Strong Results Deliver NPV_5% of US$783 million at US$3,100 Gold
Confirming Orla’s Next Building Block

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an update for its South Railroad Gold Project. This update presents the results of the optimized Feasibility Study and confirms the Board of Directors’ approval to begin spending for detailed engineering, procurement, and project execution. The Board has also approved the start of project construction, subject to receipt of all required permits. South Railroad is located in Nevada, USA, and forms a part of the Company’s larger South Carlin Complex land package on the prolific Carlin Trend.

All amounts expressed in U.S. dollars unless otherwise stated.

Highlights of the South Railroad Project Update

• Completion of Optimized Feasibility Study and Project Approval: Orla will now transition to the execution phase, beginning with pre-construction spending for detailed engineering, construction readiness activities, and long-lead procurement. Full construction is expected to begin in mid-2026, following receipt of the final project permits.
• Robust Economics: The Study reaffirms South Railroad’s strong economics, supported by consistent production and high margins.
  • NPV_5% is $783 million and 48% IRR at $3,100 gold price (after-tax).
  • NPV_5% is $1.7 billion and 95% IRR at $4,500 gold price (after-tax)^[1].
• Strong Production Profile and Robust Margins: Average annual gold production of 130,000 ounces over the first five years at an average All-in Sustaining Cost (“AISC”)^[2] of $1,485/oz.
• Clear Permitting Pathway to Construction: The Project is advancing through federal and state approvals, with the BLM Record of Decision targeted for mid-2026. As a FAST-41 Covered Project under NEPA, the Company expects a coordinated and transparent federal permitting process.
• Optimized and Construction-Ready: Significant engineering work, contractor and supplier engagement, and project optimizations have been completed, forming the basis for the initial capital cost estimate of $395 million. Project enhancements include a two-stage crushing circuit and improvements to the overall development scope.
• Fully Funded Pathway: Development of the Project will be financed through operating cash flow and cash on hand.
• Strategic Growth Catalyst: South Railroad will become Orla’s third operating mine, expected to increase consolidated annual production to close to 500,000 ounces and solidifying the Company’s position in North America.
• South Carlin Complex Offers Significant District Scale Growth beyond this Study: Measured and Indicated Mineral Resources have increased since acquisition by 206,000 ounces in oxide and 469,000 ounces in sulphide, marking the beginning of the resource expansion. With a strong mineral endowment and Orla’s commitment to exploration and deeper geological understanding, the district presents clear potential for mine life extensions and new discoveries across existing resources and priority targets.

“This optimized South Railroad feasibility study reaffirms the strength of the project and the basis upon which we will move forward in Nevada. Since acquiring the project in 2022, we have worked to advance engineering, optimize design, update cost and in turn, establish a construction-ready project. South Railroad is more than our next project; it is our next building block of growth as we solidify our place in Nevada, a leading global mining jurisdiction. South Carlin, still early in its district-scale evolution, is advancing rapidly through ongoing exploration, with what we believe to be upside extending well beyond the feasibility study. This momentum will help position the complex as the foundation for sustained expansion, and we are moving toward construction with confidence, ready to deliver benefits for our stakeholders.”

– Jason Simpson, Orla’s Chief Executive Officer

Table 1: South Railroad Feasibility Study Summary

Table 2: Feasibility Study Sensitivity Analysis

Feasibility Study Overview

The updated Feasibility Study was prepared by a team of independent industry experts who are qualified persons as defined under NI 43-101, led by M3 Engineering and supported by NewFields Mining Design and Technical Services, Forte Dynamics, Stantec, Ray Walton Consulting Inc., RESPEC, APEX Geoscience Ltd., and Westland Resources. See Table 7 below for further details.

The updated Feasibility Study was conducted using a base case gold and silver price of $3,100 per ounce and $36.50 per ounce, respectively.

The South Railroad Project includes Mineral Reserves for the Dark Star and Pinion deposits.

The Mineral Reserve estimate at South Railroad includes Proven and Probable Mineral Reserves of 66.6 million tonnes (73.4 million tons) at a gold grade of 0.71 grams per tonne, for total Mineral Reserves of 1.52 million ounces of gold. In addition, the Pinion deposit contains 6.2 million ounces of silver from 37.9 million Mineral Reserve tonnes (41.8 million tons) at 5.1 g/t silver.

