Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an interim operational update for the first quarter ended March 31, 2024 and an update on its activities in Panama.

(All amounts expressed in millions of US dollars, as at March 31, 2024 and are unaudited unless otherwise stated)

First Quarter 2024 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced 33,223 ounces and sold 32,046 ounces of gold during the first quarter 2024.

At March 31, 2024, Orla had a cash position of $118.1 million and total debt position of $88.4 million, resulting in a net cash position of $29.7 million[1]. The Company has $61.6 million undrawn on its revolving credit facility which supports total liquidity of $179.7 million at quarter end¹. The current liquidity position is shown below. Financial and operating results for the first quarter 2024 will be provided on May 14, 2024.

Liquidity Position

Panama Update

Further to the Company’s March 19, 2024 news release, the Company has filed a Notice of Intent to Arbitrate with the Government of Panama in respect of the Cerro Quema Project.

On October 27, 2023, Panama’s President signed Executive Decree No. 23/2023 that prohibited the granting of new concessions for the exploration, extraction, transportation, and exploitation of metal mining in Panama. On November 3, 2023, the National Assembly of Panama passed Law 407 that included a moratorium on granting, renewing, or extending concessions for the exploration, extraction, or exploitation of metal mining in Panama. On December 15, 2023, Minera Cerro Quema, S.A., the Company’s subsidiary that holds the Cerro Quema Project, received three resolutions from the Panamanian Ministry of Commerce and Industry. The resolutions rejected the request for extension for the three mining concessions comprising the Cerro Quema Project, retroactively declared the concessions canceled, and declared the area comprising the concessions to be a reserve area under the Panamanian mining code. Under the Panamanian mining code, MICI is prohibited from granting mining concessions for exploration or extraction on a reserve area.

The Notice of Intent to Arbitrate was filed under the Canada-Panama Free Trade Agreement and is intended to facilitate consultations between the Government of Panama and the Company. If these consultations are not successful, the Company expects to file a formal Request for Arbitration under the FTA late in the second quarter 2024. Although the Company intends to pursue these legal remedies, the Company’s preference is a constructive resolution with the Government of Panama that results in a positive outcome for all stakeholders.

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, who is the Qualified Person as defined under NI 43-101 standards.

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. Orla is also developing the South Railroad Project, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The property is 100% owned by Orla and covers over 160,000 hectares which contains a large oxide and sulphide mineral resource. Orla also owns 100% of Cerro Quema located in Panama which includes a pre-feasibility-stage, open-pit, heap leach gold project. 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.