operational risks, particularly those related to geotechnical stability in its mining operations. A significant example is the pit wall event that occurred at its Camino Rojo Oxide Mine in July 2025, which caused an operational pause, mine resequencing, and a temporary disruption in production. This incident led to a revision of the company's production guidance and an increase in All-in Sustaining Costs (AISC) for the Camino Rojo operation. Such geotechnical events highlight the ongoing risk of unexpected material movements in open-pit mining, which can impact safety, production schedules, and operating costs. Broader operational risks also include potential labor shortages, supply chain disruptions, health and safety incidents, and extreme weather events.

2. Permitting and Regulatory Compliance

   The company's ability to continue existing operations and advance its development projects, such as South Railroad, is contingent on obtaining and maintaining governmental permits and complying with a complex array of environmental and other regulatory requirements. Delays in securing necessary permits or any non-compliance with regulatory standards can lead to significant project delays, operational interruptions, and increased costs. Water management, in particular, presents a critical challenge for mining companies, requiring responsible practices to maintain public support, comply with permits, and mitigate risks related to water quantity and quality, especially in semi-desert regions like where the Camino Rojo Mine is located.

3. Commodity Price Volatility

   As a gold and silver producer, Orla Mining's financial performance is directly and significantly impacted by fluctuations in the market prices of these precious metals. A sustained decrease in gold and silver prices would negatively affect the company's revenues, profitability, and cash flows, potentially impacting its ability to fund operations, service debt, or invest in future growth. Conversely, while higher prices are beneficial, the inherent volatility of commodity markets represents a continuous risk to the company's financial outlook.

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Orla Mining faces two clear emerging threats:

1. Panama's Anti-Mining Policy and Social Sentiment: The widespread public protests and decisive government actions in Panama, exemplified by the closure of First Quantum Minerals' Cobre Panama mine and the imposition of a moratorium on new mining concessions, represent a critical emerging threat. This adverse political and social climate severely jeopardizes Orla Mining's ability to develop its Cerro Quema gold-copper project in Panama, potentially rendering the asset commercially unviable or significantly delaying its development indefinitely.

2. Mexican Mining Regulatory and Political Uncertainty: The ongoing efforts by the Mexican government to reform mining laws, including stricter environmental regulations, changes to concession terms, and increased water usage restrictions, combined with political uncertainty surrounding upcoming elections, pose an emerging threat. While some more extreme proposals have been tempered, the risk of adverse policy changes and increased operational costs or delays for Orla's primary operating asset, the Camino Rojo Oxide Gold Mine, remains a clear concern.

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The main products of Orla Mining are gold and silver. The addressable markets for these products are global.

Gold Market

• The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach about USD 457.91 billion by 2032, with a compound annual growth rate (CAGR) of 5.80% during the forecast period from 2024–2032.
• Another estimate indicates the global gold market size is forecasted to be worth USD 5103.47 billion in 2024, with an expectation to reach USD 5627.81 billion by 2033, growing at a CAGR of 1.23%.
• The Asia-Pacific region dominates the global gold market, accounting for 66.25% of the total market share in 2024. North America holds 15% and Europe 10% of the market share.

Silver Market

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86%.
• Alternatively, the global silver market was valued at USD 22.50 billion in 2024 and is set to reach USD 34.94 billion by 2034, with a CAGR of 4.50%.
• The Asia Pacific region is anticipated to hold the largest share of the global silver market, commanding 57.12% of worldwide consumption in 2024.

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Orla Mining (ORLA) is poised for significant future revenue growth over the next 2-3 years, driven by several key initiatives and project advancements:

1. Integration and Optimization of Musselwhite Mine: The acquisition of the Musselwhite Mine in February 2025 is a major catalyst, expected to more than double Orla's annual gold production. The company plans an aggressive investment of $115 million in 2025 for exploration and capital at Musselwhite to expand resources, confirm down-plunge extensions, and identify new sources of mill feed, aiming to extend the mine's operational life beyond 2030.
2. Development of Camino Rojo Sulphides Project: Beyond its current oxide operations, Orla is actively advancing the Camino Rojo Sulphides project in Mexico. This project represents a significant opportunity for value creation, with a Preliminary Economic Assessment (PEA) for sulfide development anticipated by the end of 2025. Successful development of the sulfide resource would expand the Camino Rojo mine's lifespan and overall output.
3. Advancement of the South Railroad Project: In Nevada, USA, Orla is progressing the feasibility-stage South Railroad Project. The company is targeting a Record of Decision (final permitting decision) by mid-2026, with initial gold production projected to commence in 2027. This project is anticipated to contribute approximately 194,000 ounces of gold annually in its second and third years of operation.
4. Ongoing Exploration Success: Orla is committed to an active exploration program across its key assets in Mexico (Camino Rojo), Canada (Musselwhite), and Nevada (South Carlin Complex). This includes a substantial exploration budget for 2025 focused on increasing near-deposit oxide resources, advancing satellite deposits, and discovering new mineralized zones, which is crucial for extending mine life and boosting production capacity.

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Share Issuance

• In the second quarter of 2023, Agnico Eagle partially exercised its top-up right, subscribing for 3,987,241 common shares of Orla Mining at C$6.27 per share, generating total gross proceeds of C$25 million.
• As of August 11, 2025, Orla Mining had 337 million shares issued and outstanding.
• As part of the Musselwhite Mine acquisition, Orla entered into a commitment letter in November 2024 for a non-brokered private placement of $200 million in Convertible Notes, which are convertible into common shares at an initial conversion price of C$7.90 per share, structured to avoid upfront equity dilution.

Inbound Investments

• Fairfax (TSX:FFH), Orla's largest shareholder, has expressed support for the company's assets and management.
• In Q2 2023, Agnico Eagle invested C$25 million by subscribing for common shares of Orla Mining.
• Orla entered into a commitment letter with Fairfax, Pierre Lassonde, and Trinity Capital Partners Corporation for a $200 million private placement of Convertible Notes to finance the Musselwhite acquisition in November 2024.

Outbound Investments

• Orla Mining made a strategic acquisition of Contact Gold, which is intended to expand its land holdings and resource inventory.
• On November 18, 2024, Orla announced the acquisition of the Musselwhite Mine in Ontario, Canada, for an upfront cash consideration of $810 million plus $40 million in contingent consideration. This acquisition, which closed on February 28, 2025, more than doubles Orla's annual gold production and strengthens its North American platform.

Capital Expenditures

• In the fourth quarter of 2023, total capital expenditures were $6.7 million, with $3.3 million allocated to capitalized exploration.
• For 2025, Orla has outlined capital expenditures of $130 million, comprising $95 million for sustaining capital and $35 million for non-sustaining capital and capitalized exploration. The company also plans to spend an additional $43 million on exploration and project development across its portfolio.
• In 2025, sustaining capital is primarily focused on capitalized waste movement and the completion of the live ore stockpile dome at Camino Rojo, and $12 million is allocated for project development expenses at the South Carlin Complex in Nevada, supporting environmental and permitting activities. An aggressive $25 million drill program is planned for Musselwhite in 2025, with $18 million for non-sustaining capital expenditures and $7 million expensed, focusing on extending mine life and discovering new resources.