Exhibit 99.1

NI 43-101 Technical Report

Camino Rojo Project, Zacatecas State, Mexico

Orla Mining Ltd.

Prepared by:

SLR Consulting (Canada) Ltd.

Orla Mining Ltd.

Kappes, Cassiday & Associates

Blue Coast Research Ltd.

DRA Americas Inc.

Entech Mining Ltd.

SLR Project No.: 233.065118.00001

Revision: 0

Qualified Persons:

Making Sustainability Happen

NI 43-101 Technical Report
Camino Rojo Project, Zacatecas State, Mexico

SLR Project No.: 233.065118.00001

Prepared by

	SLR Consulting (Canada) Ltd. 55 University Ave., Suite 501 Toronto, ON M5J 2H7		Orla Mining Ltd. 2020 – 666 Burrard Street Vancouver, BC V6C 2X8
	Kappes, Cassidy and Associates 7950 Security Circle Reno, NV 89506		Blue Coast Research Ltd. Unit 2 – 1020 Herring Gull Way Parksville, BC V9P 1R2
	DRA Americas Inc. 20 Queen Street West, 29th Floor Toronto, ON M5H 3R3		Entech Mining Ltd. 1100 Melville St, Suite 835 Vancouver, BC, V6E 4A6

for

Orla Mining Ltd.

2020 – 666 Burrard Street

Vancouver, BC V6C 2X8

Canada

Effective Date - September 30, 2025

Signature Date - March 18, 2026

Forward-looking Statements

This report contains certain "forward-looking information" and "forward-looking statements" (collectively, the “forward-looking statements”) within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the mineral resource and mineral reserve estimates; the development plans for Camino Rojo (as defined herein), including planned drilling and the goals and timing thereof; permitting; the results of the PEA (as defined herein), including projected net present value, internal rate of return, production, processing, grades, recovery, revenue, costs, taxes, sensitivities, cash flows, mine life, payback periods, the concentrate market and other similar information; and metal prices, including gold, silver and zinc. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments are or may be expected to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the authors of this report on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future prices of gold, silver and zinc; anticipated costs and the ability of Orla Mining Ltd. (the “Company”) to fund the development of Camino Rojo and its other programs; the PEA; the Company’s ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company’s ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company’s credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for the successful expansion and operation of Camino Rojo; the timing of cash flows; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company’s indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Camino Rojo Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company’s securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company’s limited operating history; litigation risks; the Company’s ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company’s foreign subsidiaries; risks related to the Company’s accounting policies and internal controls; the Company’s ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company’s status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; gold industry concentration; shareholder activism; other risks associated with executing the Company’s objectives and strategies; other risks associated with executing the objectives and strategies; as well as those risk factors discussed in Orla’s most recently filed management's discussion and analysis and annual information form, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations, the QPs undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of such forward-looking statements.

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Non-GAAP Measures

The Company has included certain performance measures (“non-GAAP measures”) in this report which are not specified, defined, or determined under generally accepted accounting principles (“GAAP”). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and readers should not consider these non-GAAP measures in isolation or as a substitute for measures of performance prepared in accordance with GAAP. As the proposed underground project outline in Section 24 of this report is not in production, it does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.

All-In Sustaining Cost

The Company has provided AISC performance measures that reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company’s definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated November 14, 2018. Orla believes that this measure is useful to market participants in assessing operating performance and the Company’s ability to generate cash flow from operating activities.

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Cash Costs

The Company calculated total cash costs as the sum of operating costs, royalty costs, production taxes, refining and shipping costs, net of by-product silver credits. Cash costs per ounce is calculated by taking total cash costs and dividing such amount by payable gold ounces. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

Sustaining Capital

Sustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.

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Table of Contents

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Tables

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Figures

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This Technical Report has been prepared for Orla Mining Ltd. (Orla) by Qualified Persons from SLR Consulting (Canada) Ltd. (SLR), Kappes, Cassiday & Associates (KCA), Blue Coast Research Ltd (BCR), DRA Americas Inc. (DRA), Entech Mining Ltd. (Entech), and Orla for the Camino Rojo Project (Camino Rojo or the Project) located in Zacatecas State, Mexico. This Technical Report has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

Camino Rojo is 100% owned and operated by Minera Camino Rojo S.A. de C.V. (MCR), a subsidiary of Orla Mining Ltd. (Orla). Orla is a gold mining company with mining and exploration projects in Mexico, the United States of America, Panama, and Canada. Orla is listed on the Toronto Stock Exchange (TSX: OLA) and the New York Stock Exchange (NYSE: ORLA).

The purpose of this Technical Report is to disclose updated Mineral Resources and Mineral Reserves for the Project, incorporating initial disclosure of the results of a Preliminary Economic Assessment (PEA) that evaluates the technical and economic potential of a stand-alone underground development project beneath the existing Camino Rojo open pit operation (the Underground Project) and the construction of a process facility (the Processing Plant) for the processing of sulphide and refractory material. This Technical Report supersedes the previous Technical Report dated July 17, 2025 (SLR 2025) prepared for Orla.

The results of the PEA are presented in Section 24 – Other Relevant Data and Information. The PEA was prepared by a team of independent industry experts who are Qualified Persons (QPs) under NI 43-101 led by DRA and supported by Entech, SLR, and BCR.

The PEA evaluates the Underground Project supported by an 8,000 tonnes per day (tpd) Processing Plant which includes crushing, semi-autogenous grinding (SAG) and ball mill grinding, and selective flotation circuits designed to produce three saleable concentrates (gold (Au), zinc (Zn), and pyrite (Py)). The PEA has been completed as a stand-alone underground development case and does not integrate the existing oxide heap leach operation.

The PEA is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA has been completed independent of the Camino Rojo open pit project and is treated as a completely separate development project.

The distribution of gold mineralization at the Project is controlled by steep northwest and shallow south dipping polymetallic veins. Pervasive, near surface oxidation extends to approximately 150 metres (m) to 200 m below surface and extends to greater depths along structurally controlled zones of fracturing and permeability. Host rock lithology significantly influences deposit styles, and the Camino Rojo deposit displays transitional mineralization styles, forming a continuum between intermediate sulphidation epithermal and skarn mineralization.

Numerous regional exploration programs have been executed by Orla since the acquisition of the property in October 2017, including mapping, prospecting, diamond drill (DDH), rotary air blast (RAB), and reverse circulation (RC) drill programs, geophysical surveys, and soil, rock and biogeochemical sampling programs. Subsequent to the effective date of this report, Orla completed its 2025 (full year) regional exploration program, which included an ~4,700 m regional drill program that followed up on positive drill results from 2024 and drill tested two new targets.

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The Project includes active open pit mining and heap leach operations that commenced in late 2021 and achieved commercial production in 2022. In 2024, an average heap leach processing rate of approximately 20,000 stacked metric tonnes per day (tpd) was achieved, exceeding the design capacity of 18,000 stacked tpd. Current planning assumes a steady-state stacking rate of 18,900 tpd.

The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Resource and Mineral Reserve classification.

Unless otherwise noted, all revenues, costs, and currency in this Technical Report are presented in United States dollars ($ or US$).

The QPs offer the following conclusions by area.

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The QPs offer the following recommendations by area.

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The following items are recommended for future study:

Mining

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Metallurgical Test Work

Processing Plant

Paste Plant and Tailings Management Facility

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An economic analysis is not required as Orla is a producing issuer, the operations are currently in production, and there is no material expansion of current production included in the LOM plan presented in this Technical Report.

Orla performed an economic analysis of the Camino Rojo Operations using the assumptions, costing and Mineral Reserve estimates presented in this Report and verified that the outcome is a positive cash flow that confirms the economic viability of the Mineral Reserves.

The Camino Rojo property is located in the Municipality of Mazapil, State of Zacatecas, Mexico, and situated along a wide, flat valley near the village of San Tiburcio. The property lies 190 km northeast of the city of Zacatecas, 48 km south-southwest of the town of Concepción del Oro, and 54 km south-southeast of Newmont’s Peñasquito Mine. The Project area is centred at approximately 244150 E 2675900 N UTM NAD27 Zone 14N.

Access to the Camino Rojo mine site is by the paved, four lane Mexican Highway 54 and by Route 62, a secondary paved highway that passes through San Tiburcio. The Camino Rojo mine site is approximately 260 km southwest of Monterrey and 190 km northeast of Zacatecas. A private road enters the Camino Rojo mine property approximately 250 m northeast of the intersection of Highway 54 and Route 62. This road provides access to the camps, offices, mine, process plant, and other Camino Rojo Project facilities. Camino Rojo site access roads include approximately 20 km of paved, dirt, and gravel roads. There are numerous gravel roads within the property linking the surrounding countryside with the two highways. There are very few locations within the property that are not readily accessible by four-wheel drive vehicle.

The property mineral rights are held by Orla’s Mexican subsidiary, Minera Camino Rojo S.A. de C.V. (MCR), in seven concessions covering 138,639.75 hectares (ha). Surface rights in the Project area are owned by several federally defined agrarian communities (Ejidos). The land that includes the Mineral Resource at Camino Rojo is controlled by the San Tiburcio Ejido. Exploration work has been carried out under the authority of agreements between the project operators and the Ejidos.

On December 21, 2020, Orla announced that it had entered into an agreement (the “Layback Agreement) with Fresnillo plc (“Fresnillo”), granting Orla the right to expand the Camino Rojo oxide pit onto a portion of Fresnillo’s 782 ha “Guachichil D1” mineral concession, Title 245418, located immediately to the north of Orla’s property. The Layback Agreement received Federal Competition Commission (Comisión Federal de Competencia Económica or “COFECE”) approval in February 2021, and the surface access rights were ceded in December 2022.

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The Camino Rojo deposit was discovered by geologists under contract to Canplats Resources Corporation (Canplats) in mid-2007. The deposit was concealed beneath post-mineral cover in a broad, low relief alluvial valley adjacent to the western flank of the Sierra Madre Oriental. A shallow pit excavated through a thin veneer of alluvium, located adjacent to a stock pond (represa) was the discovery exposure of the deposit. Canplats began concurrent programs of surface geophysics and reverse-circulation (RC) drilling in late 2007 and began core drilling in 2008. Elevated chargeability zones from the surface geophysics were interpreted as large volumes of sulphide mineralized rocks. Drilling by Canplats, and later drilling by Goldcorp Inc. (Goldcorp), confirmed the presence of sulphide mineralization at depth in the Represa zone (now the Camino Rojo deposit), and a deeper sulphide mineralized zone to the southwest at Don Julio (now part of the Camino Rojo Sulphides Zone).

Canplats was acquired by Goldcorp in early 2010. Validation, infill, condemnation, and expansion drilling began in January 2011, mostly focused on the Represa and Don Julio zones, and their immediate surroundings. Airborne gravity, magnetic and TEM surveys were carried out, and RAB and RC drilling tested other exploration targets within the concession.

Orla acquired the property from Goldcorp in 2017. The Camino Rojo Oxide Gold Mine achieved its first gold pour in December 2021 and began commercial production in April 2022.

The Camino Rojo property geology is dominated by siliciclastic and carbonate Cretaceous sedimentary units which are intruded by northeast-southwest and east-west striking mafic to intermediate dikes. The property-scale map pattern is dominated by northeast vergent folds, commonly cored by limestones of the Cupido Formation. Northeast directed shortening is pre- to post-tectonic with respect to intrusion of dikes and formation of ore-stage polymetallic veins and mantos. Cenozoic extension resulted in the formation of horsts and grabens at Camino Rojo.

