Table of Contents

​

​

​

​

Table of Contents

​

TABLE OF CONTENTS

​

​

​

​

​

Table of Contents

​

INTRODUCTORY NOTES AND CAUTIONARY STATEMENTS

GENERAL

In this Annual Information Form (“AIF”), Orla Mining Ltd., together with its subsidiaries, as the context requires, is referred to as the “Company” and “Orla”. Unless otherwise stated, all information contained in this AIF is as of December 31, 2025, being the last day of the Company’s most recently completed financial year.

This AIF should be read in conjunction with the Company’s audited consolidated financial statements and management’s discussion and analysis for the financial year ended December 31, 2025, which are available under the Company’s profile on the System for Electronic Document Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca and through the United States Securities and Exchange Commission’s (“SEC”) Electronic Data Gathering and Retrieval System (“EDGAR”) at www.sec.gov.

CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION

This AIF contains references to Canadian dollars (“C$”) and United States dollars (“$”, “US$”, or “US dollars”). All dollar amounts referenced, unless otherwise indicated, are expressed in United States dollars. Unless otherwise indicated, Canadian dollar amounts have been converted to United States dollars at the indicative exchange rate on December 31, 2025, as quoted by the Bank of Canada, of US$0.7296 = C$1.00.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This AIF contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). Forward-looking statements are included to provide information about management’s current expectations and plans that allows investors and others to get a better understanding of the Company’s operating environment, the business operations, and financial performance and condition.

Forward-looking statements include, but are not limited to, statements regarding: the estimation of Mineral Resources and Mineral Reserves (as such terms are defined below); projected production rates, all-in sustaining costs (“AISC”), cash costs, sustaining and operating costs, mine production plans, and projected mining and process recovery rates; proposed exploration plans and expected results, costs, and timing thereof; preliminary economic assessments and feasibility studies and the economic results thereof, including future production, processing, recoveries, revenues, net present value, internal rate of return, costs, payback period, cash flows, dilution assumptions, the concentrate market, sensitivities, expenses, and other similar information; timeline for receipt of any required agreements, approvals, or permits; closure costs and requirements; the timing of permitting, construction, and production of the South Railroad Project; Orla’s ability to obtain required mine licences, mine permits, required agreements with third parties, and regulatory approvals required in connection with exploration plans and future mining operations; community and ejido relations; the expected price of gold and silver; currency exchange rates; the Company’s dividend policy and payment of future dividends; the Company’s sustainability strategy and its short-term and long-term sustainability goals, and the timing thereof; and the Company’s other objectives and strategies. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, identified by words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved (or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.

Forward-looking statements are based upon a number of factors and assumptions that, if untrue, could cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such statements. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic, and competitive uncertainties and contingencies that may cause the

​

​

Table of Contents

​

Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: the future price of gold and silver; anticipated costs and the Company’s ability to fund its programs; the Company’s ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies, and services remaining as estimated; the Company’s ability to secure and to meet obligations under property agreements, including the Layback Agreement (as defined below); that all conditions of the Credit Facility (as defined below) will be met; the timing and results of drilling programs; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; the discovery of Mineral Resources and Mineral Reserves on the Company’s mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ from those expressed or implied. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance, or achievements to differ materially from those in the forward-looking statements include, among others: uncertainty and variations in the estimation of Mineral Resources and Mineral Reserves; risks related to the Company’s indebtedness and gold prepay; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies and preliminary economic assessments; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company’s securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; litigation risks; the Company’s ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company’s foreign subsidiaries; risks related to the Company’s accounting policies and internal controls; the Company’s ability to satisfy the requirements of SOX (as defined below); enforcement of civil liabilities; the Company’s status as a PFIC (as defined below) for U.S. federal income tax purposes; information and cyber security; gold industry concentration; shareholder activism; and other risks associated with executing the Company’s objectives and strategies.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Although the Company believes its expectations are based upon reasonable assumptions and have attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. See the section entitled “Risk Factors” below for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this AIF and, accordingly, are subject to change after such date. The Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by law. Investors are urged to read the Company’s filings with Canadian securities regulatory agencies, which can be viewed online under the Company’s profile on SEDAR+ at www.sedarplus.ca and the Company’s documents filed with, or furnished to, the SEC, which are available on EDGAR at www.sec.gov.

​

​

Table of Contents

​

SCIENTIFIC AND TECHNICAL INFORMATION

Unless otherwise indicated, scientific and technical information in this AIF relating to the Company’s mineral properties has been reviewed and approved by J. Andrew Cormier, P.Eng., Chief Operating Officer of the Company, and Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company. Mr. Cormier and Mr. Guerard are each a “Qualified Person” (or “QP”) as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The disclosure included in this AIF uses Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and Mineral Resources estimations are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Reserves and Mineral Resources adopted by the CIM Council on May 10, 2014 (the “CIM Standards”) and NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED, AND INFERRED MINERAL RESOURCES

This AIF has been prepared in accordance with Canadian standards for the reporting of Mineral Resource and Mineral Reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “Mineral Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “Inferred Mineral Resources”, “Indicated Mineral Resources”, “Measured Mineral Resources” and “Mineral Resources” used or referenced in this AIF are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the CIM Definition Standards. The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC’s disclosure rules for domestic United State issuers (the “SEC Rules”), including the requirements of the SEC in Regulation S-K Subpart 1300 under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, Mineral Reserve and Mineral Resource information and other technical information contained or incorporated by reference herein or documents incorporated by reference may not be comparable to similar information disclosed by United States companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty of Measured Mineral Resources, Indicated Mineral Resources or Inferred Mineral Resources, these Mineral Resources may never be upgraded to Proven Mineral Reserves and Probable Mineral Reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of the Company’s Measured Mineral Resources, Indicated Mineral Resources or Inferred Mineral Resources constitute or will be converted into Mineral Reserves or are or will be economically or legally mineable.

NON-GAAP MEASURES

This AIF includes certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in the Company’s case, IFRS Accounting Standards “IFRS”), namely AISC and cash costs per ounce. These are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, the Company uses such measures to provide additional information, and readers should not consider them in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.

Please see the information under the heading “Non-GAAP Measures” in the Company’s management’s discussion and analysis for the financial year ended December 31, 2025, which section is incorporated by reference in this AIF, for a description of the non-GAAP measures noted above. The Company’s management’s discussion and analysis may be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

​

​

Table of Contents

​

DESCRIPTION OF THE BUSINESS

OVERVIEW

Orla is a Canadian company listed on the Toronto Stock Exchange (“TSX”) under the symbol “OLA” and on the NYSE American LLC (the “NYSE American”) under the symbol “ORLA”. Orla’s corporate strategy is to acquire, explore, develop, and operate mineral properties where its expertise can substantially increase stakeholder value. Orla has three material gold projects for the purposes of NI 43-101:

For further details regarding the Camino Rojo Project, the Musselwhite Mine, and the South Railroad Project, including information regarding their associated NI 43-101 technical reports, see “Summary of Mineral Reserve and Mineral Resource Estimates” and “Mineral Projects”.

NAME, ADDRESS AND INCORPORATION

The Company was incorporated under the Business Corporations Act (Alberta) on May 31, 2007 as a Capital Pool Company (as defined by the TSX Venture Exchange). On June 3, 2010, the Company was continued into British Columbia under the Business Corporations Act (British Columbia) and on April 21, 2015, the Company was continued into Ontario under the Business Corporations Act (Ontario). On June 12, 2015, the Company changed its name from “Red Mile Minerals Corp.” to “Orla Mining Ltd.” On December 2, 2016, in order to facilitate the acquisition of Pershimco Resources Inc. (“Pershimco”), the Company was continued as a federal company under the Canada Business Corporations Act (the “CBCA”). Following the continuance, on December 6, 2016, the plan of arrangement under the CBCA involving Orla and Pershimco was affected. Pursuant to the plan of arrangement, among other things, Orla and Pershimco were amalgamated and continued as one company under the name “Orla Mining Ltd.”

The Company’s registered office and its head and principal office is located at Suite 2020 – 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

​

​

Table of Contents

​

INTERCORPORATE RELATIONSHIPS

The following is a diagram of the intercorporate relationships among Orla and its subsidiaries, including their respective jurisdictions of incorporation as of March 19, 2026.

Certain inactive subsidiaries with both less than 10% of the total assets of the Company and 10% of the total revenues of the Company are excluded from the diagram. The Company holds 100% of the shares of each subsidiary, provided that, as required under Mexican corporate law, Minera Camino Rojo SA de CV (“Minera Camino Rojo”) has two shareholders – Orla Mining Ltd. holds 98% of the shares and 2% are held by a wholly owned Canadian subsidiary of the Company, which holds its shares in trust for the Company.

THREE YEAR HISTORY

DEVELOPMENTS DURING 2023

On June 21, 2023, the Company held its 2023 annual general meeting. At the meeting, Ms. Ana Sofía Ríos was elected as a director of the Company.

On August 21, 2023, the Company released its inaugural Sustainability Report, which highlighted the Company’s approach and performance on its environmental, social, and governance (“ESG”) initiatives. See “Description of the Business – Environmental, Social and Governance” below for additional information.

On August 28, 2023, the Company amended and restated its existing credit agreement in respect of an amended credit facility through its existing syndicate of lenders comprised of The Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. The amended facility consisted of a US$150 million revolving term facility.

​

​

Table of Contents

​

The Company appointed Mr. Rob Krcmarov to its Board of Directors on November 20, 2023.

On December 15, 2023, the Panamanian Ministry of Commerce and Industry (“MICI”) rejected the Company’s requests for extension for the three mining concessions comprising the Company’s Cerro Quema gold project (the “Cerro Quema Project”), declared the concessions cancelled and declared the area comprising the concessions to be a reserve area. In response, the Company has commenced international arbitration proceedings against Panama as further described below under “Developments during 2024”. See “Mineral Properties – Other Properties – Cerro Quema Project” for additional information.

DEVELOPMENTS DURING 2024

On February 25, 2024, Orla entered into a definitive arrangement agreement with Contact Gold Corp. (“Contact”) pursuant to which the Company agreed to acquire all of the issued and outstanding common shares of Contact (the “Contact Shares”) pursuant to a court-approved plan of arrangement under the BCBCA. Under the terms of the transaction, Contact shareholders received, in exchange for each Contact Share held, 0.0063 of a Common Share. Contact’s key asset was the 100%-owned Pony Creek property, a 4,500-hectare exploration land package, strategically located adjacent to the South Railroad Project in the Carlin trend in Nevada. The transaction closed on April 29, 2024. Subsequent to the transaction closing, the Company renamed the entire prospective land package as the “South Carlin Complex”.

In March 2024, the Company filed a Notice of Intent to Arbitrate with the Government of Panama under the Canada-Panama Free Trade Agreement (the “FTA”). The Notice of Intent asserted that the measures taken by Panama constituted violations of Panama’s legal obligations under the FTA and customary international law. The Notice of Intent was intended to facilitate a 30-day consultation period to reach an amicable resolution to the Company’s claim. As no resolution was reached, the Company proceeded with filing a Request to Arbitrate on July 3, 2024. As part of the FTA requirements, the Company submitted an initial and preliminary estimate of damages claimed of no less than US$400 million, plus pre-award and post-award interest. The Company filed written submissions to the arbitration tribunal (referred to as its Memorial on Liability and Quantum) in late March 2025. See “Mineral Properties – Other Properties – Cerro Quema Project” and “Risk Factors –The Cerro Quema Project” for additional information.

On August 26, 2024, the Company released its second annual Sustainability Report. See “Description of the Business – Environmental, Social and Governance” below for additional information.

On November 17, 2024, the Company entered into a definitive agreement (the “Musselwhite Agreement”) to acquire Musselwhite from Newmont for upfront cash consideration of $810 million and gold-price linked contingent consideration of $40 million (the “Musselwhite Transaction”). The $40 million in contingent consideration is payable as follows:

The $810 million in upfront consideration was funded from a combination of sources, as follows:

​

​

Table of Contents

​

The Term Loan has a three-year term with no principal payments during the first two quarters. The Term Loan is now being repaid in quarterly installments of $5 million, which commenced on December 31, 2025, with the balance repaid at maturity. The Revolving Loan will mature in August 2027. The Company may repay the Credit Facility in full, without penalties, at any time prior to the maturity date.