The total Measured and Indicated Mineral Resource is 105.9 million tonnes at 0.72 g/t gold, resulting in an estimated 2.46 million ounces of gold. In addition, the Pinion deposit contains 7.4 million ounces of silver from 50.7 million Measured and Indicated tonnes at 4.6 g/t silver. The Inferred Mineral Resource totals 55.7 million tonnes at 0.56 g/t gold, resulting in an estimated 1.01 million ounces of gold. In addition, the Pinion deposit contains 0.1 million ounces of silver from 1.3 million Inferred tonnes at 2.65 g/t silver. Mineral Resources are inclusive of Mineral Reserves.

Further details on the Mineral Resource and Mineral Reserve estimates are provided below under “South Railroad Technical Report Summary Information”.

Operating costs are based on Orla-performed mining, with all mine components being financed or owned by the Company. Capital cost estimates are based on a combination of material takeoffs (MTOs), vendor quotations, database pricing, Engineering, Procurement, Construction Management (“EPCM”)-awarded contract values, and allowances. The scope and costs related to mechanical and electrical equipment is well-defined with 67% of those costs supported by firm vendor quotes.

South Railroad is situated on federal land and is currently advancing under the guidance of the BLM in accordance with the National Environmental Policy Act (“NEPA”) for permitting. The BLM NEPA public comment period closed on September 18, 2025 with the largest category of submissions being letters of support, reflecting strong community and stakeholder backing for the project and the U.S. Army Corps of Engineers Section 404 public comment period ended on September 25, 2025 with no significant comments received. Orla has all the mineral rights, surface use and right of way agreements in place to commence construction upon receipt of all required permits.

Key Optimizations

The updated FS reflects an optimized and more advanced, construction-ready project than the previous Feasibility Study published in 2022 (the “2022 FS”). Advanced engineering, vendor pricing, and execution plans inform the FS and enhance the overall confidence in delivery. Key optimizations are highlighted below, and the associated cost movements are outlined in the Capital Cost section.

• Revised Processing Flowsheet – Two-stage Crushing Added:
  The optimized FS replaces the run-of-mine (“ROM”)-only approach in the 2022 FS with a two-stage crushing circuit for a significant portion of the ore, improving recovery confidence and reducing metallurgical risk identified in the earlier study.

• Updated Metallurgical Recoveries Based on Expanded Test Work:
  The recovery model reflects 187 column tests completed since 2022, simplifying ore types and incorporating new data for Pinion East and Dark Star North. The updated model provides higher confidence in both crushed and ROM performance.

• Enhanced Water Management and Site Infrastructure Design:
  The updated scope includes redesigned water supply systems, updated hydrogeological information, and refined site infrastructure layouts to support operational reliability and reduce environmental risk. See Figure 1 in the Appendix for Site Plan Layout.

• Transition to an Execution-Ready Project:
  The FS incorporates detailed engineering, a defined project delivery model, EPCM engagement, long-lead procurement planning, and construction sequencing to support the transition into execution. This level of planning and detail was not included in the 2022 FS.

Capital Costs

The updated capital cost estimate reflects a significantly more advanced and construction-ready project compared to the 2022 FS, which estimated initial capital of $190 million. The updated study and cost estimate are supported by comprehensive engineering, vendor pricing, and execution plans that enhance overall confidence in project delivery.

Key variances in initial capital costs from the FS in comparison to the 2022 FS include:

• $46 million related to inflationary cost escalation;
• $101 million in direct cost additions, primarily reflecting the inclusion of a two-stage crushing system (previously ROM only) and updated water management systems;
• $33 million in indirect costs associated with the crushing system and water circuit; and
• $25 million in additional contingency more reflective of a project of this study level.

Table 3: Capital Cost Summary (excl. value added tax)

The initial capital cost of $395 million excludes regulatory costs, expenses related to permit conditions, off-site infrastructure support, financial assurance instruments, and other expenses not directly related to the construction of the mine, totaling $45 million, which are tracked as permitting obligations or management reserve and disclosed separately.

Operating Costs

Operating costs for the feasibility study were estimated by RESPEC (mine development) and M3 (process plant, site development, power generation, and ancillaries), Stantec (site-wide water management systems), NewFields (heap leach and waste rock disposal facilities) and Linkan Engineering (water treatment plant and potable water systems).

Mine operating costs were estimated using first principles. This was done using estimated hourly costs of equipment and personnel against the anticipated hours of work for each. The equipment hourly costs were estimated for fuel, oil, and lubrication, tires, undercarriage, repair and maintenance costs, and special wear items.

Process operating costs have been estimated by M3 from first principles. Labour costs were estimated using project specific staffing, salary and wage, and benefit requirements. Unit consumptions of materials, supplies, power, and delivered supply costs were also estimated.

Operating costs were estimated based on third quarter 2025 US dollars and are presented with no added contingency based upon the design and operating criteria. Operating costs are considered to have an accuracy of +/- 15%.

Operating costs estimates have been based upon information obtained from the following sources:

• Project metallurgical test work and process engineering;
• Development of a detailed equipment list and demand calculations;
• M3 in-house data for reagent pricing; and
• Experience with other similar operations.

Table 4: Operating Cost Summary

Mineral Resource & Reserves Summary

Mineral Resources were estimated for Dark Star, Pinion, Jasperoid Wash, North Bullion and Pony Creek deposits at a gold price $2,800 per ounce, while the Mineral Reserves were estimated for Dark Star and Pinion deposits at a gold price of $2,300 per ounce. The Mineral Reserves and Mineral Resources estimate included in the Feasibility Study have an effective date of September 30, 2025. The Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Since the 2022 FS, which was completed by Gold Standard Ventures Corp., the Mineral Resource has been updated to incorporate new drilling data, revised geological interpretations, and the addition of the Pony Creek deposits acquired in 2024. Additionally, new drilling at Dark Star and Pinion has increased the confidence level of the Mineral Reserves and helped further derisk the project. Updates to the Mineral Reserve modifying factors include revised cost assumptions and parameter changes associated with the incorporation of crushed-ore stacking alongside ROM ore stacking on the heap-leach facility.

Table 5: South Railroad Mineral Reserves (Dark Star and Pinion Deposits)

Table 6: South Carlin Mineral Resources

Mining & Processing Summary

Mining at South Railroad is planned over an initial 10-year period across the Dark Star and Pinion deposits using conventional open-pit truck and shovel methods. Ore from both deposits will be processed through a single, shared heap leach facility utilizing a combination of ROM and two-stage crushed material.

All leach material will be placed on the heap leach pad, with crushed ore temporarily stockpiled to decouple crushing and stacking activities and provide operational flexibility. The processing schedule incorporates both ROM and crushed heap leach material, with a maximum combined processing rate of approximately 29,940 tonnes per day, or 10.9 million tonnes per year, allowing the operation to balance throughput, recovery, and operating efficiency.

The FS assumes Orla-operated mining, supported by a fleet of primary mining equipment including drills, loaders, hydraulic shovels, and 200-ton (181 tonne) capacity haul trucks. This approach provides Orla with direct control over mining performance, cost management, and scheduling. Capital costs reflect a financing option of the major mining equipment purchases.

Life-of-mine average gold recovery across the Dark Star and Pinion deposits is estimated at 70.2%, reflecting the application of both ROM and crushed heap leach processing. At Dark Star, the LOM average gold recoveries are estimated at 75.6% for ROM material and 82.6% for crushed material. At Pinion, the LOM average gold recoveries are estimated at 52.3% for ROM material and 61.5% for crushed material.

Overall, the mining plan reflects an executable, low-risk approach that supports strong economics and operational flexibility.

Site Infrastructure Summary

Project infrastructure for South Railroad has been designed to support the planned mining and heap leach operations and includes site roads, power supply and distribution, communications, heap leach pad, process plant and ancillary buildings.

South Railroad will be powered by an on-site power plant comprising seven natural-gas reciprocating generators, with liquefied natural gas (“LNG”) delivered by truck. This configuration was selected based on prior power studies and provides a scalable solution with staged capital requirements, favourable operating costs, and reduced emissions relative to alternative on-site generation options. Associated capital and operating costs have been incorporated into the FS cost estimates.

Mine water requirements will be met primarily through groundwater dewatering associated with the Dark Star pit. Dewatering at Dark Star will be supported by a network of wells producing a peak combined flow of approximately 2,300 gallons per minute (gpm), with additional wells developed at Pinion during later mining phases. Pumping rates decline over time as the system transitions from pit dewatering to process and heap leach supply, with long-term average pumping of approximately 310 gpm. Groundwater modeling confirms sufficient water availability to meet operational requirements throughout the life of the mine. Recovered water is managed through a series of large-capacity raw water tanks, which distribute water to the mine water treatment plant, consumptive uses, and fire-water storage, with excess water treated and discharged via an on-site outfall structure.

The primary access to the South Railroad Project begins in Elko, Nevada and follows a 67 kilometres route that transitions from state highways to county roads and finally to BLM roads. Approximately 35 kilometres of the route will be upgraded to a two-way road with wide lanes and shoulders to accommodate safety and drainage. The final 10 kilometres, which involve steeper grades and winding terrain, will be improved to reduce slopes and straighten curves.

Key facilities have been strategically located on the site layout to optimize material handling, access, and operational safety. The heap leach facility is situated northeast of the Pinion pit, with gravity flow of pregnant leach solution to the adjacent process ponds, and controlled access for both ROM placement and initial ore stacking.

Centralized mine infrastructure includes a truck shop and maintenance complex, fuel and warehousing facilities, administration and security buildings along the main access road, and an on-site ADR plant and refinery for gold and silver recovery. Supporting facilities include a laboratory, training areas, potable water treatment plant, and site services facilities.

Permitting

The South Railroad Project is situated on federal land and is currently advancing under the guidance of the BLM as a FAST-41 Covered Project in accordance with the National Environmental Policy Act for permitting. The BLM published the Notice of Intent in the Federal Register on August 13, 2025, thereby initiating the formal Environmental Impact Statement process under NEPA. The BLM is also consulting with the U.S. Fish and Wildlife Service (USFWS) under Section 7 of the Endangered Species Act. A Biological Assessment has been prepared and shared with the USFWS for pre-consultation technical assistance and completeness review in advance of the formal consultation process. In parallel, the U.S. Army Corps of Engineers (USACE) Section 404 permit application, addressing wetland and surface-disturbance impacts, was submitted in August 2025 and deemed administratively complete. The public-comment period closed on September 25, 2025, without significant issues. The USACE’s review of the compensatory-mitigation plan is underway.

At the state level, the Company has secured Class I and II Air Operating Permits, while water-related applications continue to progress with the Nevada Division of Water Resources. The Water Pollution Control Permit and the National Pollutant Discharge Elimination System (NPDES) discharge permit applications were submitted for review in the third quarter 2025.

The BLM’s Record of Decision (the final permitting decision) is targeted for mid-2026.

Project Execution

Orla has defined a clear and actionable execution path to advance South Railroad through construction and into production. With the Study complete, the Project has entered the Execution Phase, supported by a robust project delivery framework. M3 has been contracted to provide integrated EPCM services for the development and construction of the Project following a competitive tender process conducted earlier this year. This leverages their technical leadership during the Study and their prior involvement with South Railroad.

Detailed engineering is well underway and M3 has ramped up its team alongside Orla’s Owner’s Team to finalize construction planning and readiness activities. Long-lead procurement activities are also advancing with key awards beginning in early 2026.

Construction activities are expected to commence in mid-2026, subject to the receipt of final permits and regulatory authorization and is expected to be completed in approximately 18 months.

Orla, M3 and the supporting consultants will work in an integrated manner to ensure seamless alignment between design, construction and the future operations. Operational readiness is being embedded across all workstreams with progressive onboarding of Orla’s operations personnel to enable an efficient transition through commissioning and into steady-state operations.

Orla will continue to apply its ESG framework throughout the design and execution of the Project with a focus on environmental management, workforce safety, and constructive engagement with local and regional stakeholders. These priorities are being incorporated into all aspects of the designs and plans to ensure the Project is developed responsibly and in alignment with Orla’s long-term sustainability objectives.

Significant Upside Growth Opportunities for Discoveries and Mine Life Extensions

Orla’s South Carlin Complex is one of the largest contiguous land positions along the prolific Carlin Trend, presenting strong potential for additional growth and gold discoveries beyond currently defined Mineral Reserves and Mineral Resources. Significant upside may be associated with the South Railroad Project, where the Pinion deposit remains open to the northeast, southeast, and west, offering further growth potential. This upside is supported by drilling outside the current resource pit shell and will be enhanced by planned follow up programs. High-grade oxide mineralization has also been intersected at the lower edge of the Dark Star projected pit (e.g., 2.68 g/t Au over 34.7 metres, including 5.85 g/t Au over 13.6 metres in DSC2402), highlighting opportunities to add higher-grade material to resources and expand the deposit (see the Company’s February 25, 2025 news release, Orla Mining Intersects High Grade Oxide Gold at South Carlin Complex and Advances Permitting for South Railroad Project in Nevada).