The Camino Rojo deposit is gold-dominant, with lesser silver, lead and zinc and displays transitional mineralization styles, forming a continuum between intermediation sulphidation epithermal and skarn mineralization. The Oxide and the Caracol-hosted Sulphide zones exhibit characteristics typical of intermediate sulphidation epithermal deposits, while Zone 22 shows features of distal skarn zones. The Late Cretaceous Caracol Formation is the primary host of Camino Rojo Oxides and Camino Rojo Sulphides (Sulphides) mineralized zones, while Zone 22 extends into the underlying carbonate-rich Indidura, Cuesta del Cura, La Peña and Cupido formations.

The distribution of auriferous mineralization at Camino Rojo is controlled by steep northwest and shallow south dipping polymetallic veins within the siliciclastic hosted Oxide and Sulphide zones. Within the carbonate hosted Zone 22, auriferous mineralization is controlled by disseminated, patchy and massive polymetallic sulphide replacement (manto type) of carbonate strata and sulphide breccias along the margins and crosscutting dioritic dikes. Pervasive, near surface oxidation extends to approximately 150 m to 200 m below surface and extends to greater depths along structurally controlled zones of fracturing and permeability.

Orla continues to conduct exploration activities across parts of its Camino Rojo mining concessions. Numerous regional exploration activities have been executed, including mapping, prospecting, diamond drill (DDH), RAB, and RC drill programs, geophysical surveys, and soil, rock and biogeochemical sampling since the acquisition of the property in October 2017. This includes regional drilling (105 holes, 34,725 m), mapping, prospecting, geophysical surveys (1,103.8 km2 drone magnetometry, 243 km2 gravity, 346 km2 induced polarization), soil sampling (18,086 samples), rock sampling (3,273 samples) and biogeochemical sampling (22 samples).

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Subsequent to the effective date of this report, Orla completed its 2025 (full year) regional exploration program, which included:

The QPs from SLR were engaged to estimate the Mineral Resources at Camino Rojo assuming both open pit and underground mining scenarios, primarily using diamond drill hole data.

Orla provided the drill hole database, which the QP reviewed and verified. The database includes over 1,000 drill holes totaling approximately 533,000 m, with detailed geological, assay, and geotechnical information. Only drill holes within the defined resource area were used in the Mineral Resource estimate. Geological models, including lithology, alteration, and geometallurgical domains, were developed in Leapfrog by Orla and reviewed by the QP. Mineralization wireframes were constructed for both low-grade and high-grade mineralization zones, using gold and gold equivalent cut-offs of 0.1 g/t Au or 0.1 g/t AuEq for low-grade and 1 g/t Au or 1 g/t AuEq for high-grade, with AuEq being used below the Caracol Formation to consider the contributing metals at depth, as further described in Table 1-1 below. These mineralization wireframes were organized into vein groups and estimation domains, reflecting geological and metallurgical characteristics.

To prevent isolated high-grade assays from skewing the grade estimation, SLR applied capping based on statistical analyses within defined capping domains (MIN100, MIN200, MIN300, MIN500, LG, and OUT). High-grade restrictions were also implemented in lower-grade domains (LG and OUT) to limit the impact of anomalous values. After capping, assays were composited into fixed 1.5 m intervals within mineralized wireframes, with short composites (under 0.45 m) added to the previous interval to maintain consistency in the estimation process.

Grade continuity was evaluated using indicator grade shells and variogram analysis, revealing distinct gold grade trends, particularly in veins MIN103, MIN203, MIN206, and MIN237. These trends guided variogram modelling, with the most reliable results in the OxTrHi domain.

The QP estimated the Camino Rojo grade block model using ID² or ID³ interpolation in three to four passes, with hard boundaries across all domains and variable orientation. A density sub-domaining strategy was established using the high-grade (HG), low-grade (LG), and OUT domains based on oxidation levels (oxide [Ox], transition [Tr], and sulphide [Sx]), resulting in nine density domains, with values ranging from 2.4 g/cm³ to 2.67 g/cm³, that are considered appropriate for the deposit. An octree block model with 5 m parent blocks, sub-blocked to 1.25 m, was built in Leapfrog Edge. The QP deems the model and block size suitable for both open pit and underground mine planning.

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Metal prices used for Mineral Resource estimation were $2,800/oz for gold, $33/oz for silver, and $1.25/lb for zinc. NSR cut-off values were defined according to mining and processing methods, including costs and recovery assumptions. Open pit NSR cut-off values ranged between $8.44/t (leach) and $14.06/t (Mill). Underground NSR cut-off values were between $57/t and $66/t for leach and $63/t to $72/t for mill flotation concentrate. The ranges in underground NSR cut-off values correspond to different mining methods, with the lower value being for long-hole stoping and the higher value representing cut-and-fill. Only blocks above these cut-offs within resource pit shells and all blocks within underground resource reporting shapes built with these NSR cut-off values were reported. The stockpiles were included using a cut-off grade of 0.21 g/t Au.

Open pit optimization was performed in Whittle using a 10 m x 10 m x 10 m regularized block model and the Pseudoflow algorithm, applying a 45° slope angle, NSR-based revenue inputs, and mining and processing costs of $2.06/t, $8.44/t (heap leach), and $14.06/t (mill). Underground optimization was completed in Deswik’s Stope Optimizer using NSR inputs and costs differentiated by mining method (long-hole stoping and cut-and-fill) and processing route. For heap leach material, NSR cut-offs of $57/t for long-hole stoping and $66/t for cut-and-fill were applied, while for flotation concentrate material, NSR cut-offs of $63/t for long-hole stoping and $72/t for cut-and-fill were used. Panel shapes were constrained by geometry and dip, with a two metre minimum thickness, clipped to the pit shell, and overlapping or isolated shapes were removed. A crown pillar exclusion zone has not been included in this Mineral Resource estimate. SLR has assumed that the crown pillar will be removed at the end of the mine life.

The QP classified the Camino Rojo Mineral Resources based on drill hole spacing within key estimation domains (OxTrHi, 100, 200, 300, 500, and LG). Measured Mineral Resources, limited to the OxTrHi domain, required a drill spacing of greater than or equal to 25 m, visual validation with blast hole data, and grade continuity above the 0.25 g/t Au production cut-off. Indicated Mineral Resources were defined by spacing of approximately 25 m to 50 m, and Inferred by approximately 50 m to 100 m. Classification also considered drill hole geometry (minimum three holes) and data distribution. Where downdip drill holes lacked perpendicular support within 25 m in the 100 series, Indicated Mineral Resource blocks were downgraded to Inferred Mineral Resources. CIM (2014) definitions were used for Mineral Resource classification. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The QP validated the Camino Rojo block model using visual checks and statistical comparisons to ensure the reliability of domain flagging and interpolated grades. This included comparing block model grades to composite and blast hole assays, evaluating swath plots across estimation methods (ID, OK, NN) and composites, and checking volumetric consistency between wireframes and the model. This update focused on the deeper mineralization in Zone 22 (located below the Caracol formation) and an updated reconciliation was not considered necessary since there were no material changes to the open pit portion of the model. The reconciliation results presented correspond to the March 31, 2025 MRE. The reconciliation with the production grade control model confirmed good alignment for gold (2% tonnage, 1% grade, 3% ounces variance), while silver showed a 40% negative variance, attributed to differing assay methods. Overall, SLR concluded the model is robust and suitable for public disclosure.

Mineral Resources for Camino Rojo, with an effective date of September 30, 2025, are presented in Table 1-1.

The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

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Mineral Reserves are classified using CIM (2014) definitions in accordance with the requirements of NI 43-101. Mineral Reserve estimates reflect the reasonable expectation that all necessary permits and approvals will be obtained and maintained.

Mineral Reserves are estimated assuming only heap leach processing and open pit mining methods.

To estimate open pit Mineral Reserves, the Project’s updated block model was regularized and re-blocked to a 10 m x 10 m x 10 m cell size. Orla and the QP completed several audits and verification exercises to ensure proper block model transfer and import into Hexagon MinePlan software.

No additional dilution or ore loss was added to the regularized block model. Compositing of assays and estimating blocks with multiple composites introduces some smoothing of model grades that are analogous to dilution and ore loss effects. Additionally, regularization and re-blocking of a sub-blocked model incorporates increased tonnage and grade dilution.

The pit optimization process was completed using Geovia’s Whittle software package. Only gold and silver are considered in the pit optimization, and the only material types considered are the oxide material with pervasive potassic alteration (KpOx material), oxide material with incipient potassic or phyllic alteration (KiOx), transition material with high (60-90%) oxidation (TrHi), and transition material with low (30-60%) oxidation (TrLo). Given the two products (gold and silver doré) and variable metallurgical recoveries by material type, an NSR cut-off value was used to determine the Mineral Reserve estimates.

The metal prices used to estimate Mineral Reserves were $2,300 per ounce of gold and $25 per ounce of silver.

Operating cost assumptions used for developing the NSR cut-off values are based on MCR’s 2025 budget operating costs and updated with Q1 to Q3 2025 actuals. The mining operating cost assumption is based on completing mining operations using a mining contractor.

The Mineral Reserve estimate is presented in Table 1-2 has an effective date of September 30, 2025.

Orla submitted a permit application in November 2024 to support and obtain the necessary permits and permit amendments related to the Fresnillo layback area and east-west pit expansion, which are required for the extraction and processing of the Mineral Reserve estimates tabulated herein. The current Mineral Reserve estimates, at the effective date of September 30, 2025, assume the mining of the areas related to the permit application starting in February 2026.

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The Camino Rojo mine is a conventional open pit mine. Mining operations consist of drilling medium diameter blast holes (approximately 17 cm), blasting with either explosive slurries or ammonium nitrate and fuel oil (ANFO), and loading blasted materials into large, off-road trucks with hydraulic shovels and wheel loaders. Ore is delivered to the primary crusher and waste rock is delivered to a waste rock storage facility (WRSF) southeast of the current pit.

Contract mining services are used at the Camino Rojo open pit and mining is carried out using 100 t capacity haul trucks, with additional equipment, including loading units, sized to match this haulage fleet.

The current LOM plan was developed by MCR and Orla to supply ore to a conventional crushing and heap leach facility with the capacity to process 18,900 tpd.

Since the start-up of mining operations at MCR, selective mining practices and the mine’s stockpiling strategy have resulted in a build-up of low-grade stockpiled ore south of the open pit. This low-grade ore will be stacked on the heap leach facility at the end of mine life.

Surface water runoff is diverted around active or planned mining areas via a series of diversion channels and redirected to natural drainage locations at the southern boundary of the property. The main goal of the diversion channels is to avoid contamination of surface water and to avoid inflow into the pit that would affect mining operations. The overall pit condition is considered to be dry; however, occasionally water from mining facilities is collected in ponds and used for operational requirements, such as dust management.

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The ultimate pit design includes pit haul roads and sufficient working room for all mining equipment. The pit haul road design width is 25 m, allowing for the construction of a berm and drainage ditch, at a maximum grade of 10%. This will accommodate trucks of approximately 100 t capacity such as the Caterpillar 777 class truck.

Since the start of mining operations, MCR has been following the recommended geotechnical parameters presented in KCA 2021, and the current LOM design uses the KCA 2021 geotechnical parameters. Piteau completes annual geotechnical site visits to assess slope performance in the pit, at stockpile locations, and at the WRSF, and conduct reviews of heap leach pad stability. Additionally, Piteau’s annual reviews provide opportunities to train operational staff and further calibrate the assumed geotechnical parameters, such as evaluating the potential for pit slope or face angle steepening.