The interest rate under the Credit Facility is based on the term Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 2.50% to 3.75% based on the Company’s leverage ratio at the end of each fiscal quarter.

The Convertible Notes mature five years from the date of issuance and bear interest at 4.5% per annum, payable in cash. The Convertible Notes may be converted in full or in part at any time prior to the maturity date, by the holder thereof, into common shares of the Company (“Common Shares”) at a price of C$7.90 (the “Conversion Price”), converted to US dollars at a fixed exchange rate of C$1.40/US$1.00, subject to standard anti-dilution provisions. Based on the Conversion Price, 35,443,026 Shares were issuable on conversion of the Convertible Notes upon closing. The Company may also redeem the Convertible Notes following the 18-month anniversary of the date of issuance, provided that the 20-day volume weighted average price of the Common Shares is not less than 130% of the Conversion Price.

Holders of the Convertible Notes were also issued 23,392,397 common share purchase warrants (the “Warrants”) to acquire Common Shares, representing 0.66 Warrants for each Common Share issuable under the Convertible Notes. The Warrants have an exercise price of C$11.50 per Share and shall expire on February 28, 2030.

DEVELOPMENTS DURING 2025

The Musselwhite Transaction and the Concurrent Private Placement required approval of the shareholders of the Company under applicable securities laws and the rules of the TSX, excluding votes held by Newmont, Fairfax, and Mr. Lassonde. The Company held a special meeting of shareholders on January 21, 2025, where shareholders of the Company overwhelmingly approved the Musselwhite Transaction and Concurrent Private Placement.

On February 28, 2025, the Company closed the Musselwhite Transaction and the Concurrent Private Placement. The Company filed a business acquisition report in respect of the Musselwhite Transaction on May 13, 2025 in accordance with National Instrument 51-102 – Continuous Disclosure Obligations.

On June 5, 2025, the Company announced the initial underground Mineral Resource estimate for Camino Rojo. The Company filed the corresponding technical report on July 17, 2025, which has since been superseded by the Camino Rojo Report (as defined below).

Camino Rojo experienced an uncontrolled material movement along the temporary north wall of the open pit on July 23, 2025. As a result, in-pit mining operations were temporarily paused as an action plan was established. As a result of the operational pause and mining resequencing, Orla updated its annual consolidated guidance with respect to gold production and AISC. The Company achieved the revised production and cost guidance, see the Company’s management’s discussion and analysis for the financial year ended December 31, 2025 for additional information.

​

​

Table of Contents

​

On August 13, 2025, the Company announced that the U.S. Department of the Interior Bureau of Land Management (“BLM”) has published the Noticed of Intent (“NOI”) for the South Railroad Project. The publication of the NOI represents a major milestone in the federal permitting process, as it formally initiates the process to complete the National Environmental Policy Act (“NEPA”) review and preparation of an Environmental Impact Statement by the BLM. Following receipt of all required state and federal permits, anticipated by mid-2026, onsite construction can begin.

On September 15, 2025, the Company filed a short form base shelf prospectus (the “Base Shelf Prospectus”) with the securities regulatory authorities in each of the provinces and territories of Canada, which allows the Company to offer for sale and issue from time to time Common Shares, warrants to purchase Common Shares, subscription receipts, units and debt securities, or any combination thereof (collectively, the “Securities”) during the 25-month period that the Base Shelf Prospectus, including any amendments thereto, remains effective. The Base Shelf Prospectus was part of a registration statement on Form F-10 which the Company also filed with the SEC under the U.S. Securities Act, qualifying the Securities for distribution in the United States.

On September 23, 2025, Mr. Scott Langley resigned from the Company’s Board of Directors. Mr. Langley was Newmont’s nominee to the Board in accordance with its investor rights agreement with the Company, which was terminated following Newmont’s disposition of its Common Shares in September 2025.

On December 15, 2025, the Company appointed Ms. Joanna Pearson to its Board of Directors.

On December 3, 2025, the Board of Directors declared an inaugural quarterly cash dividend of $0.015 per Common Share, which was payable on February 10, 2026 to shareholders of record as of January 12, 2026. The Board of Directors also approved a policy under which the Company intends to pay a regular quarterly dividend of $0.015 per Common Share, or $0.06 per Common Share annually. See “Dividends” for additional information.

DEVELOPMENTS DURING 2026

On January 15, 2026, the Company announced the results of the optimized Feasibility Study for the South Railroad Project and confirmed the Board’s approval to begin spending for detailed engineering, procurement, and project execution. The Board also approved the start of project construction, subject to receipt of all required permits. The Company filed the corresponding South Railroad Report (as defined below) on February 27, 2026. See “Mineral Projects – South Railroad Project” for additional information.

On February 19, 2026, the Company announced the results of the Preliminary Economic Assessment (“PEA”) for the Camino Rojo Underground Project. The PEA evaluates the technical and economic potential of a stand-alone, underground development project beneath the existing Camino Rojo Oxide Mine operation and outlines a potential pathway toward development of a larger-scale and long-life underground mining operation and processing facility. The Company filed the corresponding Camino Rojo Report on March 18, 2026. See “Mineral Projects – Camino Rojo” for additional information.

On March 18, 2026, the Company announced that the Mexican Federal Environmental Department (“SEMARNAT”) approved the Company’s Environmental Impact Statement (“Manifestación de Impacto Ambiental” or “MIA”) for the expansion of the Camino Rojo Oxide Mine. This approval, together with the Change of Land Use authorization which was also received, provides the permits required to mine the remainder of the oxide open pit, including the layback area to the north. The MIA also permits construction of an exploration decline to support continued advancement of the Camino Rojo Underground Project. This milestone provides operating flexibility at Camino Rojo and supports both oxide mine optimization and underground development. The approval of the MIA is conditional upon Orla meeting certain customary conditions and standard requirements.

​

​

Table of Contents

​

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG)

OVERVIEW

Orla’s commitment to strong ESG practices is critical to adding value to its business by allowing Orla to attract and retain top talent, earn the trust of rightsholders and stakeholders, effectively manage risk, and ensure Orla’s long-term competitiveness and sustainability.

Orla is committed to conducting business in a responsible manner at all times, which means protecting the health and safety of employees and contractors, caring for the environment, contributing to the sustainable development of local communities and respecting Indigenous Rights and human rights across the Company’s value chain. Orla believes that it is its responsibility to transform Mineral Resources into a net positive benefit for stakeholders and rightsholders.

Orla has been focused on strengthening its ESG approach through aligning Company practices to industry leading standards and adopting robust reporting and sustainability disclosures.

Orla has conducted an ESG Materiality Assessment, which focused on identifying, assessing and prioritizing the environmental, social, and governance issues that are most relevant and impactful to Orla and those affected by the Company’s activities. The Company considered leading ESG frameworks and standards (including the Sustainability Accounting Standards Board and the recommendations of the Task Force on Climate-related Financial Disclosures) as well as relevant regulations and initiatives. The ESG Materiality Assessment is reviewed and updated bi-annually.

In 2025, Orla also released its third annual Sustainability Report, highlighting the Company’s approach and performance on ESG initiatives. The Sustainability Report reiterates the Company’s “Towards 2030 Sustainability Strategy”, first introduced in 2023. This strategy sets clear priorities, key performance indicators, action plans, and timelines to drive progress in areas such as health and safety, climate change mitigation, water stewardship, biodiversity, community impact management, workforce diversity, equity, and inclusion. The Sustainability Report also outlined the Company’s key sustainability performance highlights for 2024. Notably, at Camino Rojo:

Moreover, Orla introduced four new environmental management standards covering water management, biodiversity, air emissions and noise, and hazardous materials, strengthening site-level accountability. These standards apply at all Orla sites.

The Sustainability Report can be found on Orla’s website at www.orlamining.com/sustainability/governance/.

​

​

Table of Contents

​

The following sections provide an overview of certain aspects of Orla’s approach to ESG.

EHS&SR COMMITTEE AND POLICIES

The Board has established an Environment, Health and Safety and Social Responsibility Committee, which is responsible for all ESG matters particularly as they apply to environmental, health and safety and social concerns, assessing environmental and social risks and the Company’s risk management thereof. Orla has also adopted a number of policies in support of its sustainability goals, as further discussed below. The full text of these policies can be found on Orla’s website at www.orlamining.com/sustainability/governance.

ENVIRONMENT, HEALTH & SAFETY POLICY

The Company is committed to meeting or surpassing regulatory requirements in all of its exploration and development activities, while working to protect the environment both within and beyond the Company’s operational boundaries and creating social value across the value chain. In keeping with this commitment, Orla has adopted an Environment, Health & Safety Policy. The Company will conduct all of its operations in a manner that ensures full compliance with its Environment, Health & Safety Policy, applicable legislation, and government requirements. The aim of this policy is to protect the surroundings in which the Company operates, to minimize and manage environmental risk, and to enhance sustainable practices. Orla will ensure that all of its activities are conducted in an environmentally safe and responsible manner and will ensure that its contractors adhere to the same high environmental standards.

SOCIAL RESPONSIBILITY POLICY

The Company is committed to conducting its business in a responsible manner at all times. In keeping with this commitment, Orla has implemented a Social Responsibility Policy (the “SR Policy”) which sets out the guidelines by which the Company will (i) endeavour to respect the health and safety of its employees, (ii) protect the environment, (iii) respect the human rights of its employees and the residents in the communities in which the Company operates, and (iv) contribute to the sustainable development of those communities.

HUMAN RIGHTS POLICY

The Company is committed to respecting the human rights of all individuals impacted by its business activities, including local communities, Indigenous Peoples and the Company’s employees, contractors, consultants, and other rightsholders. In support of this commitment, the Company has adopted a Human Rights Policy, which sets out the Company’s commitment to human rights and seeks to integrate human rights best practices into the Company’s management, business relationships, governance structures, and programs.

INDIGENOUS PEOPLES POLICY

Further to its Human Rights Policy, the Company also recognizes that it operates within the ancestral territories and along-side the communities of a diversity of Indigenous Peoples. The Company recognizes the United Nations Declaration on the Rights of Indigenous Peoples and the International Labour Organization Convention 169 and has adopted an Indigenous Peoples Policy. The Indigenous Peoples Policy reiterates the Company’s commitment to respecting Indigenous Rights and building positive and sustainable relationships with Indigenous Peoples, based on trust and respect, and focused on finding common goals through open dialogue.

ENVIRONMENT

Mining, exploration, development, and production activities are subject to various levels of federal, provincial, state, and local laws and regulations relating to the protection of the environment at all phases of operation. These regulations govern exploration, development, tenure, production, taxes, labour standards, occupational health, waste disposal, protection and remediation of the environment, reclamation, mine safety, toxic substances management, and other matters. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the general handling,

​

​

Table of Contents

​

transportation, storage, and disposal of solid and hazardous waste. Environmental legislation requires strict standards and enforcement, with potential fines and penalties for non-compliance, stringent environmental assessments of proposed projects and a high degree of responsibility for companies and their officers, directors, and employees.

Orla is committed to ensuring that all its activities are conducted in an environmentally safe and responsible manner and will require that its contractors adhere to the same high environmental standards. In 2025, there were no category 4 or 5 incidents across the Company operations and projects as defined by the U.S. Environmental Protection Agency. None of Orla’s sites were charged with fines or sanctions related to environmental incidents in 2025.

Environmental protection requirements did not have a material effect on the capital expenditures, earnings, or competitive position of Orla during the 2025 financial year and are not expected to have a material effect during the 2026 financial year.

SOCIAL

OVERVIEW

Orla strives to actively engage and make positive contributions in the communities associated with the Company’s business activities.

At the Camino Rojo Project, the Company has agreements in place with the ejidos of San Tiburcio, El Berrendo, La Pardita, and San Francisco de los Quijano, with commitments to deliver land leasing payments and social support such as scholarships, community infrastructure upgrades, social and economic development initiatives, and donation of food and medicines to the most vulnerable community members. Camino Rojo’s full-time community relations team is responsible to implement Orla’s SR Policy at site. Camino Rojo’s community response mechanism allows Orla to receive, document, and resolve community requests, concerns, and complaints in an equitable and respectful manner. In 2025 Camino Rojo completed an independently-led socio-economic impact assessment, updating a socio-economic baseline and identifying actions to address concerns and opportunities which further strengthened the site’s social management plan.

