Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an interim operational update for the first quarter ended March 31, 2023.

During the first quarter of 2023, the Camino Rojo Oxide Mine produced 25,910 ounces of gold and sold 26,752 ounces of gold. At March 31, 2023, Orla had a cash position of $83.8 million, after making its first planned income tax payment (including the Special Mining Duty) in Mexico of $29.1 million related to the 2022 fiscal year. The operations are performing to plan, and the Company remains on track to meet 2023 annual gold production guidance of 100,000 to 110,000 ounces.

Base Shelf Prospectus

In order to maintain financial flexibility, and consistent with past practice, the Company intends to file a new base shelf prospectus in April 2023. The Company has maintained a base shelf prospectus since 2019 and its existing base shelf prospectus expired on April 12, 2023. The Company has no present intention to offer securities pursuant to the new base shelf prospectus. The notice set out in this paragraph does not constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any securities.

Qualified Persons Statement

The scientific and technical information related to Camino Rojo 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 gold projects: (1) Camino Rojo, located in Zacatecas State, Mexico, (2) South Railroad, located in Nevada, United States, and (3) Cerro Quema, located in Los Santos Province, Panama. Orla is operating the Camino Rojo Oxide Gold Mine, a gold and silver open-pit and heap leach mine. The property is 100% owned by Orla and covers over 160,000 hectares which contains a large oxide and sulphide mineral resource. Orla also owns 100% of Cerro Quema located in Panama which includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets. Orla also owns 100% of the South Railroad Project, 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.sedar.com and www.sec.gov, respectively.