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Even better tomorrow THE EMERGING PRODUCER OF CHOICE TSX:OLA NYSE:ORLA | JANUARY 2026
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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 2026 guidance, including production, operating costs, AISC, cash costs, and capital costs; the timing of permitting, construction and production at South Railroad; permitting timelines at Camino Rojo; 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, including a Preliminary Economic Assessment (PEA) for the Camino Rojo Sulphides Project; timing for receipt of required permits, approvals or licenses; the Company’s environmental, social and governance (“ESG”) strategy and the benefits thereof; steps to development and timing; the Company’s dividend policy and payment of future dividends; 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; 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; 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; 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. F OR WA RD LO OK IN G STATE ME N TS AR E MA D E IN T HI S P RE SE N TAT IO N 2026-01-20 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 Sta tes or in any other jurisdiction, and no securities may be offered or sold without registration under the 1933 Act and all applic able 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 r eserve 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 min eral 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 fo r Mineral Projects (“NI 43 -101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Sta ndards 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 s ecurities 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 In dustry Guide 7 under the U.S. Securities Act. As a foreign private issuer that is eligible to file reports with the SEC pursu ant to the multi -jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Ru les and provides disclosure under NI 43 -101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource inf ormation 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 min eral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definition Standards that are required und er NI 43-101. While the above terms are “substantially similar” to CIM Definition Standards, there are differences in the definitio ns under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral reserves or mineral resources that th e 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, inform ation contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the repo rting 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 Ca mino Rojo Project, Zacatecas, Mexico” with an effective date of March 31, 2025 (the “Camino Rojo Technical Report”); and • Musselwhite is based on and derived from the NI 43 -101 report prepared for Orla and entitled “Technical Report – Musselwhite Min e Project, Ontario, Canada” with an effective date of November 18, 2024 (the “Musselwhite Technical Report”). 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 or will be filed with the applicable regulatory authorities and a re available on Orla’s profile at www.sedarplus.ca or www.sec.gov . The Camino Rojo Technical Report and the Musselwhite Technical Report are intended to be read as a whole, and sections shou ld not be read or relied upon out of context. Certain scientific and technical information relating to the South Railroad Project is set forth in the Company’s press relea se dated January 15, 2026 (Orla Mining Announces Results of the Updated Feasibility Study and Approves Start of Construction Spe nding for the South Railroad Project). Additional supporting details regarding the information in such news release will be provided in the new, independent technical report for South Railroad (the “South Railroad Technical Report”), which will be prepared in accordance wi th NI 43-101 and filed on SEDAR+ and EDGAR under the Company’s profile at www.sedarplus.caand www.sec.gov , respectively, within 45 days of the news release. The South Railroad Technical Report will include further details on quali fications, assumptions, exclusions and risks that relate to the details of the news release, including the updated Feasibility Study and Mineral Resource and Reserve estimate. Such report i s intended to be read as a whole, and sections should not be read or relied upon out of context. A DD IT I ON AL NO T ES 2026-01-20 3 Cautionary disclaimers
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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), October 6, 2025 (Orla Mining Discovers Potential Two-Kilometre Extension at Musselwhite), December 2, 2025 (Orla Mining Discovers High- Grade Oxide Gold Beyond Pit Shells at South Carlin Complex, Reinforcing Growth Trajectory Ahead of 2026 Construction) and December 18, 2025 (Orla Confirms Two-Kilometre Gold Trend Extension at Musselwhite) . PRELIMINARY FINANCIAL RESULTS The financial results contained in this presentation for the three- and twelve-month periods ended December 31, 2025 are preliminary . Such results represent the most current information available to the Company’s management, as the Company completes its financial procedures . The Company’s audited consolidated financial statements for such period may result in material changes to the financial information contained in this news release (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal accounting procedures and adjustments . DIVIDEND POLICY The declaration, amount, and payment of future dividends remain subject to the discretion of the Board of Directors and will depend upon the company's financial results, capital requirements, business conditions, and other factors. The Company will review the dividend policy on an ongoing basis and may amend it at any time depending on the Company’s then current financial position, capital allocation framework, profitability, cash flow, debt covenant compliance, legal requirements and other factors considered relevant. As such, aside from the inaugural dividend payable on February 10, 2025 to holders of record as of January 12, 2026, no assurance can be made that any future dividends will be declared and/or paid. A DD IT I ON AL NO T ES 2026-01-20 4 Cautionary disclaimers
