Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results for the third quarter September 30, 2025.

Third Quarter 2025 Summary

• Third quarter gold production of 79,645 ounces and total quarterly gold sold of 78,857 ounces, generating $275.0 million in revenue.
• Third quarter all-in sustaining cost¹ (“AISC”) was $1,641 per ounce of gold sold. Year to date AISC of $1,420 per ounce of gold sold.
• Net income for the third quarter was $49.3 million or $0.15 per share
• Adjusted earnings¹ for the third quarter were $73.0 million or $0.22 per share.
• Cash flow from operating activities before changes in non-cash working capital during the third quarter was $113.1 million.
• Exploration and project expenditure¹ was $38.8 million during the quarter, of which $12.8 million was expensed and $26.0 million was capitalized.
• Musselwhite initial exploration results confirm a potential two-kilometre extension of the mine’s main gold trend indicating substantial potential to extend mine life and increase production.
• The Company experienced a pit wall event at Camino Rojo on July 23^rd resulting in an operational pause and mine resequencing. The stabilization plan is currently on track and Orla reaffirms its revised production and cost guidance of 265,000 to 285,000 ounces of gold production and AISC of $1,350 to $1,550 per ounces of gold sold.
• The Company ended the quarter with $326.9 million in cash and $420.0 million in debt, resulting in $93.1 million in net debt¹ and $356.9 million in liquidity¹.

“Orla delivered strong results in the third quarter, achieving a record $93 million in free cash flow¹ and strengthening our balance sheet. This performance positions the Company to self-fund the next stage of growth at South Railroad, consider return of capital initiatives, and underscores the quality of our assets and execution.

While the quarter also brought its challenges, I’m proud of our team’s resilience and focus in navigating them. As we move toward year-end, we remain committed to finishing strong, targeting the upper end of our production guidance, and advancing our key growth projects — further reinforcing Orla’s standing as the emerging producer of choice.”

–       Jason Simpson, President and Chief Executive Officer of Orla

Financial and Operations Update

Third Quarter 2025 Consolidated Summary

Gold produced during the quarter totaled 79,645 ounces, with contributions from the Musselwhite Mine and the Camino Rojo Oxide Mine. This period represented the second full quarter of contribution from Musselwhite, resulting in a quarterly record for production for the Company.

Gold sold during the quarter totaled 78,857 ounces, also a quarterly record. Consolidated cash costs and AISC totaled $1,200 and $1,641 per ounce of gold sold, respectively.

Musselwhite

During the quarter, Musselwhite mined 325,923 tonnes of ore and processed 329,634 tonnes at a mill head grade of 5.87 g/t gold. Gold recovery rates of 95.3% resulted in gold production of 57,586 ounces. Gold sold during the quarter was 56,897 ounces.

Lateral development metres in the quarter totalled 2,738 metres. Lateral development allows access to mining horizons for existing reserves and provides additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories. During the quarter, lateral development amounted to $45.5 million of which $38.1 was expensed and $7.4 million was capitalized.

Tonnes mined continued to improve in the third quarter, with two stopes being in full production at the end of the period. In addition, the stope in the Redwings area, commissioned in September, will continue contributing to increased ore delivery through the remainder of the year.

Sustaining capex was $18.3 million, mostly driven by underground development and PQ Deep Extension.

Camino Rojo Operations Summary

The Camino Rojo Oxide Gold Mine produced 22,059 ounces of gold in the third quarter of 2025, in-line with plan.

During the quarter, Camino Rojo mined over 0.7 million tonnes of ore and nearly 2.4 million tonnes of waste, for an implied strip ratio of 3.34. This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio.

During the quarter, a total of 2.8 million tonnes of ore grading an average of 0.40 g/t gold were placed on the heap leach pad. This included material from low-grade stockpiles that was stacked while mining activities were temporarily paused following the pit wall event in late July. Gold sold during the quarter totaled 21,961 ounces and sustaining capital during the third quarter of 2025 totaled $4.6 million.