Following a pit wall event July 2025, on a small portion of the North wall, Piteau provided a technical memorandum that included an assessment of the of the wall event and an action plan for the pit re-entry, along with North wall pushback design update (Piteau 2025).

The following are the design updates to the North wall:

Operating and monitoring advice provided by Piteau was incorporated into MCR open pit design and operating procedures. Additional site visits by Piteau are planned to monitor the North Wall, above the annual reviews. Based on the performance of the North wall push back, Piteau will be issuing design parameters for the final design in 2026.

The waste dump is currently being constructed with a face angle of 36 degrees, 20 m height and 50 m berms. The remaining capacity for the WRSF is sufficient for the remaining LOM, with 46.4 Mt of storage capacity as of the end of September 2025.

The current LOM plan assumes a supply of ore to the crushing and heap leach facilities at a stacking rate of 18,900 tpd, based on current crusher performance.

From 2025 to 2027, the current LOM plan mining rate of total material moved (TMM) ranges from 38,000 tpd to 70,000 tpd on a month-to-month basis, and from 2028 to 2030, the TMM mining rate ranges from 18,500 tpd to 48,500 tpd, including rehandling of the low-grade.

Camino Rojo is an open pit heap leach operation which has been in production since late 2021. Ore is crushed at a rate of 19,200 tonnes per day to 80% passing 25 mm using a two-stage closed crushing circuit and conveyor stacked onto a leach pad in 10 m lifts. Lime is added to the material for pH control before being stacked and leached with a dilute cyanide solution. Pregnant solution flows by gravity to a pregnant solution pump box before being pumped to the Merrill-Crowe Plant for precious metal recovery. Gold and silver are precipitated from the pregnant solution via zinc cementation. The precious metal precipitate is dewatered using filters, dried in a mercury retort to remove mercury values, and smelted to produce the final doré product.

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Overall gold recovery from the start of operation through September of 2025 is 62% and silver recovery is 8% based on ounces recovered to doré with an estimated inventory of 30,000 oz for gold and 510,000 oz for silver. These inventories include metals in solution, in-heap within partially leached ore and any areas not under leach including newly stacked ore and side slopes.

Overall, modeled recoveries vs. actual production for gold is in good agreement with reasonable inventory levels. Gold inventory has recently started to increase due to several possible factors, including the processing of ROM material and should be monitored and corrective actions taken if these values continue to increase. Silver shows a significantly larger variance, and several factors may be contributing to this including slower leach kinetics for silver than expected, insufficient free cyanide in solutions within the leach pad to maximize silver recovery, or too high silver recovery estimates. It is likely that the silver recoveries for the initial ores stacked and irrigated were overestimated; however, it is recommended that the recovery estimates not be changed at this time as silver production has been improving significantly since 2023.

The MCR operation includes an open pit mine, a WRSF, a low-grade stockpile, a heap leach pad, and two topsoil stockpiles.

Surface infrastructure to support operations is in place, and includes:

Gold and silver production can generally be sold to any of a number of financial institutions or refining houses and therefore no market studies are required to support the Camino Rojo Mineral Reserves.

The doré produced at Camino Rojo is shipped, under secure conditions, to refineries. The gold is sold and the settlement price is based on the then-current spot price for gold and silver on public markets.

The main contracts at Camino Rojo relate to the mining contractor, the blasting service provider, and various consumable contracts. The contracts were established based on the LOM plan.

Orla has launched a "Towards 2030 Sustainability Strategy" to ratify its commitment to being a responsible, sustainability-driven company. The Project has an Environment, Sustainability, Health and Safety Policy, and several environmental standards, plans, and programs in place, including among others, a waste rock management plan, a management plan for potentially acid generating materials, an environmental monitoring plan, flora rescue and relocation plan, fauna rescue and relocation plan, waste management plan, a stormwater and sedimentation control plan, a preventive and corrective equipment maintenance program, a health and safety program, a cyanide management plan, an emergency response plan, and a blasting vibration monitoring program (SANAT 2025). SLR understands that Orla has set targets and defined key performance indicators to measure their progress on environmental and social governance (ESG) actions.

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The existing mine has the environmental permits to explore and operate, and it is in the process of obtaining additional approvals for mining of the open pit layback, east-west pit expansion and the transition to underground, including the associated changes in the land use to accommodate the additional areas related to this transition.

The Camino Rojo operation does not generate excess water resulting in surface discharge of industrial effluent to the environment (i.e., zero discharge operation). The industrial water is recycled for use in mine operation activities (primary ore processing and road irrigation for dust suppression). Only treated effluent from the domestic wastewater treatment plant is discharged to the environment.

The Project site water supply is sourced exclusively from underground wells, with current valid permits expiring in 2030 and 2050.

As part of the work that supports the updated Environmental Impact Statement (MIA-R 2024), MCR prepared a detailed analysis of compliance with the obligations derived from the authorization contained in the Resolution official letter SGPA/DGIRA/DG/03478 of August 11, 2020. The approval comprises 148 obligations. Of these obligations, there are no known non-compliances, and 31 obligations are not currently applicable (SANAT 2025).

The environmental authorities require the submission of compliance reports as part of the permit requirements where MCR documents the environmental performance of the Project and how the conditions stated in the environmental permits are met. Currently, the Project completes several reports in a semi-annual or annual basis to be submitted to the environmental authorities.

The most recent conceptual MCP for the Project was prepared in 2022. The conceptual MCP addresses final closure actions, and post-closure inspection and monitoring. The closure schedule includes 4.5 years of closure followed by 10 years of post-closure monitoring. A closure cost estimate was included in the MCP.

The Project is currently in the operating phase and all the necessary open pit mining and processing equipment and infrastructure are already in place.

Orla estimates that total sustaining capital costs for the period Q4 2025 through 2031 are approximately $31.1 million, with this estimate including costs for heap leach pad expansions required to the end of the current mine life. Other process capital costs include the completion of the crushed ore stockpile dome cover. The majority of the sustaining capital is expected to be spent during 2026 and 2027 on leach pad expansions.

Unit operating cost estimates are based on actual operating data and forecasts and include all labour, reagents, consumables, electricity, maintenance, fuel and lubricants, and all other direct operating expenses. Unit mining operating costs are based on existing contracts for contract mining. LOM unit operating costs are presented in Table 1-3.

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The preliminary economic assessment (PEA) of the Underground Project demonstrates robust economics over the 17 years of mine life and outlines a pathway to extend the life of the Camino Rojo Mine beyond the current open pit and heap leach operation.

The PEA is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA has been completed independent of the Camino Rojo open pit project and is treated as a completely separate development project.

The PEA results highlight an after-tax Net Present Value (discounted at 5%) of $1.3 billion with an internal rate of return (IRR) of 30% at $3,100/oz gold price. Initial capital expenditure is estimated at $608 million with a payback period of 38 months.

The Mine Plan contemplated in the PEA Project includes a Measured and Indicated Mineral Resource estimate of 33.0 million tonnes at 2.80 g/t resulting in an estimated 2.97 million ounces of gold (3.16 million of ounces of gold equivalent), an Inferred Mineral Resource estimate of 2.8 million tonnes at 2.81 g/t resulting in an estimated 0.25 million ounces of gold (0.27 million of ounces of gold equivalent) and an additional 1.4 million tonnes of diluting material included within mineable shapes. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Processing Plant is designed for a nominal throughput of 8,000 tonnes per day, operating 24 hours per day with an assumed availability of 92%. Average gold recovered in concentrate across all domains is estimated at 87% of the gold contained in the mined ore. The flowsheet proposes primary crushing followed by crushed material stockpiling and reclaim. Grinding will consist of primary and secondary stages, featuring a SAG mill with pebble crushing, and a ball mill operating in closed circuit with hydro-cyclones. Selective flotation circuits (carbon flotation, gold flotation, zinc flotation, and gold-bearing pyrite flotation) will produce separate saleable gold, zinc, and pyrite concentrates, which will be filtered prior to load-out, storage and transportation to markets.

Tailings will be thickened and directed to a paste backfill plant for filtration and to provide the Underground Project with paste backfill. Surplus filtered tailings will be directed to a filtered tailings management facility. (TMF)

Over the first 10-years of the mine life, the average annual gold and gold equivalent production in concentrate is projected to be 215,000 ounces and 228,000 ounces, respectively, and the average annual payable gold and payable gold equivalent is projected to be 190,000 ounces and 201,000 ounces, respectively (Figure 1-1).

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Note: gold equivalent (AuEq) reflects total metal presented on an equivalent basis. Orla uses conversion ratios for calculating gold equivalent for its silver and zinc production, which are calculated by multiplying the volumes of silver and zinc by the respective assumed metal prices, recoveries (varies), and dividing the resulting figure by assumed gold price. The following metal prices and recoveries (averaged) were used:

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SLR Consulting (Canada) Ltd. (SLR), Kappes, Cassiday & Associates (KCA), and Blue Coast Research Ltd (BCR), were retained by Minera Camino Rojo S.A. de C.V. (MCR), a subsidiary of Orla Mining Ltd. (Orla), to prepare a Technical Report on the Camino Rojo Project, located in Zacatecas State, Mexico. Camino Rojo is 100% owned and operated by MCR. Orla is gold mining company with mining and exploration projects in Mexico, the United States of America, Panama, and Canada. Orla is listed on the Toronto Stock Exchange (TSX: OLA) and the New York Stock Exchange (NYSE: ORLA).

The purpose of this Technical Report is to support the disclosure of updated Mineral Resources and Mineral Reserve estimates for Camino Rojo with an effective date of September 30, 2025. This Technical Report is prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects. Additionally, this Technical Report includes the results of the Preliminary Economic Assessment (PEA) for the underground project in Section 24 – Other Relevant Data and Information. The PEA evaluates the technical and economic potential of a stand-alone underground development project beneath the existing Camino Rojo open pit operation and the construction of a processing plant for the processing of sulphide and refractory material (the Process Plant).

The PEA was prepared by a team of independent industry experts who are Qualified Persons under NI 43-101, led by DRA Americas Inc. (DRA) and supported by Entech Mining (Entech), SLR, and BCR. The PEA evaluates the Underground Project supported by an 8,000 tonnes per day (tpd) Processing Plant, which includes crushing, SAG and ball mill grinding, and selective flotation circuits designed to produce three saleable concentrates (gold, zinc, pyrite). The PEA has been completed as a stand-alone underground development case and does not integrate the existing oxide heap leach operation.

The Camino Rojo property is located in the Municipality of Mazapil, State of Zacatecas, Mexico, near the village of San Tiburcio. The property lies 190 km northeast of the city of Zacatecas, 48 km south-southwest of the town of Concepción del Oro, and 54 km south-southeast of the Peñasquito Mine, which is owned and operated by Newmont Corporation (Newmont).

The distribution of gold mineralization at the Project is controlled by steep northwest and shallow south dipping polymetallic veins. Host rock lithology significantly influences deposit styles, and the Camino Rojo deposit displays transitional mineralization styles, forming a continuum between intermediate sulphidation epithermal and skarn mineralization.

Numerous regional exploration programs have been executed by Orla, including mapping, prospecting, diamond drill (DDH), rotary air blast (RAB), and reverse circulation (RC) drill programs, geophysical surveys, and soil, rock and biogeochemical sampling programs, since the acquisition of the property in October 2017. Subsequent to the effective date of this report, Orla completed its 2025 regional exploration program, which included a ~4,700 m regional drill program that followed up on positive drill results from 2024 (Hacheros and Lago Azul) and drill tested two new targets (Majoma and Miserias).

