Strong start to 2026 driven by Musselwhite

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results for the first quarter ended March 31, 2026.

(All amounts expressed in millions of US dollars unless otherwise stated, as at March 31, 2026)

First Quarter 2026 Summary

• First quarter gold production of 81,206 ounces and total quarterly gold sold of 81,540 ounces, generating $378.9 million in revenue. Orla remains on track to meet its full year consolidated gold production guidance range of 340,000–360,000 ounces.
• First quarter all-in sustaining cost¹ was $1,668 per ounce of gold sold and the Company is on track to meeting its full year AISC guidance range of $1,550-$1,750 per ounce.
• Net income for the first quarter was $75.4 million or $0.22 per share.
• Adjusted earnings¹ for the first quarter were $134.7 million or $0.39 per share.
• Cash flow from operating activities before changes in non-cash working capital during the first quarter was $103.5 million.
• Exploration and project expenditure¹ was $36.1 million during the quarter, of which $6.0 million was expensed and $30.1 million was capitalized.
• The Company ended the quarter with $427.3 million in cash and $331.3 million in debt, resulting in a net cash position of $96.0 million and $517.3 million in liquidity¹.
• South Railroad Project – Advancing to Construction: Following an updated Feasibility Study boasting a $1.7B NPV (5%) and 95% IRR at $4,500/oz gold, the Company approved immediate spending on engineering and procurement to support a mid-2026 construction start for its third operating mine.
• Camino Rojo Underground Advancement: In February 2026, the Company announced a positive Preliminary Economic Assessment for a standalone underground operation in Zacatecas, Mexico, marking a key step in transitioning from open pit oxide mining to a larger-scale, long-life underground sulphide operation.
• Camino Rojo Permitting Milestone: The Company received the federal environmental permit (Manifestación de Impacto Ambiental) for the Camino Rojo mine, authorizing the open pit expansion including the layback area, to optimize and extend the life of current oxide operations and to begin construction of an underground exploration decline to advance the Camino Rojo Underground Project.
• Musselwhite Exploration Continued Success: Drilling confirmed high-grade mineralization extending over two kilometres down-plunge across two new stacked zones, significantly supporting resource growth and mine life extension. Surface drilling at Camp Bay identified shallow mineralization and potential satellite deposits near existing infrastructure.
• On May 11, 2026, the Company declared a quarterly dividend of US$0.015 per common share, payable on June 9, 2026, to shareholders of record at close of business on May 26, 2026.

“The first quarter of 2026 has set a strong foundation for growth. Our operations are performing steadily, and we are firmly on track to achieve our annual guidance. Central to this progress is the commitment of our team. Operational excellence is inseparable from the safety and well-being of our workforce; by ensuring every team member returns home safely, we strengthen the very core of our organization.

2026 is another year of growth milestones, and we are already delivering, having released the South Railroad feasibility study and Camino Rojo PEA, secured critical permits, and achieved further success at Musselwhite. As we continue to scale, we are not just increasing output, we are building a more resilient and better company. These achievements provide a clear path for success through the rest of 2026 and beyond.”

– Jason Simpson, President and Chief Executive Officer, Orla Mining

First Quarter Financial and Operational Update

Gold produced during the quarter totaled 81,206 ounces, from the Musselwhite Mine and the Camino Rojo Oxide Mine. Gold sold during the quarter totaled 81,540 ounces. Consolidated cash costs and AISC totaled $1,251 and $1,668 per ounce of gold sold, respectively.

Musselwhite Operations

During the quarter, Musselwhite mined 333,495 tonnes of ore and processed 332,822 tonnes at a mill head grade of 6.29 g/t gold. Gold recovery was 95.9% resulting in gold production of 62,985 ounces. Plant performance was stable with an average milling rate of 3,698 tonnes per day over the quarter.

Musselwhite exceeded production targets through strategic mine plan resequencing due to strong development and production results in late 2025. This provided access to higher-grade ore earlier in the year than originally planned. Mining and development performance in the quarter was driven by strong execution from the site team.  Development rates increased 20% from 2025 to first quarter achieving an average of 38.2 metres per day.

Development performance remained consistent, with each month achieving over 1,000 metres of advance. This was largely driven by reliable equipment availability and strong execution across development crews.

Camino Rojo Operations

The Camino Rojo Oxide Mine produced 18,221 ounces of gold during the first quarter of 2026, in line with plan.

During the quarter, the operation mined over 2.0 million tonnes of ore and approximately 2.3 million tonnes of waste, resulting in a strip ratio broadly in line with expectations. A total of approximately 1.8 million tonnes of ore was stacked at an average grade of 0.59 g/t gold, corresponding to an average stacking rate of approximately 20,311 tonnes per day. Gold sold during the quarter totalled approximately 17,436 ounces, consistent with production levels.

As noted in the March 18, 2026, press release, the Company received the environmental permit (Manifestación de Impacto Ambiental, “MIA”) from Mexico’s Secretariat of Environment and Natural Resources (“SEMARNAT”) for Camino Rojo. With this approval, Orla now has all the permits necessary, including the Change of Land Use approval, to mine the remainder of the oxide open-pit, including the layback area and initiate the underground exploration decline.

Project and Exploration Summary

For the first quarter, a total of 22,451 metres were drilled, with 20,489 metres at Musselwhite and 1,962 metres in Mexico. Project development activities during the period focused on advancing permitting efforts and the feasibility study update for the South Railroad Project in Nevada and progressing the underground development at Camino Rojo, with the release of the Preliminary Economic Assessment.

Musselwhite, Ontario:

In the first quarter, the Musselwhite exploration program continued advancing the deep directional drilling along the Mine Trend, the underground drilling for reserve and resource growth and inventory definition, and the near-mine surface drilling program.

