Musselwhite Addition Increases Orla’s Production to 280 – 300 koz in 2025; Aggressive Investment to Enhance Future Growth

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results for the first quarter ended March 31, 2025.

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

First Quarter 2025 Highlights

• Record quarterly gold production of 47,759 ounces and total quarterly gold sold of 46,356 ounces (pre-released). First quarter all-in sustaining cost¹  was $845 per ounce of gold sold (Camino Rojo operations only).
• Acquisition of Musselwhite completed; integration process advancing.
• Updated 2025 production and AISC guidance, inclusive of Musselwhite, is 280,000 to 300,000 ounces of gold produced and $1,300 to $1,500 per ounce gold sold, respectively.² With first quarter production and costs, Orla is currently on plan to achieve full year guidance.
• Musselwhite investment of $115.0 million of exploration and capital to enhance future growth profile.
• Net loss for the first quarter was $69.8 million or $(0.22) per share, driven by the fair value adjustments on our financial instruments arising from the Musselwhite acquisition.
• Adjusted earnings¹ for the first quarter were $38.6 million or $0.12 per share.
• Cash flow from operating activities before changes in non-cash working capital during the first quarter was $401.2 million driven by the proceeds received from the gold prepayment³.
• Exploration and project expenditure¹ was $15.8 million during the quarter, of which $6.9 million was capitalized and $8.9 million was expensed.
• The Company ended the period with a cash balance of $184.2 million and $450 million in debt.

“We are proud of the continued consistency from our team in Mexico where the Camino Rojo Mine remains a strong cash flow generator. This quarter also marked a major milestone with the closing of the Musselwhite acquisition, expanding our presence in Canada, and increasing our annual gold production guidance to 280 – 300 thousand ounces. Over the next two quarters, our focus will be on integrating Musselwhite, laying the foundation for long-term success. Over the next 24 months and beyond, we plan to invest significantly in exploration and provide our new team with the resources to reshape Musselwhite beyond 2030. Our next step of growth will be driven by our U.S. team, where we continue to advance the South Railroad Project in Nevada through permitting and toward construction.”

–       Jason Simpson, President and Chief Executive Officer of Orla

Financial and Operations Update

First Quarter 2025 Consolidated Summary

Gold produced during the quarter totalled 47,759 ounces, with contributions from the Camino Rojo Oxide Mine and the Musselwhite Mine. While it was only a single month of production contribution from Musselwhite to Orla’s account, this total represented a quarterly record for the Company.

Gold sold during the quarter totalled 46,356 ounces, also a quarterly record. Cash costs and AISC totaled $597 and $845 per ounce of gold sold, respectively. Cash cost and AISC do not include the impact of Musselwhite. The closing of the Musselwhite transaction during the quarter resulted in one-time, non-cash accounting treatments impacting cost of sales and therefore cash cost and AISC calculation would not be representative of the performance of the mine for that period. Starting in the second quarter, and for the remainder of the year, Musselwhite will be included in the computation of cash cost and AISC.

Camino Rojo Operations Summary

The Camino Rojo Oxide Gold Mine produced 29,973 ounces of gold in the first quarter of 2025, in-line with plan.

During the quarter, Camino Rojo mined nearly 1.9 million tonnes of ore and 2.8 million tonnes of waste, for an implied strip ratio of 1.48. The operations achieved a daily stacking rate of 18.6 thousand tonnes per day at an average gold grade of 0.78 g/t, in line with the mine plan.

Gold sold during the first quarter 2025 totaled 30,512 ounces and sustaining capital during the first quarter of 2025 totaled $0.5 million.

On November 11, 2024, the Company completed and resubmitted the environmental permit application for the Camino Rojo pit extensions and layback. Since then, Orla has maintained regular engagement with federal and state level stakeholders and continued to engage with employees and communities about the scope of the application.

Musselwhite

On November 18, 2024, Orla announced the acquisition of the Musselwhite Mine from Newmont Corporation for upfront cash consideration of $810 million and gold-linked contingent consideration of $40 million. The transaction closed on February 28, 2025, and operational figures are provided from March 1, 2025, onwards.

During the month of March, Musselwhite mined 108,000 tonnes of ore and milled 104,000 tonnes at a mill head grade of 5.55 g/t gold. Gold recovery rates of 95.7% resulted in gold production of nearly 18,000 gold ounces. Mill throughput in March was 3,360 tonnes per day, a 10% improvement from average mill throughput in February.

Project and Exploration Summary

In the first quarter, exploration focused on drilling activities at Camino Rojo in Mexico and the South Carlin Complex (including the South Railroad Project) in Nevada. Exploration activities at Musselwhite were reactivated upon closing of the acquisition in March 2025. For the first quarter, a total of 11,008 metres were drilled, with 8,044 metres in Mexico, 549 metres in Nevada and 2,415 metres at Musslewhite.

