High grade intersections outside current resource panels enhances potential

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an exploration update from the Camino Rojo deposit in Zacatecas, Mexico, focusing on Zone 22 extensions of the Sulphides. The presence of high-grade mineralization, along with straightforward metallurgy and polymetallic characteristics, highlights Zone 22’s strong potential to enhance the underground resource.

The 15,000-metre infill drilling program, launched in early 2025 to target the upper 500 metres of Zone 22, was completed on July 18. Drilling has consistently returned high-grade Au-Ag-Zn mineralization, supporting the June 2025 initial underground Mineral Resource estimate and enhancing the potential for both resource growth and classification upgrades. Given the success to date, the Company has expanded the program by an additional 5,000 metres in 2025, sourced from within the existing 2025 exploration budget.

The infill drill results will support an updated underground resource estimate for the Camino Rojo deposit, which is expected to feed into the planned 2026 Preliminary Economic Assessment (PEA).

Highlights:

• High-grade intersections (reported as true widths) outside current resource panels¹:
  • 142.0 g/t AuEq over 1.4 m (Hole CRSX24-36D)
  • 9.8 g/t AuEq over 9.4 m (Hole CRSX25-47B)
  • 9.0 g/t AuEq over 7.9 m (Hole CRSX25-48A)
  • 6.2 g/t AuEq over 9.6 m (Hole CRSX25-50A)
  • 14.2 g/t AuEq over 3.3 m (Hole CRSX25-46C)
  • 4.2 g/t AuEq over 11.4 m (Hole CRSX24-46)
  • 25.9 g/t AuEq over 1.2 m (Hole CRSX24-36D)
• Increasing resource confidence: Drill spacing was tightened to 30-80 metres within the upper 500 metres of Zone 22, supporting a potential resource classification upgrade planned for 2026 and guiding extension drilling along the main plunge extensions.

“The Zone 22 Infill Program has delivered consistent high-grade results, strengthening our resource model and reinforcing Zone 22 as key to Camino Rojo’s underground potential. With mineralization still open, we see strong upside for further growth.”

– Sylvain Guerard, Orla’s Senior Vice President, Exploration

2025 Zone 22 Infill Program Highlights and Significance of Results

The 2025 Zone 22 program aimed to confirm, upgrade, and extend the continuity of high-grade polymetallic (Au-Ag-Zn-Pb-Cu) mineralization along the down-plunge extension of the Camino Rojo deposit. The 2025 program is focused on tightening drill spacing to enhance resource confidence and better define the geometry of high-grade zones. This campaign builds on the successful 2024 drilling campaign which extended mineralization nearly one kilometre down plunge, and the initial 2025 underground Mineral Resource estimate. (Please see press releases dated December 10, 2024, and June 5, 2025).

This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program. The 2024 results had not yet been reported and were not included in the initial underground resource estimate (Figures 1, 2).

To date, 15 significant mineralized intersections have been identified outside the current resource panels, each with a grade-by-thickness factor exceeding 30 g/t AuEq•m. Estimated true widths range from 1.2 to 11.9 metres including narrower intervals (0.4 to 1.8 metres true width) of elevated gold grades of 10.3 to 142.0 g/t and zinc values ranging from 5.07% to 18.65%. Additionally, four composites, ranging from 18.0 to 25.0 g/t AuEq•m, are located within the current resource panels, while four additional composites are found outside the current resource. See Figures 3 to 6 and Table 1 for the drill intersection highlights.

The infill program continues to confirm the presence of high-grade polymetallic mineralized zones with both steep and gently dipping (flat) geometries.

Zone 22: The Vertical and Down-plunge Continuation of the Camino Rojo Deposit

The Camino Rojo deposit comprises three continuous zones with distinct characteristics:

1. The Camino Rojo Oxide Deposit (“Camino Rojo Oxides”), hosted by the Caracol formation,
2. The Camino Rojo Sulphide Deposit, the sulphide continuation of the Camino Rojo Oxides, also hosted by the Caracol formation (“Camino Rojo Sulphides” or “Sulphides”); and
3. Zone 22, an extension of the Sulphides, hosted by the limestone-rich Indidura, Cuesta del Cura, La Peña, and Cupido formations.

Zone 22, the vertical and down-plunge extension of the Camino Rojo Sulphides, extends through multiple limestone-rich formations and remains open at depth (Figures 3, 4). Mineralization has been identified across all drilled units, with current drilling defining a zone 500 metres along strike, a horizontal thickness of 200 to 400 metres and extending from 700 to 1,300 metres in vertical depth below surface.

Exploration Planning – Increasing Metres & Exploration Drift Proposed

Supported by strong results, total drilling is now expected to reach approximately 20,000 metres by year-end, exceeding the original 2025 plan of 15,000 metres. Two drill rigs will continue operating through year-end, targeting further infill and extension of Zone 22 (Figure 4). The drill program is planned to continue into 2026, progressively infilling down-plunge mineralized trends – one Au-Ag-Zn and the other Au-Ag-Cu – while increasing confidence in the existing resource.

As part of future planning, an exploration drift is proposed to enable tighter-spaced underground drilling to further refine resource definition. Technical work is ongoing to support the transition to advanced studies. Permitting and early-stage development planning are underway, with drift construction potentially beginning in 2026, subject to permit approval.