On July 23^rd, Camino Rojo experienced an uncontrolled material movement on the north wall, resulting in no injuries or equipment damage. Work on the action plan is well underway, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. Approximately 9.0 million tonnes of predominantly oxidized material (strip ratio 1:0.9, average grade 0.74 g/t Au) is planned to be removed and stacked on the heap leach. No material was lost or sterilized; the update to 2025 guidance reflects a deferral of production based on grade and recovery mix.

On November 4, 2025, employees at the Camino Rojo Mine approved the recently negotiated collective bargaining agreement, reinforcing a constructive labour relationship and operational continuity.

Project and Exploration Summary

During the quarter, exploration focused on drilling activities at Musselwhite in Canada, Camino Rojo in Mexico, and the South Carlin Complex (including the South Railroad Project) in Nevada. For the third quarter, a total of 35,306 metres were drilled, with 21,693 metres at Musselwhite, 6,381 metres in Mexico, and 7,232 metres in Nevada. Project development activities during the period focused on advancing permitting efforts and feasibility study update for the South Railroad Project in Nevada and progressing the potential underground development at Camino Rojo.

Musselwhite, Ontario:

The 2025 exploration program at Musselwhite is focused on defining the extent and continuity of mineralization across priority zones, particularly along the mine trend extension, and to define reserves, resources, and inventory to support production and extend the mine life. Following Orla’s acquisition of Musselwhite in February 2025, the Company launched an aggressive two-year exploration program designed to accomplish the following:

1. Test Mine Trend Extensions: Deep directional surface drilling to test the down-plunge extension of the mine trend one kilometre beyond historical surface drilling (11,000 metres).
2. Replace and Expand Underground Resources: Underground drilling for reserve, resource, and inventory definition to support production and growth (38,000 metres).
3. Identify Satellite Deposits: Near-mine surface drilling to evaluate targets for potential shallow open-pit satellite deposits within a 10 km-radius of the mill (6,500 metres).

Orla’s 2025 deep directional drilling program at Musselwhite is off to an exceptional start. Drilling has intersected high-grade gold mineralization 1.6 kilometres along strike from current operations, including 4.1 metres grading 15.1 g/t gold with visible gold observed. Importantly, favourable geology extends a further 400 metres, highlighting strong potential to expand the mineralized corridor and significantly extend mine life and future production.

Launched in late May, the program is targeting the northwest extension of the mine trend within a well-developed iron formation. Three rigs are currently active, with 8,000 metres of the planned 11,000 metres in 2025 now complete. Results have been released from the first four holes of an approximately 30-hole program over 2025 and 2026, and early indications are highly encouraging.

Each mother hole supports two drill sections, spaced 200 and 400 metres apart this year, moving to consistent 200-metre spacing in 2026. Each section includes at least five daughter holes with 50-metre vertical separations, designed to systematically test mineralization 1,200 to 2,000 metres beyond the current resource boundary.

These early successes reinforce Musselwhite’s exceptional exploration upside and mark an exciting step forward in unlocking the next phase of growth for the operation.

In the underground drilling program, initiated in early March 2025, high-grade mineralization has been intersected in multiple holes, reinforcing geological continuity within known zones and identifying promising extensions. These drill results support ongoing efforts to replace and expand resources and reserves, underscoring the potential for continued growth and long-term mine life extension. We have drilled 19,100 metres across 76 holes and assay results have been received for 37 of the 76 holes, with drilling efforts primarily concentrated on the Redwings, Lynx, and PQE zones.

The near-mine surface drilling program was completed in October and has returned encouraging shallow gold mineralization intercepts from multiple targets. 6,500 metres were drilled from surface across the Camp Bay, Bottenfield, Karl Zeemal, and Midway targets, all located within a 10-kilometre radius of the Musselwhite mine and mill.

Remaining 2025 Program: The underground and deep directional drill programs will continue through year-end. Additional daughter holes from existing mother holes are expected to reach target zones by year-end, with assay results anticipated in early 2026.

2026 Planning: The underground exploration program will continue to focus on resource and reserve growth and replacement. The deep directional program is expected to include infill drilling at 200-metre spacing to establish high-confidence inventory and test potential extensions up to three kilometres from current resources. A follow up winter near-mine surface drilling program is planned for early 2026 when conditions are suitable for access over frozen ground.