As part of the closing of the acquisition of Musselwhite at the end of February 2025, Orla remained focused on ensuring safe, operational continuity, and maintaining alignment with the agreements signed between Musselwhite and local Indigenous partners. The Company also continued to advance social closure planning and honouring social commitments as part of its ongoing integration work.

At the South Carlin Complex in 2025, the focus was on community and government engagement and community investment initiatives. The Orla team conducted meetings with federal, state, municipal leaders and organizations, as well as Indigenous Nation representatives. In September 2025, Orla participated in public meetings about the South Railroad Project as part of the project’s public scoping process. Throughout the year, the Company also continued to advance projects that increase awareness of Orla’s business and the mining industry in general. Mining education activities reached elementary students and community members through presentations and local events such as the Elko Mining Expo. Community investment efforts included delivering meals to students in need, scholarships for high school students, and donations to local organizations.

HEALTH AND SAFETY

Orla is committed to the health and safety of its employees and contractors. The Company is committed to complying with all applicable health and safety laws, rules, and regulations and strives to create and maintain a safe working environment for all. Orla acknowledges that there are safety risks associated with its business and, through proactive risk management, continuously aims to minimize and control these risks. Camino Rojo, Musselwhite and South Carlin have Health and Safety departments with full-time personnel and Orla continues to develop Health and Safety policies and procedures to comply with regulations and industry best practices. For 2025, the Company had a lost time injury frequency rate (“LTIFR”) of 2.43 across all sites.

​

​

Table of Contents

​

EMPLOYEES AND CONTRACTORS

On December 31, 2025, the Company had 1,085 employees, which included 33 employees in corporate offices in Canada, as well as site-based employees in Mexico (290), Nevada (24), Panama (3), and at the Musselwhite Mine in Canada (735). In addition, there were 290 contractors working on the Camino Rojo Project, four at the corporate offices in Canada, 421 at the Musselwhite Mine, and six contractors at the South Carlin Complex. No management functions of the Company are performed to any substantial degree by a person other than the Directors or executive officers of the Company.

The Company respects and supports the rights of its employees and contractors, including freedom of association and collective bargaining, and the Company promotes ongoing engagement and proactive dialogue with its workers’ unions. In total, approximately 54% of the workforce at Camino Rojo was unionized in 2025.

LABOR RIGHTS POLICY

Orla introduced a Labor Rights Policy in 2025, reiterating the Company’s support and respect for internationally recognized labor rights as proclaimed by the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work and international labor standards. The Company recognizes its responsibility to comply with the employment and labor laws and regulations that govern our operations, respecting local norms, practices, and laws. Orla’s Labor Rights Policy seeks to integrate labor rights best practices into the Company’s management, business relationships, governance structures and programs, fostering a safe, productive, supportive, and fair working environment that is valued by our employees, contractors, suppliers, consultants, and other stakeholders.

GOVERNANCE

Orla recognizes the importance of corporate governance to the effective management of the Company and to the protection of its stakeholders and rightsholders. Orla’s approach to significant issues of corporate governance is designed to ensure that the business and affairs of Orla are effectively managed to enhance value. Additional information on Orla’s corporate governance practices is contained in Orla’s Management Information Circular dated May 9, 2025, prepared for its most recent annual meeting of shareholders held on June 24, 2025 and filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. This information will also be contained in the Management Information Circular of the Company to be prepared in connection with the Company’s 2026 annual meeting of shareholders currently scheduled to be held in June 2026, which will be available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Orla’s current governance policies can be found on Orla’s website at www.orlamining.com/sustainability/governance.

FURTHER INFORMATION

SPECIALIZED SKILL AND KNOWLEDGE

All aspects of the Company’s business require specialized skills and knowledge. Such skills and knowledge include the areas of geology, mining, metallurgy, environmental, permitting, occupational health and safety, corporate social responsibility, finance, accounting, and legal. Orla faces competition for qualified personnel with these specialized skills and knowledge, which may increase costs of operations or result in delays.

COMPETITIVE CONDITIONS

The mineral exploration and mining business is competitive. Competition is primarily for: (a) mineral properties that can be developed and operated economically; (b) technical experts that can find, develop, and mine such mineral properties; (c) labour to operate the mineral properties; and (d) capital to finance development and operations.

​

​

Table of Contents

​

The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition and exploitation of mineral concessions, claims, leases, and other interests, to finance its activities and in the recruitment and retention of qualified employees. The ability of the Company to acquire, develop, and operate precious metal properties will depend not only on its ability to raise the necessary funding and operate its properties economically, but also on its ability to select and acquire suitable prospects for precious metal development and operation or metal exploration. See “Financing Risks” and “Competition” under “Risk Factors”.

BANKRUPTCY AND SIMILAR PROCEDURES

There have been no bankruptcy, receivership, or similar proceedings against the Company or any of its subsidiaries, or any voluntary bankruptcy, receivership, or similar proceedings by the Company or any of its subsidiaries, within the three most recently completed financial years or during or proposed for the current financial year.

FOREIGN OPERATIONS

The locations of the Company’s Camino Rojo Project in Mexico and South Railroad Project in Nevada expose the Company to certain risks, including currency fluctuations and possible political or economic instability that may result in the impairment or loss of mining titles or other mineral rights and opposition from environmental or other non-governmental organizations. Mineral exploration and mining activities in foreign jurisdictions may also be affected in varying degrees by political stability and governmental regulations relating to the mining industry; labour unrest; expropriation; renegotiation, or termination of existing concessions; ability of governments to unilaterally alter agreements; surface land access; illegal mining; changes in taxation policies or laws; security issues; and repatriation of funds. Any changes in regulations or shifts in political attitudes in such foreign countries are beyond the Company’s control and may adversely affect the Company’s business.

The Company also holds an interest in the Cerro Quema Project in Panama. In November 2023, Panama passed a legislative moratorium on mining activity and in December 2023, cancelled the Company’s renewal applications for the mining concessions comprising the Cerro Quema Project.

See “Risk Factors – Foreign Country and Political Risk”, “– Foreign Subsidiaries” and “– Cerro Quema Project”.

REORGANIZATIONS

There have been no material reorganizations of the Company or any of its subsidiaries within the three most recently completed financial years or during or proposed for the current financial year.

PRINCIPAL MARKETS AND DISTRIBUTION

The Company currently sells its refined gold and silver to customers located in the United States and Canada. The Company evaluates the counterparties to which it sells its product. The Company is not economically dependent on a limited number of customers for the sale of its gold and silver as its products can be sold through numerous world-wide commodity markets, traders, and financial institutions.

​

​

Table of Contents

​

SUMMARY OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

MINERAL RESERVES

The following tables summarize the Company’s Mineral Reserve estimates on its material mineral properties, the Camino Rojo Project, Musselwhite Mine, and South Railroad Project, in each case as at the dates set out in the footnotes.

​

​

MINERAL RESERVE FOOTNOTES

All Mineral Reserves

Musselwhite, Ontario

Camino Rojo, Mexico

​

​

Table of Contents

​

South Railroad, Nevada

MINERAL RESOURCES

The following tables summarize the Company’s Mineral Resource estimates on its material mineral properties, the Camino Rojo Project, Musselwhite Mine, and South Railroad Project, in each case as at the dates set out in the footnotes. Mineral resources are reported inclusive of Mineral Reserves for the Camino Rojo Project and South Railroad Project and exclusive of Mineral Reserves for the Musselwhite Mine.

MEASURED AND INDICATED RESOURCES

​

​

​

​

Table of Contents

​

​

INFERRED MINERAL RESOURCES

​

​

​

MINERAL RESOURCE NOTES

All Mineral Resources

Musselwhite, Ontario

Camino Rojo, Mexico

​

​

Table of Contents

​

Heap Leach Material NSR ($/t) = (Au grade (g/t) x (((2,800-1.69) x Au recovery Heap Leach x 0.999 x (1-0.03)) / 31.103477)) + (Ag grade (g/t) x (((33-1.69) x Ag recovery Heap Leach x 0.98 x (1-0.03)) / 31.103477))

Mill Material NSR ($/t) = (Au NSP ($/g Au) x Au grade (g/t)) + (Ag NSP ($/g Ag) x Ag grade (g/t)) + (Zn NSP ($/g Zn) x Zn grade (ppm))

Heap Leach Material AuEq = Au grade (g/t) + (Ag NSP ($/g) / Au NSP ($/g) x Ag grade (g/t)).

Mill Material AuEq = Au grade (g/t) + (Ag NSP ($/g) / Au NSP ($/g) x Ag grade (g/t)) + ((Zn NSP ($/lb) x 2,204.62 / 100 / Au NSP ($/g)) x Zn grade (ppm) / 10,000))

South Railroad, Nevada

Notes - Dark Star, Pinion, Jasperoid Wash and North Bullion Deposits.

Notes - Pony Creek Resources:

MINERAL PROJECTS

The Company’s focus is on the acquisition, exploration, development, and exploitation of mineral properties in which the Company’s exploration, development, and operating expertise could substantially enhance shareholder value. The Company’s three material projects are the Musselwhite Mine, Camino Rojo Project, and South Railroad Project. The Company also holds a 100% interest in the Cerro Quema Project located in Panama and the Lewis Project located in Nevada. The Cerro Quema Project and the Lewis Project are not considered to be material projects for the Company for the purposes of NI 43-101.

THE MUSSELWHITE MINE

The following disclosure relating to the Musselwhite Mine has been derived, in part, from the technical report title “Technical Report – Musselwhite Mine Project, Ontario, Canada” with an effective date of November 18, 2024 (the “Musselwhite Report”) for Musselwhite, prepared by Ryan S. Wilson, P. Geo., David Frost, FAusIMM, Daniel Gagnon, P.Eng., of DRA Americas Inc. (“DRA”), James

​

​

Table of Contents

​

Theriault, P.Eng., of SLR, Paul Gauthier, P.Eng., Paul Palmer, P.Eng. and William Richard McBride, P.Eng., of WSP Canada Inc. (“WSP”), each of whom is independent of the Company and a QP under NI 43-101. Reference should be made to the full text of the Musselwhite Report, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as the Musselwhite Report contains additional assumptions, qualifications, references, reliances, and procedures that are not fully described herein.

Unless otherwise indicated, technical information disclosed herein since the release of the Musselwhite Report has been updated under the supervision of, or reviewed, in the case of Mineral Resources, by Mark Williams, P.Geo., Chief Geologist at the Musselwhite Mine, and in the case of mining and Mineral Reserves, by Jack Lawson, P.Eng., Engineering Superintendent at the Musselwhite Mine, each of whom is a QP under NI 43-101.

PROPERTY DESCRIPTION AND LOCATION

The Musselwhite Mine property is located in the Patricia Mining District in north-western Ontario; National Topographic System (NTS) 53 B/9, latitude 52°36’50” N and longitude 90°21’43” W. UTM Coordinates correspond to NAD83 UTM Zone 15N. The Musselwhite Mine is located on traditional territory of North Caribou Lake First Nation, in the Kenora District of Ontario, Canada. The operation is approximately 500 kilometers north of Thunder Bay and is accessible by road via Ontario highways ON-17 and ON-599N and by air.

The property is accessed by chartered air service from Thunder Bay and a weekly community flight is from Sioux Lookout/Pickle Lake and touches down in the Cat Lake, North Caribou Lake, Kingfisher Lake and Wunnumin Lake. A gravel air strip suitable for STOL-type (short take-off and landing) aircraft is maintained year-round. The communities of Mishkeegogamang and Pickle Lake have year-round road access while communities north of Pickle Lake only have winter road access. For the remainder of the year, access to these northern communities is by aircraft.

Road access to the Musselwhite site by the all-weather gravel road from the Town of Pickle Lake includes 42 km of access road that begins at the North Road approximately 160 km from Pickle Lake. There are six (6) Bailey type bridges between Pickle Lake and the turnoff to Musselwhite and one bridge built to Ontario Ministry of Natural Resources (“MNR”) standards on the Musselwhite access road.

