Company Striding Towards Record Year of Production and Cash Flow

Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results for the third quarter ended September 30, 2024.

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

Third Quarter 2024 Highlights

• Third quarter gold production was 43,788 ounces and gold sold was 38,265 ounces. As a result of the continued outperformance at Camino Rojo, the Company increased its full year gold production guidance to 130,000 to 140,000 ounces. (pre-released).
• Third quarter all-in sustaining cost¹ was $720 per ounce of gold sold, while year to date AISC was $798 per ounce of gold sold. Full year AISC is expected to reach the low end of the improved guidance range of $800 to $900 per ounce of gold sold.
• Net income for the third quarter was $21.1 million or $0.07 per share.
• Adjusted earnings¹ for the third quarter were $19.2 million or $0.06 per share.
• Third quarter operating profit margin² of 65%, and net profit margin³ of 21%.
• Cash flow from operating activities before changes in non-cash working capital during the third quarter was $52.0 million.
• In October, the Company repaid the entirety of the outstanding balance on its revolving credit facility totalling $58.4 million, establishing the Company as debt free with cash on hand of $133.4 million on October 31, 2024. The undrawn credit facility will remain in place and total pro forma liquidity totals $283.4 million at October 31, 2024.
• Exploration and project expenditure¹ was $17.4 million during the quarter, of which $3.7 million was capitalized and $13.7 million was expensed.
• Recent exploration success across the portfolio includes identification of near-deposit expansion opportunities at South Railroad (released), and ongoing drilling that is intersecting mineralization from 0.5 to up to one kilometre beyond the current Camino Rojo Sulphide mineral resource, with new drill results forthcoming.
• As part of South Railroad Project permitting, the Company has completed 15 of 20 Supplemental Environmental Reports (SERs), required by the US Bureau of Land Management (BLM) prior to issuing a Notice of Intent (NOI), expected to be published in early 2025. The Company is targeting a Record of Decision (final permitting decision) by mid-2026.
• As at September 30, 2024, Orla’s cash balance was $180.9 million, an increase of $26.6 million over the previous quarter. Net cash¹ at the end of the quarter was $122.5 million.

“Our business continues to make strong progress across all areas with highlights during the quarter in operations, development, and exploration. Most notably, Camino Rojo’s operations are generating significant cash flow which has allowed us to repay our debt well ahead of schedule and providing the foundation to invest in future growth and discovery.”

–       Jason Simpson, President and Chief Executive Officer of Orla

Financial and Operations Update

Third Quarter 2024 Financial and Operations Summary

The Camino Rojo Oxide Gold Mine produced 43,788 ounces of gold in the third quarter of 2024 at an average ore stacking rate of 18,434 tonnes per day. The average mining rate during the third quarter was 51,982 tonnes per day with a strip ratio of 1.46. 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 third quarter was 0.93 g/t gold, in-line with plan. Gold sold during the third quarter 2024 totaled 38,265 ounces and cash costs and AISC totaled $482 and $720 per ounce of gold sold, respectively.

Sustaining capital during the third quarter of 2024 totaled $4.1 million. This included mainly the construction of phase 2 of the heap leach pad which was completed during the quarter.

During the second half of 2023, we initiated a program to test the impact of reduced crushed size from P80 28mm to P80 23mm. As a result, 2024 production has seen an increase of approximately 5% in the realized gold recovery due to the finer crusher size.

Earlier in 2024, the Company submitted modifications to its MIA permit, (Environmental Impact Statement, in Spanish, Manifesto de Impacto Ambiental, or “MIA”), for the Camino Rojo mine to support pit laybacks. While these modifications were not approved by SEMARNAT, the Company has since completed and re-submitted the permit application on November 11th, addressing SEMARNAT’s observations.

Exploration Update

In the third quarter, exploration focused on drilling activities at Camino Rojo in Mexico and the South Carlin Complex (including South Railroad) in Nevada. By the end of the quarter, a total of 40,743 metres had been drilled, with 27,358 metres in Mexico and 13,385 metres in Nevada.

Camino Rojo:

This quarter, near-mine exploration at Camino Rojo focused on the promising Camino Rojo Extension, now referred to as “Zone 22”. A 30,000-metre drill program is underway to test and expand the potential of this still-open mineralization beneath existing resources at the Camino Rojo deposit. The Company drilled 8,739 metres and completed 8 holes during the quarter.

In late June, Orla issued a news release highlighting positive drill intersections and metallurgical results from the first half of 2024 at the Camino Rojo Sulphide Extension. These results confirm the presence of flat-lying (mantos) and steep sulphide replacement-style mineralization, along with skarn-type alteration, extending at least 500 meters down plunge from the existing resource.

Drilling is continuing to target deeper extensions, from 0.5 to 1 kilometre down plunge. Chalcopyrite-bearing intercepts indicate a newly identified copper-rich phase of mineralization, with ongoing drilling further defining down-plunge extensions of both the copper-gold and gold-silver-zinc trends. An update on recent Zone 22 exploration progress is planned for the fourth quarter. Regional exploration began in the second quarter, with drilling underway at three targets and assays pending.

South Railroad (South Carlin Complex) Exploration and Permitting Update:

On October 31, 2024, the Company released an update on exploration and permitting activities at the South Railroad Project.

Recent drilling has intersected significant gold mineralization, demonstrating strong potential to expand oxide gold beyond projected open-pit boundaries, potentially extending mine life at the Pinion and Dark Star deposits. Higher-grade sulphide gold mineralization is also being encountered. Exploration drilling will continue through the season, with follow-up drilling at Pinion and Dark Star, as well as exploration from Jasperoid Wash to the Pony Creek project area in the southern part of the property.

With the acquisition and integration of the Pony Creek property, the expanded land package is now referred to as the South Carlin Complex. This complex, which includes the Company’s South Railroad Project, spans a 30-kilometer strike length and covers approximately 25,000 hectares along the Carlin Trend.

Permitting and development efforts are advancing, with construction targeted to begin in 2026 and first gold production anticipated in 2027.

2024 Guidance Tracking – Q3 Update

Financial Statements

Orla’s unaudited financial statements and management’s discussion and analysis for the quarter ended September 30, 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 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. The project is located on the Company’s 25,000-hectare South Carlin Complex, in Nevada, which contains several mineral resources and exploration targets. Orla also owns 100% of Cerro Quema located in Panama which includes a pre-feasibility-stage, open-pit, heap leach gold project and a copper-gold sulphide resource. 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.