Resource Growth: With greater confidence in expansion potential, Musselwhite will be positioned to pursue opportunities that increase throughput, enhance gold production, and extend mine life beyond current projections.

Initial results are outlined in the press release dated October 6, 2025, “Orla Mining Discovers Potential Two-Kilometre Extension at Musselwhite”. An update on the Musselwhite exploration program is anticipated in early 2026.

South Railroad Project & South Carlin Complex, Nevada:

The South Railroad Project, situated on federal land, is currently advancing under the guidance of the US Bureau of Land Management (BLM) as a FAST-41 Covered Project in accordance with the National Environmental Policy Act (NEPA) for permitting. In November, South Railroad transitioned from participation under the FAST-41 transparency process to full coverage as a FAST-41 project. FAST-41 coverage provides tools to support efficient review, reduce uncertainty, and help ensure the project meets the highest standards of environmental stewardship and regulatory compliance.

The third quarter of 2025 marked a significant milestone with BLM publishing the Notice of Intent in the Federal Register on August 13, 2025, thereby initiating the formal Environmental Impact Statement (“EIS”) process under NEPA.  The BLM is also consulting with the U.S. Fish and Wildlife Service (USFWS) under Section 7 of the Endangered Species Act. A Biological Assessment has been prepared and shared with the USFWS for pre-consultation technical assistance in advance of the formal consultation process. In parallel, the U.S. Army Corps of Engineers (ACOE) Section 404 permit application, addressing wetland and surface-disturbance impacts, was submitted in August 2025 and deemed administratively complete. The public-comment period closed on September 25, 2025, without significant issues. The ACOE’s review of the compensatory-mitigation plan is underway.

At the state level, the Company has secured Class I and II Air Operating Permits, while water-related applications continue to progress with the Nevada Division of Water Resources (DWR). The Water Pollution Control Permit and the National Pollutant Discharge Elimination System (NPDES) discharge permit applications have been submitted for review in the third quarter 2025.

The BLM’s Record of Decision (the final permitting decision) is targeted for the second quarter 2026. Following this approval, on-site construction on the South Railroad Project would commence, with first gold production targeted for 2028.  Orla continues progressing with basic engineering and began earlier this year updating the Feasibility Study previously published by Gold Standard Ventures Inc. in 2022.  Orla expects to release an updated Feasibility Study in the fourth quarter 2025 as it advances toward construction readiness. While South Railroad Project continues to advance, the Company believes that the prospectivity of the larger South Carlin Complex offers significant opportunity for new discoveries and resource and reserve additions.

Exploration is advancing in parallel, supporting long-term growth and resource expansion. The goal of Orla’s 2025 exploration program at the South Carlin Complex is to increase resources at Dark Star, Pinion and satellite deposits, as well as discover new zones of mineralization. Resources additions could potentially be converted to reserves and improve and extend mine life in the future but the updated Feasibility Study contemplates largely the same reserve and operational footprint as outlined in the Plan of Operations previously submitted in 2020. During the third quarter, four active rigs drilled 7,232 metres, primarily focused on testing potential extensions of the Dark Star, Jasperoid Wash, and Pony Creek (south area) deposits. A total of 12,294 metres have been drilled to date in 2025 and the program is expected to be completed in the fourth quarter, with target generation and other exploration activities to continue through year-end. An exploration update for the South Carlin Complex is expected to be released before year end.

Camino Rojo Underground and Zone 22:

During the quarter, the Company completed a 15,000-metre infill drilling program, focused on the upper 500 metres of Zone 22 of Camino Rojo. In the results reported in the Company’s August 7, 2025, press release, drilling consistently returned high-grade Au-Ag-Zn mineralization, reinforcing the June 2025 initial underground Mineral Resource estimate and enhancing the potential for both resource growth and classification upgrades.

The 2025 Zone 22 program aimed to confirm, upgrade, and extend the continuity of polymetallic (Au-Ag-Zn-Pb-Cu) mineralization along the down-plunge extension of the Camino Rojo deposit. The 2025 infill 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).

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).

Financial Statements

Orla’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the quarter ended September 30, 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.