Musselwhite is comprised of 940 exploration claims and 338 mining leases, issued under the Ontario Mining Act. Orla holds a 100% interest in the claims and leases which are registered under Musselwhite Mine Ltd. The total of 338 leases covers a total leased area of 5,427 hectares. The mining leases are surrounded by the 940 exploration claims that cover 60,222 hectares covering most of the North Caribou Greenstone Belt (“NCGB”). The Mining Act of Ontario grants and renews mining rights to leases and patents for a period of 21 years. Renewal/expiry of the Musselwhite Mine leases will occur between 2029 and 2046.

Surface rights have also been granted by the Government of Ontario with the mining leases, with the exception of waterways and lakes.

There are currently three (3) open and active royalty agreements, with two being actively paid. The two agreements being paid currently are noted as follows:

​

​

Table of Contents

​

The third open agreement, which is not being paid currently as it applies to areas outside of the current mine plan is detailed as follows:

HISTORY

As of December 31, 2025, Musselwhite Mine has milled approximately 34.1 Mt of ore at a head grade of about 5.89 g/t Au, for a total of approximately 6.2 million recovered ounces.

The Musselwhite Mine has a long and storied history that spans over four (4) decades and is summarized in Table 1.1.

Table 1.1 – Musselwhite Mine Chronology

​

​

Table of Contents

​

​

​

​

Table of Contents

​

GEOLOGICAL SETTING AND MINERALIZATION

REGIONAL, LOCAL AND PROPERTY GEOLOGY

The North Caribou Greenstone Belt (“NCGB”) is located in the middle of the North Caribou terrane of the Western Superior Province, on the south side of a large-scale crustal boundary between the North Caribou Core and Island Lake Domain (Stott et al., 2010). It comprises nine (9) volcanic-dominated assemblages formed during two major magmatic phases dated at ca. 2980 and ca. 2870 Ma. Sedimentary-dominated assemblages lie in the core of the NCGB, and are interpreted to have been deposited after 2980 Ma in the northern NCGB, and after 2850 Ma in the southeastern NCGB. Stratigraphic correlations between assemblages of the NCGB are based on the nature of their contacts, geochronological constraints, and geological and geochemical characteristics of their respective sequence. All assemblages are metamorphosed ranging from greenschist to amphibolite, with rare pockets of granulite. The NCGB is bounded by five (5) main intrusive phases emplaced during the two magmatic phases at ca. 2870-2850 Ma and ca. 2750-2690 Ma (Oswald, 2018).

The envelope of the main structural fabric and fold structures is roughly parallel to the contact of the narrow, elongate, two-arc shape of the North Caribou belt. Three (3) major phases of ductile to brittle-ductile deformation have been documented (D1, D2, D3) with the dominant regional structural pattern being related to D2. Gold occurrences have been identified in seven of the nine assemblages of the NCGB. Other commodity occurrences include Ag-Zn-Pb-Cu, Zn-Cu-Pb and Pt-Pd. Gold is frequently spatially associated with D2 related structures. Most gold occurrences are quartz-vein type hosted in mafic volcanic rocks and silicate facies iron formation, with subordinate mineralization hosted in biotite and amphibolite schists. (Oswald, 2018).

MINERALIZED ZONES

Mineralization at Musselwhite is predominantly found in sub-vertical high strain zones in the favourable silicate facies of the Northern Iron Formation, and to a lesser extent the oxide facies in both the Northern and Southern Iron Formation. Significant mineralization is also locally hosted in mafic volcanics and garnet-biotite schists in the West Limb deposits. In addition to the main hosts of mineralization, anomalous gold concentrations also occur property-wide and within all of the major lithologies. A positive correlation exists between gold and pyrrhotite mineralization in the Northern Iron Formation silicate facies. In general terms, this translates to 1 g/t Au for each percentage increase in pyrrhotite, up to approximately 15% pyrrhotite. This correlation between gold and pyrrhotite does not apply to mineralization in the Southern Iron Formation or the West Limb.

Mineralization is sulfide replacement of iron formation with quartz-pyrrhotite flooding and veining. Mineralization is best developed where structural permeability has been increased, either by folding, brittle or ductile deformation or in combination. Mineralization is thought to have been emplaced during D2 deformation and peak metamorphism (Oswald, 2018).

Quartz-pyrrhotite veins/floods are composed of massive, glassy blue to grey quartz with up to 20% fine to medium-grained pyrrhotite locally and occur as anastomosing networks of multiple veinlets that pinch and swell along strike as well as up and down dip. Accessory minerals include albite, almandine garnet and calcite, minor arsenopyrite, pyrite, chalcopyrite, and native gold. Sulfide mineralization in the veins is strongly structurally controlled, occurring within small-scale boudins, along the margins of the veins and as fine stringers within the vein itself. Sulfide replacement style mineralization is characterized by 2% to locally 15% fine-grained disseminated pyrrhotite, trace to locally 2% arsenopyrite, trace to 2% pyrite. Gangue minerals consist of almandine garnet, quartz and or chert, grunerite, actinolite, biotite, magnetite, calcite with accessory epidote and zircon.

Visible native gold is commonly observed as isolated specks within quartz. The majority of the gold occurs in pyrrhotite micro-fractures within garnet-rich, silicate domains.

​

​

Table of Contents

​

DEPOSIT TYPES

The mineralization at Musselwhite Mine can be classified as an Iron Formation-hosted gold deposit. Typically, gold in these deposits occurs in cross-cutting quartz veins and veinlets or as fine disseminations associated with pyrite, pyrrhotite, and arsenopyrite hosted in iron formations and adjacent rocks within volcanic or sedimentary sequences (McMillan, 1996).

The Musselwhite Mine deposit exhibits many features common with this deposit type:

Mineralization is generally within, or near, favourable iron formations. Most deposits occur adjacent to prominent regional structural and stratigraphic features, and mineralization is often related to local structures.

Other examples of this style of deposit in Canada include Lupin and Cullaton Lake (Northwest Territories), Detour Lake, Madsen Red Lake, Pickle Crow and Dona Lake (Ontario), and Meadowbank (Nunavut).

International examples include Homestake (South Dakota, USA), Mt. Morgans (Western Australia), Hill 50 (Australia); Morro Vehlo, Amapari, Raposos, Mineas Gerais (Brazil); Vubachikwe and Bar 20 (Zimbabwe), and Mallappakoda, Kolar District (India).

EXPLORATION WORK AND DRILLING

HISTORICAL CHRONOLOGY OF NOTABLE EXPLORATION WORK

The following is a summarized chronology of exploration related work carried out at and around the location of the Musselwhite mine:

​

​

Table of Contents

​

2025 Exploration

Following the Company’s acquisition of Musselwhite Mine on February 28, 2025, during the year, Orla initiated an exploration program focused on (1) deep directional drilling to test the down-plunge extension of the Mine Trend, (2) underground drilling to support reserve replacement and resource growth, and (3) near-mine surface drilling to identify shallow mineralization proximal to existing infrastructure. A total of 51,241 metres of exploration drilling was completed, including 12,553 metres of surface deep directional drilling 32,131 metres of underground drilling, and 6,558 m of near-mine surface drilling. Results from the 2025 program confirmed the continuity of gold mineralization along the Mine Trend approximately 2 km beyond current operations. Underground drilling intersected high-‑grade mineralization in the upper and lower mine areas across the Redwings, Lynx, West Limb, and PQ Extension zones, while near-‑mine surface exploration returned shallow, encouraging mineralization from early-‑stage targets at Camp Bay, Karl Zeemal, and Bottenfield. The deep directional drilling program also indicates the potential for stacked mineralized horizons at depth, interpreted as the Lynx and PQE zones, which remain under evaluation with additional drilling planned through 2026.

See “Production, Outlook, and Future Plans” below for information on planned exploration activities subsequent to December 31, 2025.

​

​

Table of Contents

​

DRILLING

From 1974 to 2025, a total of 10,021 diamond drill holes with a cumulative length of 2,056,426 m had been completed at Musselwhite Mine and surrounding near-mine target areas. Drilling included in the 2024 East Limb model update included 257 new holes compared to the previous model update completed in 2023. The 2024 West Limb model contained 603 new holes compared to the previous model update completed in 2021. There were no new holes included in the 2025 Resource Model updates. The planned 2026 year-end Resource Model update will include new holes from drilling conducted in 2025.

See “Production, Outlook, and Future Plans” below for information on planned exploration activities subsequent to December 31, 2025.

DATA VERIFICATION, SAMPLING PREPARATION, ANALYSIS, AND SECURITY

It is of the Musselwhite Report QP’s opinion that the standard operating procedures employed by Musselwhite Mine in the sampling and analysis of drill core samples, including the implemented QA/QC program, do not lead to any factors that may significantly impact the integrity of the data. The QA/QC process and results conducted for exploration and delineation (infill) drilling at Musselwhite is summarized below:

​

​

Table of Contents

​

MINERAL PROCESSING AND METALLURGICAL TESTING

Metallurgical test work completed on variability samples selected from across the current reserve shows minor to no amounts of elements and minerals that are deleterious to gold recovery and reagent consumption. Ores to be processed over the current life-of-mine are consistently of moderate hardness, with respect to grinding. Gold recoveries are expected to remain high, on average, with occasionally lower gold recovery resulting from elevated sulfide sulfur content and potentially changing gold mineralogy. Sulfide sulfur content did not explain all recovery outliers and variability.

MINERAL RESOURCES ESTIMATE

See “Summary of Mineral Reserve and Mineral Resource Estimates” above for the Mineral Resources estimate table.

The key steps applied to the block modeling processes are as follows:

​

​

Table of Contents

​

The gold price of US$2,800/oz is used in the December 31, 2025 Mineral Rources estimate for Musselwhite.

MINERAL RESERVE ESTIMATION

See “Summary of Mineral Reserve and Mineral Resource Estimates” above for the Mineral Reserve estimate table.

The mine design, scheduling, and Mineral Reserve estimate were prepared by the technical services department at Musselwhite and verified by the QP responsible for these estimates.

Material factors that may cause actual results to materially vary from the conclusions, estimates, designs, forecasts, or projections, include any significant differences in anyone, or more, of the material factors, or information, including metal prices, mining methods, mining dilution and recovery, labor costs, consumables costs, metal recoveries and transportation costs.

Musselwhite employed procedures recognized in the mining industry to estimate Mineral Reserves. The method consists of converting Measured and Indicated Mineral Resources to proven and probable reserves by identifying material that exceeds the cut-off grade while conforming to the geometrical constraints determined by the mining method and applying modifying factors such as dilution and mining recovery.

The conversion of Mineral Resources to Mineral Reserves involves the application of modifying factors. The economic modifying factors used in estimating the Mineral Reserve are metal prices and cut-off, while the mining modifying factors used in the estimate are dilution and mining recovery.

The gold price of US$2,300/oz is used in the December 31, 2025 Mineral Reserve estimate for Musselwhite.

Mineable Shape Optimizer (MSO) embedded in Deswik mine design software was used to determine the mineable portion of the Mineral Resource. The application generates and evaluates potentially mineable shapes in the geological block model to define optimal stope designs that maximize the economic value of the orebody.

MINING OPERATIONS

The deposit consists of seven (7) zones called West Limb (WEL), Upper Lynx (ULYNX), Redwings (RDW), Lynx North (LNXN), Lynx (LYNX), T-Antiform (TANT), and PQ Deeps (PQD) which contains the majority of the ore reserve.

GEOTECHNICAL

The Musselwhite Mine has developed geotechnical systems that are standard for underground operating mines in Ontario and Canada. The standards are based on protocols outlined in the following key documents:

​

​

Table of Contents

​

Musselwhite Mine has an ongoing process of geotechnical data collection involving the systematic gathering, analysis, and interpretation of information about the expected and encountered ground conditions. This data is then used to define the pre-mining condition by defining the rockmass classification system and compare against empirical methods to define the appropriate stope/drift spans, underground support requirements and pillar dimensions. Designs are further complemented with 3D numerical modeling. This is further updated during mining and post mining to address changing ground conditions to identify changes to the mining sequence, stope sizing, ground support, and seismic re-entry protocols.

The Musselwhite Mine rock mechanics department also completes various types of underground operation reports due to fall of ground and seismic damage events. These reports are used to assist with making operational changes to address safety and production challenges.

