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Growing, multi-asset producer THIRD QUARTER 2025 UPDATE Q3 Musselwhite – Oct. 2025
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This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and can generally be identified by the use of words or phrases such as “expects”, ”anticipates”, “plans”, “projects”, “estimates”, “assumes”, intends”, “strategy”, “goals”, “objectives”, “potential”, “formula”, “believes”, “may”, “could”, “would”, “might” or “will” or the negative of these terms or similar expressions. These forward-looking statements relate to, among other things: the economic potential of the Camino Rojo Project (“Camino Rojo”), the Musselwhite Mine (“Musselwhite”) and the South Railroad Project (“South Railroad”); the Company’s 2025 guidance, including production, operating costs and capital costs; the integration and potential benefits of Musselwhite; the timing of permitting, construction and production at South Railroad; timing of an updated Feasibility Study for South Railroad; permitting timelines at Camino Rojo; the impact of the pit wall event on the Company’s operations; the Company’s estimates of material to be removed from the north wall of the pit, including the strip ratio, expected grade, the stacking of such material on the heap leach over the coming months, tonnage, and the extent of the pushback; expected exploration activities and the timing, goals and results thereof; the estimation of mineral resources and mineral reserves and the realization of such estimates; timing and guidance on estimated production and cash costs; future performance; feasibility study and pre-feasibility estimates and optimization and economic results thereof, including but not limited to mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; timing for completion of studies; timing for receipt of required permits, approvals or licenses, goals and results of exploration; the Company’s environmental, social and governance (“ESG”) strategy and the benefits thereof; steps to development and timing; production decisions and timing; exploration upside and planned exploration programs and expenditures; permitting and financing timelines and requirements; project finance; value creation; expected demand for Company common shares; the Company’s development, as well as its objectives and strategies. Forward-looking statements are based on numerous assumptions regarding: 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; the Company’s ability to integrate Musselwhite; 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 with Fresnillo plc; that all conditions of the Company’s credit facility 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; and the assumptions related to the risks set forth below. The forward-looking statements are based on the opinions, assumptions and estimates that management of Orla considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause the actual results, performance or achievements of Orla to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company’s indebtedness and gold prepayment; 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; 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; 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; the Company’s limited operating history; 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; the Company not having paid a dividend; 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 Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company’s status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company’s significant shareholders; gold industry concentration; shareholder activism; and other risks associated with executing the Company’s objectives and strategies. For a more fulsome description of the risks and uncertainties related to Orla, see the “Risk Factors” section in Orla’s most recent annual information form and annual and interim management’s discussion and analysis filed with the applicable regulatory authorities and available on Orla’s profile at www.sedarplus.ca or www.sec.gov. Although Orla has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof, and accordingly, are subject to change after such date. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. FORWARD L OOKING STATEMENTS ARE MADE IN T HIS PRESENTATION 11/11/25 2 Cautionary disclaimers
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CAUTIONARY NOTE TO U.S. READERS This document and shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction, and no securities may be offered or sold without registration under the 1933 Act and all applicable state securities laws or compliance with the requirements of an exemption from such registration. This presentation has been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the 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 presentation are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). For United States reporting purposes, the United States Securities and Exchange Commission (“SEC”) has adopted amendments to its disclosure rules (the “SEC Modernization Rules”) to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934, as amended. The SEC Modernization Rules more closely align the SEC’s disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in Industry Guide 7 under the U.S. Securities Act. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained in this presentation may not be comparable to similar information disclosed by United States companies. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definition Standards that are required under NI 43-101. While the above terms are “substantially similar” to CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of Industry Guide 7. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. TECHNICAL REPORT Certain scientific and technical information relating to the: • Camino Rojo Project is based on and derived from the NI 43-101 report prepared for Orla entitled ““NI 43-101 Technical Report Camino Rojo Project, Zacatecas, Mexico” with an effective date of March 31, 2025 (the “Camino Rojo Technical Report”); • Musselwhite is based on and derived from the NI 43-101 report prepared for Orla and entitled “Technical Report – Musselwhite Mine Project, Ontario, Canada” with an effective date of November 18, 2024 (the “Musselwhite Technical Report”); and • South Railroad Project is based on and derived from the NI 43-101 report prepared for Gold Standard Ventures Corp. entitled "South Railroad Project, Form 43-101F1 Technical Report Feasibility Study, Elko County, Nevada" dated March 23, 2022 (the “South Railroad Feasibility Study”). Such information contained herein is subject to all of the assumptions, qualifications and procedures set out in such reports and reference should be made to such reports, which have been filed with the applicable regulatory authorities and are available on Orla’s profile at www.sedarplus.ca or www.sec.gov. The Camino Rojo Technical Report, the Musselwhite Technical Report and the South Railroad Feasibility Study are intended to be read as a whole, and sections should not be read or relied upon out of context. TECHNICAL INFORMATION The scientific and technical information in this presentation has been reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P Geo., Senior Vice President, Exploration, of the Company, who are the Qualified Persons for this presentation as defined under NI 43-101 standards. For additional information on the results of certain of the Company’s 2020-2025 exploration programs discussed in this presentation, see the Company’s press releases dated August 3, 2021 (Orla Mining Confirms Higher Grade Gold Zones Within Camino Rojo Sulphide Resource and Provides Project Update), May 9, 2022 (Orla Mining Announces Positive Initial Metallurgical Results on Camino Rojo Sulphide Project), September 12, 2022 (Orla Mining Advances Exploration & Growth Pipeline), November 10, 2022 (Orla Mining Reports Third Quarter 2022 Results), January 31, 2023 (Orla Mining Continues to Intersect Wide, Higher-Grade Sulphide Zones and Expose Deeper Potential at Camino Rojo, Mexico), June 22, 2023 (Orla Mining Provides Update On Successful Drilling Program In Mexico),February 8, 2023 (Orla Mining Drills Significant Gold Intersections at Multiple Oxide Targets upon Reactivation of Exploration at South Railroad Project, Nevada), February 22, 2024 (Orla Mining Discovers New Style of Sulphide Mineralization at Camino Rojo Extending 0.5km Beyond Current Resources), March 7, 2024 (Orla Mining Drills Oxide Mineralization Outside Projected Open Pits at South Railroad Project in Nevada), April 4, 2024 (Orla Confirms Strong Carlin-Type Gold Mineralization at North Bullion Deposit and Defines New Drill Targets across the South Railroad Project), June 26, 2024 (Orla Mining Reports Positive Drilling Intersections and Metallurgical Results at Camino Rojo Sulphide Extensions), October 31, 2024 (Orla Provides Exploration and Permitting Update at South Railroad Project within the “South Carlin Complex” in Nevada), December 10, 2024 (Orla Expands High-Grade Mineralization 800 Metres Beyond Current Resource in Extension Drilling at Camino Rojo, Mexico), February 25, 2025 (Orla Mining Intersects High Grade Oxide Gold at South Carlin Complex and Advances Permitting for South Railroad Project in Nevada), August 7, 2025 (Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo, Mexico) and October 6, 2025 (High-grade drilling confirms significant expansion opportunity along proven gold trend). ADDITIONAL NOT ES 11/11/25 3 Cautionary disclaimers
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OPERATIONS Performing & Integrated PIPELINE Growing & Developing EXPLORATION & DEVELOPMENT Delivering & Advancing