The Project includes active open pit mining and heap leach operations that commenced in late 2021 and achieved commercial production in 2022. In 2024, an average heap leach processing rate of approximately 20,000 stacked metric tonnes per day (tpd) was achieved, exceeding the design capacity of approximately 18,000 stacked tpd. Current planning assumes a steady-state stacking rate of 18,900 tpd.

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Table 2-1 lists the qualified person (QPs) and the sections for which they are responsible. Details of the most recent site visits completed by each QP are also provided.

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During the preparation of this report and while on site, discussions were held with personnel from Orla:

The documentation reviewed, and other sources of information, are listed at the end of this Technical Report in Section 27 References.

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Units of measurement used in this Technical Report conform to the metric system. Unless otherwise noted, all revenues, costs, and currency in this Technical Report are presented in United States dollars ($ or US$).

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This Technical Report has been prepared by, or its preparation supervised by, the QPs from SLR, KCA, BCR, Entech, DRA, and Orla. The information, conclusions, opinions, and estimates contained herein are based on:

For the purpose of this Technical Report, the QPs have relied on ownership information provided in a summary report prepared by Orla’s legal counsel in Mexico, Lic. Mauricio Heiras of Chihuahua, Chihuahua State, and this information is relied on in Section 4 and the Summary of this Technical Report (Heiras 2026).

The QPs have relied on guidance from Orla on applicable tax rates and their application, the legal details of required royalty payments, and other government levies or interests, applicable to revenue or income from the Camino Rojo Project, in developing the cut-off grades discussed in Section 14.10, Section 15.4, and related disclosure in Sections 1 and 25 of this report.

Except for the purposes legislated under applicable securities laws, any use of this Technical Report by any third party is at that party’s sole risk.

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The Camino Rojo property is located in the Municipality of Mazapil, State of Zacatecas, Mexico, near the village of San Tiburcio. The property lies 190 km northeast of the city of Zacatecas, 48 km south-southwest of the town of Concepción del Oro, and 54 km south-southeast of Newmont’s Peñasquito Mine (Figure 4-1). The Project area is centred at approximately 244,150 E and 2,675,900 N UTM NAD27 Zone 14N.

All geographic references in this Technical Report utilize UTM Zone 14N datum NAD27 unless otherwise stated.

The Orla QP has relied upon Orla’s legal counsel in Mexico, Mauricio Heiras Garibay, Esq., of Chihuahua, for a review of the concession titles and legal framework (Heiras 2017 to 2026)

All minerals’ rights in Mexico are the property of the government of Mexico and may be exploited by private entities under concessions granted by the Mexican federal government. The process was first defined under the Mexican Mining Law of 1992 and excludes petroleum and nuclear resources from consideration. The Mexican mining law also requires that non-Mexican entities must either establish a Mexican corporation, or partner with a Mexican entity.

Under the amendment of April 29, 2005, the General Directorate of Mines (Direccion General de Minas [DGM]) grants concessions for a period of 50 years, provided the concession is maintained in good standing. In the same amendment no distinction was made between mineral exploration and exploitation concessions. As part of the requirements to maintain a concession in good standing, bi-annual fees must be paid based upon a per-hectare escalating fee, work expenditures must be incurred in amounts determined based on concession size and age, and applicable environmental regulations must be respected.

The current Camino Rojo property consists of seven concessions covering, in aggregate, 138,639.75 hectares (ha). All concessions were originally staked and titled to Canplats de Mexico S.A. de C.V., whose legal name was subsequently changed to Camino Rojo S.A. de C.V. Camino Rojo S.A. de C.V. subsequently ceded all mining claims to Minera Peñasquito S.A. de C.V., who in turn sold the mining claims to MCR, as discussed in Section 4.2.1.1 of this Technical Report.

Concession information is summarized in Table 4-1, and the concessions are shown in Figure 4-2. The concessions are in good standing with respect to payment of mining taxes (January and July of each year) and filing of assessment reports, production reports and ownership of all seven concessions has been registered to MCR (Heiras 2020, 2021, 2022, 2023, 2024 and 2026).

In addition to the claims held directly, MCR has obtained the right to mine waste rock and to mine, and recover for Orla’s account, all oxide and transitional material amenable to heap leaching that is within that portion of the open pit extending onto an adjacent mineral concession, as discussed in Section 4.2.1.2 of this Technical Report.

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The claims are controlled by Orla by means of its ownership of MCR, which acquired the concessions from Newmont’s Mexican subsidiary, Minera Peñasquito S.A. de C.V. A summary of Orla’s and Newmont’s respective rights and obligations under the terms of the asset purchase agreement dated June 20, 2017 (Acquisition Agreement) between Orla and Goldcorp Inc. (a subsidiary of Newmont) is as follows:

Goldcorp, a subsidiary company to Newmont, was granted a 2% net smelter return (NSR) royalty on all metal production from the Project, except for metals produced under the sulphide joint venture option stipulated in the Acquisition Agreement. On October 27, 2021, the 2% NSR royalty that pertains to oxide material was sold to Maverix Metals Inc. (Maverix)

Orla is the operator of the Project and has full rights to explore, evaluate, and exploit the property.

In the event that a sulphide project is defined through a positive Pre-Feasibility Study outlining one of the development scenarios a) or b) contained herein, Newmont may, at its option, enter into a joint venture for the purpose of future exploration, advancement, construction, and exploitation of the sulphide project.

Following exercise of its option, if Newmont elects to sell its portion of the sulphide project, in whole or in part, then Orla would retain a right of first refusal on the sale of the sulphide project.

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Carry forward of assessment work credits will be applied to the Camino Rojo property concessions, thus no expenditures are immediately required to meet assessment work requirements.

On December 21, 2020, Orla announced that it had entered into an agreement with Fresnillo Plc and two of its Mexican subsidiary companies, granting Orla the right to expand the Camino Rojo oxide pit onto 21.8 ha of Fresnillo’s 782 ha “Guachichil D1” mineral concession, Title 245418, located immediately to the north of Orla’s property pursuant to a definitive layback agreement (the “Layback Agreement”). The Layback Agreement allows Orla access to oxide and transitional heap leachable Mineral Resources on Orla’s property below the open pit outlined in the June 2019 Technical Report (KCA 2019). In addition, the Layback Agreement grants Orla the right to mine from Fresnillo’s mineral concession and recover for Orla’s account, all oxide and transitional material amenable to heap leaching that are within an expanded open pit. Closing of the Layback Agreement was completed upon receipt of approval from the Mexican Federal Competition Commission (Comisión Federal de Competencia Económica [COFECE]) in February 2021.

The Layback Agreement is only with respect to the portion of the heap leach material included in the Mineral Reserve. Any potential development of the Camino Rojo property that includes material outside this agreement within the UG Resources included in the Mineral Resource estimate is dependent on entering into an additional agreement with Fresnillo (or any potential subsequent owner of the mineral titles).

Surface rights in the Project area are owned by several Ejidos, which are federally defined agrarian communities. The land that includes the Mineral Resource at Camino Rojo is controlled by the San Tiburcio Ejido, comprised of 364 voting members who collectively control 37,154 ha. The legal ownership of surface rights verification and the information contained herein is derived from a summary report prepared by Orla’s legal counsel in Mexico, Mauricio Heiras Garibay, Esq. (Heiras 2026).

Areas for which MCR controls surface rights, illustrated in Figure 4-3, include both areas with and without mineral rights, with the latter being maintained for possible infrastructure purposes.

Exploration work at the Project has been carried out under the terms of surface access agreements negotiated with the Ejido San Tiburcio and executed on February 26, 2013, and October 31, 2018. Camino Rojo S.A. de C.V. (a Goldcorp subsidiary) executed agreements with the Ejido San Tiburcio that cover the Camino Rojo Mineral Resource. Camino Rojo S.A. de C.V. subsequently passed the rights and obligations of these agreements to Minera Peñasquito S.A. de C.V. (a Goldcorp subsidiary), who subsequently transferred the rights and obligations to MCR. The two agreements currently in effect with Ejido San Tiburcio are listed:

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MCR executed a surface rights agreement with Ejido San Francisco de los Quijano on July 22, 2021. None of the Mineral Resources of Mineral Reserves discussed in this Technical Report, nor proposed infrastructure, is located on Ejido San Francisco de los Quijano land. This Temporary Occupation Agreement (convention d’occupation temporaire [COT]) allows MCR to conduct exploration activities on 5,332 ha, as shown in Figure 4-3. The agreement expires on July 22, 2027. A payment is required to keep the agreement in good standing. MCR has made all required payments up to the date of this Technical Report.

MCR executed a surface rights agreement with Ejido la Pardita on October 24, 2022. None of the Mineral Resources or Mineral Reserves discussed in this Technical Report, nor proposed infrastructure, is located on Ejido La Pardita land. This COT allows MCR to conduct exploration activities on 4.205 ha, as shown in Figure 4-3. The agreement expires on October 8, 2027. A payment is required to keep the agreement in good standing. MCR has made all required payments up to the date of this Technical Report.

MCR executed a surface rights agreement with Ejido El Berrendo on March 4, 2024. None of the Mineral Resources or Mineral Reserves discussed in this Technical Report, nor proposed infrastructure, is located on Ejido El Berrendo land. This COT allows MCR to conduct exploration activities on 2,631 ha, as shown in Figure 4-3. The agreement expires on August 8, 2026. A payment is required to keep the agreement in good standing. MCR has made all required payments up to the date of this Technical Report.

Fresnillo controls surface rights needed for exploration and mining on the “Guachichil D1” mining concession. Pursuant to the Layback Agreement, a portion of surface rights controlled by Fresnillo were ceded by MCR on December 18, 2022, to mine on a portion of the “Guachichil D1” mining concession that covers the area outside of the Orla concession required for the Project as defined in this Technical Report.

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The Orla QP is not aware of any environmental liabilities on the property. Prior to Orla’s development of the Project, the property did not contain active or historical mines or prospects, and there were no pre-existing plant facilities nor tailings piles present within the Project area. All exploration work has been carried out by prior operators in accordance with Mexican environmental standards.

The existing mine has the environmental permits to explore and operate, and it is in the process of obtaining additional approvals for mining of the open pit layback, east-west pit expansion and transition to underground mining, including the associated changes in the land use to accommodate the additional areas related to this transition. Section 20.3 provides additional details on permitting requirements and status.

The Project has had a productive relationship with the surface owners, and in the QP’s opinion, no extraordinary risks to Project access have been identified. A valid surface access agreement allows Orla, through its Mexican subsidiary MCR, to explore and develop the Project. Additionally, the Layback Agreement received COFECE approval in February 2021, and the surface access rights were ceded in December 2022.

Prior operators and MCR have met legal requirements to maintain the mining concession titles in good standing. Conditional upon continued compliance with annual requirements, no risks to the validity of title have been identified.

MCR has been compliant with Mexican environmental regulations, and conditional upon continued compliance, permits for normal exploration and exploitation activities are expected to be attainable.

The mine operates in a region impacted by criminal activity, including by members of criminal cartels and directed against other members of criminal cartels. The Company regularly reassesses its security exposure and is committed to ensuring safety at the mine.

Under the terms of the Acquisition Agreement, Newmont acquired a 2% (two percent) NSR royalty on all metal production from the Project, except for metals produced under a sulphide joint venture option as stipulated in the Acquisition Agreement. On October 27, 2021, the 2% NSR royalty was sold to Maverix Metals Inc. (which was subsequently acquired and is wholly-owned by Triple Flag Precious Metals Corp).