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Proven strategy Reputable partners Depth of assets+ + CONT INUED GRO WTH & VALUE CREATIO N
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2026-01-20 Converting resources into value for stakeholders PROVEN STRATEGY Established track record of development and operating success • Producing gold and generating cash • Developing low complexity oxide projects • Advancing larger scale sulphide assets • Exploring large prospective land packages • Pursuing quality M&A
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South Railroad3 Nevada, US RESERVES 1.6 Moz Au RESOURCES (M&I) 1 2.4 Moz Au LAND PACKAGE 25,000 ha 1. See the “Summary of Mineral Reserve and Mineral Resource Estimates” in the Company’s Annual Information Form for the year end ed December 31, 2024. Mineral resources are inclusive of mineral reserves. 2. See the NI 43 -101 Technical Report titled “NI 43 -101 Technical Report Camino Rojo Project, Zacatecas State, Mexico” dated July 1 7, 2025 and an effective date of March 31, 2025. 3. See January 15, 2026 press release, Orla Mining Announces Results of the Updated Feasibility Study and Approves Start of Construction Spending for the South Rail road Project. Mexico USA 7 Musselwhite Ontario, Canada RESERVES 1.5 Moz Au RESOURCES (M&I) 1 2.0 Moz Au LAND PACKAGE 65,000 ha Enhanced North American presence Canada Camino Rojo2 Zacatecas, Mexico RESERVES 854 koz Au RESOURCES (M&I) 1 5.0 Moz Au LAND PACKAGE 139,000 ha
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C AP ITA L S T RU CT U RE S U PP OR TE D B Y RE PU TAB LE PA RT N ER S 2026-01-20 8 Strong financial and shareholder foundation Capital Structure Share Price1 C$/sh $18.46 Shares Issued & Outstanding2 M 340.1 Market Capitalization1 C$M $6,279 Warrants and Convertibles2,3 M 68.7 Options2 M 2.0 Fully Diluted Shares2 M 413.2 Cash on Hand4 US$M $421 Outstanding Debt5 US$M $385 Net Cash6 US$M $35.8 Top Shareholders Basic / (Part. Diluted) Fairfax 31.8M 9.4% / (19.7%) Pierre Lassonde 32.2M 9.5% / (11.9%) Fidelity 37.4M 11.0% Franklin Advisers 10.7M 3.2% Millennium Management 9.1M 2.7% CI 7.3M 2.2% Mgmt & Board 7.3M 2.2% Connor Clark & Lunn 7.3M 2.2% First Eagle 6.7M 2.0%
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Jean Robitaille DIRECTOR EVP Agnico Eagle Elizabeth McGregor DIRECTOR Director Kinross, Former Tahoe CFO Each with a track record of success A N EX P ER IE N CE D T E A M MANAGEMENT BOARD Jason Simpson PRESIDENT, CEO, DIRECTOR Etienne Morin CFO Andrew Cormier COO Silvana Costa CSO Sylvain Guerard SVP, EXPLORATION Charles Jeannes CHAIRMAN Director Wheaton Precious Metals, Pan American, Former Goldcorp CEO David Stephens DIRECTOR Former Vice President Goldcorp Tamara Brown DIRECTOR Director Lithium Royalty, Partner - Oberon Capital Rob Krcmarov DIRECTOR Technical Advisor, Barrick, CEO - Hecla Ana Sofía Ríos DIRECTOR Partner, Chevez Ruiz Zamarripa law firm Andrew Bradbury VP, IR & CD Joanna Pearson DIRECTOR Director Rupert, Hochschild, Gold X2
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PRODUCTION GUIDANCE EXCEEDED 301 koz 1 265-285 koz guidance 2026-01-20 1. See the Company’s press release dated January 20, 2026 for more detail. 2. AISC is a non-GAAP measure. Please refer to Appendix “Non-GAAP Measures" of this presentation for additional information. 10 Another year of production guidance achieved S UC CE S SF U L I NT E GR AT I ON O F MU SS E LW HI TE IN 2025 2025 • Acquisition and integration of Musselwhite mine • Notice of Intent received for South Railroad project • $55m committed in exploration across portfolio • Increased shareholder liquidity through three block sales ($1.6b) • Initiation of quarterly dividend AISC GUIDANCE ON TRACK $1,350-1,550 /oz
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95 Koz 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 Q4'25 Q4 operating highlights MA I NTAI NI NG O UR S T RO NG M OME N TU M 19koz CAMINO ROJO 95koz TOTAL GOLD PRODUCTION 76koz MUSSELWHITE 11 TOTAL GOLD PRODUCTION • Expanding reserves and resources at Musselwhite Mine • Rebounding operations at Camino Rojo • Inaugural quarterly cash dividend Camino Rojo Musselwhite Q4 2025 FY 2025 Total Gold Produced oz 95,405 300,620 Total Gold Sold oz 92,889 297,013 Musselwhite, Canada Ore Milled Tonnes 361,407 1,089,896 Milled Ore Gold Grade g/t 6.77 6.04 Gold Produced oz 75,818 203,856 Gold Sold oz 73,910 198,970 Camino Rojo, Mexico Ore Stacked tonnes 1,862,807 8,938,173 Stacked Ore Gold Head Grade g/t 0.47 0.54 Gold Produced oz 19,587 96,764 Gold Sold Oz 18,979 98,043
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2026-01-20 1. See the Company’s press release dated January 20, 2026 for more detail. 2. AISC is a non-GAAP measure. Please refer to Appendix “Non-GAAP Measures" of this presentation for additional information. 3. Includes expensed and capitalized exploration and project development. Includes $40m for Camino Rojo,$175m for Musselwhite, $215m for South Carlin, and $40m in expensed exploration and project expenses. See guidance in Appendix for detail. 12 Continuing to grow and scale F IR S T FU LL-Y EA R O F P RO DU CT IO N AT M US S ELWH IT E 2026 PRODUCTION AND COST GUIDANCE 340-360 koz 1 $1,550-$1,750 /oz AISC2 INVESTMENT INTO EXPLORATION, CAPITAL & PROJECT DEVELOPMENT +$450 million across portfolio3 PLANNED DIVIDENDS ~$20 million quarterly dividend initiated ($0.015)
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Catalyst-rich 2026 SOUTH CARLIN COMPLEX Project execution and permitting MUSSELWHITE Growth for longer, exploration and development + Continued operating strength CAMINO ROJO Underground sulphides PEA and development + Oxide operation 13
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2026-01-20 See the Company’s press release dated January 20, 2026 for more detail. 14 Self-funded growth 2026 E XP LOR AT IO N A ND D EV E LOP ME NT +$450 million (capital, exploration, & project development) CAMINO ROJO (MEXICO) $40 million (capex) includes capitalized exploration MUSSELWHITE (CANADA) $175 million (capex) includes capitalized exploration SOUTH CARLIN (USA) $215 million (capex) Project construction $5 million (expensed exploration) $5 million (expensed exploration) $30 million (expensed exploration & dev.)