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26 Koz 29 Koz 32 Koz 26 Koz 29 Koz 32 Koz 34 Koz 33 Koz 33 Koz 44 Koz 27 Koz 48 Koz 78 Koz 80 Koz Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Maintaining our strong momentum Q3 OPERATING HIGHL IGHTS 22koz CAMINO ROJO 80koz TOTAL GOLD PRODUCTION 58koz MUSSELWHITE 5 TOTAL GOLD PRODUCTION • Continued integration of the Musselwhite Mine • Production through stockpiles, Camino Rojo • On track to achieved revised guidance Camino Rojo Musselwhite Q3 2025 YTD Q3 2025 Total Gold Produced oz 79,645 205,215 Total Gold Sold oz 78,857 204,124 Musselwhite, Canada Ore Milled tonnes 329,634 728,489 Milled Ore Gold Grade g/t 5.87 5.68 Gold Produced oz 57,586 128,038 Gold Sold oz 56,897 125,060 Camino Rojo, Mexico Ore Stacked tonnes 2,793,951 7,075,366 Stacked Ore Gold Head Grade g/t 0.40 0.55 Gold Produced oz 22,059 77,177 Gold Sold oz 21,961 79,064
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1. Updated Feasibility Study in Q4 • Pave way for early procurement and detailed engineering 2. Final permits for construction expected mid-2026 • Notice of Intent published August 13 (Federal Register) • Fast-41 Covered Project Status • Class I and II Air Operating Permits (state) secured • Public comment period close Sept/25 – strong support, no significant issues • Record of Decision (final permits) expected Q2 2026 3. Construction expected to begin mid-2026 4. First gold production is targeted for 2028 5. Exploration advancing in parallel, supporting long- term growth and resource expansion 11/11/25 6 Advancing towards construction in Nevada SOUT H RAIL ROAD PROJECT
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All-in sustaining costs in Q3 of $1,641/oz 1 Net income of $49.3 million or $0.15 per share Adjusted earnings of $73.0 million or $0.22 per share 1 Operating cash flow of $113 million or $0.34 per share 2 Record free cash flow of $93 million Strong cash position of $327 million, liquidity of $356.9 million • Net debt position of $93 million On track to achieve revised guidance Strong financial performance Q3 FINANCIAL HIGHL IGHTS 79koz GOLD SOLD $1,641/oz ALL-IN SUSTAINING COST1 $113m OP CASH FLOW 7 1. Non-GAAP measure. Please refer to Appendix “Non-GAAP Measures" of this presentation for additional information. 2. Represents cash flow from operating activities before changes in working capital, per ounce of gold sold. Q3-2025 YTD Q3 2025 Operating Gold Production ounces 79,645 205,215 Gold Sold ounces 78,857 204,124 Average Realized Gold Price1 per ounce $3,417 $3,239 Cash Cost1 per ounce $1,200 $1,046 All-in Sustaining Costs1 per ounce $1,641 $1,420 Financial Revenue million $275 $679.4 Cost of Sales – Operating Cost million $91.3 $225.1 Net Income million $49.3 $27.7 Earnings per Share – basic per share $0.15 $0.09 Adjusted Earnings1 million $73.0 $175.8 Adjusted Earnings per Share – basic per share $0.22 $0.54 Cash Flow from Operations before W/C million $113.1 $617 Free Cash Flow1 million $93.1 $(246.8) Financial Position Sept 30, 2025 Dec 31, 2024 Cash and Cash Equivalents million $326.9 $160.8 Net Cash (Debt)1 million ($93.1) $160.8
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Growth, for longer. Multi-year exploration Productivity assessment and opportunities for cost reductions Reinforcing team and culture NEXT 24 MONTHS IN FOCUS
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Expand resource TO LEVELS FOR MATERIAL HANDLING UPGRADES Evaluate handling OF MATERIALS FOR UPGRADES Increase mine productivity STOPE CYCLE TIME Haulage optimization INITATIVES Minimize dilution Utilize milling capacity TO IMPROVE EFFICIENCIES
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GROW TH VISION 11/11/25 11 Material handling a key opportunity Expand resource, leverage untapped mill capacity 0.5 Mtpa AVAILABLE MILL CAPACITY ~1.0 Mtpa CURRENT UTILIZATION 1.5 Mtpa NAMEPLATE
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Mine Trend Extension Confirmed: Deep directional drilling intersected high-grade gold mineralization 1.6 kilometres along strike from current operations • Including 4.1 metres at 15.1 g/t Au Favourable geology continues - Mine Trend may extend up to two km beyond existing resources Underground Resource Growth: • High-grade intersections in active mining areas support ongoing resource replacement and expansion efforts • Including 10.1 metres at 27.2 g/t Au and 15.7 metres at 6.89 g/t Au 11/11/25 12 High-grade discovery confirms 2-km extension potential MUSSELW HITE, CANADA
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11/11/25 13 Musslewhite exploration ramping up MUSSELW HITE, ONTARIO
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1. Test mine trend extensions 2. Replace and expand underground resources 3. Identify satellite discoveries • Encouraging early-stage positive shallow intercepts from multiple targets within 10 km of the mill • Potential satellite sources of medium-term feed Including: • 2.7 m at 2.59 g/t Au incl. 0.6 m at 6.07 g/t Au at 9.20 m downhole (Camp Bay) • 4.4 m at 1.37 g/t Au at 26.7 m downhole (Karl Zeemal) 11/11/25 14 Multi-pronged exploration MUSSELW HITE, CANADA
