Exhibit 99.1

Technical Report

Musselwhite Mine

Ontario, Canada

Prepared by:

Ryan Wilson, P. Geo.

DRA Americas Inc.

David Frost, FAusIMM

DRA Americas Inc.

Daniel M. Gagnon, P. Eng.

DRA Americas Inc.

James (Jim) Theriault, P. Eng.

SLR Consulting (Canada) Ltd.

Paul Gauthier, P.Eng.

WSP Canada Inc.

Paul Palmer, P.Eng.

WSP Canada Inc.

William Richard (Rick) McBride, P.Eng.

WSP Canada Inc.

Report Date: November 18, 2024

December 2024

FORWARD-LOOKING STATEMENT

This Technical Report (Report) has an effective date of November 18, 2024 and, unless otherwise specified, statements herein were made as of that date. The Report contains forward-looking information which includes, but is not limited to, statements with respect to the results of the Report, including gold price and exchange rate assumptions, IRR, NPV, pay back periods, cash flow forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates and other prospective metrics; mineral resource and reserves estimates. These statements are based on information that was available to Orla Mining Ltd. (Orla) and the Qualified Persons who authored the Report as of the effective date of the Report. There is no assurance that actual results will meet stated expectations. In certain cases, forward-looking information may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “targets”, “will”, or “would”. Forward-looking information contained in this Report is based on certain factors and assumptions made by Orla management and the Qualified Persons in light of their experience and perception of historical trends, conditions existing as of the effective date of the Report and expected future developments, as well as other factors Orla management and the Qualified Persons believe are appropriate in the circumstances.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Such factors include uncertainties inherent to feasibility studies, risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to grade or recovery rates, reliance on key personnel, operational risks, regulatory, capitalization and liquidity risks. The Report may also be subject to legal, political, environmental or other risks that could materially affect the potential development of the Musselwhite Mine, including risks. Please refer to Orla's and Newmont Corporation's (Newmont's) latest management’s discussions and analysis, and other disclosure documents filed and available on SEDAR+ at www.sedarplus.ca for other risks that could materially affect the forward-looking information presented in this Report. This list is not exhaustive of the factors that may affect any of the forward-looking information discussed herein. These and other factors should be considered carefully, and readers should not place undue reliance on forward-looking information contained herein. Neither Orla nor the Qualified Persons who authored this Report undertake to update any forward-looking information that may change from time to time, except in accordance with applicable securities laws.

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TABLE OF CONTENTS

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LIST OF TABLES

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LIST OF FIGURES

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DRA Americas Inc. (DRA) was retained by Orla Mining Ltd. (Orla) to prepare an independent Technical Report (the Report) in collaboration with various consulting companies, including WSP Canada Inc. (WSP) and SLR Consulting (Canada) Ltd (SLR). The purpose of the Technical Report is to support the disclosure of data for the active Musselwhite Mine operation (Musselwhite Mine), which is currently held by Goldcorp Canada Ltd., a subsidiary of Newmont Corporation, with an effective date of November 18, 2024. This Report was prepared in compliance with the disclosure requirements of the Canadian National Instrument 43-101 (NI 43-101) and in accordance with the requirements of Form 43-101 F1.

According to the plan of arrangement outlined in Orla’s press release dated November 18, 2024, entitled “Orla Mining Announces Strategic Expansion into Canada with Acquisition of the Musselwhite Gold Mine.”, the transaction is expected to close in Q1 of 2025. Orla's Board of Directors has unanimously approved the transaction, subject to certain regulatory and shareholder approvals.

The Musselwhite Mine property is located in the Patricia Mining District in north-western Ontario; National Topographic System (NTS) 53 B/9, latitude 52°36'50" N and longitude 90°21'43" W. UTM Coordinates correspond to NAD83 UTM Zone 15N. The Musselwhite Mine is located on traditional territory of North Caribou Lake First Nation, in the Kenora District of Ontario, Canada (Figure 1.1). The operation is approximately 500 kilometers north of Thunder Bay and is accessible by road via Ontario highways ON-17 and ON-599N and by air.