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230-240 koz 2026 PRODUCTION GUIDANCE $1,650-1,850/oz 2026 AISC2 GUIDANCE3 Opportunities to extend mine life Musselwhite LONG -TENURED UNDERGROUND MINING OPERATION 1. Camino Rojo and Musselwhite production based on 2026 production guidance range. See the Company’s press release for January 20, 2026 for more detail. 2. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
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MU S SE LW HI TE - O NTAR IO , CA NA D A More than 6 Moz produced to date • Opapimiskan Lake, Ontario • Located c.500 km north of Thunder Bay – Northwestern Ontario, Canada • In operation since 1997 • Produced 6 Moz in 28 -year history • One of the first mines in Canada to enter into a comprehensive agreement with First Nations – Musselwhite Agreement (1992) • 65,000-hectare prospective land package km 200 Musselwhite 16
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2026-01-20 17 Growth for longer MU S SE LW HI TE – O PP OR TU NI T IE S Mine expansion opportunities 0.5 Mtpa EXCESS MILL CAPACITY 2 km extension FROM CURRENT RESOURCE
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MU S SE LW HI TE - G RO WT H VI SI ON 2026-01-20 18 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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S IG NI F IC AN T OP P ORT U NI TY F O R RE SO UR CE GR OWT H 2026-01-20 19 Confirmed 2 km extension potential Long Section – Looking West
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Mine Trend Extension Confirmed • Deep directional drilling intersected significant gold mineralization up to two kilometres down plunge and along strike from current operations, including: • 4.1 metres at 15.1 g/t Au with visible gold observed (at 1.6 km) • 5.0 metres at 5.57 g/t Au incl. 1.0 m @ 8.79 g/t Au (at 2 km) Underground Resource Growth • High-grade intersections in active mining areas support ongoing resource replacement and expansion efforts • Including 15.0 metres at 10.1 g/t Au, 9.0 metres at 22.1 g/t Au and 1.0 metre at 283 g/t Au. Two-kilometre extension via initial drilling MU S SE LW HI TE – I NV ES T ME NT I N E XP LOR AT I ON TO E X TE N D MIN E LIF E AN D F ILL T H E MI LL 20
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2026 Exploration strategy 1. Underground drilling to grow and expand resources & reserves in key zones 2. Mine Trend Extension Deep Directional Drilling 1-2 km beyond current operations to build a high-confidence inventory and increase geological understanding 3. Selective testing of high priority near -mine mineralized zones Second year of aggressive multi-year program MU S SE LW HI TE – I NV ES T ME NT I N E XP LOR AT I ON TO E X TE N D MIN E LIF E AN D F ILL T H E MI LL 21
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2026-01-20 Committed to the future Well-regarded operating team at Musselwhite • Orla to reinforce and complement Musselwhite team Strong community relations • Orla to honour all commitments, obligations and agreements with First Nations Investing in the long -term • Clear focus on extending mine life • Committed to investing in growth and development opportunities for the team and asset
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10 yrs MINE LIFE 130 koz ANNUAL PRODUCTION YR 1-5 $1,485 /oz YR 1-5 AISC1 + Tangible exploration upside South Carlin Complex SOUTH RAILROAD OXIDE PROJECT + DISTRICT SCALE POTENTIAL 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
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South Railroad Line of sight to construction Solid execution plan Upside opportunities for additional growth RE A DY TO G O : LE S S TH AN 2 4 MO NT HS TO FI RS T P O UR
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2,459 koz Au M&I 1,012 koz Au Inferred 1,072 koz 10 Years (Active Mining Period) 104,000 oz/yr (LOM Avg.) Q4 2027 Contingent on permitting RESOURCES1 TOTAL RECOVERED MINE LIFE PRODUCTION FIRST PRODUCTION $395 M $1,207 /oz Au $1,505 /oz Au $783 M $3,100/oz Au Price 48.0% $3,100/oz Au Price INITIAL CAPITAL CASH COSTS AISC NPV5% IRR F E AS IB I LI T Y SU MMA RY 2026-01-20 25 Feasibility study highlights
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$1.7B 95% $4,500 NPV (5%) IRR GOLD PRICE $783M 48% $3,100 NPV (5%) IRR GOLD PRICE S OU T H RA ILR OA D - F E AS IB I LI T Y SU MMA RY 2026-01-20 26 Robust economics Broker consensus forecasts & forward curve (US$/oz) $4,052 $3,912 $3,651 $3,475 $3,117 $2,461 $2,379 $2,326 $2,120 $2,120 $4,271 $4,397 $4,603 $4,753 $4,970 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Gold Price - Dec. 2025 Consensus Gold Price - Dec. 2024 Consensus Forward Price (Dec. 2025)
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PERMITTINGPLAN OF OPERATIONS 2026-01-20 27 Pathway to production S OU T H RA ILR OA D Acquisition of Gold Standard Ventures August 2022 EIS development and consultation Record of Decision (final permits for construction) Mid-2026 Notice of Intent 2025 Submitted and approved February 2021 Notice of Intent at State level for review January 2023 Supplemental Environmental Reports 2024 EPCM award 2024 We are here DETAILED ENGINEERING & PROCURMENT First gold pour CONSTRUCTION (2026-2027) Operations (2028) Commissioning (H2 2027)
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28 Turning opportunity into reality S OU T H CA RLI N CO MP LE X - O PP OR TU NI T IE S 2026-01-20 District-wide exploration potential Project Execution LINE OF SIGHT TO PERMITS Optimized FS DELIVERED
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Feasibility Study Summary 1 Total Ore Mined / Ore to Leach Pad M tonnes 66.6 Strip Ratio w:o 4.0 Gold Grade (Average) g/t 0.71 Contained Gold ounces 1,516,332 Recovered Gold ounces 1,072,306 Mine Life years 10.0 Average Annual Gold Production ounces 104,000 Average AISC $/oz $1,505 Initial Capital Costs US$ million $395 After-Tax - NPV (5%) ($3,100) US$ million $783 After-Tax IRR ($3,100) % 48% Payback ($3,100) years 2.0 2026-01-20 1. See January 15, 2026 press release, Orla Mining Announces Results of the Updated Feasibility Study and Approves Start of Construction Spending for the South Railroad Project. 2. AISC is a non-GAAP measures and is net of silver credits and includes royalties payable. See Notes in Appendices regarding non-GAAP measures. 29 Optimized feasibility study delivered S OU T H RA IL RO AD , N EVAD A