Camino Rojo, Mexico:

In Mexico, the Company started the infill drill campaign at Zone 22, the extension of the Camino Rojo Sulphides. The 15,000-metre drill program is expected to be completed in the third quarter of 2025. Results from the current drill program will build on the initial Zone 22 inferred resource, which will be included as part of the upcoming Camino Rojo Mineral Resource update, expected in the second quarter of 2025. A drill campaign to test regional targets started in mid-April.

South Railroad Project & South Carlin Complex, Nevada:

The South Railroad Project is currently advancing under the guidance of the US Bureau of Land Management (BLM) in accordance with the National Environmental Policy Act (NEPA) for permitting.

Orla is encouraged by the current US administration’s momentum in advancing American mineral production. This includes the recent Executive Order supporting the development of critical minerals, which now includes gold. Gold is increasingly being recognized for its strategic role in economic resilience and national security.

Orla has held constructive meetings with political appointees at the Department of the Interior and the Acting Director of the Bureau of Land Management. The Company appreciates their continued support as the project moves through the permitting process.

Orla remains committed to following the proper regulatory pathways, while advocating for an efficient and timely review. The Notice of Intent (NOI) is expected to be published mid 2025, with the Company targeting a Record of Decision (final permitting decision) by mid-2026. Following this approval, construction on the South Railroad Project can advance to the earth movement stage, with first gold production anticipated in 2027.

Orla’s 2025 exploration program for the South Carlin Complex is focused on increasing near-deposit oxide resources at Pinion and Dark Star, advancing satellite deposits, and discovering new zones of oxide mineralization. Drilling was initiated in the first quarter but paused due to weather conditions and exploration drilling is expected to resume in May.

Musselwhite, Ontario:

At Musselwhite, underground exploration drilling to expand resources and reserves began in early March and is expected to continue through 2025. Beginning in the second quarter, Orla intends to launch an aggressive surface exploration program, including drilling aimed at confirming the down-plunge extension of the mine trend. This work is intended to expand the resource base and support technical studies for potential future mine expansions. A drill campaign testing near-mine targets with the goal of identifying shallow, near-mine open pit mill feed is planned to start mid-year.

2025 Guidance Summary (Updated)

On January 16, 2025, the Company announced its full year 2025 annual guidance, which included the outlook for production, operating costs, capital costs, and exploration spending at Camino Rojo and South Railroad, but which excluded the Musselwhite Mine. On February 28, 2025, the Company completed the acquisition of Musselwhite. The following table provides updated guidance including 10 months of operations at the Musselwhite Mine. Cash cost and all-in sustaining cost guidance for Musselwhite is for 9 months from April to December 2025.

The closing of the Musselwhite transaction during the quarter resulted in one-time, non-cash accounting treatments impacting cost of sales and therefore cash cost and AISC calculation would not be representative of the performance of the mine for that period. Therefore, we excluded Musselwhite from cash cost and AISC for the first quarter of 2025.

Updated Guidance Commentary

Orla’s updated gold production guidance range includes the Musselwhite operation for the 10-month period under Orla ownership. The production guidance range is 280,000 to 300,000 ounces of gold. AISC guidance for 2025 is in the range of $1,300 to $1,500 per ounce of gold sold, which reflects consolidated production and costs from Camino Rojo, Musselwhite and includes corporate G&A.

Camino Rojo & South Railroad

The Company has revised the sustaining capital guidance for Camino Rojo to $5 million, down from the preliminary estimate of $10 million, reflecting a decision to expense, rather than capitalize, waste movement activities in alignment with the current operational approach. Otherwise, updated guidance for Camino Rojo and South Railroad remains consistent with preliminary guidance provided in January 2025.

Musselwhite Operations

Production guidance for Musselwhite is 170,000 to 180,000 ounces of gold. This includes production from March 1, 2025 following the closing of the acquisition. Cash cost and all-in sustaining cost guidance range is $1,000 to $1,200 and $1,550 to $1,750 per ounce of gold sold, respectively, for the nine-month period starting April 1, 2025.

Sustaining capital expenditures guidance is $90 million with the majority of the investment relating to underground lateral development and underground mobile equipment in order to improve ore availability and efficiency for future years.

Musselwhite Exploration and Evaluation

As stated in Orla’s April 1, 2025, press release, Orla has launched an aggressive $25 million drill program at Musselwhite for 2025. Of the $25 million, $18 million will be considered non-sustaining capital expenditures and $7 million will be expensed. The 2025 program is as follows:

1. Underground drilling to replace and expand reserves and resources.
2. Directional drilling from surface to prove the open down-plunge extension of the Mine Trend; the first surface program since 2020.
3. Drill testing priority near-mine targets to identify potential new mill feed material.

Corporate G&A

Total corporate G&A includes regular costs, non-cash share-based compensation, and one-time transaction costs associated with the closing of the Musselwhite transaction which amount to approximately $10 million. Those transaction costs are excluded from the AISC calculation. Please refer to the non-GAAP section.

Financial Statements

Orla’s unaudited financial statements and management’s discussion and analysis for the quarter ended March 31, 2025, are available on the Company’s website at www.orlamining.com, and under the Company’s profiles on SEDAR+ and EDGAR.

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, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 – Standards of Disclosure for Mineral Projects.

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.