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Figure 1.1 – Musselwhite Mine Location

Source: Orla, 2024

The property is accessed by chartered air service from Thunder Bay and a weekly community flight is from Sioux Lookout/Pickle Lake and touches down in the Cat Lake, North Caribou Lake, Kingfisher Lake and Wunnumin Lake. A gravel air strip suitable for STOL-type (short take-off and landing) aircraft is maintained year-round. The communities of Mishkeegogamang and Pickle Lake have year-round road access while communities north of Pickle Lake only have winter road access. For the remainder of the year, access to these northern communities is by aircraft.

The nearest permanent weather monitoring station is located in Pickle Lake. Weather statistics from Environment Canada (https://www.canada.ca/en/services/environment/weather/data-research. html) for the period 1990 – 2012 indicate a mean daily temperature of 0.7°C. Temperatures for the period range between a maximum of 39°C and a minimum of -43°C. The mean annual rainfall is

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recorded at 510 mm and the mean annual snowfall is 249 cm. The average wind speed is 8.5 km/h and predominantly originates from the west.

Local resources include services from several local First Nation corporations and joint ventures. The local population provides the workforce which accounts for approximately 19% of the mine personnel; additionally skilled labour is available throughout the greater mining areas of northwest Ontario.

Infrastructure to take water supply from Opapimiskan Lake to the mine is present and required quantities of water are not a limiting factor under the Permit to take water.

Road access to the Musselwhite site by the all-weather gravel road from the Town of Pickle Lake includes 42 km of access road that begins at the North Road some 160 km from Pickle Lake. There are six (6) Bailey type bridges between Pickle Lake and the turnoff to Musselwhite and one bridge built to MNR standards on the Musselwhite access road. Site personnel fly in and fly out of the site on a mine owned aircraft that is operated by Wasaya Airlines from Thunder Bay. A weekly community flight is from Sioux Lookout/Pickle Lake and touches down in the Cat Lake, North Caribou Lake, Kingfisher Lake and Wunnumin Lake.

Provincial power and communication lines currently service the mine from the substation located at Pickle Lake via the Musselwhite-owned and operated overhead power transmission line. More recently power to the site was upgraded via a connection to power supplied by Wataynikaneyap Power LP.

Musselwhite’s airstrip, camp, mine complex, tailings storage facility, and mill area are located on the south shore of Lake Opapimiskan.

The topography of the mine site is relatively flat, with granite intrusions associated with regional highlands. Local relief, which ranges from 5 m to a maximum of 45 m. Extensive, low-lying swampy areas surround streams, ponds, and lakes on the property. Regional drainage is north-east towards Hudson Bay, with an average gradient of 3 m/km.

The Opapimiskan Lake area lies within the northern coniferous section of the boreal forest. Predominant species include black spruce, tamarack, and cedar, with local stands of white birch, jack pine, and poplar on better-drained areas.

The Musselwhite Mine has a long and storied history that spans over four (4) decades and is summarized in Table 1.1.

As of February 28, 2024, the operation has milled approximately 30.5 Mt of ore at a head grade of about 5.68 g/t Au, for a total of over 5.5 million recovered ounces.

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Table 1.1 – Musselwhite Mine Chronology

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The North Caribou Greenstone Belt (NCGB) is located in the middle of the North Caribou terrane of the Western Superior Province, on the south side of a large-scale crustal boundary between the North Caribou Core and Island Lake Domain (Stott et al., 2010) as depicted in Figure 1.2. It comprises nine (9) volcanic-dominated assemblages formed during two major magmatic phases

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dated at ca. 2980 and ca. 2870 Ma. Sedimentary-dominated assemblages lie in the core of the NCGB, and are interpreted to have been deposited after 2980 Ma in the northern NCGB, and after 2850 Ma in the southeastern NCGB. Stratigraphic correlations between assemblages of the NCGB are based on the nature of their contacts, geochronological constraints, and geological and geochemical characteristics of their respective sequence. All assemblages are metamorphosed ranging from greenschist to amphibolite, with rare pockets of granulite. The NCGB is bounded by five (5) main intrusive phases emplaced during the two magmatic phases at ca. 2870-2850 Ma and ca. 2750-2690 Ma (Oswald, 2018).

Figure 1.2 – Musselwhite Mine Regional Geologic Setting

Source: Oswald, 2018

The envelope of the main structural fabric and fold structures is roughly parallel to the contact of the narrow, elongate, two-arc shape of the North Caribou belt. Three (3) major phases of ductile to brittle-ductile deformation have been documented (D1, D2, D3) with the dominant regional structural pattern being related to D2. Gold occurrences have been identified in seven of the nine assemblages of the NCGB. Other commodity occurrences include Ag-Zn-Pb-Cu, Zn-Cu-Pb and Pt-Pd. Gold is frequently spatially associated with D2 related structures. Most gold occurrences are quartz-vein type hosted in mafic volcanic rocks and silicate facies iron formation, with subordinate mineralization hosted in biotite and amphibolite schists. (Oswald, 2018).