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Second largest contiguous land package on the Carlin Trend – 25,000 hectares Target rich environment • 30-km strike length Multiple zones and styles of mineralization Projected Open Pits Remain Open in Oxide Mineralization • Pinion: significant oxide mineralization intersected outside pit margins • Dark Star: confirmed high-grade oxide mineralization between the north and south pit shells Emerging Oxide Discoveries • Spike Target: Oxide gold confirmed over 1.5 km strike length • Firebox Target: 1st hole returned 24.4 m at 1.08 g/t Au 2026-01-20 For additional information on the 2025 drill campaign, see the Company’s news release dated December 2, 2025. 30 Significant resource growth opportunities S OU T H CA RLI N CO MP LE X
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2026-01-20 31 2026 exploration outlook S OU T H CA RLI N CO MP LE X – P RO SP E CT I VE LA ND PAC K AG E 2026 Exploration Program • 18,000 m, $15M • Focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash • Support R&R growth • Assess opportunities to extend mine life • Advance oxide targets and mineralized zones (Spike and Firebox) proximal to the South Railroad development area
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2026-01-20 Camino Rojo FOUNDATIONAL OXIDE OPERATION + SULPHIDE UNDERGROUND GROWTH 110-120 koz 2026 PRODUCTION GUIDANCE1 $1,150-1,250/oz 2026 AISC2 GUIDANCE1 1. Camino Rojo and Musselwhite production based on 2026 production guidance range. See the Company’s press release for January 20, 2026 for more detail. 2. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures. Sulphides PEA H1 2026
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C AM IN O RO JO – Z A CAT E CA S , ME XI CO 2026-01-20 33 Defining a large underground resource Longitudinal Section Looking NW 2026 PEA (H1) Zone 22 upside MULTIPLE HIGH -GRADE INTERSECTIONS OUTSIDE CURRENT RESOURCE PANELS 4.2 Moz AUEQ MEASURED & INDICATED RESOURCE + The cornerstone of Orla
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Camino Rojo Zone 22 Extension: • Drilled ~1km below Caracol in 2024 • 20,000 m Infill drilling program completed in 2025 • Only 7% of the initial indicated resource and 19% of inferred resource • Remains open at depth and down-plunge 2025 drill results: • High-grade mineralization (reported as true widths) intersected outside current resource panels: • 142.0 g/t AuEq over 1.4 m (Hole CRSX24-36D) • 9.8 g/t AuEq over 9.4 m (Hole CRSX25-47B) • 9.0 g/t AuEq over 7.9 m (Hole CRSX25-48A) PEA expected in H1-2026 2026-01-20 See June 5, 2025 and August 7, 2025 news release for more details.34 Zone 22 discovery – extension of Camino C AM IN O RO JO – Z ON E 2 2 Longitudinal Section Looking NW
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2026 program of 4,400 m for regional exploration • Targeting new oxide discoveries • Along the Mine Trend • Other regional targets Guanamero Target, ~7km NE of Camino Rojo • 1.3 m @ 61.2 g/t Au – visible gold • 10.5 m @ 0.69 g/t incl. 1.5 m @ 4.02 g/t – visible gold • 7.10 m at 0.54 g/t incl. 0.7 m at 4.12 g/t Keep generating new drill targets 2026-01-20 35 Large regional package with upside potential C AM IN O RO JO – 1 4 0 K HE CTA RE S
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MA R KE T P OS IT I ON - C OMP LE ME NTAR Y P O RT FO LIO Emerging as an intermediate producer 36 ORLA PRODUCTION POTENTIAL (KOZ AU) 1. Camino Rojo and Musselwhite production based on 2026 production guidance range. See the Company’s press release for January 20, 2026 for more detail. 2. Average annual production from initial five-years of mine life based on South Railroad Feasibility Study. See the Company’s press release for January 15, 2026 for more detail. GrowthCurrent operations1 South Railroad2 340-360 Camino Rojo underground + Musselwhite expansion South Railroad addition ~130 Current Operations Camino Rojo (Open Pit) 110-120 koz/year Musselwhite (Underground) 230-240 koz/year Upcoming South Railroad (Open Pit) ~130 koz/year Projects Camino Rojo (Underground) Opportunity to create production scaleMusselwhite (Expansion) Exploration Optionality to discover and mine more!
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Proven strategy Reputable partners Depth of assets+ + SUMMARY – INVEST MENT THESI S
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2026-01-20 A model for industry leading growth PROVEN STRATEGY Established track record of development and operating success • Producing gold and generating cash • Developing low complexity oxides projects • Advancing larger scale sulphide assets • Exploring large prospective land packages • Pursuing quality M&A
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South Railroad3 Nevada, US RESERVES 1.6 Moz Au RESOURCES (M&I) 1 2.4 Moz Au LAND PACKAGE 25,000 ha 1. See the “Summary of Mineral Reserve and Mineral Resource Estimates” in the Company’s Annual Information Form for the year end ed December 31, 2024. Mineral resources are inclusive of mineral reserves. 2. See the NI 43 -101 Technical Report titled “NI 43 -101 Technical Report Camino Rojo Project, Zacatecas State, Mexico” dated July 1 7, 2025 and an effective date of March 31, 2025. 3. See January 15, 2026 press release, Orla Mining Announces Results of the Updated Feasibility Study and Approves Start of Construction Spending for the South Rail road Project. Mexico USA 39 Musselwhite Ontario, Canada RESERVES 1.5 Moz Au RESOURCES (M&I) 1 2.0 Moz Au LAND PACKAGE 65,000 ha Enhanced North American presence Canada Camino Rojo2 Zacatecas, Mexico RESERVES 854 koz Au RESOURCES (M&I) 1 5.0 Moz Au LAND PACKAGE 139,000 ha
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The emerging gold producer of choice.
