Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an interim operational update for the second quarter ended June 30, 2024.

(All amounts expressed in millions of US dollars, as at June 30, 2024 and are unaudited unless otherwise stated)

Second Quarter 2024 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced 33,206 ounces and sold 34,875 ounces of gold during the second quarter 2024.

At June 30, 2024, Orla had cash of $154.3 million and total debt of $78.4 million, resulting in a net cash position of $75.9 million¹. The Company has an undrawn amount of $71.6 million available on its revolving credit facility, which supports total liquidity of $225.9 million at quarter end¹. The liquidity position at June 30, 2024, is shown below. Financial and operating results for the second quarter 2024 will be provided on August 12, 2024.

Liquidity Position

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 two material gold projects: (1) Camino Rojo, located in Zacatecas State, Mexico and (2) South Railroad, located in Nevada, United States. 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 139,000 hectares which contains a large oxide and sulphide mineral resource. Orla is also developing 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.sedarplus.ca and www.sec.gov, respectively.

Non-GAAP Measures

The Company has included certain performance measures in this news release which are not specified, defined, or determined under generally accepted accounting principles (in the Company’s case, International Financial Reporting Standards (“IFRS”)). These are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, the Company uses such measures to provide additional information and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles. In this section, all currency figures in tables are in millions, except per-share and per-ounce amount.

Net Cash

Net cash is calculated as cash and cash equivalents and short-term investments less total debt at the end of the reporting period. This measure is used by management to measure the Company’s debt leverage. The Company believes that net cash is useful in evaluating the Company’s leverage and is also a key metric in determining the cost of debt. 

Liquidity

Liquidity is calculated as the sum of cash and cash equivalents, short-term Investments, and undrawn amounts available under the Company’s revolving credit facility. Liquidity does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. The Company believes that liquidity is useful to evaluate the Company’s ability to meet its short -term obligations as they come due.

Preliminary Financial Results

The financial results contained in this news release for the three- and six-month periods ended June 30, 2024 are preliminary. Such results represent the most current information available to the Company’s management, as the Company completes its financial procedures. The Company’s interim consolidated financial statements for such period may result in material changes to the financial information contained in this news release (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal period end accounting procedures and adjustments.