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Mineralization at Musselwhite is predominantly found in sub-vertical high strain zones in the favourable silicate facies of the Northern Iron Formation, and to a lesser extent the oxide facies in both the Northern and Southern Iron Formation. Significant mineralization is also locally hosted in mafic volcanics and garnet-biotite schists in the West Limb deposits. In addition to the main hosts of mineralization, anomalous gold concentrations also occur property-wide and within all of the major lithologies. A positive correlation exists between gold and pyrrhotite mineralization in the Northern Iron Formation silicate facies. In general terms, this translates to 1 g/t Au for each percentage increase in pyrrhotite, up to approximately 15% pyrrhotite. This correlation between gold and pyrrhotite does not apply to mineralization in the Southern Iron Formation or the West Limb. The locations of key mineralized zones are shown with stratigraphic and structural relationships on a composite geology vertical section in Figure 1.3.

Mineralization is sulfide replacement of iron formation with quartz-pyrrhotite flooding and veining. Mineralization is best developed where structural permeability has been increased, either by folding, brittle or ductile deformation or in combination. Mineralization is thought to have been emplaced during D2 deformation and peak metamorphism (Oswald, 2018).

Quartz-pyrrhotite veins/floods are composed of massive, glassy blue to grey quartz with up to 20% fine to medium-grained pyrrhotite locally and occur as anastomosing networks of multiple veinlets that pinch and swell along strike as well as up and down dip. Accessory minerals include albite, almandine garnet and calcite, minor arsenopyrite, pyrite, chalcopyrite, and native gold. Sulfide mineralization in the veins is strongly structurally controlled, occurring within small-scale boudins, along the margins of the veins and as fine stringers within the vein itself. Sulfide replacement style mineralization is characterized by 2% to locally 15% fine-grained disseminated pyrrhotite, trace to locally 2% arsenopyrite, trace to 2% pyrite. Gangue minerals consist of almandine garnet, quartz and or chert, grunerite, actinolite, biotite, magnetite, calcite with accessory epidote and zircon.

Visible native gold is commonly observed as isolated specks within quartz. The majority of the gold occurs in pyrrhotite micro-fractures within garnet-rich, silicate domains.

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Figure 1.3 – Composite Geology Vertical Section Showing Key Mineralized Zones with Stratigraphic and Structural Relationships, Musselwhite Mine  

Source: Oswald, 2018

The following is a summarized chronology of exploration related work carried out at and around the location of the Musselwhite mine:

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From 1974 to 2023, a total of 9,333 diamond drill holes with a cumulative length of 1,872,415 m have been completed at Musselwhite Mine and surrounding near-mine target areas (Table 1.2).

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Table 1.2 – Musselwhite Mine Drilling Summary by Year

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Drilling included in the 2023 model update included 407 new holes. A summary of the number of holes and metres drilled in each mine area and broken down by spacing classification is provided in Table 1.3.

Table 1.3 – Summary of New Drilling Included in the 2023 Geology and Resource Model Update

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Qualified Person, Ryan Wilson, P. Geo., completed a site visit on November 6 and 7, 2024. The visit included an underground tour, during which multiple active headings were observed in both the PQ Deeps and Lynx areas of the East Limb, as well as a diamond drill setup. Surface stops were also made to the core logging, sampling and preparation facilities, in addition to outcrop exposures along the south shore of Opapimiskan Lake. Review of key drill core intercepts supported the mineralization styles observed underground, as well as slightly differing styles from both Redwings and the West Limb. Standard operating procedures and related documentation for all drilling, geological, sampling, assaying and database management were also reviewed during additional meetings with the site exploration team. Sample storage, security and chain of custody systems and infrastructure were also noted.

Specific core intervals were pulled and inspected, photographed, and/or filmed for later review and reference. No analytical facilities (e.g., Actlabs in Dryden) were inspected during the visit.

No samples were collected for additional laboratory verification; however, mineralized intervals were inspected and compared with assay values for confirmation of mineralization.

