Continued Operating Outperformance and Musselwhite Addition Provides Momentum for Catalyst-Rich 2025

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results for the fourth quarter and year ended December 31, 2024.

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

Fourth Quarter 2024 Highlights

• Fourth quarter gold production was 26,531 ounces and gold sold was 33,288 ounces. Total annual gold production for 2024 was 136,748 ounces and the Company achieved its improved full-year 2024 production guidance range of 130,000 to 140,000 ounces (pre-released).
• Fourth quarter all-in sustaining cost¹ was $826 per ounce of gold sold, while full year AISC was $805 per ounce of gold sold, at the low end of the improved guidance range of $800 to $900 per ounce of gold sold.
• Net income for the fourth quarter was $26.1 million or $0.08 per share.
• Adjusted earnings¹ for the fourth quarter were $22.0 million or $0.07 per share.
• Fourth quarter operating profit margin² of 64%, and net profit margin³ of 28%.
• Cash flow from operating activities before changes in non-cash working capital during the fourth quarter was $46.0 million.
• Exploration and project expenditure¹ was $12.2 million during the quarter, of which $2.6 million was capitalized and $9.6 million was expensed.
• On November 18, 2024, the Company announced the acquisition of the Musselwhite Mine in Ontario, Canada for $810 million plus $40 million in contingent consideration. The addition of the producing Musselwhite Mine more than doubles Orla’s gold production and enhances the Company’s North American platform. The acquisition closed on February 28, 2025. Updated guidance inclusive of Musselwhite will be provided in the second quarter of 2025.
• During the quarter, the Company repaid the entirety of the outstanding balance on its revolving credit facility totalling $58.4 million and ended 2024 with a cash balance $161 million and no debt.

“2024 marked a pivotal year for Orla, with record production from Camino Rojo and the addition of the Musselwhite Mine expanding our footprint into Canada. While detailed guidance will be provided in the second quarter, we expect that adding Musselwhite production will more than double 2024 production. We intend to continue to invest in growth and exploration across the entire portfolio.”
–       Jason Simpson, President and Chief Executive Officer of Orla

Financial and Operations Update

Fourth Quarter 2024 Financial and Operations Summary

The Camino Rojo Oxide Gold Mine produced 26,531 ounces of gold in the fourth quarter of 2024 at an average ore stacking rate of 18,487 tonnes per day. The average mining rate during the fourth quarter was 50,238 tonnes per day with a strip ratio of 1.54. The higher strip ratio in the quarter is a result of a mine pit redesign to ensure consistent access to ore to maintain balanced production. The average grade of ore stacked during the fourth quarter was 0.94 g/t gold, in-line with plan. Gold sold during the fourth quarter 2024 totaled 33,288 ounces and cash costs and AISC totaled $550 and $826 per ounce of gold sold, respectively. Sustaining capital during the fourth quarter of 2024 totaled $2.4 million.

On November 11, 2024, the Company completed and re-submitted the environmental permit application for the Camino Rojo pit extensions and layback.

Musselwhite Acquisition

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.

This acquisition builds on Orla’s established track record of development and operating success and is aligned with the Company’s strategy for growth and value creation, as exemplified by an over 500% share return in the Company’s less than 10-year history. The addition of Musselwhite transforms Orla into a multi-asset intermediate producer with production expected to more than double, based on the 2024 technical report⁴.

The transaction was structured to take advantage of Orla’s strong balance sheet and financial flexibility and avoids any upfront equity dilution. The $810 million in upfront consideration has been funded through a $250 million credit facility, a $360 million gold pre-payment facility, and $200 million in senior unsecured convertible notes. Refer to the Company’s news release from March 3, 2025 for specific details on each facility.

Musselwhite is a producing, underground gold mine located on the shore of Opapimiskan Lake in Northwestern Ontario. It has been in operation for over 25 years, having produced close to 6 million ounces of gold to date, with a long history of resource growth and conversion.

Based only on the Musselwhite Technical Report, Musselwhite has a mine life until 2030 with average annual gold production of 202 koz at $1,269/oz AISC. Significant opportunities exist to optimize the operation and extend mine life through known extensions of the ore body.

Exploration Update

In the fourth quarter, exploration focused on drilling activities at Camino Rojo in Mexico and the South Carlin Complex (including the South Railroad Project) in Nevada. For 2024, a total of 61,384 metres were drilled, with 42,375 metres in Mexico and 19,009 metres in Nevada.

In 2025, the Company plans to invest $30 million in exploration across Mexico and Nevada. Orla intends to begin aggressively exploring at Musselwhite and 2025 guidance will be provided in the second quarter.

Camino Rojo, Mexico:

In Mexico during the fourth quarter, the Company completed the drill campaign at Camino Rojo extension, now referred to as “Zone 22”. The first year of drilling in Zone 22 successfully defined mineralization up to 0.9 kilometres from the current resource boundary, with the system remaining open down plunge and at depth. The upper portion of Zone 22 is expected to form an initial inferred resource, which will be integrated into the underground resources of the Camino sulphide deposit planned for the second quarter 2025.

South Carlin Complex, Nevada:

In Nevada, 2024 marked another successful year of exploration at the South Carlin Complex, with significant drill results at multiple targets over the entire 30-kilometre property strike length. Highlights include the intersections of high-grade oxide mineralization outside the projected open-pit limits at Dark Star and Pinion, indicating potential for extensions and resource growth.

In the South Area of the property, extended by the acquisition of Contact Gold’s Pony Creek property in early 2024, drilling focused on gold-bearing structural trends identified by geochemical anomalies, resulting in shallow oxide mineralization at multiple targets. This drilling, along with a notable intersection within the Bowl deposit, strengthens confidence in the potential for additional oxide resource definition.

Musselwhite, Ontario:

The 2025 exploration plan at Musselwhite has been defined, with ongoing drilling to focus on underground exploration to expand resources and reserves. The Company plans to reactivate an aggressive surface exploration program beginning in the second quarter, including deep drilling on the down-plunge extension of the mine trend to expand resources and to support technical studies for potential future production increases. Exploration plans also include testing near-mine targets in the second half of 2025.

South Railroad Project Update

The South Railroad Project, situated on federal land, 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. The Environmental Impact Statement (EIS) contractor is finalizing the Supplemental Environmental Reports (SERs) required by the BLM prior to issuing the Notice of Intent (NOI).

The NOI is expected to be published in the first half of 2025, with the Company targeting a Record of Decision (final permitting decision) by mid-2026. Following this approval, construction on the South Railroad Project would commence, with first gold production anticipated in 2027.

The Engineering, Procurement, and Construction Management (EPCM) contract has been awarded to M3 Engineering & Technology Corp. Basic engineering has commenced and will proceed throughout 2025 and 2026 to support the start of construction following the Record of Decision. Long-lead equipment will be identified, with purchase orders potentially beginning in 2025.

2025 Guidance Summary (Preliminary)

The Company’s preliminary 2025 guidance is set forth below. This preliminary guidance does not reflect the benefits of the Company’s acquisition of the Musselwhite Mine from Newmont Corporation, which closed on February 28, 2025. Updated 2025 guidance, including the Musselwhite Mine and corporate G&A will be provided during the second quarter.

Financial Statements

Orla’s audited financial statements and management’s discussion and analysis for the year ended December 31,2024, 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 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. 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.