A 1% royalty is payable to the Mexican government as an Extraordinary Mining Duty, mandated by Federal Law, and applies to precious metal production from all mining concessions, regardless of owner or other royalty encumbrances. This royalty was increased to 1% from 0.5% and is in effect starting in 2025.21.3

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The Project is located in the Municipality of Mazapil, State of Zacatecas, Mexico, situated along a wide, flat valley near the village of San Tiburcio on Mexican Highway 54, a well-maintained, paved highway providing southbound access to the major city of Zacatecas in Zacatecas State, a distance of 203 km, as well as northbound towards Monterrey in Nuevo Leon, a distance of 261 km (Figure 5-1). Both cities have airports with regularly scheduled flights south to Mexico City or north to the USA. The Project is located 48 km south-southwest of the town of Concepción del Oro, which is the nearest population center with basic services, and 54 km south-southeast of Newmont’s Peñasquito Mine.

Highways 54 and 62 transect the property There are also numerous gravel roads within the property linking the surrounding countryside with the two highways. There are very few locations within the property that are not readily accessible by four-wheel drive vehicle.

The climate is typical of the high-altitude Mesa Central, dry and semi-arid. Annual precipitation for the area is approximately 337 mm, mostly during the rainy season in July, August, and September. Temperatures commonly range from +30° to 12°C in the summer and 24° to -6°C in the winter. Exploration and production activities can be conducted year-round.

There is a good network of road and rail services in the region. Road access to most of the property is possible via numerous gravel roads from both Highways 54 and 62. In addition, there is a railway approximately 40 km east of San Tiburcio that crosses both highways (Figure 5-1). There is a high voltage powerline transecting the property near San Tiburcio. A new 34.5 kV powerline was completed in March 2021; it has a capacity of 10 MW and connects the Project to the national electric grid at Concepción del Oro.

The Project site is generally flat with adequate space for development of mining and processing facilities. Surface rights over the area required for Project infrastructure development, including access from the adjoining highway, and most of the open pit are subject to a Previous to Expropriation Occupation Agreement (COPE), as described in Section 4.2.2. Surface rights for the part of the pit that is on the Fresnillo mineral concession are subject to the Layback Agreement.

Prior operators purchased ground water from owners of local wells and trucked the water to site for drilling needs. On February 24, 2015, Camino Rojo SA de CV acquired groundwater rights totaling 9,695,900 m3 per annum for industrial and services uses. These water rights were subsequently transferred to Minera Peñasquito SA de CV and then assigned to MCR. The water rights acquired by MCR grant permission to construct and extract water from up to 26 wells in the Project area. Currently, MCR has four wells in production for water extraction and another well undergoing permitting review.

Most exploration and operating supplies may be purchased in the nearby historical mining cities of Zacatecas, Fresnillo, and Saltillo. Experienced mining personnel are available locally and from the nearby mining towns of Concepción del Oro and Mazapil.

Potential waste disposal areas, heap leach pad areas, process plant sites and infrastructure facilities are discussed in Sections 16.5, 17.1, and 18.0 of this Technical Report.

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The broad valley around San Tiburcio is bounded to the north by the low rolling hills of Sierra La Arracada and Sierra El Barros, to the east by Sierra La Cucaracha, and to the south by the Sierra Los Colgados. The terrain is generally flat. Bedrock exposures are rare, limited to road cuts, borrow pits or creek beds. The elevations within the property range from approximately 1,850 MASL to 2,460 MASL, and relief is low.

The vegetation is dominated by the scrub bushes creosote bush and tar bush, with lesser cacti, maguey, sage and coarse grasses with rare yucca (Figure 5-2). The natural vegetation is used to locally graze domestic livestock, principally goats. Wild fauna is not abundant, but several varieties of birds, rabbits, coyote, lizards, and snakes inhabit the area.

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Orla’s mining concessions comprising the Camino Rojo property were originally staked to the benefit of Canplats de Mexico, S.A. de C.V., a subsidiary of Canplats Resources Corporation (Canplats), in 2007. In 2010, Goldcorp Inc. (Goldcorp) acquired 100% of the concession rights held by Canplats through its subsidiary Minera Peñasquito SA de CV. Orla’s subsidiary, MCR, acquired the Project from Goldcorp in 2017.

The Camino Rojo gold-silver-lead-zinc deposit was discovered in mid-2007, approximately 45 km south-southwest of Concepción del Oro, and was originally entirely concealed beneath post-mineral cover in a broad, low relief alluvial valley adjacent to the western flank of the Sierra Madre Oriental. Mineralized road ballast, placed on a dirt road near San Tiburcio, Zacatecas, was traced to its source by geologists Perry Durning and Bud Hillemeyer from La Cuesta International, working under contract to Canplats. A shallow pit excavated through a thin veneer of alluvium, located adjacent to a stock pond (Represa), was the discovery exposure of the deposit. Following a rapid program of surface pitting and trenching for geochemical samples, Canplats Resources began concurrent programs of surface geophysics (resistivity and induced polarization) and RC drilling in late 2007, which continued into 2008.

The initial drilling was focused on a 450 m by 600 m gold in rock geochemical anomaly named the Represa zone. Diamond drilling began in 2008. The geophysical survey defined two principal areas of high chargeability: one centred on the Represa zone and another one kilometre to the west named the Don Julio zone. Drilling demonstrated that the Represa and Don Julio zones are part of the same mineralized zone, which crops out at Represa and plunges to the west. The elevated chargeability zones were interpreted as large volumes of sulphide mineralized rocks. Drilling by Canplats, and later drilling by Goldcorp, confirmed the presence of extensive sulphide mineralization at depth in the Represa zone, and much lower quantities of sulphide minerals at Don Julio.

By August of 2008, Canplats drilled a total of 92 reverse circulation (RC) and 30 DD holes, for a total of 23,988 m and 16,044 m, respectively, mainly focused in the Represa zone. The surface access and permission to continue drilling were cancelled in early August 2008, by the San Tiburcio Ejido, Zacatecas. Nevertheless, in November 2008, Canplats published an independent Mineral Resource estimate for the Represa zone.

In October 2009 Canplats publicly released a Preliminary Economic Assessment (PEA) of the Project (Blanchflower 2009), which has been superseded by later work and technical studies, is no longer current, and, accordingly, should not be relied upon.

Canplats was acquired by Goldcorp in early 2010. Validation, infill, condemnation, and expansion drilling began in January 2011. By the end of 2015, a total of 279,788 m of new core drilling in 415 drill holes and 20,569 m of new RC drilling in 96 drill holes was completed in the Represa and Don Julio zones and their immediate surroundings. An additional 31,286 m of shallow rotary air blast (RAB)-style, RC drilling in 306 drill holes was completed, with most of the RAB drilling testing other exploration targets within the concession. Airborne gravity, magnetic and transient electromagnetic (TEM) surveys were also carried out, the results of which are in the archives of MCR.

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As of the end of 2015 a total of 295,832 m in 445 DDH, 44,557 m in 188 RC drill holes, and 31,286 m of RAB drilling had been completed.

There were no exploration or drilling activities carried out from the end of 2015 up to and including October 2017, when the project was acquired by Orla through its subsidiary, MCR.

Locations of historical drill holes and the Project claim boundaries are summarized in Figure 6-1.

Canplats, Goldcorp, and Orla conducted metallurgical tests which are discussed in Section 13.1 of this Technical Report.

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Minorex Consulting Ltd. prepared a Mineral Resource estimate for Canplats in 2009 (Blanchflower 2009) that was publicly disclosed in a Technical Report prepared in accordance with the disclosure standards of NI 43-101. Since the effective date of the 2009 Mineral Resource estimate, significant additional drill hole data has become available, rendering the 2009 estimate obsolete. The 2009 resource estimate is historical in nature, has not been verified by the authors and should not be relied upon. Orla is not treating the historical estimate as a current estimate.

Goldcorp publicly disclosed Mineral Reserve and Mineral Resources on Camino Rojo with an effective date of June 30, 2016 (Goldcorp 2017); this Mineral Resource and Mineral Reserve estimate is no longer current. The key assumptions, parameters, and methods used by Goldcorp to prepare the historical estimate are unknown. The 2016 reserve and resource estimates are historical in nature, have not been verified by the QP, and should not be relied upon. Orla is not treating these historical estimates as current estimates.

The Camino Rojo open pit, heap leach operation achieved its first gold pour in December 2021 and began commercial production in April 2022. As of September 30, 2025, the mine has produced 447,820 oz of gold.

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The following geological discussion is derived from a variety of peer-reviewed professional papers focused on the regional geology as set out in section 27 hereto (Mitre-Salazar 1989; Centeno-Gracia 2005; Aranda-Gomez 2006; Nieto-Samaniego 2007; Loza-Aguirre 2008; Tristán-González 2009; Barboza-Gudiño 2010; Weiss 2010; Ortega-Flores 2015; Cruz-Gámez 2017), a Master’s of Science thesis from the University of Nevada-Reno that details the deposit geology (Sanchez 2017), geologic maps published by the Servicio Geologico Mexicano, field and diamond drill core observations by Dr. Matthew Gray (Gray 2016 and 2018) and Dr. Anthony Longo (Longo 2017; Longo and Edwards 2017), and regional stratigraphy from previously published Technical Reports (Blanchflower 2009).

The Camino Rojo deposit is located beneath a broad pediment of predominantly Tertiary and Quaternary alluvium and sedimentary rocks (Figure 7-1a and Figure 7-1b) along the boundary between the Mesa Central physiographic province and the Sierra Madre Oriental fold and thrust belt near the pre-Laramide continental-margin. The oldest rocks are Triassic metamorphic continental rocks overlain by Early to Middle Jurassic red beds. Upper Jurassic to Upper Cretaceous marine facies rocks overlie the red beds at a disconformity and comprise a package of shelf carbonate rocks comprising the Zuloaga to Cuesta del Cura Formations and the basin-filling flysch sediments of the Indidura and Caracol Formations (Nieto-Samaniego 2007, Ortega-Flores 2015). The deposit lies within the southern extent of the northwest striking San Tiburcio fault zone (Weiss 2010).

A Permo-Triassic tectono-volcanic arc in the eastern Sierra Madre Oriental represents the first Pacific-directed subduction and tectonism in Central Mexico (Centeno-Gracia 2005). Erosion of the eastern Triassic highlands shed siliciclastic material westward and turbidites off the continental shelf into the Triassic basin plains. These marine clastic rocks, the Triassic Zacatecas and El Alamar Formations (Cruz-Gámez 2017) were subsequently metamorphosed to phyllites and schists (Nieto-Samaniego 2007) then eroded before continental siliciclastic rocks or red beds were deposited atop an angular unconformity in the Early Jurassic (Nazas Formation and later La Joya Formation) (Barboza-Gudiño 2010). A disconformity atop Lower Jurassic continental rocks preceded deposition of marine carbonate rocks belonging to the Zuloaga and La Caja Formations in the Late Jurassic. Following a cessation of volcanism, arc magmatism flared up in the west along the Guerrero arc and continued through the Late Cretaceous. Deposition of the shelf carbonate rocks progressed into the Early Cretaceous with the Taraises, Cupido, La Peña and Cuesta del Cura Formations. Upper Cretaceous flysch sediments of the Caracol Formation were derived from the erosion of the western Guerrero arc and were deposited in the back-arc basin atop the carbonate rocks. The Mesozoic marine sediments were deformed during the Laramide orogeny from the Late Cretaceous to the Paleocene forming the Sierra Madre Oriental fold and thrust belt (Nieto-Samaniego 2007).