The quality of the drill hole database and contained assay results is considered reliable and adequate for the estimation of Mineral Resources. The data available are a reasonable and accurate representation of the Musselwhite Mine and are of sufficient quality to provide the basis for the conclusions and recommendations reached in this Technical Report.

Metallurgical test work completed on variability samples selected from across the current reserve shows minor to no amounts of elements and minerals that are deleterious to gold recovery and reagent consumption. Ores to be processed over the current life-of-mine are consistently of moderate hardness, with respect to grinding. Gold recoveries are expected to remain high, on average, and are reasonably predicted by the 2023 site model, with occasionally lower gold recovery resulting from elevated sulfide sulfur content and potentially changing gold mineralogy. Sulfide sulfur content did not explain all recovery outliers and variability.

The Mineral Resource Estimate for the Musselwhite Mine includes Measured and Indicated Resources of 2,155 kt @ 4.25 g/t Au for 294 koz, and Inferred Resources of 1,188 kt @ 4.96 g/t Au for 190 koz.

The MRE has been prepared using a cut-off grade of not less than 3.80 g/t Au, and the underground Mineral Resources are reported using a gold price of US$1,600.

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The MRE statement for the Musselwhite Mine prepared by DRA is summarized in Table 1.4. Additional details are also provided in the adjoining footnotes.

Table 1.4 – Mineral Resource Estimate East and West Limb Deposits, Dec. 31, 2023

The mine design, scheduling, and mineral reserve estimate were prepared by the technical services department at Musselwhite and verified by the QP responsible for these estimates.

Material factors that may cause actual results to materially vary from the conclusions, estimates, designs, forecasts, or projections, include any significant differences in anyone, or more, of the material factors, or information, including metal prices, mining methods, mining dilution and recovery, labor costs, consumables costs, metal recoveries and transportation costs.

Musselwhite employed procedures recognized in the mining industry to estimate Mineral Reserves. The method consists of converting Measured and Indicated Mineral Resources to Proven and Probable Reserves by identifying material that exceeds the Cut-Off grade while conforming to the geometrical constraints determined by the mining method and applying modifying factors such as dilution and mining recovery.

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The conversion of Mineral Resources to Mineral Reserves involves the application of modifying factors. The economic modifying factors used in estimating the Mineral Reserve are metal prices and Cut-Off, while the mining modifying factors used in the estimate are dilution and mining recovery.

The metal prices used in the Mineral Reserve estimate are based on Newmont –Musselwhite guideline for 2024 of US$1,400/oz.

Mineable Shape Optimizer (MSO) embedded in Deswik mine design software was used to determine the mineable portion of the Mineral Resource. The application generates and evaluates potentially mineable shapes in the geological block model to define optimal stope designs that maximize the economic value of the orebody.

Table 1.5 presents the Mineral Reserve for Musselwhite Mine as of December 31, 2023.

Table 1.5 –Musselwhite Mineral Reserves as of December 31, 2023

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Mineralization at Musselwhite is sulfide replacement of iron formation with quartz-pyrrhotite flooding and veining. Mineralization is best developed where structural permeability has been increased, either by folding, brittle or ductile deformation or in combination. Mineralization is thought to have been emplaced during D2 deformation and peak metamorphism.

Visible native gold, usually the size of a pin tip, is commonly observed as isolated specks within quartz. The majority of the gold occurs within pyrrhotite micro-fractures within garnet rich, silicate domains.

The deposit consists of seven (7) zones called West Limb (WEL), Upper Lynx (ULYNX), Redwings (RDW), Lynx North (LNXN), Lynx (LYNX), T-Antiform (TANT), and PQ Deeps which contains 60% of the ore reserve.

The Musselwhite Mine has developed geotechnical systems that are standard for underground operating mines in Ontario and Canada. The standards are based on protocols outlined in the following key documents:

Musselwhite Mine has an ongoing process of geotechnical data collection involving the systematic gathering, analysis, and interpretation of information about the expected and encountered ground conditions. This data is then used to define the pre-mining condition by defining the rockmass classification system and compare against empirical methods to define the appropriate stope/drift spans, underground support requirements and pillar dimensions. Designs are further complemented with 3D numerical modeling. This is further updated during mining and post mining to address changing ground conditions to identify changes to the mining sequence, stope sizing, ground support and seismic re-entry protocols.

