It's like a Barrick Gold, but focused on developing new gold and silver mines rather than managing a vast portfolio of established operations.

Think of it as a project-focused Newmont, identifying and building out specific gold and silver deposits, primarily in Latin America.

• Gold: A precious metal mined for jewelry, investment, and industrial uses.
• Silver: A precious metal mined for jewelry, coinage, and industrial applications.
• Zinc: A base metal primarily used in galvanizing steel to prevent corrosion.
• Lead: A heavy metal primarily used in batteries and as a shielding material.
• Copper: A conductive metal widely used in electrical wiring and plumbing.

Orla Mining Ltd. (ORLA) is a mining company that acquires, explores for, and develops mineral properties, primarily producing gold and silver doré (a semi-pure alloy of gold and silver).

The company sells its gold and silver doré production primarily to other companies, specifically third-party refiners. These refiners are responsible for processing the raw doré into pure gold and silver. Sales are generally conducted at market prices, adjusted for refining charges, treatment costs, and transportation.

Due to the nature of commodity sales, global market dynamics, and common industry practices, Orla Mining Ltd. does not publicly disclose the names of its individual major customer companies (refiners). Therefore, specific customer company names and their symbols cannot be provided.

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. Prior to joining Orla Mining in November 2018, 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. Mr. Simpson also spent 11 years at Vale, holding various roles of increasing responsibility and culminating in his position as General Manager of the Labrador Operations (Voisey's Bay). He previously worked at McIntosh Redpath Engineering on mining studies for major companies including Barrick, Freeport McMoran, CVRD, Rio Tinto, and Falconbridge.

Etienne Morin, Chief Financial Officer

Mr. Morin is an accomplished finance professional with a 17-year career in the mining industry, joining Orla Mining in 2018. Before Orla, he spent 11 years at Goldcorp Inc. in various finance and operations roles, including progressively senior Corporate Development positions, where he played a pivotal role in executing the company's growth strategy. He also led Goldcorp's investor relations function. Goldcorp Inc. was later acquired by Newmont. Mr. Morin was instrumental in the building of Orla's Camino Rojo mine.

Andrew Cormier, Chief Operating Officer

Mr. Cormier has over 32 years of experience in the mining industry, joining Orla Mining as Chief Operating Officer in April 2020. Prior to 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 was instrumental in the construction of the Young-Davidson mine. His career also includes experience with companies such as Cambior, Noranda, Barrick Gold, and SNC-Lavalin.

Silvana Costa, Chief Sustainability Officer

Ms. Costa serves as the Chief Sustainability Officer for Orla Mining, with a focus on people and community within the mining industry.

Sylvain Guerard, Senior Vice President, Exploration

Mr. Guerard brings 30 years of global mining industry experience to Orla Mining. He has held various roles at companies including Barrick Gold, Kinross Gold, and Inmet Mining, where he led teams in successful mineral deposit discovery and resource expansions. Most recently, he was Senior Vice-President, Exploration at McEwen Mining.

The key risks to Orla Mining (ORLA) primarily stem from its operational locations and the inherent challenges of the mining industry.

1. Geopolitical, Social, and Regulatory Risks in Mexico and Panama: Orla Mining faces significant uncertainties related to government policies, social sentiment, and legal frameworks in its operating regions. In Mexico, where its Camino Rojo project is located, there are ongoing concerns about the government's stance towards foreign mining, potential changes in regulations such as a proposed ban on open-pit mining, and legal challenges to mining concessions. Similarly, Panama, home to Orla's Cerro Quema project, presents a high degree of legal uncertainty and risk for mining investment, as evidenced by the shutdown of a major mine and an indefinite mining moratorium in late 2023 due to widespread protests against a mining contract.
2. Operational Challenges and Climate Change Impacts: The company is exposed to operational disruptions, as demonstrated by the pit wall event at the Camino Rojo Oxide Mine in Mexico in July 2025, which caused a temporary operational pause, mine resequencing, and a spike in all-in sustaining costs. Furthermore, mining operations in regions like Zacatecas, Mexico, are increasingly vulnerable to the impacts of climate change, including extreme heat, drought, wildfires, and severe precipitation, which can damage infrastructure, delay production, and lead to financial losses.
3. Security Risks in Mexico: Orla Mining's operations in Mexico are subject to escalating security risks, particularly from organized crime. Criminal organizations in Mexico have increasingly integrated mining operations into their territorial control strategies, leading to direct commodity theft, extortion, and the targeting of mining personnel through kidnappings. Zacatecas, the state where the Camino Rojo project is situated, is identified as a high-security risk area due to the active territorial presence and competition among multiple criminal cartels, which can lead to systemic instability and higher operational costs for security measures.