The key geotechnical challenge at Musselwhite Mine is the transition from a lower stress seismic environment to a medium and higher stress environment within the PQ Deeps zone. Musselwhite Mine has addressed seismic related events by changing to ground support, planned extensions to the seismic system and pre-conditioning of secondary transverse stopes. Additional operational considerations may be required as the seismicity in the mine increases including just in time development, modifications to re-entry protocols, changes to mining sequence, stope size review, expansion of stope pre-conditioning and increased ground support requirements in order to meet future production plans. These types of operational considerations will need to be studied by the Musselwhite Mine with assistance from external consultants as required.

HYDROGEOLOGY

The underground mining is directly below Opapimiskan Lake. Three (3) type of water inflows are considered as risk. The greatest inflows risk is the result of a major instability in the crown pillar (i.e., wedge failure or collapse of the surface crown). A second risk is the un-grouted exploration boreholes drilled directly below the pond (in winter). The third risk would be the potential excavation of fractures (such as dyke or water bearing faults) intersection inflows. Several consultants have been invited to carry out hydrogeology related studies. Itasca Consultant Canada Inc. (Itasca) evaluated the crown pillar design thickness between 25 to 35 m and determined it is within the stable limit.

MINE DESIGN

The Mineral Reserve estimate is based on a mine design and schedule which was prepared in Deswik software. The development parameters used for mine design and planning include the cross-sections of drifts and ramps, the diameter of ventilation raises, and the advance rates for the diverse headings. The production parameters include mining methods, pillar thicknesses, dip constraints, minimum mining widths, stope dimensions, and production rates.

STOPING METHODS

The mining method predominantly in use at Musselwhite is sub-level blasthole stoping with backfill. The sub-level blasting stoping method is excavated using three methods:

​

​

Table of Contents

​

The AVOCA and Modified AVOCA mining methods are the standard mining method for most of the orebodies (e.g., Redwing, West Limb, Lynx) above the 4090 m mine elevation (1220 m Level) and where the orebody width has increased at depth, below 4090 m to 3750 m elevations, the mining method has changed to Transverse (PQ Deeps).

MINE INFRASTRUCTURE

Musselwhite Mine is a mechanized mine, and access to the underground workings is provided by a system of ramps. The main ramp extends from the portal (5290EL) to 3810EL in the PQ Deeps.

Ore extracted from the PQ Deeps zone is hoisted by an internal winze to the 280 mL. From the Truck Loadout (TLO) on 280m L ore is transferred to a dumping point at 400 mL, and thereafter conveyed to surface. The distance between the TLO and the 400 mL dump point is approximately 3,000 m in a ramp of + and -15%. The current average trucking performance on this level is around 320 t per shift per truck.

In the LoM, around 60% of the total annual ore production will be produced from the PQD.

The cement slurry for the cemented rockfill is produced underground by a portable cement slurry plant. The cement powder is transported underground by tote bag with a flatbed truck that carries 4 bags per trip. Only three (3) to four (4) trips can be transported per shift. Musselwhite has recognized that this process is inefficient and creates delays in the mining sequence of the PQ Deeps zone. Options to improve this process are under evaluation.

The underground mine has two (2) independent pump systems, one cascading system from the 770 mL to the 220 mL and pumped to the Tailings Storage Facility (TSF). On the 770 mL, an UV system is installed to remove bacteria where this industrial is directed to an underground reservoir that feeds the PQ Deeps zone.

The pumping on the 537 Level collects the ground water from the mid mine and esker. This water is directly pumped to the surface.

The mine is serviced by an underground repair shop and two underground service bays for light breakdown repairs. Major repairs and overhauls are conducted in the surface maintenance facility.

MINE EQUIPMENT

Musselwhite is a mechanized mine employing rubber-tired diesel equipment for all phases of mining operations. Its mobile mine equipment fleet includes seven (7) jumbo drills, two (2) cable bolters, three (3) longhole production drill rigs, fifteen (15) Load Haul Dumps (LHD), fourteen (14) 45-ton underground mine trucks, two (2) transmixers, one (1) shotcrete sprayer and seven (7) explosives chargers, and a number of ancillary vehicles for mine services and personnel. The mine ventilation system takes into consideration the air flow required to remove the exhaust products from internal combustion engines.

MINE PERSONNEL

The underground mine works two (2) 12-hour shifts, and there are four (4) rosters, working rotations of 14 days on and 14 days off. Currently, Musselwhite is using an underground contractor to supplement their development crews and perform cemented rock fill (“CRF”) plant operation. A single contractor production drill (Stopemaster) is in use on site to support the three company longhole rigs. All other production activities (except development) are performed by Musselwhite personnel.

​

​

Table of Contents

​

PROCESSING AND RECOVERY OPERATIONS

The Musselwhite processing facility was constructed in 1996 and began operations in 1997. The total operating life of the mill has been over 25 years. Upgrades over time have increased the original processing design throughput from 3,200 tonnes per day (tpd) to 4,000 tpd nominally (Samuel Engineering, 2018). Mill throughput is currently limited to approximately 1.1 Mtpa by mine production, which is the current life-of-mine plan requirement. Average gold recovery has been above 95% over the last 15 years of operation.

The Musselwhite process flowsheet begins with primary crushing underground. The product from the primary crusher reports to a secondary crusher on surface and is then milled in an open-circuit rod mill followed by a closed-circuit ball mill. The ball mill circuit contains gravity concentration and intensive cyanide leaching. The grinding circuit product passes through the remaining gold extraction processes consisting of cyanide leaching, carbon-in-pulp adsorption, carbon elution and regeneration, electrowinning and refining. Doré bars assay approximately 90% gold. Mill tailings are first treated in a two-thickener counter-current-decantation circuit to recycle cyanide, followed by cyanide detoxification, thickening and final deposition.

PROJECT INFRASTRUCTURE

The Musselwhite Mine has been in production since 1997 and has the necessary infrastructure required to support the current underground mining operation. This includes, but is not limited to, process plant, laboratory, airstrip, fuel storage, chemical storage, power supply, water supply, tailings storage facility, camp, waste facility, and all the necessary offices, warehouses, and workshops to sustain the current operation.

ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT

The Musselwhite Mine underwent a federal Environmental Assessment (EA) prior to going into production in 1997. To support the EA process, an Environmental Impact Statement (EIS) and Comprehensive Study Report were completed in 1995 (Newmont, 2024a). In addition, the mine has received several provincial environmental approvals over the years. One of the main approvals is the Environmental Assessment (EA) for the installation and operation of up to 20 megawatts of diesel-generated capacity, as mandated by the former Electricity Project Regulation (O.Reg. 116/01). The on-site diesel generation is comprised of eleven (11) diesel generator sets with varying outputs. Public and Indigenous Communities (ICs) consultation was completed during the preparation of the EA.

The site has extensive monitoring programs that are reported to regulatory agencies on a regular basis, in accordance with regulatory requirements. Comprehensive surface and groundwater monitoring supports a detailed understanding of current conditions and is incorporated into predictive models to support risk mitigation and closure planning.

The latest amendment to the Closure Plan for the mine was completed in 2018 and filed in 2019 (SNC-Lavalin, 2018) and the associated Financial Assurance was recently updated, at the request of the Ministry of Mines (MINES) to account for inflation from 2018 to 2024. Musselwhite complies with the requisite bonding levels for the implementation of the approved Closure Plan. The next update to the Closure Plan is tentatively scheduled for late 2026 to early 2027 and will incorporate findings from various ongoing studies, monitoring and predictive modelling.

Mining impacted water is routed from the TSF Pond and either recycled back to the mill or pumped to the Polishing Pond from where it is discharged seasonally through a treatment wetland. Primary inputs to the TSF Pond include bleed water from tailings deposition, dewatering from the underground workings, pump back from the groundwater interception system and seepage collection pond and direct precipitation. The mine consistently meets water quality discharge limits although it is understood that levels of Co are somewhat elevated and both Fe and As have been flagged as potential contaminants of concern. Studies are ongoing to characterize TSF geochemical performance and predict future water quality and possible requirement for additional mitigations.

​

​

Table of Contents

​

Musselwhite Mine is located on the traditional territory of North Caribou Lake First Nation and the mine’s associated activities are within the shared traditional territories of the Nations. Kingfisher Lake is located 58 km to the northeast; North Caribou Lake is located 76 km to the northwest; Wunnumin Lake is located 84 km to the east; Cat Lake is located 140 km to the southwest, and Mishkeegogamang is located 30 km south of Pickle Lake. Kingfisher Lake and Wunnumin Lake First Nation communities are affiliated with the Shibogama First Nation Council. North Caribou Lake and Cat Lake are affiliated with the Windigo First Nations Council. Mishkeegogamang is an independent band (SNC-Lavalin, 2018).

Musselwhite has identified more than 150 stakeholders including Indigenous Communities (IC) Signatory and affiliates communities, Indigenous Organizations and community members outside of Signatory Communities, municipalities, government and regulators, suppliers, contractors, consultants, Academy/Training Partner and others (Civil Society, Chamber of Commerce, Community Investments, Mining Associations) (Newmont, 2024).

Musselwhite was one of the first mines in Canada to enter into a comprehensive agreement with local ICs. The agreement is called the Musselwhite Agreement and was originally signed in 1992. Signatories of the Musselwhite Agreement are four ICs and two First Nation Councils. These include North Caribou Lake First Nation, Cat Lake First Nation, Kingfisher Lake First Nation, Wunnumin Lake First Nation, Windigo First Nation Council, and Shibogama First Nation Council. The Musselwhite Agreement has been reviewed and renegotiated in the past, with the last amendment being completed in 2019. There is also a Trapper Compensation Agreement with North Caribou Lake First Nations and a Cooperation Agreement with Mishkeegogamang First Nation. The Musselwhite Agreement sets targets for ICs employment, opportunities for business development, and environmental protection. The Agreement establishes revenue sharing, implementation funding and environmental funding. The established target for the percentage of ICs employees included in the Musselwhite Agreement has proven to be challenging despite continuous operator efforts.

CAPITAL AND OPERATING COSTS

Note: (1) All-in sustaining cost is a non-GAAP measure. See “Non-GAPP Measures” above.

Musselwhite sustaining capital is primarily focused on underground development ($50 million), additional mining and mining support equipment ($30 million), and PQ Extensions development ($14 million) which continues to provide access for the purposes of ore extraction from this zone. Non-sustaining capital is also being deployed for the purpose of investing in future growth development and capitalized exploration. This includes capital development for the purposes of providing additional underground drill platforms, a significant increase in drilling activities from these platforms, and the continuation of the surface directional program.

​

​

Table of Contents

​

PRODUCTION, OUTLOOK, AND FUTURE PLANS

PRODUCTION

The Company acquired Musselwhite on February 28, 2025. The following table sets forth production at the Musselwhite Mine since March 1, 2025. For additional information, see the heading “Discussion of Operations – A. Musselwhite Mine, Canada – Musselwhite Operational Update” in the Company’s management’s discussion and analysis for the financial year ended December 31, 2025.

​

Full year gold production at Musselwhite was 236,908 ounces, of which 203,856 ounces were produced after acquisition by Orla.

In 2026, Musselwhite plans to mine and process approximately 1.2 million tonnes of ore at an average grade of about 6.25 g/t. To support this production profile, the mine is targeting approximately 12,000 metres of lateral development, representing an increase of roughly 2,000 metres over 2025. Mined and processed grades are expected to improve sequentially through the year, building through the first three quarters before stabilizing, and ranging from approximately 5.00 to 7.00 g/t, positioning the second half of the year as a particularly strong production period. Approximately 60% of ore tonnes will be sourced from PQ Extensions with the remainder of tonnes being derived from other areas of the mine.

PLANNED 2026 EXPLORATION

For 2026, Orla plans to continue to advance the second year of its two-year exploration program, building on programs initiated in 2025. Efforts will continue to target the Mine Trend Extension, underground Mineral Resource and Reserve growth, and selective near-mine satellite opportunities, supporting potential mine life extensions and future operational expansions. The deep directional surface, underground exploration and follow-up near-mine surface programs are already ongoing.