The Musselwhite Mine rock mechanics department also completes various types of underground operation reports due to fall of ground and seismic damage events. These reports are used to assist with making operational changes to address safety and production challenges.

The key geotechnical challenge at Musselwhite Mine is the transition from a lower stress seismic environment to a medium and higher stress environment within the PQ Deeps zone. Musselwhite Mine has addressed seismic related events by changing to ground support, planned extensions to the seismic system and pre-conditioning of secondary transverse stopes. Additional operational considerations may be required as the seismicity in the mine increases including just in time

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development, modifications to re-entry protocols, changes to mining sequence, stope size review, expansion of stope pre-conditioning and increased ground support requirements in order to meet future production plans. These types of operation consideration will need to be studied by the Musselwhite Mine with assistance from external consultants as required.

The underground mining is directly below Opapimiskan Lake. Three (3) type of water inflows are considered as risk. The greatest inflows risk is the result of a major instability in the crown pillar (i.e., wedge failure or collapse of the surface crown). A second risk is the un-grouted exploration boreholes drilled directly below the pond (in winter). The third risk would be the potential excavation of fractures (such as dyke or water bearing faults) intersection inflows. Several consultants have been invited to carry out hydrogeology related studies. Itasca Consultant Canada Inc. (Itasca) evaluated the crown pillar design thickness between 25 to 35 m and determined it is within the stable limit.

The Mineral Reserve estimate is based on a mine design and schedule which was prepared in Deswik software. The development parameters used for mine design and planning include the cross-sections of drifts and ramps, the diameter of ventilation raises, and the advance rates for the diverse headings. The production parameters include mining methods, pillar thicknesses, dip constraints, minimum mining widths, stope dimensions, and production rates.

The mining method predominantly in use at Musselwhite is sub-level blasthole stoping with backfill. The sub-level blasting stoping method is excavated using three methods:

The AVOCA and Modified AVOCA mining methods are the standard mining method for most of the orebodies (e.g., Redwing, West Limb, Lynx) above the 4250 m mine elevation (950 Level) and where the orebody width has increased at depth, below 4250 m to 3750 m elevations, the mining method has changed to Transverse (PQ Deeps).

Musselwhite Mine is a mechanized mine, and access to the underground workings is provided by a system of ramps. The main ramp extends from the portal to 3750 mL in PQ Deeps.

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Ore extracted from the PQ Deeps zone is hoisted by an internal winze to the 280 mL. From the Truck Loadout (TLO) on 280 L ore is transferred to a dumping point at 460 mL, and thereafter conveyed to surface. The distance between the TLO and the 460 mL is approximately 3,000 m in a ramp of + and -15%. The current trucking performance on this level is around 320 t per shift per truck.

In the LoM, around 60% of the total ore production will be produced from this zone.

The cement slurry for the cemented rockfill is produced underground by a portable cement slurry plant. The cement powder is transported underground by tote bag with a flatbed truck that carries 4 bags per trip. Only three (3) to four (4) trips can be transported per shift. Musselwhite has recognized that this process is inefficient and creates delays in the mining sequence of the PQ Deeps zone. Options to improve this process are under evaluation.

The underground mine has two (2) independent pump systems, one cascading system from the 770 mL to the 220 mL and pumped to the Tailings Storage Facility (TSF). On the 770 mL, an UV system is installed to remove bacteria where this industrial is directed to an underground reservoir that feeds the PQ Deeps zone.

The pumping on the 537 Level collects the ground water from the mid mine and esker. This water is directly pumped to the surface.

The mine is serviced by an underground repair bay for light breakdown repairs. Major repairs and overhauls are conducted in the surface maintenance facility.

Musselwhite is a mechanized mine employing rubber-tired diesel equipment for all phases of mining operations. Its mobile mine equipment fleet includes seven (7) jumbo drills, two (2) cable bolters, three (3) longhole production drill rigs, fifteen (15) Load Haul Dumps (LHD), fourteen (14) 45-ton underground mine trucks, two (2) transmixers, two (2) shotcrete sprayers and five (5) explosives chargers, and a number of ancillary vehicles for mine services and personnel. The mine ventilation system takes into consideration the air flow required to remove the exhaust products from internal combustion engines.

The underground mine works two (2) 12-hour shifts, and there are four (4) rosters, working rotations of 14 days on and 14 days off. Currently, Musselwhite is using an underground contractor to supplement their development crews. All production activities (except development) are performed by Musselwhite personnel.