Addressable Market Sizes for Orla Mining's Main Products

Orla Mining Ltd. engages in the exploration and development of mineral properties, primarily focusing on gold, silver, zinc, lead, and copper deposits. The addressable markets for these main products are global:

• Gold: The global gold market was valued at approximately USD 2.5 trillion, based on a five-year historical analysis. More specifically, the global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. The global gold market size stood at 4,890.0 Tons in 2025.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033. Another estimate for the global silver market size in 2024 was USD 87.1 billion.
• Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033. Other estimates place the global Zinc market size at USD 23.36 billion in 2024.
• Lead: The global lead market size was evaluated at USD 24 billion in 2023 and is slated to reach USD 36 billion by the end of 2032. Another report indicated the global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034.
• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Other estimates for the global copper market size include USD 236.09 billion in 2024 and USD 291.12 billion in 2025.

Orla Mining (ORLA) is anticipated to drive future revenue growth over the next two to three years through a combination of increased production from key assets, the integration of a significant acquisition, the development of a new project, and ongoing exploration success.

1. Increased and Consistent Gold Production from Camino Rojo Oxide Mine: The Camino Rojo Oxide Mine in Mexico continues to be a foundational asset for Orla Mining. The company exceeded its increased gold production guidance for 2023, producing 121,877 ounces. For 2024, gold production from Camino Rojo is expected to be between 110,000 and 120,000 ounces, with similar guidance for 2026, demonstrating expectations for consistent performance. Although 2025 production was slightly lower due to a pit wall event, the mine is positioned to deliver consistent output in 2026.
2. Full Integration and Increased Gold Production from Musselwhite Mine: The acquisition of the Musselwhite Mine, completed in February 2025, represents a significant driver of revenue growth by substantially increasing Orla's gold production and diversifying its operational footprint into Canada. This acquisition more than doubled Orla's output, with Musselwhite becoming a dominant revenue contributor, accounting for over 72% of consolidated gold production in Q3 2025. Orla exceeded its revised annual consolidated production guidance of 265,000 to 285,000 ounces in 2025, achieving 300,620 ounces, largely propelled by Musselwhite's strong performance.
3. Development and Commencement of Production at South Railroad Project: The South Railroad project in Nevada, USA, is poised to be a key future growth engine for Orla Mining. The project is targeted for its first gold production in early 2028, with an updated feasibility study and approval for the start of construction spending announced in January 2026. This project has an estimated 8-year mine life and significant exploration upside, with permitting activities progressing, including a Notice of Intent expected in mid-2025 and a final permitting decision targeted for mid-2026.
4. Exploration Success and Resource Expansion: Orla Mining is actively investing in exploration across its portfolio to expand existing resources and discover new deposits, which can lead to extended mine lives and increased production. For Camino Rojo, exploration efforts in 2025 are focused on advancing Zone 22 (the Camino Rojo Extension) to an indicated mineral resource classification and testing regional drill targets. At Musselwhite, an aggressive $25 million drill program is underway for 2025, aiming to expand its resource base and potentially increase production beyond current levels. Similar exploration programs are also being conducted at South Railroad.

Share Issuance

• Orla Mining had approximately 337 million shares issued and outstanding as of September 30, 2025.
• The company does not anticipate the need for new share issuance to finance the construction of the South Railroad project, expecting to use internal resources.

Inbound Investments

• Fairfax Financial Holdings Limited was a significant institutional investor in Orla Mining, holding common shares, convertible notes, and warrants.
• In December 2025, Fairfax Financial Holdings sold 25,000,000 common shares of Orla Mining for approximately US$316.1 million (CDN$441.1 million).
• Past funding rounds have included investments from entities such as Agnico Eagle and Newmont.

Outbound Investments

• Orla Mining completed the acquisition of the Musselwhite Mine in February 2025.
• The Musselwhite Mine acquisition involved a major cash outflow of approximately $794.13 million over the trailing twelve months ending September 30, 2025.
• The Musselwhite Mine acquisition in Canada established it as the company's largest operating asset.

Capital Expenditures

• Capital expenditures for 2026 are estimated at $430 million, with a significant portion, $215 million, allocated for the construction of the South Carlin Complex in Nevada for long-lead procurement, detailed engineering, and construction readiness.
• Sustaining capital at the Camino Rojo project is projected at $35 million for 2026, including $16 million for capitalized stripping and $12 million for the phase three leach pad expansion.
• The capital expenditure plan for 2025 included $130 million, with $95 million designated for sustaining capital.