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2026-01-20 1. See the Company’s press release for January 20, 2026 for more detail. 2. AISC is a non-GAAP measure. See the "Non-GAAP Measures" section of this presentation for additional information. 3. Exchange rates used to forecast cost metrics include MXN/USD of 18.5 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$27/oz on Camino Rojo’s AISC and a +/-0.05 change to the CAD/USD exchange rate would have an impact of +/-$53/oz on Musselwhite’s AISC. 41 2026 guidance S T RO NG G OLD P RO DU CT IO N FY H1 H2 Gold Production Koz 340 – 360 150 – 160 190 – 200 Camino Rojo Koz 110 - 120 40 - 450 70 – 75 Musselwhite Koz 230 - 240 110 - 115 120 - 125 Total Cash Cost (net of by-product)1,2,3 US$/oz Au sold $1,000 – $1,200 $1,150 – $1,250 $1,000 – $1,100 Camino Rojo US$/oz Au sold $850 – $950 $1,100 – $1,200 $700 – $800 Musselwhite US$/oz Au sold $1,100 – $1,300 $1,200 – $1,300 $1,200 – $1,300 All-in Sustaining Costs (“AISC”)1,2,3 US$/oz Au sold $1,550 – $1,750 $1,800 – $1,900 $1,400 – $1,500 Camino Rojo US$/oz Au sold $1,150 – $1,250 $1,650 – $1,750 $850 – $950 Musselwhite US$/oz Au sold $1,650 – $1,850 $1,800 – $1,900 $1,600 – $1,700
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2026-01-20 42 2026 guidance A GG RE S SI VE RE IN VE S T ME NT I NT O T H E BU S IN ES S Capital Expenditures1 US$m $430 Camino Rojo Sustaining US$m $35 Non-sustaining / Capital projects and exploration US$m $5 Musselwhite Sustaining US$m $120 Non-sustaining / Development and exploration US$m $55 South Carlin Complex Non-sustaining capital projects US$m $215 1. See the Company’s press release for January 20, 2026 for more detail.
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1. See the Company’s press release for January 20, 2026 for more detail.43 2026 guidance G RO WT H AN D EX P LOR AT IO N, C OR P G& A 2026-01-20 Exploration & Project Development Expenses US$m $40 Camino Rojo – exploration expense $5 Musselwhite – exploration expense $5 South Carlin Complex – exploration expense $15 South Carlin Complex – project development $15 Corporate G&A US$m $35 Corporate general and administrative costs $30 Share-based compensation (non -cash) $5
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Initial underground resource estimate for Camino Rojo: • Measured and indicated: 3.95 Moz Au, 4.16 Moz AuEq – 50.1 Mt at 2.45 g/t Au and 2.58 g/t AuEq • Inferred: 0.40 Moz Au, 0.42 Moz AuEq – 5.6 Mt at 2.21 g/t Au and 2.33 g/t AuEq Three conceptual mineral resource process streams for the Caracol-hosted mineralization: • Heap leach: 3% of resource • CIL1: 27% of resource • Flotation followed by POX2 as a pre-treatment prior to cyanidation: 70% of resource Planning and permitting for exploration drift in progress Engineering and metallurgical studies underway; PEA expected in 2026 C AM IN O RO JO – I NI TI A L U ND ER GR OU ND M IN ER A L R ES O UR CE 2026-01-20 44 Emerging underground potential 3 BLOCK MODEL CLASSIFICATION
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Large historical sulphide mineral endowment Four-year sulphide drill program (2020-2024) • 85,000 metres • Presence of higher-grade zones over bulk mineable widths New discovery at depth, “Zone 22” • Defined over 500 metres along strike • Extending 1.2 km down plunge from the base of the Caracol- hosted Sulphide Zone • Polymetallic replacement-style sulphide and skarn-type mineralization 2025 infill drill program: 20,000 metres • Focused on upgrading and expanding the upper part of Zone 22 C AM IN O RO JO – E XP L OR AT I ON & D EV E L OP ME NT O F C AM IN O RO JO SU L PH ID E 2026-01-20 45 Defining a large underground resource Longitudinal Section Looking NW
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Technical Report Summary1 (Q2 2025-2031) Total Ore Mined M tonnes 34.6 Strip Ratio w:o 1.47 Total Ore Stacked M tonnes 37.9 Average Gold Grade (Ore Stacked) g/t 0.70 Contained Gold 2 koz 854 Recovered Gold 2 koz 553 Mine Life years 5.5 Average Annual Gold Production 2,3 koz 106 Sustaining Capex (incl. closure) US$ million $49.3 2026-01-20 1. See the NI 43-101 Technical Report titled “NI 43-101 Technical Report Camino Rojo Project, Zacatecas State, Mexico” dated July 17, 2025 and an effective date of March 31, 2025. 2. Totals rounded to nearest thousand ounces. 3. Based on 2026-2029 production as the remaining full years of mining per the LOM (2030-2031 consists of stockpile and residual leaching). 46 Current life of mine plan C AM IN O RO JO – 2 0 2 5 TE C HN IC AL RE P OR T SU MMA RY
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Mineral Reserve Estimate (includes stockpiles) TONNES (Mt) GOLD (g/t) GOLD (Koz) Proven 4.15 6.69 892 Probable 3.23 6.10 635 Total 7.38 6.43 1,526 2026-01-20 47 Mineral Resource Estimate TONNES (Mt) GOLD (g/t) GOLD (Koz) Measured 1.51 4.21 204 Indicated 2.29 4.10 302 M&I Total 3.79 4.15 506 Inferred 1.86 4.99 299 Musselwhite Mineral Reserves and Resources MU S SE LW HI TE - O NTAR IO , CA NA D A Mineral Reserves Notes: 1. The Company acquired the Musselwhite Mine on February 28, 2025. The mineral reserve estimate for Musselwhite has an effective date of December 31, 2024. 2. Jack Lawson, P.Eng., Engineering Superintendent at the Musselwhite Mine, is the Qualified Person responsible for the mineral reserve estimate for Musselwhite Mine. 3. Mineral reserves are constrained within stope shapes generated by Deswik Stope Optimizer. 4. Mineral Reserves are reported within stope shapes using cut-off basis with a gold price of US$1,700/oz. 5. The mineral reserves cut-off grade varies by zone. The mineral reserves were estimated using a cut-off grade of not less than 3.50 g/t Au. 6. The cut-off grade values account for metal recoveries, refining costs, and royalties. 7. Values are inclusive of mining recovery and dilution. Values are determined as of delivery to the mill and therefore not inclusive of milling recoveries. Mineral Resources Notes: 1. The Company acquired the Musselwhite Mine on February 28, 2025. The effective date of all mineral resources at the Musselwhite Mine is December 31, 2024. 2. Craig Green, P.Geo., Chief Production Geologist at the Musselwhite Mine, is the Qualified Person responsible for the mineral resource estimate for Musselwhite Mine. 3. Mineral resources are reported exclusive of mineral reserves. 4. Reference point for mineral resources is point of delivery to the process plant (diluted and mine recovered). 5. Mineral resources are constrained within stope shapes generated by Deswik Stope Optimizer. Design parameters varied by both mining method (Transverse and Avoca) and zone for mining recovery (92–94%) and dilution (14– 30%) factors, respectively; 6. Stope shapes were developed using a gold sales price of US$2,000/oz. 7. Underground resources were estimated using a variable cut-off grade of not less than 3.40 g/t Au. 8. Resource estimations were interpolated using Ordinary Kriging (OK).