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Table 1.6 presents the LoM underground mine schedule developed in the reserve estimation process. The table includes 7.36 Mt of ore at a grade of 6.23 g/t on December 31, 2023, and the totals coincide with the Mineral Reserve Estimate.

Table 1.6 – Life of Mine Plan

Mine development is segmented into lateral and vertical headings due to the difference in methodology, advance rates and costs. Tables 1.7 and 1.8 depict the schedule of mine development beginning January 1, 2024, and including the decline ramp, crosscuts, ore drives and sublevels.

Table 1.7 – Schedule of Lateral Development

Table 1.8 – Schedule of Vertical Development

The Musselwhite processing facility was constructed in 1996 and began operations in 1997. The total operating life of the mill has been over 25 years. Upgrades over time have increased the original processing design throughput from 3,200 tonnes per day (tpd) to 4,000 tpd nominally (Samuel Engineering, 2018). Mill throughput is currently limited to approximately 1.1 Mtpa by mine production, which is the current life-of-mine plan requirement. Average gold recovery has been above 95% over the last 15 years of operation.

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The Musselwhite process flowsheet begins with primary crushing underground. The product from the primary crusher reports to a secondary crusher on surface and is then milled in an open-circuit rod mill followed by a closed-circuit ball mill. The ball mill circuit contains gravity concentration and intensive cyanide leaching. The grinding circuit product passes through the remaining gold extraction processes consisting of cyanide leaching, carbon-in-pulp adsorption, carbon elution and regeneration, electrowinning and refining. Doré bars assay approximately 90% gold. Mill tailings are first treated in a two-thickener counter-current-decantation circuit to recycle cyanide, followed by cyanide detoxification, thickening and final deposition.

Figure 1.5 illustrates a simplified Process Flowsheet for the Musselwhite Mill.

The Musselwhite Mine has been in production since 1997 and has the necessary infrastructure required to support the current underground mining operation. This includes, but is not limited to, process plant, laboratory, airstrip, fuel storage, chemical storage, power supply, water supply, tailings storage facility, camp, waste facility, and all the necessary offices, warehouses, and workshops to sustain the current operation.

Figure 1.4 illustrates all existing infrastructure and locations of the plant and mine.

Figure 1.4 – Existing Project Infrastructure

Source: Newmont, 2024

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Figure 1.5 – Musselwhite Simplified Process Flowsheet

Source: DRA, 2024

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The Musselwhite Mine underwent a federal Environmental Assessment (EA) prior to going into production in 1997. To support the EA process, an Environmental Impact Statement (EIS) and Comprehensive Study Report were completed in 1995 (Newmont, 2024a). In addition, the mine has received several provincial environmental approvals over the years. One of the main approvals is the Environmental Assessment (EA) for the installation and operation of up to 20 megawatts of diesel-generated capacity, as mandated by the former Electricity Project Regulation (O.Reg. 116/01). The on-site diesel generation is comprised of eleven (11) diesel generator sets with varying outputs. Public and Indigenous Communities (ICs) consultation was completed during the preparation of the EA.

The site has extensive monitoring programs that are reported to regulatory agencies on a periodic basis, in accordance with regulatory requirements. Comprehensive surface and groundwater monitoring supports a detailed understanding of current conditions and is incorporated into predictive models to support risk mitigation and closure planning.

The latest amendment to the Closure Plan for the mine was completed in 2018 and filed in 2019 (SNC-Lavalin, 2018) and the associated Financial Assurance was recently updated, at the request of the Ministry of Mines (MINES), to account for inflation from 2018 to 2024. Musselwhite complies with the requisite bonding levels for the implementation of the approved Closure Plan. The next update to the Closure Plan is tentatively scheduled for late 2025 to early 2026 and will incorporate findings from various ongoing studies, monitoring and predictive modelling.

Mining impacted water is routed from the TSF Pond and either recycled back to the mill or pumped to the Polishing Pond from where it is discharged seasonally through a treatment wetland. Primary inputs to the TSF Pond include bleed water from tailings deposition, dewatering from the underground workings, pump back from the groundwater interception system and seepage collection pond and direct precipitation. The mine consistently meets water quality discharge limits although it is understood that levels of Co are somewhat elevated and both Fe and As have been flagged as potential contaminants of concern. Studies are ongoing to characterize TSF geochemical performance and predict future water quality and possible requirement for additional mitigations.