By the late Paleocene, northeast of the Mesa Central, a flexural bend in the fold and thrust belt deflected the Mesozoic strata into a series of west- and northwest-trending fold axes and faults (Tristán-González 2009). South of the westward deflection, the fold belt strikes south to southeast. By early Eocene, the initial pulse of extensional tectonics produced north-northeast (NNE) to north-northwest (NNW) normal and strike-slip faults that bound mountain ranges (Matehuala fault zone) and deformed the southeast-trending fold belt along the eastern boundary of Mesa Central (Loza-Aguirre 2008). By the middle Eocene, ranges in the fold and thrust belt were displaced and truncated by northwest-striking high angle faults that translated through the Mesa Central and feature both normal and strike-slip displacement (Nieto-Samaniego 2007; Tristán-González 2009). Subsequent pulses of extension occurred from the early Oligocene to the Miocene and the Pliocene to the Quaternary that reactivated existing faults in conjunction with basaltic fissure volcanism and isolated monogenetic basaltic cinder cones (Aranda-Gomez 2006).

7-1

The northwest faults include two major fault systems that localized middle Eocene to Oligocene magmatic activity and define the southern and northern boundaries of Mesa Central. The southern fault zone known as the San Luis-Tepehuanes fault system separates the Sierra Madre Occidental from Mesa Central and localizes numerous mineral deposits (Nieto-Samaniego 2007, Loza-Aguirre 2008). The northern fault zone known as the San Tiburcio lineament and fault zone extends for more than 185 km and features both left-lateral strike-slip and normal displacement (Mitre-Salazar 1989). The fault truncates west-trending anticlinal axes in the flexural bend of the Sierra Madre Oriental and may crosscut the NNE-trending Matehuala fault zone that bounds the eastern Mesa Central. Anticlinal fold axes and faults parallel the San Tiburcio fault zone, and granitic intrusive rocks and dacitic to andesitic dikes are localized along portions of its extensive strike length.

Mineralization styles in the region include polymetallic and copper-gold skarn and limestone manto (replacement) silver-lead-zinc sulphide ores. The nearest significant producing mines or past producers are Newmont’s Peñasquito mine, located 53 km north-northwest of Camino Rojo, and various mines of the Concepción del Oro district, 47 km north-northeast of Camino Rojo. The Peñasquito mine exploits gold-silver-lead-zinc mineralization hosted in igneous diatreme-breccias and the surrounding Caracol Formation. Peñasquito mineralization gives way at depth to copper-gold sulphide breccias in garnet skarn, within limestone beneath the Caracol Formation (Rocha-Rocha 2016). In the Concepción del Oro district polymetallic and copper-gold skarn deposits and limestone-hosted manto (replacement) silver-lead-zinc sulphide deposits adjacent to Late Eocene igneous intrusions were mined (Buseck 1966). Although there are similarities in mineralization styles and metal assemblages between Camino Rojo and these other regional deposits, they are not necessarily indicative of the current or any potential mineralization within the Camino Rojo property.

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The Camino Rojo property geology is dominated by siliciclastic and carbonate Cretaceous sedimentary units which are intruded by northeast-southwest and east west striking mafic to intermediate dikes (Figure 7-2). The property-scale map pattern is dominated by northeast vergent folds, commonly cored by limestones of the Cupido Formation. Northeast directed shortening is pre- to post-tectonic with respect to intrusion of dikes and formation of ore-stage polymetallic veins and mantos. Cenozoic extension resulted in the formation of horsts and grabens at Camino Rojo. Grabens are infilled with up to 200 m of rhyolitic tuffs and basalts.

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The Late Cretaceous Caracol Formation is the primary host of the Camino Rojo Oxides and Camino Rojo Sulphides mineralized zones. Recent drilling has extended gold-silver-zinc mineralization through the entire sedimentary sequence that has been drill tested to date. Drilling within the carbonate stratigraphy beneath the Caracol Formation has identified Au-Ag-Zn-(Pb)-(Cu) mineralization associated with massive sulphide replacement (mantos) and skarn-style alteration. The mineralization that extends beneath the Caracol Formation is referred to as Zone 22. The local geology is summarized in Figure 7-3. The deposit stratigraphy, known from current diamond drilling, is discussed in the paragraphs below (oldest to youngest).

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The Early Cretaceous Cupido Formation is characterized by light and dark gray medium to thick bands of fine-grained limestones with interbedded silty layers. At the property scale, the Cupido Formation commonly occurs as the core of anticlines. Below the Camino Rojo deposit, diamond drilling indicates the formation is at least 300 m thick. The upper contact with La Peña formation is transitional, with increasing chert content and the appearance of black chert nodules and disseminated epigenetic pyrite.

a) Unaltered CRSX24-43A_1537.45m, massive limestone, light recrystallized horizons, chlorite in fractures and presence of hornfels.
b) Altered
CRSX24-40_1405.30 m pervasive strong silicification and skarn alteration: garnet + pyroxene + wollastonite.	CRSX24-45A_1373.95m skarn alteration: garnets > wollastonite, oxidation in fractures, and weak chlorite in fractures
CRSX24-45A_1378.20m, skarn alteration: garnet + pyroxene + wollastonite
c) Mineralized CRSX24-36C_1447m massive sulphide manto: pyrite-sphalerite-chalcopyrite

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The mid-Early Cretaceous La Peña Formation is characterized by gray limestones interbedded with calcareous siltstone, shale, and chert. Bedding ranges from medium-bedded at the bottom to thin-bedded at the top of the formation. Typical thickness across the property is less than 100 m. The upper contact with the Cuesta del Cura Formation is gradational, with decreasing chert bands.

a) Unaltered	b) Altered
CRSX24-45A_1269.10m massive limestone with local strongly marbled layers	CRSX24-36A_1245.35m pervasive strong skarn alteration: garnet + wollastonite > pyroxene; strong silicification and chloritization.
c) Mineralized
CRSX24-25F_1135.85m semi-massive sulphide manto: arsenopyrite-pyrite > pyrrhotite	CRSX24-37_1275.20m massive sulphide manto: pyrite-pyrhotite-chalcopyrite

The mid Cretaceous Cuesta del Cura Formation features thin- to medium-bedded grey limestone with wavy laminations and locally discontinuous layers of black shale and chert. Thicknesses in excess of 280 m are reported for the Cuesta del Cura Formation regionally; drilling at Camino Rojo deposit indicates a thickness of approximately 125 m. Contact with the overlying Indidura Formation is gradational, marked by thinning of limestone and chert beds.

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a) Unaltered CRSX24-36A_990.05m granular limestone with laminar horizons
b) Altered CRSX24-25G_1086.05m pervasive strong skarn alteration: garnet + pyroxene; weak argillization     CRSX24-25G_1090.00m pervasive strong skarn alteration: garnet + pyroxene; weak argillization
c) Mineralized
CRSX24-36D_1015.62m massive sulphide manto: pyrite-sphalerite-galena-arsenopyrite	CRSX24-38A_971.40m massive sulphide manto: quartz-pyrite-sphalerite-chalcopyrite-calcite, with white clays.
CRSX23-22C_1045.85m massive sulphide manto: pyrite-arsenopyrite-pyrrhotite-sphalerite-galena-chalcopyrite

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The Late Cretaceous Indidura Formation is characterized by thin-bedded calcareous shale, grey shaley limestone and siltstone. Across the Camino Rojo property, estimated thicknesses range from 100 m to 220 m, with a thickness of approximately 200 m. The contact with the overlying Caracol Formation is gradational, with the upper contact of the Indidura Formation located at the bottom of the last occurrence of sandstone.

a) Unaltered
CRSX24-41_790m calcareous shale
b) Altered
CRSX24-31A_850.15m potassic alteration	CRSX24-31A_837.40m potassic alteration: moderate bleaching, with weak calc-silicate alteration.
c) Mineralized
CRSX24-25E_769.80m arsenopyrite-sphalerite-pyrite vein crosscut by late calcite vein in potassic altered host rock

The mid-Late Cretaceous Caracol Formation is 600 m to 800 m thick, and consists of thinly interlayered carbonaceous and calcareous siltstones, silty mudstones, and fine-grained calcareous sandstone. Sandstone layers typically display cross-laminations. At Camino Rojo this sequence hosts most of the currently defined polymetallic mineralization. Similarly, at the Peñasquito deposit, the bulk of diatreme breccia-, manto-, stockwork- and vein-mineralization is hosted in the Caracol Formation (Rocha & Rocha 2016).

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Hornblende-biotite quartz-monzodiorite porphyry, fine-grained hornblende-plagioclase porphyry, and plagioclase-biotite porphyry are the dominant intrusive rock types identified on the Camino Rojo property (Figure 7-9). Zircon dating from the dikes give a crystallization age of 73.7 (±4.28) Ma (Sanchez, 2017). The dikes are black to dark grey in outcrop, occurring as vertical dikes striking northeast-southwest or east-west. Country rocks are typically weakly hornfelsed within 1-2 m of the contact and may be locally brecciated; dike contacts typically have centimetre-scale chill margins. Dikes may be locally chloritized and/or sericitized. Crosscutting relationships constrain these intermediate dikes to late Cretaceous or younger.

Mapping by the Servicio Geológico Mexicano (2014) identified porphyritic syenite approximately 12 km northwest of Camino Rojo. The syenite is weakly chloritized and sericitized and the contact with calcareous country rock is argillized and silicified.

Isolated outcrops of basalt unconformably overly the Cretaceous sedimentary sequence across the Camion Rojo property. The basalts are black to dark grey when fresh, weathering to light to dark reddish ochre. Flows range from massive to flow banded with a maximum thickness of up to 80 m. The basalts may be vesicular or amygdaloidal and locally contain plagioclase and olivine phenocrysts. Basalt flows occur as northwest-southeast trending bodies, inferred to be structurally controlled by grabens associated with Miocene extension.

Miocene or younger polymictic conglomerates and Quaternary polymictic gravel-conglomerate unconformably overly the basalts and Cretaceous sedimentary sequence. These conglomerates may exceed 200 m thickness when infilling Miocene grabens.

Sedimentary bedrock across the Camino Rojo property is typically unaltered to weakly altered. The Caracol Formation may exhibit weak sericite, albite, or chlorite; dendritic manganese is common on bedding planes. Within carbonate formations, recrystallization and the formation of black stylolites are the most common types of alteration. Carbonate units may be crosscut by hydrothermal breccias with a calcite matrix, commonly with limonite, goethite, or hematite staining.

Within the Camino Rojo Deposit, contact metamorphism is associated with the intrusion of dioritic dikes. Within the Sulphides Zone, hornfels alteration is characterized by recrystallization and hardening of siliciclastic layers. Within Zone 22, limestones have been converted to white and gray marbles.

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Within the Sulphides Zone, pervasive potassic (adularia) alteration accompanied by decarbonization and formation of pervasive disseminated fine-grained pyrite (Longo 2017; Longo and Edwards 2017; Sanchez 2017) may have been contemporaneous with contact metamorphism. Martinez-Esparza (2020) dated hydrothermal potassic feldspar from the sulphides using Ar40/Ar39 methods, returning ages of 68.31 ± 0.19 Ma and 70.3 ± 0.10 Ma, indicating pervasive hydrothermal alteration is within error of the crystallization age of zircons collected from dioritic dikes.