The deep directional drilling program continued to evaluate the down-plunge extension of the Mine Trend. A total of 5,291 metres were completed in the quarter, with results confirming continuity of gold mineralization two kilometres from current operations and the presence of two parallel mineralized zones, with an upper horizon interpreted as the Lynx zone and a lower horizon interpreted as the PQ zone. Two directional drill holes intersected the PQ Extension zone with visible gold at their predicted locations, validating the interpreted geometry of the mineralized system.

Underground exploration drilling focused on reserve replacement, resource expansion, and inventory definition within Lynx, Redwings, West Limb, and PQ zones. A total of 12,546 metres of underground exploration drilling was completed during the quarter, with results including high-grade mineralization from the Lynx, PQ and West Limb zones.

The near-mine surface drilling program targeting the Camp Bay area was completed in mid-March, with 2,652 metres drilled across sixteen shallow holes in the first quarter. Results returned broad, shallow intercepts of gold mineralization. Near-mine drilling will resume in the second quarter targeting a four-kilometre strike trend along the Musselwhite SE extension, also known as “Karl Zeemal”.

South Railroad Project & South Carlin Complex, Nevada:

South Railroad represents Orla’s next mine build and is expected to increase the Company’s consolidated annual gold production toward 500,000 ounces. South Railroad is in the permitting stage and is a gold heap leach project located in Nevada, USA, and forms a part of the Company’s larger South Carlin Complex (“South Carlin”) land package on the prolific Carlin Trend.

South Railroad, situated on federal land, is currently advancing under the guidance of the US Bureau of Land Management (BLM) as a FAST-41 Covered Project in accordance with the National Environmental Policy Act (NEPA) for permitting. The BLM’s Record of Decision, the final permitting decision, is targeted for mid 2026.

On January 15, 2026, Orla announced the results of an optimized feasibility study for the South Railroad Project. The study results reaffirmed the strong attributes of the South Railroad Project, notably the robust production profile and margins. Underpinning the updated study was significant engineering work, contractor and supplier quotations, and project optimizations, forming the basis for the initial capital cost estimate of $395 million.

During the quarter, purchase orders were issued for critical long-lead equipment, including the ADR plant, crushing systems, and LNG generators to support long-term site power requirements. In addition, contracts were awarded for the mine water treatment plant and Limited Notices to Proceed were issued for major civil works, including necessary upgrades to the site access road.

By the end of the quarter, overall detailed engineering progress was 41% complete.  The project team continued to advance detailed design for key project facilities while maintaining ongoing support for permitting efforts.

The 2026 exploration program is planned to commence in the second quarter and will focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash to support resource and reserve growth and assess opportunities to extend mine life, as well as advancing oxide targets and mineralized zones proximal to the South Railroad development area.

Camino Rojo Underground and Zone 22:

During the quarter, Orla released the positive results of the Preliminary Economic Assessment  for the underground project at the Camino Rojo Mine in Zacatecas, Mexico. The PEA evaluates the technical and economic potential of a standalone underground development project beneath the existing Camino Rojo open pit and outlines a potential pathway toward a larger-scale, long-life operation.

With the recent MIA approval, Orla is set to begin underground access development at Camino Rojo. Work on the exploration portal and decline is expected to start in the second half of 2026, enabling deeper resource definition of the sulphide mineralization beneath the current open pit and advancing the technical evaluation of a potential underground operation. Orla expects to award the contract for the exploration decline in early Q3 and begin the work immediately thereafter. The Board of Directors of Orla has approved the scope of the project, which includes an additional capital spend of $20.0 million for 2026. The exploration decline is expected to be completed in 2028.

A 4,300 metres drill program to support the generation of metallurgical, geotechnical and hydrological material for a Pre-Feasibility Study for the underground project began in mid-January 2026. A total of 1,962 metres were drilled during the quarter. The Company targets the completion of a Pre-Feasibility Study (PFS) in 2027. This drilling and PFS is expected to support permit submission for the Camino Rojo underground project in 2027.

Diesel Cost Exposure Update

During the quarter, energy prices have risen sharply as a result of the ongoing conflict in the Middle East.  The Company’s gross exposure to diesel for 2026 is approximately $25 million, or approximately 4% of total operating costs, and represents approximately $70/oz AISC. A $10/barrel change in oil prices would result in an increase of approximately $0.9 million to operating costs or approximately $2.50/oz AISC impact. To date, the Company has experienced an approximate 6% increase in diesel price resulting in an approximately $3.00/oz impact to AISC.  Importantly, the Company has not experienced any fuel availability issues.

First Quarter 2026 Cash Flow Items

During the first quarter, the Company made several notable cash payments, including approximately $93.0 million in income tax payments related to 2025 and $25.6 million in installments related to 2026. The 2025 income tax payment was driven by $67.6 million for Musselwhite’s 2025 taxes and $25.3 million mainly for the annual Camino Rojo special mining duty.

Additionally, the Company paid a $20.0 million contingent payment to Newmont, as the average gold price exceeded the $2,900 per ounce threshold established in the Musselwhite acquisition. Debt reduction also continued with a $35.0 million loan repayment completed during the period.

Dividend

On May 11, 2026, the Company declared a quarterly dividend of $0.015 per common share, payable on June 9, 2026, to shareholders of record at close of business on May 26, 2026.

Financial Statements

Orla’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the quarter ended March 31, 2026, are available on the Company’s website at www.orlamining.com, and under the Company’s profiles on SEDAR+ and EDGAR.

Qualified Persons Statement

The scientific and technical information in this news release was 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 as defined under NI 43-101 – Standards of Disclosure for Mineral Projects.

About Orla Mining Ltd.

Orla’s corporate strategy is to acquire, develop, and operate mineral properties where the Company’s expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend.