Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an operational update for the fourth quarter and year ended December 31, 2025, as well as 2026 guidance.

Orla exceeded its revised annual consolidated production guidance of 265,000 to 285,000 ounces of gold producing 300,620 oz in 2025. The Company anticipates full year 2025 all-in sustaining ¹ to be within the revised guidance range of $1,350-$1,550 /oz.

(All amounts expressed in millions of US dollars, as at December 31, 2025, and are unaudited)

Fourth Quarter and Full Year Operational Update

“Thanks to the effort and dedication of our people across the business, we successfully exceeded our annual production guidance — delivering more than 300,000 ounces for the first time in our history. The strength of our diversified portfolio was clearly demonstrated in the second half of 2025, driven by outstanding execution by our operations teams in Mexico and Canada. Despite short-term challenges at Camino Rojo, the operation has fully rebounded, and Musselwhite’s exceptional production performance in our first ten months of ownership propelled us to record annual production.

Our 2026 guidance reflects strong gold production and sustained investment to accelerate growth at Musselwhite, South Carlin, and Camino Rojo. Together, these priorities position us to deliver long-term value through disciplined execution of a high-quality pipeline of opportunities.”

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

Musselwhite Operations

During the quarter, Musselwhite mined 370,622 tonnes of ore and processed 361,407 tonnes at a mill head grade of 6.77 g/t gold. Gold recovery was 95.65% resulting in gold production of 75,818 ounces.

Musselwhite completed 3,338 metres of lateral development, the majority of which was to advance the 1080 exploration drift, to allow optimized underground diamond drilling in the PQ Extensions area with the objectives to continue growing reserves and resources in the extension of the mine trend.

The first ten months of Orla’s 24-month capital investment strategy — designed to support mine life extension and production growth — have already delivered meaningful benefits and are advancing our “Growth for Longer” vision. Our Canadian team leveraged new mobile equipment to drive operational outperformance and exceed production guidance, advanced the exploration drift at a rate ten times faster than previously achieved, and delivered early drilling success from both underground and surface programs. These efforts have added resources and extended the deposit by a further two kilometres, reinforcing the strong potential for a more material mine life extension.

During 2025, Musselwhite delivered stable underground production while transitioning ownership and integrating into Orla’s operating standards. Musselwhite produced 236,908 ounces of gold in full-year 2025, with 203,856 ounces attributable to Orla from the date of acquisition, exceeding the top end of production guidance.

Camino Rojo Operations

During the quarter, Camino Rojo mined over 1.7 million tonnes of ore and nearly 2.7 million tonnes of waste, for an implied strip ratio of 1.52. A total of 1.86 million tonnes of ore were stacked at an average grade of 0.47 g/t gold equating to an average daily stacking rate of about 20.2 thousand tonnes.

Our Camino Rojo team in Mexico responded rapidly and safely to the July pit wall event, mitigating the impact by processing stockpiled material while the north wall was re-established. With overburden removal now complete and mining returned to the main portion of the deposit, Camino Rojo is well positioned to deliver consistent performance in 2026. Camino Rojo produced 96,764 ounces of gold in 2025, in line with the revised annual guidance.

Liquidity Position

At December 31, 2025, Orla’s cash and debt positions were $420.8 million and $385.9 million, respectively resulting in a net cash position of $35.8 million³.

On December 3, 2025, Orla announced its inaugural quarterly cash dividend of US$0.015 per share. The dividend is payable on February 10, 2026, to shareholders of record as of January 12, 2026, representing an annualized dividend of US$0.06 per share. The announcement reflects management’s confidence in Orla’s financial strength and its ability to return capital to shareholders while continuing to fund growth initiatives.

2026 Guidance Summary

2026 Guidance Commentary

Musselwhite (Ontario, Canada)

In 2026, Musselwhite plans to mine and process approximately 1.2 million tonnes of ore at an average grade of about 6.25 g/t. To support this production profile, the mine is targeting approximately 12,000 metres of lateral development, representing an increase of roughly 2,000 metres over 2025. Mined and processed grades are expected to improve sequentially through the year, building through the first three quarters before stabilizing, and ranging from approximately 5.00 to 7.00 g/t, positioning the second half of the year as a particularly strong production period. Approximately 60% of ore tonnes will be sourced from PQ Extensions with the remainder of tonnes being derived from other areas of the mine.

Musselwhite sustaining capital is primarily focused on underground development ($50 million), additional mining and mining support equipment ($30 million), and PQ Extensions development ($14 million) which continues to provide access for the purposes of ore extraction from this zone. Non sustaining capital is also being deployed for the purpose of investing in future growth development and capitalized exploration. This includes capital development for the purposes of providing additional underground drill platforms, a significant increase in drilling activities from these platforms, and the continuation of the surface directional program.

Exploration efforts at Musselwhite for 2026 will be focused on advancing the second year of Orla’s aggressive two-year exploration strategy, building on the programs initiated in 2025. Efforts will continue to target the Mine Trend Extension, underground resource and reserve growth, and selective near-mine satellite opportunities, including the Camp Bay mineralized zone and the four-kilometre strike trend along the Musselwhite SE extension toward the Karl Zeemal mineralized zone. The Company plans to spend $35 million in exploration to conduct 85,500 metres of drilling in Canada during the year (non-sustaining capitalized and expensed).

Camino Rojo (Zacatecas, Mexico)

In 2026, Camino Rojo is expected to mine approximately 7.8 million tonnes of ore and 17.0 million tonnes of waste, resulting in an implied strip ratio of about 2.2. About 1.0 million tonnes of lower grade mined ore is expected to be stockpiled. The mine is projected to crush and stack nearly 7.0 million tonnes of material on the heap leach pad, equivalent to approximately 19,000 tonnes per day. Of the total waste mined, nearly 10.0 million tonnes are located in the layback area. This operating plan and production guidance assume the receipt of the required permits in the first quarter of 2026. The ore grade processed in 2026 is expected to average approximately 0.85 g/t. Similar to Musselwhite, the production profile is weighted toward the second half of the year, with mined grades improving steadily over the course of the year—from about 0.60 g/t early in the year to approximately 0.95 g/t in the latter part of the year.

Sustaining capital at Camino Rojo is expected to total $35 million, with $16 million related to capitalized stripping and $12 million related to the phase three leach pad expansion. Approximately two-thirds of the sustaining capital is expected to be spent in the first half of the year at Camino Rojo resulting in higher AISC in the first half compared with the second half. Non-sustaining capital is expected to total $5 million and relates to early development and exploration of the Camino Rojo Sulphide Project. Upon the completion of the Camino Rojo Sulphides Preliminary Economic Assessment (“PEA”) and receipt of necessary permits, the Company may look at increasing non-sustaining capital beyond the current 2026 guidance as it relates to advancing the exploration decline to support future drilling.

Total operating costs in 2026 are expected to be largely in line with 2025 levels, although royalties are anticipated to be higher from sustained higher gold prices. Sustaining capital and capitalized stripping represent notable year-over-year variances in 2026 and are expected to increase AISC accordingly. Camino Rojo is a high-margin gold producer and is well positioned to continue delivering strong cash flows to the business.

Following the release of an initial underground mineral resource estimate for the Camino Rojo Sulphides, the Company is in the process of completing a PEA, which is expected to be finalized in the first half of 2026. In parallel, the Company continues to advance additional testwork and field investigations in support of a Pre-Feasibility Study (“PFS”), with the resulting project parameters expected to form the basis for a permit application in Mexico in 2027.

Exploration efforts in Mexico for 2026 will advance a directional drill program to generate metallurgical, geotechnical and hydrological material to support the planned PFS. Additionally, priority regional drill targets will be tested for new discoveries. The Company plans to spend $7 million to conduct 8,700 metres of drilling in Mexico during the year (non-sustaining capitalized and expensed).

South Carlin Complex (Nevada, US)

In 2026, the Company is focused on advancing permitting and project development on the South Railroad Project, part of the larger South Carlin Complex.

The Company intends to allocate $215 million toward project construction at South Railroad in 2026. This spending relates to detailed engineering, construction readiness, and long-lead time procurement. Additional detail is outlined in the recent South Railroad Updated Feasibility Study press release dated January 15, 2026.

Exploration efforts in Nevada for 2026 are focused on growing and upgrading oxide resources at Pinion, Dark Star and Jasperoid Wash to extend mine life, and on drill testing the emerging Spike and Firebox oxide discoveries. The Company plans to spend $15 million to conduct 18,000 metres of drilling in Nevada during the year (expensed). The Company also expects to spend an additional $15 million on permitting and administrative costs in Nevada in 2026 (expensed).

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. 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.