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Musselwhite: • Continued deep directional drilling from surface, outline future vision • Pursue opportunities in resource growth and expansion potential South Carlin Complex (including the South Railroad project): • Testing extensions of known deposits and new targets • Tagert generation and development activities will continue Camino Rojo: • High grade intersections in Zone 22 (see Aug/7 press release) • Expanded drill program by an additional 5,000m • Infill drill results will support updated underground resource estimate and PEA 11/11/25 15 Continued exploration across portfolio GL OBAL EXPL ORATION
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11/11/25 16 Engagement and social investment across portfolio, delivering benefits to all stakeholders. South Railroad: strong support through Public Scoping period. Musselwhite: LEAD Training, Orange Shirt Day Camino Rojo: Pro-ABC project, renewal of land use and collective bargaining agreements. Advancing permitting for pit expansion and exploration ramp. People & Sustainability
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South Carlin Complex, Nevada • Updated feasibility Q4 2025 • Detailed engineering and early procurement ahead of Record of Decision (final permits) Q2 2026 Musselwhite, Canada • Underground and deep directional drill programs continue through the year • Fully transition out of Newmont systems by year-end Camino Rojo, Mexico • Oxide layback permits • Underground PEA in 2026 11/11/25 17 Upcoming catalysts PIPELINE ADVANCEMENT
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Proven strategy Quality partners Quality projects+ + THE RIGHT FORMULA FOR VALUE CREATION
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11/11/25 1. Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this presentation for further detail. 2. Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Please refer to the Non-GAAP section of this presentation for further detail. 3. Exchange rates used to forecast cost metrics include MXN/USD of 19.0 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$21/oz on Camino’s Rojo AISC. A +/-0.05 change to the CAD/USD (from 1.35 to 1.4) would have an impact of +/-$52/oz on Musselwhite’s AISC. 19 Updated 2025 guidance ST RONG GOL D PRODUCTION Gold Production Koz 265 – 385 Camino Rojo Koz 95 – 105 Musselwhite Koz 170 – 180 Total Cash Cost (net of by-product)1,2,3 US$/oz Au sold $900 – $1,100 Camino Rojo US$/oz Au sold $800 – $900 Musselwhite US$/oz Au sold $1,000 – $1,200 All-in Sustaining Costs (“AISC”)1,2,3 US$/oz Au sold $1,350 – $1,550 Camino Rojo US$/oz Au sold $850 – $950 Musselwhite US$/oz Au sold $1,550 – $1,750
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11/11/25 20 2025 guidance AGGRESSIVE REINVESTMENT INTO T HE BUSINESS Capital Expenditures1 US$m $130 Camino Rojo Sustaining US$m $5 Non-sustaining / capitalized exploration US$m $7 Musselwhite Sustaining US$m $90 Non-sustaining / capitalized exploration US$m $18 South Carlin Complex Non-sustaining capital projects US$m $10 1. Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this presentation for further detail. 2. Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Please refer to the Non-GAAP section of this presentation for further detail. 3. Exchange rates used to forecast cost metrics include MXN/USD of 19.0 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$21/oz on Camino’s Rojo AISC. A +/-0.05 change to the CAD/USD (from 1.35 to 1.4) would have an impact of +/-$52/oz on Musselwhite’s AISC.
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11/11/25 21 2025 guidance GROW TH AND EXPL ORATION, CORP G&A Exploration & Project Development Expenses US$m $43 Camino Rojo – exploration expense $9 Musselwhite – exploration expense $7 South Carlin Complex – exploration expense $15 South Carlin Complex – project development $12 Corporate G&A US$m $33 Corporate general and administrative costs $27 Share-based compensation (non-cash) $6 1. Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this presentation for further detail. 2. Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Please refer to the Non-GAAP section of this presentation for further detail. 3. Exchange rates used to forecast cost metrics include MXN/USD of 19.0 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$21/oz on Camino’s Rojo AISC. A +/-0.05 change to the CAD/USD (from 1.35 to 1.4) would have an impact of +/-$52/oz on Musselwhite’s AISC.
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The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”). 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, we use such measures to provide additional information and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles (“GAAP”). Please see the information under the heading “Non-GAAP Measures” in the Company’s management’s discussion and analysis for the financial period ended September 30, 2025, which section is incorporated by reference in this presentation, for a description of the non-GAAP disclosed in this presentation. The Company’s management’s discussion and analysis may be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. NOT ES 22 Non-GAAP measures