The southern part of the property, extending from Jasperoid Wash to the Pony Creek area, offers substantial upside to increase shallow oxide resources and define new mineralization. Other satellite deposits demonstrate extension potential, while numerous high-quality targets across the land package have recently been tested or remain untested. In total, Orla estimates more than 25 kilometres of cumulative prospective trends supported by drilling, geochemical, and geophysical signatures.

In 2025, Orla executed an 18,000-metre drill program focused on strengthening geological understanding, refining models, expanding and upgrading resources at Dark Star and Pinion, and advancing satellite deposits, while also identifying new zones of oxide gold mineralization.  Highlights include 67.1 metres at 1.16 g/t Au (Ox) at Pinion, 22.6 m at 5.65 g/t Au (Ox) at Dark Star and 24.4 metres at 1.08 g/t Au (Ox) at the new emerging oxide target, Firebox, located 500 m from Pinion (see the Company’s December 2, 2025 news release, Orla Mining Discovers High-Grade Oxide Gold Beyond Pit Shells at South Carlin Complex, Reinforcing Growth Trajectory Ahead of 2026 Construction). Importantly, none of the results from the 2025 program were included in the Study, representing near-term additional growth potential.

Over the past three years, including 2025, Orla has completed 57,800 metres of drilling in 266 holes, systematically testing priority targets to delineate extensions of known deposits, discover new oxide zones, confirm historical results, and refine geological models. This disciplined exploration strategy has confirmed the district scale potential of the South Carlin Complex and provides a strong foundation to unlock further upside and expand resources ahead of production and throughout the Project’s 10 year mine life. Orla expects to sustain aggressive exploration in 2026 and beyond, reinforcing its commitment to unlocking the full potential of the district.

Data Verification & QA/QC

Michael S. Lindholm, CPG, Principal Resource Geologist at RESPEC Company LLC and the Qualified Person for the South Railroad Mineral Resource estimate (except Pony Creek), last visited the site August 21, 2025. During this and prior visits, collar locations were verified, and core storage, security, and sampling procedures were observed. Core from both mineralized and unmineralized zones was examined. The database was reviewed and considered suitable for Mineral Resource estimation.

Michael Dufresne, P.Geo Principal at APEX Consulting Ltd. (“APEX”) and the Qualified Person for the Pony Creek Geology and Exploration visited the site from January 26 to 27, 2022. During the visit, collar locations were verified, along with core storage, security and sampling procedures. Core from mineralized and unmineralized zones were examined. Warren Black, P.Geo, Senior Consultant – Mineral Resources & Geostatistics and the Qualified Person for the Pony Creek Mineral Resource estimate reviewed the database and considered it suitable for Mineral Resource estimation.

Sampling and assay data from the drill core are monitored through a quality assurance–quality control program designed to follow industry best practices.

The independent Qualified Persons for the Mineral Resource estimate, Michael S. Lindholm and Warren Black are of the opinion that the drilling and sampling procedures for South Railroad and Pony Creek drill samples by Orla (and prior to acquisition by Gold Standard Ventures and Contract Gold) were reasonable and adequate for the purposes of the Mineral Resource estimate, and that the QA/QC program meets industry standards.

Technical Report

Additional supporting details regarding the information in this 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 with National Instrument 43-101 and filed on SEDAR+ and EDGAR under the Company’s profile at www.sedarplus.ca and www.sec.gov, respectively, within 45 days of this news release. The South Railroad Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. It will include further details on qualifications, assumptions, exclusions and risks that relate to the details of this news release, including the Study and Mineral Resource and Reserve estimate.

Qualified Persons Statement

The scientific and technical information in this news release related to the Study were provided, reviewed and approved by the authors listed in Table 7, who are Qualified Persons as defined under NI 43-101.

All other scientific and technical information in this news release was also 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 Qualified Persons as defined under NI 43-101.

Table 7: 2026 Feasibility Study Qualified Person

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 close to 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. Other than the new South Railroad Technical Report, which will be available within 45 days of this news release, the technical reports for the Company’s material projects are available on Orla’s website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company’s profile at www.sedarplus.ca and www.sec.gov, respectively.