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Mineral Reserve Estimate (includes stockpiles) TONNES (000’S) GOLD (G/T) SILVER (G/T) GOLD (KOZ) SILVER (KOZ) Proven 5,972 0.53 12.3 103 2,354 Probable 31,923 0.73 14.3 752 14,705 Total 37,895 0.70 14.0 854 17,060 2026-01-20 48 Mineral Resource Estimate (M&I includes stockpiles) TONNES (000’S) GOLD (G/T) SILVER (G/T) ZINC (%) GOLD (KOZ) SILVER (KOZ) ZINC (MLBS) Open Pit (Heap Leach + Mill – CIL) Measured 3,055 0.81 16.17 - 79 1,588 - Indicated 36,485 0.83 15.48 - 973 18,158 - M&I Total 39,539 0.83 15.53 - 1,052 19,746 - Inferred 2,037 1.10 15.88 - 72 1,040 - Underground (Heap Leach + Mill – CIL + Mill – CIL with POX) Measured 7 1.95 31.45 - 0.5 7 - Indicated 50,079 2.45 10.59 0.25%* 3,949 17,048 278 M&I Total 50,086 2.45 10.59 0.25%* 3,950 17,055 278 Inferred 5,576 2.21 10.87 0.21%* 396 1,949 26 Total Open Pit & Underground Measured 3,062 0.81 16.20 - 80 1,595 - Indicated 86,563 1.77 12.65 0.15%* 4,922 35,206 278 M&I Total 89,625 1.74 12.77 0.14%* 5,002 36,801 278 Inferred 7,612 1.91 12.21 0.16%* 468 2,989 26 Camino Rojo Mineral Reserves and Resources C AM IN O RO JO - ME X IC O M ine ral Rese rves N otes : 1. The Miner al Reserv e es timates have been prepared in ac cordance with CIM (2014) definitions. 2. Rounding as required by reporting guidelines may r esult in summation differenc es. 3. The estimation of Miner al Reserv es may be mater ially affected by geology, env ir onment, permitting, legal, title, taxation, sociopolitic al, marketing, or other relevant issues . 4. koz = 1,000 troy ounces; t = tonne (1,000 kilogram s). 5. The Miner al Reserv e es timates for Camino Rojo have an effec tive date of Mar ch 31, 2025. 6. Stephen Ling, P.Eng. of Orla is the qualified person responsible for the Mineral Reserve estimates for Camino Rojo. 7. Mineral Reserv es ar e based on pr ic es of $1,900/oz gold and $23/oz silver. 8. Mineral Reserv es ar e based on net s melter return (NSR) cut-off v alue of $7.85 per tonne. 9. NSR value for leac h m aterial is as follows : • KpOx: NSR ($/t) = 41.61 x gold (g/t) + 0.072 x silver (g/t), bas ed on gold rec overy of 70% and silver recov ery of 11%. • KiOx: NSR ($/t) = 33.29 x gold (g/t) + 0.099 x silver (g/t), bas ed on gold rec overy of 56% and silver recov ery of 15%. • TrHi: NSR ($/t) = 35.67 x gold (g/t) + 0.177 x silver (g/t), bas ed on gold rec overy of 60% and silver recov ery of 27%. • TrLo: NSR ($/t) = 23.78 x gold (g/t) + 0.223 x silver (g/t), bas ed on gold rec overy of 40% and silver recov ery of 34%. 10. The NSR values acc ount for metal rec overies, refining cos ts , and refinery payable perc entages . 11. Stockpiles are all derived from Camino Rojo mined material and are calculated using reconc iled production figures adjusted for mining ac curacy . Stockpile gr ades ar e calc ulated from grade control block grades . For the stockpile, no cut‐off gr ade is used for reporting. Miner al Resources Notes: 1. CIM ( 2014) definitions were us ed for es timating M ineral Resour ces. 2. Mineral Resourc es ar e estimated in the optimiz ed pit shell at a NSR cut-off v alue of $7.59/t for leach material and $17.30/t for Mill - CIL material, while the underground reporting shapes are using a NSR cut- off v alue of $59.02/t for leach material, $68.73/t for Mill - CIL material and $76.23/t for Mill – CIL with POX material. 3. Mineral Resourc es ar e estimated us ing a long-ter m price of $2,300 per ounce gold, $29 per ounce silver, and $1.25 per pound zinc, with an US $:C$ exchange rate of 1:1.33. 4. Bulk density v aries from 2.40 t/m3 to 2.67 t/m3 for the m iner aliz ation and estimation domains and 2.0 t/m3 for the overbur den. 5. Metallurgical rec overies vary ac cording to geometallurgical domains and process type (Leach, M ill - CIL, or Mill – CIL with POX) and are either a c onstant or formula based. Heap leac h rec overies range from 40% to 70% for gold and 11% to 34% for silver , for the open pit and underground s cenario. For M ill material, gold and s ilv er r ecoveries are calculated using grade dependent form ulas . The open pit CIL m ean rec overy is 60% for gold and 22% for s ilv er. The underground CIL mean recov ery is 92% for gold and 36% for silver. The underground CIL with POX mean recover y is 85% for gold and 41% for silver. Zn rec overy by Mill – CIL with POX is 80%. 6. The NSR is calculated by material type with the following form ulas: • Heap Leac h M aterial NSR ( $/t) = $71.98 x A u rec overy x Au grade ( g/t) + $0.84 x A g rec overy x Ag grade (g/t). • Mill - CILNS R ($/t) = $68.34 x A u rec overy x Au grade (g/t) + $0.73 x A g rec overy x Ag grade (g/t) . • Mill – CIL with POX NSR ( $/t) = $68.34 x A u rec overy x Au grade ( g/t) + $0.73 x A g rec overy x Ag grade + $0.00146 x Zn rec overy x Zn grade (ppm) . 7. The gold equiv alent (AuE q) for by material ty pes are c alc ulated with the following for mulas: • Heap Leac h m aterial: Au grade (g/t) + ($0.84 x Ag recover y x A g grade (g/t)) /($71.98 x A u rec overy) . • Mill - CIL material: Au grade (g/t) + ( $0.73 x A g rec overy x Ag grade ( g/t)) / ( $68.34 x A u rec overy ). • Mill – CIL with POX material: A u grade (g/t) + ($0.73 x Ag recov ery x Ag gr ade (g/t)) / ($68.34 x Au recov ery) + ($0.00146 x Zn r ecovery x Zn grade (ppm )) / ( $68.34 x A u rec overy ). 8. Mineral Resourc es ar e cons trained by an optim ized resourc e pit shell and underground resourc e panels with a m inim um width of 2 m . 9. Mineral Resourc es ar e inclusiv e of M iner al Reserv es. 10. Number s m ay not add due to rounding. 11. Inferred Mineral Resources are cons ider ed too spec ulative geologic ally to hav e the econom ic cons ider ations applied to them that would enable them to be categor iz ed as M iner al Reserv es. M iner al Resourc es that are not Mineral Reserves do not have demonstrated econom ic viability. * Zinc is only cons ider ed in the under ground CIL with POX sc enario, and its grade is averaged over the underground and final total num bers.
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2026-01-20 49 Mineral Resources Notes: 1. CIM ( 2014) definitions were us ed for es timating M ineral Resour ces. 2. Mineral Resourc es ar e estimated in the optimiz ed pit shell at a NSR cut-off v alue of $7.59/t for leach material and $17.30/t for Mill - CIL material, while the underground reporting shapes are using a NSR cut-off v alue of $59.02/t for leach material, $68.73/t for Mill - CIL material and $76.23/t for Mill – CIL with POX material. 3. Mineral Resourc es ar e estimated us ing a long-ter m price of $2,300 per ounce gold, $29 per ounce silver, and $1.25 per pound zinc, with an US $:C$ exchange rate of 1:1.33. 4. Bulk density v aries from 2.40 t/m3 to 2.67 t/m3 for the m iner aliz ation and estimation domains and 2.0 t/m3 for the over burden. 5. Metallurgical rec overies vary ac cording to geometallurgical domains and process type (Leach, M ill - CIL, or M ill – CIL with POX) and are either a c onstant or formula based. Heap leach r ecoveries range from 40% to 70% for gold and 11% to 34% for s ilv er, for the open pit and underground scenario. For M ill material, gold and s ilv er recov eries are c alc ulated using grade dependent for mulas. The open pit CIL mean recov ery is 60% for gold and 22% for silver. The underground CIL mean recov ery is 92% for gold and 36% for s ilv er. The underground CIL with POX mean recover y is 85% for gold and 41% for silver. Zn rec overy by Mill – CIL with POX is 80%. 6. The NSR is calculated by material type with the following form ulas: • Heap Leac h M aterial NSR ( $/t) = $71.98 x A u rec overy x Au grade ( g/t) + $0.84 x A g rec overy x Ag grade ( g/t). • Mill - CILNS R ($/t) = $68.34 x A u rec overy x Au grade (g/t) + $0.73 x A g rec overy x Ag grade (g/t) . • Mill – CIL with POX NSR ( $/t) = $68.34 x A u rec overy x Au grade ( g/t) + $0.73 x A g rec overy x Ag grade + $0.00146 x Zn recov ery x Zn grade (ppm). 7. The gold equiv alent (AuE q) for by material ty pes are c alc ulated with the following for mulas: • Heap Leac h m aterial: Au grade (g/t) + ($0.84 x Ag recover y x A g grade (g/t)) /($71.98 x A u rec overy) . • Mill - CIL material: Au grade (g/t) + ( $0.73 x A g rec overy x Ag grade ( g/t)) / ( $68.34 x A u rec overy ). • Mill – CIL with POX material: A u grade (g/t) + ($0.73 x Ag recov ery x Ag gr ade (g/t)) / ($68.34 x Au recov ery) + ($0.00146 x Zn recov ery x Zn grade ( ppm)) / ($68.34 x Au recov ery). 8. Mineral Resourc es ar e cons trained by an optim ized resourc e pit shell and underground resourc e panels with a m inim um width of 2 m. 9. Mineral Resourc es ar e inclusiv e of M iner al Reserv es. 10. Number s m ay not add due to rounding. 11. Inferred Mineral Resources are cons ider ed too spec ulative geologic ally to hav e the econom ic considerations applied to them that would enable them to be categor iz ed as Mineral Reserv es. Mineral Resourc es that are not Mineral Res erves do not have dem onstrated econom ic v iability. * Zinc is only cons ider ed in the under ground CIL with POX sc enario, and its grade is averaged over the underground and final total num bers. Camino Rojo Underground Mineral Resources Mineral Resource Estimate TONNES (000’S) GOLD (G/T) SILVER (G/T) ZINC (%) GOLD (KOZ) SILVER (KOZ) ZINC (MLBS) Heap Leach Measured 7 1.95 31.45 - 0.5 7 - Indicated 1,704 2.90 13.17 - 159 722 - M&I Total 1,711 2.90 13.25 - 159 729 - Inferred 214 2.29 15.08 - 16 104 - CIL Measured - - - - - - - Indicated 12,475 2.07 8.68 - 832 3,480 - M&I Total 12,475 2.07 8.68 - 832 3,480 - Inferred 2,549 1.81 10.19 - 148 835 - Flotation / POX / CIL Measured - - - - - - - Indicated 35,900 2.56 11.13 0.35% 2,958 12,847 278 M&I Total 35,900 2.56 11.13 0.35% 2,958 12,847 278 Inferred 2,813 2.57 11.17 0.42% 232 1,010 26 Total Measured 7 1.95 31.45 - 0.5 7 - Indicated 50,079 2.45 10.59 0.25% 3,949 17,048 278 M&I Total 50,086 2.45 10.59 0.25% 3,950 17,055 278 Inferred 5,576 2.21 10.87 0.21% 396 1,949 26
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2026-01-20 50 Mineral Reserves and Resources S OU T H CA RLI N CO MP LE X Mineral Reserves Notes: 1. The estimate of Mineral Reserves was done by Thomas L. Dyer, PE of RESPEC. 2. Mineral Reserves are classified in accordance with CIM Standards and are recognized at the point process feed. 3. Mineral Reserves are reported based on gross metal value (GMV) cutoff grades based on gold prices of $2,300/oz Au and silver prices of $25.00/oz Ag. The Mineral Reserve effective date is September 30, 2025. 4. Economic parameters and recoveries will be described in the South Railroad Technical Report. 5. As Mineral Reserves were defined using lower metal prices compared to the economic analysis that supports them, resulting Pro ven and Probable Mineral Reserves are justified. 6. Rounding may result in apparent discrepancies between tons, grade, and contained metal content. 7. Cutoff grades are applied by material type as will be described in the South Railroad Technical Report. 8. Proven and Probable Mineral Reserves for Pinion include silver as reported above; 9. Silver reserves apply to Pinion only, and silver grade is based on Pinion tonnes Mineral Resources Notes: Notes - Dark Star, Pinion, Jasperoid Wash and North Bullion Deposits. 1. The estimate of Mineral Resources was done by Michael S. Lindholm, CPG of RESPEC in Imperial tons. 2. In-situ Mineral Resources are classified in accordance with CIM Standards. 3. The base cases for all mineral resources are reported at a gold price of $2,800 oz Au and have an effective date of September 30, 2025. 4. Tabulations comprise all model blocks at variable cutoff grades for oxide/transitional and sulphide materials within the $2,800 optimized pits or within a 2.57 Au g/t grade shell for underground. Pit optimizations vary by deposit and throughput rates of 11 kt/day and 18 kt/day; waste mining costs of US$2.34 /t mined to US$2.43/t mined; crushing, stacking and heap leaching costs of US$4.01/t to US$4.94/t; and general and administrative costs of $1.26/t. At North Bullion, transportation costs of $44.09/t are applied for shipping refractory material off-site. 5. Recoveries are calculated within each block model, and vary by deposit, ore-type, redox state, sulphide-sulfur and inorganic-carbon content, and gold and silver grade. At Dark Star, assumed minimum metallurgical recoveries of 65% and 70% for gold for ROM and crushed ore, respectively, are applied; At Pinion, assumed variable metallurgical recoveries with base cases at 53% and 70% for gold for ROM and crushed ore, respectively, and base cases at 5% and 15% for silver for RO M and crushed ore, respectively. 6. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the optimized pits. 7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 8. Rounding may result in apparent discrepancies between tons, grade, and contained metal content. 9. Silver resources from Pinion only, silver grade is based on Pinion tonnes. Notes - Pony Creek Resources: 1. The estimate of Mineral Resources was completed by Warren Black, APEX. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. There are no known legal, political, environmental or other risks that could materially affect the potential development. 4. The Inferred Mineral Resource in this estimate has a lower level of confidence and must not be converted to a Mineral Reserve . It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration. 5. The Mineral Resources were estimated in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 6. The reported open-pit resources utilize a cutoff of 0.103 Au g/t Au for heap leach (high recovery) and 0.171 Au g/t for vat leach (low recovery) material. 7. Economic assumptions used include US$2,800/oz Au, process recoveries of 75% for Au in heap leach material and 85% for Au in v at leach material, a processing cost of US$1.90/t for heap leach and US$6.70/t for vat leach material, and a G&A cost of US$0.56/t. 8. The base cases for all Mineral Resources have an effective date of September 30, 2025. 9. The constraining pit optimization parameters included a mining cost of US$2.49/t for both mineralized and waste material and assumed pit slope angles of 45°. Mineral Reserve Estimate TONNES (000’S) GOLD (G/T) SILVER (G/T) GOLD (KOZ) SILVER (KOZ) Proven 10,585 1.04 6.6 354 445 Probable 56,033 0.65 5.0 1,162 5,749 Total 66,618 0.71 5.1 1,516 6,195 Mineral Resource Estimate TONNES (000’S) GOLD (G/T) SILVER (G/T) GOLD (KOZ) SILVER (KOZ) Measured 13,609 0.92 6.05 401 509 Indicated 92,296 0.69 4.48 2,058 6,915 M&I Total 105,905 0.72 4.56 2,459 7,424 Inferred Total 55,716 0.56 2.65 1,012 111
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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 (“GAAP”). These non-GAAP measures 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 readers should not consider these non-GAAP measures in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Net Cash (Debt) Net cash (debt) is calculated as cash and cash equivalents and short-term investments less total debt at the end of the reporting period. This measure is used by management to measure the Company’s debt leverage. The Company believes that net cash is useful in evaluating the Company’s leverage and is also a key metric in determining the cost of debt. All-In Sustaining Cost The Company has provided AISC performance measures that reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company’s definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated November 14, 2018. Orla believes that this measure is useful to market participants in assessing operating performance and the Company’s ability to generate cash flow from operating activities. Cash Costs The Company calculated total cash costs as the sum of operating costs, royalty costs, production taxes, refining and shipping costs, net of by-product silver credits. Cash costs per ounce is calculated by taking total cash costs and dividing such amount by payable gold ounces. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance 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 additional information on 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. N OT E S 51 Non-GAAP Measures NET CASH Dec 31, 2025 Dec 31, 2024 Cash and cash equivalents $ 420.8 $ 160.8 Debt (385.0) — NET CASH $ 35.8 $ 160.8