THE CAMINO ROJO PROJECT

The following disclosure relating to the Camino Rojo Project has been derived, in part, from the technical report titled “NI 43-101 Technical Report Camino Rojo Project, Zacatecas State, Mexico” dated March 18, 2026, with an effective date of September 30, 2025 (the “Camino Rojo Report”), prepared for the Company by Andrew Boushy, P. Eng., and David Frost, FAusIMM, of DRA; Caleb Cook, P.E., Kappes, Cassiday & Associates (“KCA”); Marie-Christine Gosselin, P.Geo., Frank Palkovits, P.Eng., James (Jim) Theriault, P. Eng., and Luis Vasquez, P.Eng., of SLR; Andrew Kelly, P. Eng., of Blue Coast Research Ltd. (“BCR”); and Patrick James McCann, P. Eng., of Entech Mining Ltd. (“Entech”), each of whom is independent of the Company and a QP under NI 43-101, and Sylvain Guerard, P.Geo., Senior Vice President Exploration at the Company, and Stephen Ling, P.Eng., Director of Technical Services at the Company, each of whom is a QP under NI 43-101. Neither of Mr. Guerard or Mr. Ling are independent of Orla for the purposes of NI 43-101 as they are employees of the Company.

Reference should be made to the full text of the Camino Rojo Report, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as the Camino Rojo Report contains additional assumptions, qualifications, references, reliances, and procedures that are not fully described herein.

Unless otherwise indicated, technical information disclosed herein since the release of the Camino Rojo Report has been updated under the supervision of, or reviewed, in the case of Mineral Resources, by Marie-Christine Gosselin, P. Geo, of SLR, and in the case of mining and Mineral Reserves, by Stephen Ling, P.Eng., Director of Technical Services at Orla, each of whom is a QP under NI 43-101.

​

​

Table of Contents

​

PROJECT DESCRIPTION, LOCATION, AND ACCESS

The Camino Rojo Project is located in the Municipality of Mazapil, State of Zacatecas, Mexico, and situated along a wide, flat valley near the village of San Tiburcio. The property lies 190 km northeast of the city of Zacatecas, 48 km south-southwest of the town of Concepción del Oro, and 54 km south-southeast of the Peñasquito Mine owned by Newmont. The Camino Rojo Project area is centered at approximately 244150 E 2675900 N UTM NAD27 Zone 14N.

Access to the Camino Rojo mine site is by the paved, four lane Mexican Highway 54 and by Route 62, a secondary paved highway that passes through San Tiburcio. The Camino Rojo mine site is approximately 260 km southwest of Monterrey and 190 km northeast of Zacatecas. A private road enters the Camino Rojo Project approximately 250 m northeast of the intersection of Highway 54 and Route 62. This road provides access to the camps, offices, mine, process plant, and other Camino Rojo Project facilities. Camino Rojo site access roads include approximately 20 km of paved, dirt, and gravel roads. There are numerous gravel roads within the property linking the surrounding countryside with the two highways. There are very few locations within the property that are not readily accessible by four-wheel drive vehicle.

The Camino Rojo Project’s mineral rights are held by Orla’s Mexican subsidiary, Minera Camino Rojo S.A. de C.V. (“MCR”), in seven concessions covering 138,639.75 hectares (ha). Surface rights in the Camino Rojo Project area are owned by several federally defined agrarian communities (“Ejidos”). The land that includes the Mineral Resource at the Camino Rojo Project is controlled by the San Tiburcio Ejido. Exploration work has been carried out under the authority of agreements between the Camino Rojo Project operators and the Ejidos. Payment has been made in full at the time of signing the relevant expropriation agreement and no further payments are due to the Ejidos. Such agreement is valid and expires in 2043 and covers the area of the Mineral Resource discussed in the Camino Rojo Report. Orla is party to certain surface rights agreements requiring payments to maintain good standing. However, such agreements cover areas of the Camino Rojo Project outside of the relevant areas to the Mineral Resource and Mineral Reserve estimates presented in the Camino Rojo Report.

On December 21, 2020, Orla announced that it had entered into an agreement (the “Layback Agreement”) with Fresnillo plc (“Fresnillo”), granting Orla the right to expand the Camino Rojo oxide pit onto a portion of Fresnillo’s 782 ha “Guachichil D1” mineral concession, Title 245418, located immediately to the north of Orla’s Camino Rojo Project. The Layback Agreement received Federal Competition Commission (Comisión Federal de Competencia Económica) approval in February 2021, and the surface access rights were ceded in December 2022.

Under the terms of the asset purchase agreement dated June 20, 2017 (“Acquisition Agreement”) between Orla and Goldcorp Inc. (“Goldcorp”), a subsidiary of Newmont, Newmont acquired a 2% NSR royalty on all metal production from the Camino Rojo Project, except for metals produced under a sulphide joint venture option as stipulated in the Acquisition Agreement. On October 27, 2021, the 2% NSR royalty was sold to Maverix Metals Inc. (which was subsequently acquired and is wholly-owned by Triple Flag Precious Metals Corp).

A 1% royalty is payable to the Mexican government as an Extraordinary Mining Duty, mandated by Federal Law, and applies to precious metal production from all mining concessions, regardless of owner or other royalty encumbrances. This royalty was increased to 1% from 0.5% and is in effect starting in 2025.

As of the effective date of the Camino Rojo Report, the authors thereof were not aware of any significant factors or risks that may affect access, title, or the right or ability to perform work on the Camino Rojo Project. A valid surface access agreement allows Orla to explore and develop the Camino Rojo Project, and surface access rights were ceded under the Layback Agreement in December 2022. No risks to the validity of title have been identified and permits for normal exploration and exploitation activities are expected to be attainable. See “Environment and Permitting” below for additional information.

​

​

Table of Contents

​

HISTORY

The Camino Rojo deposit was discovered by geologists under contract to Canplats Resources Corporation (“Canplats”) in mid-2007. The Camino Rojo deposit was concealed beneath post-mineral cover in a broad, low relief alluvial valley adjacent to the western flank of the Sierra Madre Oriental. A shallow pit excavated through a thin veneer of alluvium, located adjacent to a stock pond (“Represa”) was the discovery exposure of the deposit. Canplats began concurrent programs of surface geophysics and reverse-circulation (“RC”) drilling in late 2007 and began core drilling in 2008. Elevated chargeability zones from the surface geophysics were interpreted as large volumes of sulphide mineralized rocks. Drilling by Canplats, and later drilling by Goldcorp, confirmed the presence of sulphide mineralization at depth in the Represa zone (now the Camino Rojo deposit), and a deeper sulphide mineralized zone to the southwest at Don Julio (now part of the Camino Rojo sulphides zone).

Canplats was acquired by Goldcorp in early 2010. Validation, infill, condemnation, and expansion drilling began in January 2011, mostly focused on the Represa and Don Julio zones, and their immediate surroundings. Airborne gravity, magnetic and transient electromagnetic surveys were carried out, and rotary air blast (“RAB”) and RC drilling tested other exploration targets within the concession.

Orla acquired the Camino Rojo Project from Goldcorp in 2017. Mineral Resource and Mineral Reserve estimates prepared prior to Orla’s acquisition of the Camino Rojo Project are considered to be historical in nature and should not be relied upon.

The Camino Rojo Oxide Mine achieved its first gold pour in December 2021 and began commercial production in April 2022. No prior production occurred on the Camino Rojo Project.

See “Production, Outlook, and Future Plans” below for additional information on the Company’s production and exploration activities at the Camino Rojo Project.

GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT TYPES

The Camino Rojo deposit is located beneath a broad pediment of predominantly Tertiary and Quaternary alluvium and sedimentary rocks along the boundary between the Mesa Central physiographic province and the Sierra Madre Oriental fold and thrust belt near the pre-Laramide continental-margin. The oldest rocks are Triassic metamorphic continental rocks overlain by Early to Middle Jurassic red beds. Upper Jurassic to Upper Cretaceous marine facies rocks overlie the red beds at a disconformity and comprise a package of shelf carbonate rocks comprising the Zuloaga to Cuesta del Cura Formations and the basin-filling flysch sediments of the Indidura and Caracol Formations. The deposit lies within the southern extent of the northwest striking San Tiburcio fault zone.

Mineralization styles in the region include polymetallic and gold-copper skarn and limestone manto (replacement) silver-lead-zinc sulphide ores. The nearest significant producing mines or past producers are Newmont’s Peñasquito mine, located 53 km north-northwest of Camino Rojo, and various mines of the Concepción del Oro district, 47 km north-northeast of Camino Rojo. The Peñasquito mine exploits gold-silver-lead-zinc mineralization hosted in igneous diatreme-breccias and the surrounding Caracol Formation.

The Camino Rojo Project geology is dominated by siliciclastic and carbonate Cretaceous sedimentary units which are intruded by northeast-southwest and east-west striking mafic to intermediate dikes. The Camino Rojo Project-scale map pattern is dominated by northeast vergent folds, commonly cored by limestones of the Cupido Formation. Northeast directed shortening is pre- to post-tectonic with respect to intrusion of dikes and formation of ore-stage polymetallic veins and mantos. Cenozoic extension resulted in the formation of horsts and grabens at the Camino Rojo Project.

The Camino Rojo deposit is gold-dominant, with lesser silver, lead and zinc and displays transitional mineralization styles, forming a continuum between intermediation sulphidation epithermal and skarn mineralization. The oxide and the Caracol-hosted sulphide zones exhibit characteristics typical of intermediate sulphidation epithermal deposits, while zone 22 shows features of distal skarn zones. The

​

​

Table of Contents

​

Late Cretaceous Caracol Formation is the primary host of Camino Rojo oxides and Camino Rojo sulphides mineralized zones, while zone 22 extends into the underlying carbonate-rich Indidura, Cuesta del Cura, La Peña and Cupido formations.

The distribution of auriferous mineralization at the Camino Rojo Project is controlled by steep northwest and shallow south dipping polymetallic veins within the siliciclastic hosted Oxide and Sulphide zones. Within the carbonate hosted zone 22, auriferous mineralization is controlled by disseminated, patchy and massive polymetallic sulphide replacement (manto type) of carbonate strata and sulphide breccias along the margins and crosscutting dioritic dikes. Pervasive, near surface oxidation extends to approximately 150–200 m below surface, and extends to greater depths along structurally controlled zones of fracturing and permeability.

Orla geologists developed, and the QP reviewed, multiple geological models in Leapfrog using an implicit modelling approach with manual adjustments such as polylines and points. Additionally, models of the oxide, alteration, geometallurgical domains, arsenic, structures, and organic carbon were created. The QP confirmed the provided geological models were suitable for Mineral Resource estimation.

EXPLORATION

Orla continues to conduct exploration activities across parts of its Camino Rojo mining concessions. Numerous regional exploration activities have been executed, including mapping, prospecting, diamond drill holes (“DDH”), RAB, and RC drill programs, geophysical surveys, and soil, rock and biogeochemical sampling since the acquisition of the property in October 2017. In addition to regional drilling, Orla has also conducted numerous other regional exploration activities across portions of its mining concessions. This includes mapping, prospecting, geophysical surveys (1,103.8 km² drone magnetometry, 243 km² gravity, 346 km² induced polarization), soil sampling (18,086 samples), rock sampling (3,2133,273 samples) and biogeochemical sampling (22 samples).

Induced polarization geophysical surveys, totaling 346 km². have been completed in various areas across the Camino Rojo Project. Generally, the grids were designed with 200 / 400 / 800 m line separation and 100 m station spacing. Dipole spacing was selected to search for features at depths greater than 100 m to 200 m.

A total of 1,103.8 km² of drone magnetometer (MAG) surveys has been flown across the property. The grids were designed with north-south trending flight lines spaced at 100 m with an average survey elevation of 35 m. Additionally, 243 km² of gravity surveys have been completed across the property. The grids were designed with 200 m line separation and stations every 200 m.

Orla’s 2025 regional exploration program included:

The four regional targets tested by Orla in 2025 were:

​

​

Table of Contents

​

Other potential regional drill targets identified by Orla include:

DRILLING

The drill hole database for the Camino Rojo Project contains 1,651 drill holes and 543,635 m of drilling.