Within the sulphides, potassic alteration is divided into pervasive (Kp; ≥ 4 wt% K) and incipient (Ki; <4 wt% K) domains. Visually, the Kp is characterized by bleaching of sandstone to mudstone graded beds, resulting in a distinctive tan to white colour. The Ki domain is characterized by black and dark grey graded beds with pervasive weak illite-sericite alteration. Strong potassic alteration within the Ki, only identifiable through geochemical data, is restricted to fractures and bedding. Illite-sericite has been identified as part of the background alteration surrounding the Kp/Ki domains.

The Kp domain is enriched in potassium and depleted in calcium and sodium relative to the Ki domain and unaltered Caracol formation. In addition to potassium, metasomatic fluids are interpreted to have mobilized organic carbon. Within the core of the Kp alteration domain, organic carbon values are typically low (<0.1 wt%), increasing towards the Kp-Ki contact. Within the Ki and unaltered Caracol, organic carbon values are typically greater than 0.2 wt%.

Within Zone 22, intrusion of dioritic dikes likely resulted in the alteration of the carbonate units via contact metamorphism of limestone to marble. Recrystallization of limestones extends up to 150 m on either side of the main dike, and up to 200 m in areas that may be influenced by secondary structures. Prograde skarn alteration may have begun at this time and continued through or was renewed during subsequent metasomatic and mineralizing events. Prograde skarn alteration, consisting of wollastonite - garnet - sericite - pyrite, has completely overprinted any early contact metamorphism of the limestones. Prograde skarn alteration may be equivalent to early potassic alteration in the overlying Caracol Formation. Prograde skarn alteration likely contributed to advancing the marble front to the current extent. The skarn front extends up to 100 m on either side of the dike zone, with stronger development in the footwall of the dike. Within the skarn envelope, marbles are typically coarse-grained with buff or tan coloured calc-silicates, transitioning from white to grey with distance from the dike zone. Beyond the marble front, limestones are cut by calcite veins and stylolites. Retrograde skarn, consisting of epidote – chlorite ± amphibole ± quartz, commonly with quartz filled vugs, overprints prograde skarn alteration.

The Camino Rojo property is in the eastern part of the Mexican Fold and Thrust Belt (MFTB). Bedrock mapping across the property has identified northeast vergent folds with moderate southwest dipping axial planes and gentle northwest-southeast plunging fold axes. Open pit mapping at Camino Rojo has identified folding within the Caracol Formation characterized by northeast vergent similar folds with thickening of mudstone layers in fold hinges. Sandstone layers tend to form similar folds with extensional features (e.g., fractures and tension gashes) on the outside of fold hinges. Short limbs are commonly steeply dipping or overturned and may be sheared out, commonly with centimetre-thick clay matrix cataclasite. Reverse faults with southwest side up sense of movement have also been identified within the open pit. Property-scale reverse faults have not been identified.

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The San Tiburcio Lineament (STL) is a major regional fault corridor that can be traced over a strike length of approximately 300 km. The STL is northwest-southeast striking and is interpreted as being the result of a sinistral ductile shear, the age and tectonic history of which is debated. Two possible interpretations include: (1) the STL is the result of reactivation of the Mojave-Sonora megashear during the Laramide orogeny (Mitre 1989) and (2) the STL originated during the Laramide orogeny (syntectonic with the MFTB) and was re-activated during the Miocene (Sorto Araiz and García Ortíz 2012) and subsequently during extension in the Central Mesa. In the Camino Rojo area, the STL is characterized by lineaments striking northwest-southeast, e.g., the Guanamero, Los Lobos and Camino Rojo faults.

Historical workings in the Camino Rojo area are described by Sorto Araiz and García Ortíz (2012). Historical workings around Camino Rojo are typically small, with strike lengths less than 30 m and depths less than 20 m. The historical workings exploited stratabound decimetre-scale veins with erratic Ag-Pb-Zn mineralization in carbonate stratigraphy.

Recent drilling at exploration targets on the Camino Rojo property have intercepted narrow high-grade gold mineralization at Guanamero, located approximately seven km northeast of the Camino Rojo open pit (Orla 2023).

Within the Sulphides Zone at Camino Rojo, the earliest phase of gold mineralization, Stage 1, is associated with pervasive potassic alteration and disseminated fine-grained pyrite. Disseminated pyrite formed preferentially in muddy sandstone to mudstone parts of graded beds. Gold grades are typically <0.4 g/t Au. No other metals are known to be associated with this phase of gold mineralization. Within Zone 22, Stage 1 gold mineralization is not well preserved, with few examples of potassic alteration and disseminated pyrite in siliciclastic intervals having been identified.

The main stage of gold mineralization, Stage 2, overprints Stage 1 pyrite mineralization. The Dike Zone, the steep northwest dipping, southwest striking structure intruded by dioritic dikes, and the Bx1 fault breccia, a moderate to steep northwest dipping, northeast-southwest striking brittle fault, have been identified as important deposit-scale structures that influenced the distribution of Stage 2 polymetallic sulphide veins. In the open pit, the Dike Zone and Bx1 intersect. Moving down plunge to the southwest, the Dike Zone and Bx1 diverge, with a separation of approximately 300 m at the base of the sulphides.

Within the sulphides, Stage 2 is controlled by mutually crosscutting moderate to steep northwest and shallow south-southwest dipping intermediate sulphidation veins. Where the Dike Zone and BX1 intersect, Stage 2 veins crosscut dioritic dikes. Moving down plunge, Stage 2 veins both crosscut and locally exploit the margins of dioritic dikes. Stage 2 veins consist of pyrite-arsenopyrite and pyrite-sphalerite-galena (Sanchez 2017). Where Stage 2 veins crosscut dioritic dikes, potassic alteration haloes with decreased Stage 1 pyrite content are evident. Within siliciclastic rocks, the potassic alteration halo is not visually obvious although a millimetre-scale halo of decreased Stage 1 pyrite content is common. Stage 2 veins crosscut northeast vergent folds in the Caracol Formation, locally exploiting structures associated with folding (e.g., hinge zones, extension gashes, etc.). No significant post-Stage 2 structures (e.g., offsetting of structural domains) associated with northeast vergent folding have been identified at this time.

Within Zone 22, Stage 2 mineralization consists of fine- to coarse-grained disseminated, patchy, and massive auriferous pyrrhotite-sphalerite-pyrite as carbonate bedding replacements and as steep veins or breccias along the margin of and within dioritic dikes. Zone 22 polymetallic sulphide mineralization occurring as bedding replacement appears to follow northeast vergent folding of carbonate stratigraphy. Crosscutting relationships in the sulphide mineralization indicates main stage gold mineralization is syn- to post-tectonic with respect to northeast vergent folding. It is unclear whether the mantos exploited bedding that had already been deformed by northeast vergent folding or were folded after formation.

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The youngest metalliferous event identified at Camino Rojo are Stage 3 low sulphidation veins. Within the Sulphide Zone mineralization, Stage 3 mineralization consists of colloform banded quartz veins, drusy-coxcomb quartz veins and polymictic quartz cement hydrothermal breccia with pyrite-galena-sulphosalts with moderate to high gold and silver values (Longo 2017; Longo and Edwards, 2017). Within Zone 22, a younger phase of gold and silver mineralization, consisting of disseminated to patchy chalcopyrite-pyrrhotite associated with retrograde skarn alteration, has been identified. This younger phase of gold-silver mineralization is tentatively correlated with Phase 3 mineralization in the Sulphides based on crosscutting relationships. Stage 3 veins overprint and locally exploit Stage 2 structures.

Post-mineralization structures consist of unmineralized calcite veins in both the Sulphides and Zone 22 and brittle faults. The Bx1 Fault was reactivated as a normal fault. This interpretation is supported by the inclusion of Stage 2 vein fragments as clasts within Bx1 clay matrix cataclasite and slicken lines indicating northwest side down sense of movement. The youngest structures identified at the Camino Rojo Deposit are steep northwest and southeast striking fault breccias and crush breccias. These youngest structures are interpreted to be syn-tectonic with Miocene extension.

Oxidation ranges from complete oxidation in the uppermost parts of the deposit, to unoxidized in the sulphides and Zone 22. The transition between oxidized and unoxidized mineralization underlies or surrounds oxide mineralization. Oxidation within transition zones is controlled by faulting, fracturing and permeability of strata.

Oxidation is nearly complete in the uppermost parts of the deposit, generally extending from surface to depths of 150 m to 200 m. The transitional zone of mixed oxide/sulphide extends as deep as 650 m below surface where oxidizing fluids penetrated along the Dike Zone and Bx1 structures.

Within the oxide open pit and Sulphides Zone, sandy layers of the Caracol Formation are preferentially oxidized, creating a stratigraphically interlayered sequence of oxide and sulphide material at the centimetre-scale, with oxidation along structures affecting all strata. Incomplete oxidation in the transition zone may result in nearly complete oxidation of the gold bearing parts of the rock, resulting in metallurgical characteristics more like oxide than sulphide hosted gold mineralization.

No oxidized material has been defined in Zone 22.

The distribution of auriferous mineralization at Camino Rojo is controlled by steep northwest and shallow south dipping polymetallic veins within the siliciclastic hosted oxide and sulphide zones. Within the carbonate hosted Zone 22, auriferous mineralization is controlled by disseminated, patchy and massive polymetallic sulphide replacement of carbonate strata and sulphide breccias along the margins of, and crosscutting, dioritic dikes. Pervasive, near surface oxidation extends to approximately 150 to 200 m below surface and extends to greater depths along structurally controlled zones of fracturing and permeability.

The Camino Rojo system extends approximately 0.9 km to 1.0 km along strike and up to 400 m in width, and comprises three continuous mineralized zones: (i) the near-surface Camino Rojo Oxides (from surface to approximately 250 m vertical depth), (ii) the underlying Camino Rojo Sulphides (approximately 250 m to 700 m depth), both of which are hosted within the Caracol Formation, and (iii) the deeper Zone 22 (approximately 700 m to 1,300 m depth), which is hosted in limestone units and remains open at depth.

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The observed geological and geochemical characteristics of the gold-silver-lead-zinc deposit at Camino Rojo are consistent with an intermediate sulphidation-state (IS) epithermal and a distal oxidized gold skarn deposit. The main characteristics of these deposits include:

Host rock lithology significantly influences deposit style, accounting for the differences in mineralization styles observed between the upper and lower parts of the Camino Rojo deposit as currently defined. The Camino Rojo deposit is gold-dominant, with lesser silver, lead, and zinc and displays transitional mineralization styles, forming a continuum between intermediation sulphidation epithermal and skarn mineralization. The oxide and the Caracol-hosted sulphide mineralization exhibit characteristics typical of intermediate sulphidation epithermal deposits, while Zone 22 shows features of distal skarn zones.

Skarn deposits often exhibit predictable patterns of mineral zoning and metal zoning. Application of skarn zoning models to exploration allows for inferences about the possible lateral and depth extents of the mineralized system at the Camino Rojo deposit and can be used to guide further exploration drill programs.

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Orla continues to conduct exploration activities across parts of its mining concessions. Numerous regional exploration activities have been executed, including mapping, prospecting, diamond (DDH), RAB, and RC drill programs, geophysical surveys, and soil, rock and biogeochemical sampling since the acquisition of the property in October 2017. A summary of all activities undertaken from acquisition through to database closure on June 30, 2025, are presented in Table 9-1.

