Equinox Gold transaction on track for Q3 closing

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an operational update for the second quarter ended June 30, 2026.

The Company produced 88,265 ounces of gold in the second quarter and 169,471 ounces of gold in the first half of the year, driven by outperformance at Musselwhite. Orla remains on track to achieve 2026 production guidance of 340,000 to 360,000 ounces of gold and All-In Sustaining Cost¹ guidance of $1,550 to $1,750 per ounce of gold sold.

(All amounts expressed in millions of US dollars, as at June 30, 2026 and are unaudited)

Second Quarter Operational Update

“The first half of the year exceeded expectations driven by outperformance at Musselwhite. Operations returned to normal at Camino Rojo following a brief interruption and we have important catalysts for the second half of the year including final permits for South Railroad and closing of our combination with Equinox Gold. Thanks to our teams across our portfolio for their dedication, hard work and achievements so far this year.”

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

Musselwhite Operations

During the quarter, Musselwhite mined 320,659 tonnes of ore and processed 336,773 tonnes at a mill head grade of 6.38 g/t gold resulting in gold production of 67,077 ounces. The production outperformance was primarily due to improvements in stope sequencing and underground development rates.

During the quarter, 393 metres of reserve, and 13,647 metres of resource drilling were completed underground. On the surface, 5,734 metres of deep directional drilling targeting the down-plunge extension of the mine trend, and 2,329 metres of near-mine brownfields drilling were completed. A further 3,444 metres of lateral development was completed with 283 metres attributed to the advance of the 1080 exploration drift.

Camino Rojo Operations

During the quarter, Camino Rojo mined over 2.3 million tonnes of ore and nearly 3.0 million tonnes of waste, for an implied strip ratio of 1.28. A total of 1.7 million tonnes of ore were stacked at an average grade of 0.72 g/t gold equating to an average daily stacking rate of about 19.2 thousand tonnes.

Operations at Camino Rojo returned to normal on June 5 following a brief labour stoppage, with all parties reaching a productivity bonus agreement that was ratified by employees and signed before the Mexican labour authority on June 24.

Liquidity Position

During the second quarter, Orla made $35.0 million in debt repayments. Additionally, $182.7 million of convertible debentures were converted to equity, decreasing the Company’s outstanding debt balance to $132.3 million. At June 30, 2026, Orla’s cash position was $451.0 million, resulting in a net cash position of $318.7 million².

Update on Equinox Gold Transaction

The Company’s transaction with Equinox Gold Corp. announced on May 13, 2026, remains on track to close during the third quarter 2026, subject to receipt of the required shareholder, court and Mexico competition approvals and satisfaction or waiver of other customary closing conditions.

The Company has received an interim order from the Supreme Court of British Columbia (which authorizes Orla to proceed with the Special Meeting of Shareholders and addresses other meeting related matters. Subject to receipt of the requisite approvals by shareholders, it is expected that Orla will apply for a final order of the Court approving the Transaction on or about July 28, 2026. The Company has also received a no action letter from the Commissioner of Competition. A no action letter provides written confirmation from the Commissioner of Competition that he or she does not, at that time, intend to make an application under section 92 of the Competition Act. This satisfies the Canadian competition approval closing condition to the Transaction.

Orla’s upcoming special meeting of shareholders in connection with the Transaction is scheduled for July 22, 2026. Details regarding the special meeting of shareholders can be accessed online on Orla’s website at https://orlamining.com/investors/special-meeting/ and under the Company’s profile on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov, respectively.

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, who is the Qualified Person as defined under NI 43-101 standards.

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. 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, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada.