Page 1

Orla Mining Reports Second Quarter 2021 Results and Provides Camino Rojo Construction Update Construction 61 % Complete VANCOUVER , BC , Aug. 5 , 2021 / CNW / - Orla Mining Ltd. ( TSX : OLA ) ( NYSE : ORLA ) ( " Orla " or the " Company " ) is pleased to provide results for the second quarter ended June 30 , 2021 . ( All amounts are in U.S. dollars unless otherwise stated ) SECOND QUARTER 2021 HIGHLIGHTS : Project to date safety and environmental performance has been excellent and there have been no delays in construction due to COVID - 19 . • As of June 30 , 2021 , there were 1,045 workers at the Project as part of construction activities with 17 % from the local communities , 28 % from the State of Zacatecas , and 55 % from other states within Mexico . • Camino Rojo construction is progressing on schedule and was 49 % complete at June 30 , 2021 and 61 % complete at July 31 , 2021 . • Camino Rojo capital expenditures totalled $ 26.8 million in the second quarter and total $ 82.0 million for the Project to date ( June 30 , 2021 ) , out of a total project capital expenditure estimate of $ 134.1 million . • Project capital committed totalled $ 115.9 million at the end of the second quarter with expenditures and commitments to date in line with estimates . • Continued development of Camino Rojo with activities focused on installations in the areas of the crushing and conveying circuit , Merrill - Crowe plant , heap leach pad and process pond . • Release of the Cerro Quema Oxide Project Pre - Feasibility Study ( " PFS " ) with results confirming a low cost , high return heap leach project . The estimated Project after - tax net present value ( " NPV " ) ( 5 % discount rate ) is $ 176 million with an after - tax internal rate of return ( " IRR " ) of 38 % at a gold price of $ 1,600 per ounce . • Exploration and evaluation expenditures totalled $ 3.8 million for the quarter and included activities across the Company's portfolio in Mexico and Panama with a focus on target generation and project study advancement . • Net loss of $ 0.9 million or $ 0.00 per share for the quarter . • Cash of $ 51.0 million at June 30 , 2021 . • Subsequent to quarter end , Orla completed a $ 35.0 million non - brokered prospectus financing subscribed to by accredited investors including a large institutional investor , Pierre Lassonde , Agnico Eagle Mines Limited , and Trinity Capital Partners Corporation . • Third and final tranche drawdown of $ 50.0 million on the Project Finance Facility ( " Credit Facility " ) during April 2021 . " We are in the heart of construction at the Camino Rojo Oxide Project , and we remain on track for first gold pour by year end , " said Jason Simpson , President and Chief Executive Officer of Orla Mining . " Our entire team remains focused on maintaining health and safety while executing our strategic objectives and creating value for our stakeholders . " CAMINO ROJO OXIDE CONSTRUCTION UPDATE At June 30 , 2021 , project construction was 49 % complete and procurement was 99 % complete while commitments for equipment and contracts totalled $ 115.9 million . Mechanical installations on the crushing circuit are largely complete and electrical and piping installations have begun . The pregnant solution pond has been completed while construction of the Merrill - Crowe Plant is well advanced with completion targeted for October 2021. The mining contractor has begun mobilizing to site with mining activities commencing in the third quarter . The powerline to site will be completed and energized during the third quarter . Camp facilities are nearing completion and move - in expected to begin in the third quarter . The first gold production is planned for late 2021 with final commissioning and ramp - up in production expected in the first quarter of 2022 . The Company is planning to complete a 2,500 - metre core drilling program on layback area to integrate Orla's geological