Orla Mining (ORLA)

• Orla Mining achieved record quarterly production of 95,405 ounces of gold in Q4 2025 and exceeded its revised annual consolidated production guidance with 300,620 ounces produced for the full year 2025.
• The company provided 2026 guidance of 340,000 to 360,000 ounces of consolidated gold production and plans to allocate $215 million toward South Railroad project construction in 2026.
• Orla Mining also announced its inaugural quarterly cash dividend of $0.015 per share.

• On January 15, 2026, Orla Mining Ltd. provided an update for its South Railroad Gold Project, presenting the results of an optimized Feasibility Study (FS).
• The Company's Board of Directors approved spending for detailed engineering, procurement, and project execution, and the start of project construction, subject to receipt of all required permits.
• The optimized FS, based on a $3,100 per ounce gold price, projects an initial capital cost of $395 million, an after-tax NPV @ 5% of $783 million, an after-tax IRR of 48%, and a payback period of 2.0 years.
• Construction is expected to commence in mid-2026, pending final permits, and is anticipated to be completed in approximately 18 months.

South Railroad Feasibility Study Summary (At $3100 Gold)

• Orla Mining exceeded its revised annual consolidated production guidance for 2025, producing 300,620 oz of gold, with anticipated full year 2025 all-in sustaining costs (AISC) within the $1,350-$1,550 /oz range.
• The company announced its inaugural quarterly cash dividend of US$0.015 per share, payable on February 10, 2026, representing an annualized dividend of US$0.06 per share.
• For 2026, Orla Mining projects total gold production between 340,000 – 360,000 oz and consolidated All-In Sustaining Costs (AISC) in the range of $1,550 – $1,750 /oz sold.
• As of December 31, 2025, Orla reported a net cash position of $35.8 million, with $420.8 million in cash and $385.0 million in debt.
• The company plans significant capital expenditures in 2026, including $215 million for the South Carlin Complex, specifically for South Railroad construction.

• Orla Mining Ltd. announced the results of an optimized Feasibility Study for its South Railroad Gold Project, with the Board of Directors approving pre-construction spending and the start of construction, pending final permits, expected in mid-2026.
• The project demonstrates robust economics, featuring an after-tax NPV 5% of $783 million and a 48% IRR at a $3,100 gold price.
• It is projected to achieve an average annual gold production of 130,000 ounces over the first five years, with an average All-in Sustaining Cost (AISC) of $1,485/oz.
• The estimated initial capital cost is $395 million, which will be financed through operating cash flow and cash on hand.
• South Railroad is set to become Orla's third operating mine, increasing consolidated annual production to nearly 500,000 ounces.

• Orla Mining Ltd. has confirmed a two-kilometre gold trend extension at its Musselwhite Mine, located beyond current underground operations.
• This extension, along with other exploration efforts, has yielded high-grade gold mineralization, strengthening confidence in significant resource growth and extended mine life.
• Notable drilling highlights include 9.0 metres at 22.1 g/t Au and 15.0 metres at 10.1 g/t Au from underground operations, and 1.2 metres at 43.8 g/t Au from near-mine satellite targets.
• The 2025-2026 deep directional surface drill program has completed 11,744 metres to date, with planned drill metres increasing to approximately 12,500 metres by year-end 2025.

• Fairfax Financial Holdings Limited sold 25,000,000 common shares of Orla Mining Ltd. at CDN$17.6435 per share, generating approximately CDN$441.1 million (US$316.1 million) in proceeds.
• The sale, which occurred on December 5, 2025, was conducted by Fairfax to rebalance its investment portfolios.
• Following the transaction, Fairfax's beneficial ownership in Orla decreased from approximately 16.7% to 9.4% on a non-diluted basis, and from 26.3% to 19.8% on a partially-diluted basis.

• Orla Mining Ltd. has declared an inaugural quarterly cash dividend of US$0.015 per common share.
• The dividend is payable on February 10, 2026, to shareholders of record as of January 12, 2026.
• The company's Board of Directors has approved a policy to pay a regular quarterly dividend of US$0.015 per share, equating to US$0.06 per share annually.
• This dividend policy reflects the company's strong financial strength and commitment to returning capital to shareholders, while also funding the South Railroad Gold Project and other growth initiatives.
• Based on the December 3, 2025 closing share price of US$13.35, the implied forward annualized dividend yield is 0.45%.

• Orla Mining announced significant high-grade oxide gold discoveries from its 2025 exploration program at the South Carlin Complex in Nevada, including 67.1 metres at 1.06 g/t Au (oxide) at Pinion and 22.6 metres at 5.65 g/t Au (oxide) at Dark Star, reinforcing resource growth potential.
• The South Railroad Project, located within the South Carlin Complex, is progressing towards an optimized feasibility study in early Q1 2026, with construction expected to commence mid-2026 and first production planned for 2028.
• The South Carlin Complex currently hosts 1.604 Moz in reserves and 1.753 Moz in resources, supporting a projected eight-year mine life based on the 2022 Feasibility Study.
• The 2026 exploration budget is anticipated to remain at similar levels to 2025, with a focus on near-pit extensions and advancing new targets.

• Orla Mining Ltd. reported record free cash flow of $93.1 million for the third quarter of 2025, with revenue of $275.0 million, net income of $49.3 million ($0.15 per share), and adjusted earnings of $73.0 million ($0.22 per share).
• The company achieved record gold production of 79,645 ounces and gold sold of 78,857 ounces in Q3 2025, at an all-in sustaining cost (AISC) of $1,641 per ounce of gold sold.
• Despite a pit wall event at Camino Rojo in July, Orla reaffirmed its revised 2025 guidance for gold production of 265,000 to 285,000 ounces and AISC of $1,350 to $1,550 per ounce of gold sold.
• As of September 30, 2025, Orla's financial position included $326.9 million in cash and $356.9 million in liquidity, with $93.1 million in net debt.

• Orla Mining Ltd. reported Q3 2025 gold production of 79,645 ounces and revenue of $275.0 million.
• Net income for Q3 2025 was $49.3 million or $0.15 per share, with adjusted earnings of $73.0 million or $0.22 per share.
• The all-in sustaining cost (AISC) for Q3 2025 was $1,641 per ounce of gold sold.
• As of September 30, 2025, the company had $326.9 million in cash and $93.1 million in net debt.
• Following a pit wall event in July, Orla updated its annual consolidated guidance to 265,000 to 285,000 ounces of gold production and AISC of $1,350 to $1,550 per ounce of gold sold, which it is on track to achieve.