Table 1: Drill Intersection Detailed Highlights²

Additional Technical Information

All mineralized interval lengths reported are down-hole intervals, with true width estimates ranging from 45-97% for the reported interval for all composites >3 (see Appendix table 1) or >1.5 (see Appendix table 2) grade-by-thickness factor (AuEq g/t*m). See Table 1 in the Appendix of this news release for estimated true widths of individual composites. A standard sampling length of 1.5 metres is used with a minimum of 0.5 metres when required based on geological contacts. Drill core is mainly HQ diameter, with reduction to NQ where necessary due to drilling depth. The reported composites were not subject to “capping” of high grades. Orla believes that applying a top cut would have a negligible effect on overall grades. Composites for the sulphide drilling were calculated using 2.0 g/t AuEq cut-off grade and maximum 3 metres consecutive waste.

Qualified Persons Statement       

The scientific and technical information in this news release has been reviewed and approved by Mr. Sylvain Guerard, P Geo., SVP Exploration of the Company, who is the Qualified Person as defined under the definitions of National Instrument 43-101.

To verify the information related to the 2025 drilling program at the Camino Rojo property, Mr. Guerard has visited the property this year; discussed logging, sampling, and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations.

Quality Assurance / Quality Control – 2025 Drill Program

All gold results at Camino Rojo were obtained by ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analysed for multi-elements, including silver, copper, lead and zinc using a four-acid digestion with ICP-AES finish (ME-ICP61) method at ALS Laboratories in Canada. If samples were returned with gold values in excess of 10 ppm or base metal values in excess of 1% by ICP analysis, samples are re-run with gold (Au-GRA21) by fire assay and gravimetric finish or base metal by (OG62) four acid overlimit methods. Drill program design, Quality Assurance/Quality Control and interpretation of results were performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards were inserted at a frequency of one in every 50 samples, and blanks were inserted at a frequency of one in every 50 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. ALS Minerals and ALS Laboratories are independent of Orla. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the drilling data at Camino Rojo.

For additional information on the Company’s previously reported drill results, see the Camino Rojo Report and the Company’s press releases dated February 4, 2021 (Orla Mining Provides Exploration Update), September 12, 2022 (Orla Mining Advances Exploration & Growth Pipeline), January 31, 2023 (Orla Mining Continues to Intersect Wide, Higher-Grade Sulphide Zones and Expose Deeper Potential at Camino Rojo, Mexico), February 7, 2024 (Orla Mining Concludes 2023 Camino Rojo Sulphides Infill Program with Strong Results), June 26, 2024 (Orla Mining Reports Positive Drilling Intersections and Metallurgical Results at Camino Rojo Sulphide Extensions) and December, 10, 2024 (Orla Expands High-Grade Mineralization 800 Metres Beyond Current Resource in Extension Drilling at Camino Rojo, Mexico).

For additional information on the Company’s QAQC program, including drilling and sampling procedures, see the Company’s technical report entitled “NI 43-101 Technical Report Camino Rojo Project, Zacatecas, Mexico”  with an  effective date of March 31, 2025 (the “Camino Rojo Report”), which is available on SEDAR+ and EDGAR under the Company’s profile at www.sedarplus.ca and www.sec.gov, respectively.

Gold Equivalent Calculations

The following metal prices in USD were used for the gold metal equivalent calculations: $1,750/oz gold, $21/oz silver, $0.90/lb lead, $1.20/lb zinc, and $3.50/lb copper. Metal recoveries on the Sulphide extension, based on the total recovery for the sulphide portion of the existing resource estimate, were 86% for gold, 76% for silver, 60% for lead, and 64% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for copper. Metal recoveries on Zone 22, based on a preliminary metallurgical study, were 88% for gold and 92% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for silver, 85% for lead and 85% for copper.

The following equations were used to calculate gold equivalence:

Camino Rojo Sulphide AuEq = Au (g/t) + [Ag (g/t) * 0.0106] + [Pb (%) * 0.2460] + [Zn (%) * 0.3499] + [Cu (%) * 1.3555]

Camino Rojo Zone 22 AuEq = Au (g/t) + [Ag (g/t) * 0.0116] + [Pb (%) * 0.3406] + [Zn (%) * 0.4916] + [Cu (%) * 1.3247]

Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for the recoveries used above.

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.

Appendix: Drill Results 

Table 1: Camino Rojo Sulphide Extension Composite Drill Results (Composites 2g/t AuEq cog) 

Criteria: Cut off grade 2g/t AuEq, minimum length 1.5m, maximum consecutive internal waste 3m, if Au grade x length > 3 the composite will be added 
Price Assumptions: Au = 1750usd oz, Ag = 21usd oz, Cu = 3.5usd lb, Zn = 1.2usd lb

Table 2: Camino Rojo Sulphide Composite Drill Results (Composites 1g/t Au cog)

Criteria: Cut off grade 1g/t Au, minimum length 1.5m, maximum consecutive internal waste 6m, if Au grade x length > 1.5 the composite will be added 
Price Assumptions: Au = 1750usd oz, Ag = 21usd oz, Cu = 3.5usd lb, Zn = 1.2usd lb

Table 3: Camino Rojo Sulphide Extension Drill Hole Collars 

Figure 1: Plan View Showing Location of Reported Drill Holes (CNW Group/Orla Mining Ltd.)

Figure 2: Camino Rojo Long Section Overview with Recently Reported Initial Underground Resources (June 5, 2025, Press Release) (CNW Group/Orla Mining Ltd.)

Figure 3: Camino Rojo Long Section Drill Result Highlights (CNW Group/Orla Mining Ltd.)

Figure 4: Camino Rojo Long Section Drill Result Highlights and 2025 Planned Holes (CNW Group/Orla Mining Ltd.)

Figure 5: Camino Rojo Cross Section Drill Intersection Highlights (CNW Group/Orla Mining Ltd.)

Figure 6: Camino Rojo Cross Section Drill Intersection Highlights (CNW Group/Orla Mining Ltd.)