CANPLATS

Canplats conducted drilling during 2007 and 2008. Four PQ (85.0 mm) holes were drilled to collect metallurgical samples and three of them have assays for individual samples in the SLR database (CRM-006, CRM-014, and CRM-020). There are no assays available for CRM-038. Canplats’ drilling discovered and partially delineated the oxide mineral deposit that occurs at the northeast end of the Camino Rojo deposit, in the Represa zone, and discovered the deeper sulphide deposit to the southwest, in the Don Julio zone.

GOLDCORP

Goldcorp conducted drilling from 2011 to 2015. The RC holes were 4.75 inches to 5.125 inches in diameter (12 cm to 13 cm). The core holes were generally HQ core. In addition to the core and RC holes, 306 RAB holes were drilled. The average depth of these holes was only about 100 m, and they were mostly peripheral to the main deposit area. Downhole surveys were conducted for the core and RC drilling but not for the RAB holes. They were assumed to be vertical.

​

​

Table of Contents

​

ORLA

Orla has conducted drilling programs from 2018 through to the effective date of the Camino Rojo Report. Core is usually HQ, and for RC a 5 ¼” (13.34 cm) diameter face return bit with shroud is used.

For core holes, core logging by Orla personnel was conducted on unsplit whole core. Lithology, structure, alteration, oxidation, and mineralization data were recorded on paper drill logs, then transcribed into an electronic database from 2018 to 2021. Rock quality designation and core recovery information was similarly captured. During 2021, paper logging was replaced by electronic logging using Geobank software; in 2023 Orla switched to MX Deposit software. Drill core was photographed prior to sampling.

For RC, RC chips were logged by Orla geologists. Lithology, alteration, oxidation, and mineralization data were recorded on paper drill logs, then transcribed into an electronic database. During 2021, paper logging was replaced by logging electronically with Geobank software. Drill cuttings were sampled by splitting the sample at the drill rig with a cyclone, or in the case of wet samples, with a rotary splitter. Depending on recovery, a ½ or ¼ split was sent for assay and the remaining sample preserved and stored in warehouses in San Tiburcio.

Gyroscopic downhole surveys were completed for both diamond core and reverse circulation drill holes by Silver State Surveys Inc., supported by their Concepción del Oro, Zacatecas office.

Orla has conducted various near-mine drilling programs between 2020-2025. In 2025, Orla continued to focus on Zone 22, with the objective of confirming, upgrading and extending the continuity of high-grade polymetallic mineralization along the down-plunge extension of the Camino Rojo deposit, to support an updated underground Mineral Resource estimate. Drill spacing was tightened to 30–80 metres within the upper 500 metres of Zone 22 to improve geological and grade continuity interpretation. The program returned high-grade intersections, including 9.8 g/t gold equivalent (“AuEq”) over 9.4 m in hole CRSX25-47B and 9.0 g/t AuEq over 7.9 m in hole CRSX25-48A, supporting the interpreted continuity of high-grade polymetallic mineralization. The initial 15,000 m program was completed in July. Based on encouraging results, an additional 5,000 m was allocated to further test Zone 22.

See Section 10 of the Camino Rojo Report for additional information on drilling conducted at the Camino Rojo Project and “Outlook and Future Plans” below for information on drilling activities completed by the Company subsequent to the effective date of the Camino Rojo Report.

SAMPLING, ANALYSIS AND DATA VERIFICATION

SAMPLING AND ANALYSIS

Sample Preparation and Analysis

Orla drill core was sampled by cutting the core with a diamond saw and sending half of the core for assay and retaining half of the core in the core box for archive. Sample intervals were generally 1.5 m long, except where geologic contacts or lack of recovery required a different sample length. Sampling was conducted in secure facilities at the Camino Rojo Project core logging facility in San Tiburcio.

Orla has been managing the Camino Rojo Project process sampling and analysis since the 2018 drilling campaign. The ALS Chemex laboratory (“ALS”), located in North Vancouver, British Columbia, has served as the primary assay laboratory for routine surface and drill sample assaying in the Canplats, Goldcorp, and Orla drilling and sampling programs. All assays were conducted at ALS, which is certified under ISO 9001:2000 and 2008, and accredited under ISO 17025:2005. ALS operates independently of Canplats, Goldcorp, and Orla.

​

​

Table of Contents

​

Sample preparation occurred at the ALS laboratory located in Zacatecas, following the PREP-31 standard procedure:

In 2024, samples with more than 1% sulphide content were tested using the Au-SCR21 screen fire assay.

Sample Security

Orla assumed control of the former Goldcorp facility in San Tiburcio, which now securely stores core samples, assay pulps, and RC chip trays. The site is enclosed and protected by locked gates. Orla personnel transport core boxes to its secure storage facilities in San Tiburcio at the conclusion of each drill shift. The core is labeled, photographed, logged, and sampled under the supervision of staff geologists. The geologists define the intervals for sampling, after which the drill core is split following established procedures. Following cutting, half of the core is placed in a plastic sample bag, while the other half is returned to the core box. Each sample is tagged and bagged, with quality control samples inserted into the sampling sequence. Samples destined for assay are packaged into shipping bags and dispatched directly to the ALS sample preparation facility in Zacatecas. Sampled holes, rejects, and pulps are retained after analysis in storage facilities at the site.

QA/QC

Orla has implemented a more robust quality assurance / quality control (“QA/QC”) program during its drilling campaigns, which included 908 coarse blank, 907 CRM, 1,764 field duplicate, 497 coarse duplicate, and 508 pulp duplicate samples as well as 48 pulp duplicate check assays from blast holes sent to Bureau Veritas Laboratories in British Columbia, Canada, a third-party laboratory (independent of Orla) in 2019, accredited by SCC and holding certification ISO/IEC 17025.

Blank samples, consisting of unmineralized post-mineral volcanic rocks, were inserted at a rate of 1:50, ideally following visible gold or high-grade mineralization intervals.

Ten different CRMs sourced either by CND Resource Laboratories or Rocklabs of New Zealand were inserted every 50 samples. CRMs OXC145, OXD127, OXI121, OXI145 from Rocklabs were certified for gold and CRMs CDN-ME-1404, CDN-ME-1414, CDN-ME-1704, CDN-ME-1706, CDN-ME-2103, and CDN-ME-1409 were certified for gold plus the multi-element ICP spectrum.

Field duplicates were inserted into the sample stream at a rate of one in 50 and were selected and taken from either a split of the RC drilling chips or quartered drill core, which was later increased to half drill core samples. A total of 1,764 field duplicates were inserted blindly. Coarse duplicates were also inserted into the sample stream at a rate of one coarse duplicate every 100 samples. Pulp duplicates were inserted at the same rate.

The QP is of the opinion that the QA/QC protocols in place have been improved during the recent drilling phases, and a more continuous correction of biases in a timely manner has been observed. In general, good performances were achieved from CRMs and blanks, and acceptable precision rates from duplicates, considering the gold nugget effect at the Camino Rojo Project, however, the QP recommended certain improvements for the QA/QC program as set out in Section 11 of the Camino Rojo Report.

​

​

Table of Contents

​

DATA VERIFICATION

Mineral Resources

The relevant QP conducted cross-checks between the Camino Rojo assay database and ALS assay certificates and found no significant discrepancies. A detailed review included 630 drill holes using 3,254 assay certificates relevant 2007 to 2025, covering 229,273 core samples, and 135 RC drill holes with 171 certificates and 16,337 samples. Overall, the relevant QP verified 93% of the core and RC assays in the drill hole database. Minor discrepancies were detected, including certain samples from drill hole CRSX22-13 with inconsistent gold values, and investigation and correction are recommended. Other element values were consistent with original certificates. For RC samples, nine minor discrepancies were found, but were considered non-material. The relevant QP is of the opinion that the database is well maintained and verification procedures for Camino Rojo comply with industry standards and are adequate for Mineral Resource estimation.

Mineral Reserves

The relevant QP prepared checklists for the Camino Rojo open-pit Mineral Reserves process to ensure that all relevant aspects have been considered in the estimations and workflow, including a list of factors to consider based on the 2019 Canadian Institute of Mining, Metallurgy and Petroleum Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and are completed and signed for every Mineral Reserves update by the QPs and reviewers.

Metallurgical Testing and Recovery Methods

The relevant QP reviewed the available metallurgical test work data supporting the metallurgical recoveries, production data, assumptions used in the life-of-mine (“LOM”) plan and reviewed sustaining and operating cost forecasts for the process plant. Additionally, during the site visit, the relevant QP reviewed the heap leach and processing facilities, reviewed laboratory operating procedures and met with site metallurgists to discuss metallurgical accounting methods. The relevant QP reviewed the available metallurgical test work data supporting the metallurgical recoveries used for the sulphide portion of the Mineral Resource estimate.

MINERAL PROCESSING AND METALLURGICAL TESTING

The Camino Rojo Project is an open pit heap leach operation which has been in production since late 2021. Ore is crushed at a rate of 19,200 tonnes per day to 80% passing 25 mm using a two-stage closed crushing circuit and conveyor stacked onto a leach pad in 10 m lifts. Lime is added to the material for pH control before being stacked and leached with a dilute cyanide solution. Pregnant solution flows by gravity to a pregnant solution pump box before being pumped to the Merrill-Crowe Plant for precious metal recovery. Gold and silver are precipitated from the pregnant solution via zinc cementation. The precious metal precipitate is dewatered using filters, dried in a mercury retort to remove mercury values, and smelted to produce the final doré product.

Overall, gold recovery from the start of operation through September of 2025 is 62% and silver recovery is 8% based on ounces recovered to doré, with an estimated inventory of 30,000 oz for gold and 510,000 oz for silver. These inventories include metals in solution, in-heap within partially leached ore and any areas not under leach including newly stacked ore and side slopes.

Overall, modeled recoveries versus actual production for gold is in good agreement with reasonable inventory levels. Gold inventory has recently started to increase due to several possible factors, including the processing of run-of-mine material and should be monitored and corrective actions taken if these values continue to increase. Silver shows a significantly larger variance, and several factors may be contributing to this including slower leach kinetics for silver than expected, insufficient free cyanide in solutions within the leach pad to maximize silver recovery, or too high silver recovery estimates. It is likely that the silver recoveries for the initial ores stacked and irrigated were overestimated; however, the QP recommended that the recovery estimates not be changed at this time as silver production has been improving significantly since 2023.

​

​

Table of Contents

​

There are no deleterious elements that could have a significant effect on potential economic extraction.

MINERAL RESOURCE ESTIMATE

See “Summary of Mineral Reserve and Mineral Resource Estimates” above for the Company’s current Mineral Resource estimates for the Camino Rojo Project.

SLR and the relevant QP estimated the Mineral Resources at the Camino Rojo Project, assuming both open pit and underground mining scenarios, primarily using diamond drill hole data. Mineral Resources for the Camino Rojo Open Pit have an effective date of December 31, 2025 and the Camino Rojo Underground Project have an effective date of September 30, 2025.

Orla provided the drill hole database, which the relevant QP reviewed and verified. The database includes over 1,000 drill holes totaling approximately 533,000 m, with detailed geological, assay, and geotechnical information. Only drill holes within the defined resource area were used in the Mineral Resource estimate. Geological models, including lithology, alteration, and geometallurgical domains, were developed in Leapfrog by Orla and reviewed by the relevant QP.

To prevent isolated high-grade assays from skewing the grade estimation, capping was applied based on statistical analyses. High-grade restrictions were also implemented in lower-grade domains (LG and OUT) to limit the impact of anomalous values. After capping, assays were composited into fixed 1.5 m intervals within mineralized wireframes, with short composites (under 0.45 m) added to the previous interval to maintain consistency in the estimation process.

The relevant QP estimated the Camino Rojo grade block model using ID² or ID³ interpolation in three to four passes, with hard boundaries across all domains and variable orientation. A density sub-domaining strategy was established using the high-grade, LG, and OUT domains based on oxidation levels (oxide [Ox], transition [Tr], and sulphide [Sx]), resulting in nine density domains, with values ranging from 2.4 g/cm³ to 2.67 g/cm³, that the QP considered appropriate for the deposit. An octree block model with 5 m parent blocks, sub-blocked to 1.25 m, was built in Leapfrog Edge. The relevant QP deemed the model and block size suitable for both open pit and underground mine planning. A 10 m x 10 m x 10 m regularized block model with the same origins has also been prepared for open pit reporting. The underground Mineral Resource estimates were reported from the sub-blocked model.