Induced polarization (IP) geophysical surveys, totalling 346 km2. have been completed in various areas across the property, as illustrated in Figure 9-1. Generally, the grids were designed with 200 / 400 / 800 m line separation and 100 m station spacing. Dipole spacing was selected to search for features at depths greater than 100 m to 200 m.

A total of 1,103.8 km2 of drone magnetometer (MAG) surveys has been flown across the property, as illustrated in Figure 9-2. The grids were designed with north-south trending flight lines spaced at 100 m with an average survey elevation of 35 m. Additionally, 243 km2 of gravity surveys have been completed across the property, illustrated in Figure 9-3. The grids were designed with 200 m line separation and stations every 200 m.

The locations of the regional RAB and DDH drill hole collars are shown in Figure 9-4 and Figure 9-5, respectively. The locations for soil and rock samples are shown in Figure 9-6 and Figure 9-7, respectively.

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Multiple anomalous areas have been identified through soil and rock sampling. Extensive soil samples (18,086) have been collected across the property (Figure 9-6). Anomalous gold (>0.2 g/t) is often associated with elevated arsenic (>100 ppm) and zinc (>300 ppm). The sampling grids have 250 m x 250 m spacing between stations and line, and infill lines have 100 m x 100 m spacing. Additionally, 3,273 rock chip samples have been collected. Anomalous pathfinder elements include As (>1000 ppm), Sb (>100 ppm), Mn (>2,000 ppm), Ba (>400 ppm), and Mo (>25 ppm). In 2023, a small orientation biogeochemical survey was conducted over the Camino Rojo deposit footprint. Twenty-two samples of Gobernadora plant (Larrea tridentata) and Mezquite (Prosipis) were collected from five lines 200 m apart and 100 m between samples.

The rock and soil samples were sent to the independent ALS Minerals (ALS) sample preparation facility in Zacatecas, Mexico. Sample analysis was performed in the ALS laboratory in Vancouver, British Columbia, Canada (independent laboratory). For rock samples, gold results were obtained by ALS using fire assay fusion and an atomic absorption spectroscopy (AAS) finish (Au-AA23) Samples also underwent multi-element analysis, including silver, copper, lead, and zinc, using an Aqua Regia digestion (ME-ICP41) or a four-acid digestion (ME-MS61L) for soil samples.

Subsequent to the effective date of this report, Orla completed its 2025 regional exploration program, which included:

The four regional targets tested by Orla in 2025 were:

Other potential regional drill targets identified by Orla include:

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The drill hole database for the Camino Rojo property contains 1,651 drill holes and 543,635 m of drilling, as summarized in Table 10-1 and illustrated in Figure 10-1 and Figure 10-2.

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The Canplats drilling was conducted during 2007 and 2008. It is reported the RC holes were drilled by Tiger Drilling de Mexico, S.A. de C.V. and Layne de Mexico, S.A. de C.V. (Layne). The rigs used drilled holes of either 4.75 in or 5.5 in (12 cm or 14 cm) diameter. Most of the core holes are HQ (63.5 mm) and drilled by Major Drilling International Inc. Four PQ (85.0 mm) holes were drilled to collect metallurgical samples and three of them have assays for individual samples in the SLR database (CRM-006, CRM-014, and CRM-020). There are no assays available for CRM-038.

It was previously reported that Canplats did not complete downhole surveys for the RC holes, however, Goldcorp was able to re-enter most of the holes and complete the surveys resulting in 67 of the Canplats RC holes having detailed downhole survey information.

Core and RC logging procedures for Canplats drilling were described by Blanchflower (2009). For RC drilling, Canplats sampling personnel extracted spoon size splits from each drill interval at the rig’s cyclone splitter, washed away the fine fraction with a strainer, and placed the washed splits into divided plastic chip trays. Canplats geologists subsequently logged the RC cuttings in the office and storage building, describing each interval on paper log forms with codes for lithology, alteration, mineralization and fracturing. The logged information was later captured into electronic spreadsheet files.

Core was logged prior to hydraulic splitting and sampling. Canplats geologists used paper logging forms to record descriptions of colour, lithology, alteration, mineralization, bedding, and fracture and fault angles to the core axis. Descriptions used a combination of alpha-numeric codes and normal text and included hand-drawn graphical sketches. The logged information was later captured into electronic spreadsheet files for import into the drill hole database.

The Canplats drilling discovered and partially delineated the oxide mineral deposit that occurs at the northeast end of the Camino Rojo deposit, in the Represa zone. The drilling also discovered the deeper sulphide deposit to the southwest, in the Don Julio zone. This data was used to develop a Mineral Resource estimate and PEA level study for the Represa zone by Canplats during 2009.

The Goldcorp drilling was conducted from 2011 to 2015. The RC drilling was conducted by Layne and G4 Drilling. The RC holes were 4.75 inches to 5.125 inches in diameter (12 cm to 13 cm). The core holes were drilled by Layne, BD Drilling, and Boart-Longyear and were generally HQ core. In addition to the core and RC holes, 306 RAB holes were drilled. The average depth of these holes was only about 100 m, and they were mostly peripheral to the main deposit area. Downhole surveys were conducted for the core and RC drilling but not for the RAB holes. They were assumed to be vertical.

Most of the holes are orientated north with an approximate 60° dip. This is an optimal orientation for the bedding, which dips moderately to the south-southeast. This direction is less optimal for moderate to steep northwest dipping structures and intercepts with narrow veins at low to very low angles to the core axis have been observed in many holes indicating that some of the mineralization was drilled down dip. There are two sections with holes directed to the south drilled by Goldcorp.

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Goldcorp RC chip logging was recorded on paper log forms by Goldcorp geologists at the RC drill sites, concurrent with drilling. Washed fines and chips from each interval were examined and logged, and a spoon-sized split was placed into divided chip trays for future reference. As of the date of this Technical Report, the chip trays are available for inspection. The Goldcorp geologists described and recorded the lithology, alteration, fracture/fault zones, oxidation class, percent oxidation by volume, estimated percent and type of iron oxides, estimated percent sphalerite, galena, pyrite, and other sulphides, calcite, other veins, and colour. Descriptive text and a graphic sketch column were also recorded. These data were later transferred into electronic spreadsheet files for import into the drill hole database.

Core logging by Goldcorp was carried out on whole core, prior to any core cutting or sampling. All core was brought by Goldcorp personnel to the core logging shelter, rinsed with water, and measured from run blocks to determine core depths contained in each core box. Goldcorp geologists logged lithology, alteration, fracture/fault zones, oxidation class, and percent oxidation by volume. Graphical sketch columns for lithology, bedding, fracture and fault angles to core axes, and mineralization were also recorded. Estimated percentages of sulphide and gangue minerals, as well as their mode of occurrence were recorded as text. Logged information was later transferred into electronic spreadsheet files for import into the drill hole database. Core was also photographed prior to splitting. In 2012, the logging was modified to include fields for estimated percentages of various sulphide minerals. During 2010, Goldcorp geologists re-logged the Canplats RC drill cuttings to visually determine the degree of oxidation of each drill interval in terms of percent oxidation of the rock by volume. The Goldcorp drilling further delineated both the oxide and sulphide Mineral Resources.

Procedure

Orla has conducted drilling programs from 2018 through to the effective date of this Technical Report. RC drilling has been conducted by Layne (2018), Ecodrill Ltd. (2020), and Globexplore (2022). RAB drilling has been conducted by Globexplore (2021–2022). Core drilling has been conducted by BD Drilling (2018), Ecodrill (2020–2024), Intercore (2023–2024), Globexplore (2023–present) and Major Drilling Group International Inc. (2024–2025). Core is usually HQ, and for RC a 5 ¼” (13.34 cm) diameter face return bit with shroud is used.

For core holes, core logging by Orla personnel was conducted on unsplit whole core. Lithology, structure, alteration, oxidation, and mineralization data were recorded on paper drill logs, then transcribed into an electronic database from 2018 to 2021. RQD (rock quality designation) and core recovery information was similarly captured. During 2021, paper logging was replaced by electronic logging using Geobank software; in 2023 Orla switched to MX Deposit software. Drill core was photographed prior to sampling.

For RC, RC chips were logged by Orla geologists. Lithology, alteration, oxidation, and mineralization data were recorded on paper drill logs, then transcribed into an electronic database. During 2021, paper logging was replaced by logging electronically with Geobank software. Drill cuttings were sampled by splitting the sample at the drill rig with a cyclone, or in the case of wet samples, with a rotary splitter. Depending on recovery, a ½ or ¼ split was sent for assay and the remaining sample preserved and stored in warehouses in San Tiburcio.

Gyroscopic downhole surveys were completed for both diamond core and reverse circulation drill holes by Silver State Surveys Inc., supported by their Concepción del Oro, Zacatecas office.

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Orla Drilling 2018 – 2019

In 2018 and 2019, Orla conducted various small drilling campaigns, including clay exploration, condemnation, geotechnical, metallurgy, and water well drilling. In 2018, a Camino Rojo deposit infill program consisting of 803 m across six holes was executed, and 619 m across two holes targeting the BX1 structure were also drilled. In 2019, a regional exploration program drilled 2,537 m across eight holes.

Orla Near-Mine Drilling Programs 2020-2025

2020 Program

In 2020, Orla initiated a ‘Phase 1’ 6,079 m directional drilling program on the Camino Rojo Sulphides Zone, consisting of 15 holes spaced 100 m to 250 m apart and drilled to the south. Following the 2017 acquisition of the property from Goldcorp, Orla’s technical team identified the potential for higher-grade (>2 g/t Au) sulphide mineralization within the Caracol Formation based on geological evaluation of the existing data. The team observed that the historical south-to-north drilling had intersected north-dipping veins at low angles to core axes. The team concluded that to further the evaluation of the potential mining scenarios for the Camino Rojo Sulphides Zone, additional drill data would be required to provide confirmation of grade and geometry of the sulphide vein mineralization. The 2020–2021 program was designed as a proof-of-concept program to determine if southeast oriented drilling perpendicular to the moderate to steep northwest dipping mineralized vein sets would confirm or improve upon historical results. The program used directional drilling techniques to avoid redrilling the barren hanging wall of the deposits, providing closely spaced intercepts ranging from 10 m to 50 m apart on three sections, targeting some of the best mineralized parts of the deposit. All drill holes targeted the Dike fault zone and sulphide vein sets, which had been interpreted as a key control on mineralization.

2021 Program

During 2021, Orla’s near-mine exploration efforts at Camino Rojo, coinciding with the first year of oxide mine production, were focused on the continuation of the Phase 1 sulphide drilling (described above). The sulphide program initiated in 2020 was completed in April 2021 and confirmed the continuity and geometry of the higher-grade gold mineralization (> 2 g/t Au), obtained geotechnical information required to evaluate potential underground mining scenarios, and provided material for geological model refinement and metallurgical studies.

2022 Program

Phase 2 of the sulphide directional drilling program began in April 2022, with 9,174 m in 21 holes at spaced at 150 m to 200 m line spacing. The program was designed to infill between the Phase 1 north-to-south drill holes, reducing the spacing between the south-azimuth drill holes to 150 m to 200 m. The results were again positive, returning wide higher-grade domains associated with identifiable structures in the deposit. Vein domains, i.e., areas of high vein concentrations, were recognized and coincided with higher grade mineralization. The vein domains were defined by combining the Orla oriented diamond drill core data with approximately 70,000 m of historical vein density and orientation data recovered from paper logs and digitized within the main zone of potassic alteration (Kp). These vein domains became an important guide for the mineralization wireframes used in the underground resource estimation.

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