The relevant QP classified the Camino Rojo Mineral Resources based on drill hole spacing within key estimation domains (OxTrHi, 100, 200, 300, 500, and LG). Measured Mineral Resources, limited to the OxTrHi domain, required a drill spacing of greater than or equal to 25 m, visual validation with blast hole data, and grade continuity above the 0.25 g/t Au production cut-off. Indicated Mineral Resources were defined by spacing of approximately 25 m to 50 m and Inferred Mineral Resources by approximately 50 m to 100 m. Classification also considered drill hole geometry (minimum three holes) and data distribution. Where downdip drill holes lacked perpendicular support within 25 m in the 100 series, Indicated Mineral Resource blocks were downgraded to Inferred Mineral Resources.

The relevant QP validated the Camino Rojo block model using visual checks and statistical comparisons to ensure the reliability of domain flagging and interpolated grades. This included comparing block model grades to composite and blast hole assays, evaluating swath plots across estimation methods (inverse distance, ordinary kriging, nearest neighbor) and composites, and checking volumetric consistency between wireframes and the model. This update focused on the deeper mineralization in Zone 22 (located below the Caracol formation) and an updated reconciliation was not considered necessary since there were no material changes to the open pit portion of the model. The reconciliation results presented correspond to the March 31, 2025 Mineral Resource estimate. The reconciliation with the production grade control model confirmed good alignment for gold (2% tonnage, 1% grade, 3% ounces variance), while silver showed a 40% negative variance, attributed to differing assay methods. Overall, the QP concluded the model is robust and suitable for public disclosure.

The relevant QP engaged to estimate the Mineral Resources at the Camino Rojo Project is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

​

​

Table of Contents

​

MINERAL RESERVE ESTIMATE

See “Summary of Mineral Reserve and Mineral Resource Estimates” above for the Company’s current Mineral Reserve estimates for the Camino Rojo Project.

Mineral Reserve estimates reflect the reasonable expectation that all necessary permits and approvals will be obtained and maintained. The Mineral Reserve estimate has an effective date of December 31, 2025.

Mineral Reserves are estimated assuming only heap leach processing and open pit mining methods.

To estimate open pit Mineral Reserves, the Camino Rojo Project’s updated block model was regularized and re-blocked to a 10 m x 10 m x 10 m cell size. Orla and the relevant QP completed several audits and verification exercises to ensure proper block model transfer and import into Hexagon MinePlan software.

No additional dilution or ore loss was added to the regularized block model. Compositing of assays and estimating blocks with multiple composites introduces some smoothing of model grades that are analogous to dilution and ore loss effects. Additionally, regularization and re-blocking of a sub-blocked model incorporates increased tonnage and grade dilution.

The pit optimization process was completed using Geovia’s Whittle software package. Only gold and silver are considered in the pit optimization, and the only material types considered are the oxide material with pervasive potassic alteration, oxide material with incipient potassic or phyllic alteration, transition material with high (60-90%) oxidation, and transition material with low (30-60%) oxidation. Given the two products (gold and silver doré) and variable metallurgical recoveries by material type, an NSR cut-off value was used to determine the Mineral Reserve estimates.

The mining operating cost assumption is based on completing mining operations using a mining contractor.

The relevant QP engaged to estimate the Mineral Reserves at the Camino Rojo Project is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Reserve estimate.

MINING OPERATIONS

The Camino Rojo mine is a conventional open pit mine. Mining operations consist of drilling medium diameter blast holes (approximately 17 cm), blasting with either explosive slurries or ammonium nitrate and fuel oil, and loading blasted materials into large, off-road trucks with hydraulic shovels and wheel loaders. Ore is delivered to the primary crusher and waste rock is delivered to a waste rock storage facility (“WRSF”) southeast of the current pit.

Contract mining services are used at the Camino Rojo open pit and mining is carried out using 100 t capacity haul trucks, with additional equipment, including loading units, sized to match this haulage fleet.

The current LOM plan was developed by MCR and Orla to supply ore to a conventional crushing and heap leach facility with the capacity to process 18,900 tpd.

Since the start-up of mining operations at MCR, selective mining practices and the mine’s stockpiling strategy have resulted in a build-up of low-grade stockpiled ore south of the open pit. This low-grade ore will be stacked on the heap leach facility at the end of mine life.

​

​

Table of Contents

​

Surface water runoff is diverted around active or planned mining areas via a series of diversion channels and redirected to natural drainage locations at the southern boundary of the property. The main goal of the diversion channels is to avoid contamination of surface water and to avoid inflow into the pit that would affect mining operations. The overall pit condition is considered to be dry; however, occasionally water from mining facilities is collected in ponds and used for operational requirements, such as dust management.

The ultimate pit design includes pit haul roads and sufficient working room for all mining equipment. The pit haul road design width is 25 m, allowing for the construction of a berm and drainage ditch, at a maximum grade of 10%. The design accommodates trucks of approximately 100 t capacity such as the Caterpillar 777 class truck.

Since the start of mining operations, MCR has been following the recommended geotechnical parameters presented in the feasibility study prepared by certain qualified persons from KCA in 2021 (“KCA 2021 Study”), and the current LOM design uses the KCA 2021 Study geotechnical parameters. Piteau Associates Engineering Ltd. (“Piteau”) completes annual geotechnical site visits to assess slope performance in the pit, at stockpile locations, and at the WRSF, and conduct reviews of heap leach pad stability. Additionally, Piteau’s annual reviews provide opportunities to train operational staff and further calibrate the assumed geotechnical parameters, such as evaluating the potential for pit slope or face angle steepening.

Following a pit wall event that occurred in July 2025 on a small portion of the North wall, Piteau provided a technical memorandum that included an assessment of the of the wall event and an action plan for the pit re-entry, along with North wall pushback design update.

The following are the design updates to the North wall:

Operating and monitoring advice provided by Piteau was incorporated into MCR open pit design and operating procedures. Additional site visits by Piteau are planned to monitor the North wall, above the annual reviews. Based on the performance of the North wall push back, Piteau will be issuing design parameters for the final design in 2026.

The waste dump is currently being constructed with a face angle of 36 degrees, 20 m height and 50 m berms. The remaining capacity for the WRSF is sufficient for the remaining LOM, with 46.4 Mt of storage capacity as of the end of September 2025.

The current LOM plan assumes a supply of ore to the crushing and heap leach facilities at a stacking rate of 18,900 tpd, based on current crusher performance.

From 2025 to 2027, the current LOM plan mining rate of total material moved rate ranges from 38,000 tpd to 70,000 tpd on a month-to-month basis, and from 2028 to 2030, ranges from 18,500 tpd to 48,500 tpd, including rehandling of the low-grade.

PROCESSING AND RECOVERY OPERATIONS

The Camino Rojo Project is an open pit heap leach operation which has been in production since late 2021. Open pit mining commenced in August 2021, with processing facilities commissioned in Q4 2021 (with the Merrill-Crowe Plant in operation in December 2021). The first gold pour occurred on December 13, 2021, and commercial production was achieved on April 1, 2022.

​

​

Table of Contents

​

The Camino Rojo Project is currently operating a crushed ore heap leach, processing approximately 19,200 tonnes of ore per day on average over the life of the mine to a target crush size of 80% passing 25 mm using a two-stage closed crushing circuit and conveyor stacked onto a leach pad in 10-metre lifts.

As of September 30, 2025, realized recoveries for gold are overall in agreement with predicted production results. Silver recoveries show a significantly larger variance and several factors may be contributing to this including slower leach kinetics for silver than expected, insufficient free cyanide in the leach pad to maximize silver recovery, or silver recovery estimates that need to be better calibrated. Overall gold recovery from the start of operation through September 30, 2025, is approximately 62% (based on ounces recovered to doré) and silver recovery is 8.3% plus an additional 1.6% recovery for gold and 0.4% for silver when accounting for gold and silver values recovered to the Merrill-Crowe precipitate and leach solutions.

Silver recoveries for the Camino Rojo Project to date are less than expected based on the metallurgical test work. Although the silver recoveries have shown significant improvements over the last two years, there is a risk that the predicted silver recoveries, especially for the early operating years, were overstated and the projected silver production targets may not be achieved.

INFRASTRUCTURE, PERMITTING AND COMPLIANCE ACTIVITIES

INFRASTRUCTURE

The MCR operation includes an open pit mine, a WRSF, a low-grade stockpile, a heap leach pad, and two topsoil stockpiles. Key surface infrastructure to support operations at the Camino Rojo Project is in place, and includes:

Within the scope of the recently approved permit (MIA-R 2024), expansions or additions to the Camino Rojo Project are planned for the following:

The Camino Rojo Oxide Mine’s main haul road was established during the Camino Rojo Project’s pre-production period. There are multiple branches of haul road off the main haul road from the Camino Rojo pit, including access to the Camino Rojo mine truck shop, WRSF, and low-grade ore stockpile. There are approximately 2.1 km of haul roads constructed from the top of the pit ramp to all associated haul truck destinations.

Fuel for the mining fleet is handled and stored at a fuel station adjacent to the mine truck shop which has four diesel storage tanks for a total of 180 m³. Fuel is delivered to the mine site via tanker trucks.

The existing power supply to the mine site is from a connection to the national commercial grid. Overhead powerlines are connected to the 34.5 kV, three phase and 60 Hz power system, to a metering and switching substation.

​

​

Table of Contents

​

The mine site includes a one kilometre by 30 m wide air strip to allow for small passenger planes to land and take off.

Access to the mine site is limited to one main gate to ensure that only authorized employees, contractors, and visitors are allowed onto the property or inside the critical facilities. The entrance is staffed 24 hours per day, 7 days per week.

ENVIRONMENT AND PERMITTING

Orla has launched a “Towards 2030 Sustainability Strategy” to ratify its commitment to being a responsible, sustainability-driven company. The Camino Rojo Project has an Environment, Health and Safety Policy, and several environmental standards, plans, and programs in place, including among others, a waste rock management plan, a management plan for potentially acid generating materials, an environmental monitoring plan, flora rescue and relocation plan, fauna rescue and relocation plan, waste management plan, a stormwater and sedimentation control plan, a preventive and corrective equipment maintenance program, a health and safety program, a cyanide management plan, an emergency response plan, and a blasting vibration monitoring program. The QP understands that Orla has set targets and defined key performance indicators to measure their progress on environmental and social governance actions.

The existing Camino Rojo mine has the requisite environmental permits to explore and operate, and it is in the process of obtaining additional approvals for mining of the open pit layback, east-west pit expansion and the transition to underground, including the associated changes in the land use to accommodate the additional areas related to this transition.

The Camino Rojo Project site water supply is sourced exclusively from underground wells, with current valid permits expiring in 2030 and 2050.

As part of the work that supports the updated Environmental Impact Statement, MCR prepared a detailed analysis of compliance with the obligations derived from the authorization contained in the resolution official letter SGPA/DGIRA/DG/03478 dated August 11, 2020. The approval comprises 148 obligations. Of these obligations, there are no known non-compliances, and 31 obligations are not currently applicable.

The environmental authorities require the submission of compliance reports as part of the permit requirements where MCR documents the environmental performance of the Camino Rojo Project and how the conditions stated in the environmental permits are met. Currently, the Camino Rojo Project completes several reports in a semi-annual or annual basis to be submitted to the environmental authorities.

The most recent conceptual mine closure plan (“MCP”) for the Camino Rojo Project was prepared in 2022. The conceptual MCP addresses final closure actions, and post-closure inspection and monitoring. The closure schedule includes 4.5 years of closure followed by 10 years of post-closure monitoring. A closure cost estimate was included in the MCP.

Orla and MCR have executed agreements with communities within the Camino Rojo Project area of influence for the use of the land and for supporting community investment activities.

Orla and MCR have established policies and practices to enhance the economic benefits of the Camino Rojo Project, including local employment, contracting opportunities, and community investment. The Camino Rojo Project has a full-time community relations team managing relationships with the communities in the direct and indirect areas of influence. In addition to Orla’s community investment standard, the Camino Rojo Project has developed a list to document and track the community incidents and grievances, including the resolutions.

​

​

Table of Contents

​

CAPITAL AND OPERATING COSTS