Musselwhite Mine is located on the traditional territory of North Caribou Lake First Nation and the mine’s associated activities are within the shared traditional territories of the Nations. Kingfisher Lake is located 58 km to the northeast; North Caribou Lake is located 76 km to the northwest; Wunnumin Lake is located 84 km to the east; Cat Lake is located 140 km to the southwest, and Mishkeegogamang is located 30 km south of Pickle Lake. Kingfisher Lake and Wunnumin Lake First Nation communities are affiliated with the Shibogama First Nation Council. North Caribou Lake and Cat Lake are affiliated with the Windigo First Nations Council. Mishkeegogamang is an independent band (SNC-Lavalin, 2018).

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The Project has identified more than 150 stakeholders including Indigenous Communities (IC) Signatory and affiliates communities, Indigenous Organizations and community members outside of Signatory Communities, municipalities, government and regulators, suppliers, contractors, consultants, Academy/Training Partner and others (Civil Society, Chamber of Commerce, Community Investments, Mining Associations) (Newmont, 2024b).

Musselwhite was one of the first mines in Canada to enter into a comprehensive agreement with local ICs. The agreement is called the Musselwhite Agreement and was originally signed in 1992. Signatories of the Agreement are four ICs and two First Nation Councils. These include North Caribou Lake First Nation, Cat Lake First Nation, Kingfisher Lake First Nation, Wunnumin Lake First Nation, Windigo First Nation Council, and Shibogama First Nation Council. The Agreement has been reviewed and renegotiated in the past, with the last amendment being completed in 2019. There is also a Trapper Compensation Agreement with North Caribou Lake First Nations and a Cooperation Agreement with Mishkeegogamang First Nation. The Musselwhite Agreement sets targets for ICs employment, opportunities for business development, and environmental protection. The Agreement establishes revenue sharing, implementation funding and environmental funding. The established target for the percentage of ICs employees included in the Musselwhite Agreement has been proven to be challenging despite the continuous operator efforts.

The following capital cost estimate (Capex) is based on sustaining expenditures as the plan does not include any additional Project capital.

The overall mine capital cost estimate for the life of mine is US$250.3 million, based on the 2024 LoM plan for solely mining the 2023 mineral reserves. The spending pattern by cost category is shown in millions of US$ in Table 1.9. The cost of the individual items within the categories were provided by the site as part of establishing the 2023 mineral reserves. Equipment replacements amounting to US$55.3M are included within the Asset Integrity Category. Variances between the 2024 plan and Year-to-Date (YTD) September 2024 for the individual categories of capital expenditures were noted. In particular, the equipment replacements contained within the asset integrity category were not pursued as a means of offsetting over expenditures in the development categories. The expectation is that adjustments will be made for the 2024 mineral reserves determination.

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Table 1.9 – 2024 Mine Plan Capital Cost Estimate by Category by Year (US$ M)

The estimated life of mine capital cost per tonne milled for the mine, including the project capital, is US$34.02/t.

The overall mill capital cost estimate for the life of mine is US$12.7 million, based on the 2024 LoM plan for solely mining the 2023 mineral reserves. The spending pattern by cost category is shown in millions of US$ in Table 1.10. The cost of the individual items within the categories were provided by the site as part of establishing the 2023 mineral reserves. A cost estimate for grinding floor rehabilitation of US$0.3M was later added, following the site visit. Variances between the 2024 plan and YTD September 2024 for the individual categories of capital expenditures were noted and the expectation is that adjustments will be made for the 2024 mineral reserves determination.

Table 1.10 – 2024 Mill Plan Capital Cost Estimate by Category by Year (US$ M)

The estimated life of mine capital cost per tonne milled for the mill is US$1.73/t.

All G&A capital envisioned for the 2024 LoM plan is sustaining, there is no G&A Project Capital.

The G&A sustaining capital amounts to US$37.4 million over the 2024 LoM plan for solely mining the 2023 mineral reserves. The estimated life of mine capital cost for the G&A capital is US$5.09 per tonne milled.

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The Mine Operating Costs at the mine site have been reviewed by the mining QP and found to be reasonable for a mechanized mine utilizing the Avoca mining methods. The mine has demonstrated typical operating costs for a facility of its size.

The mine operating cost estimates are based on recent actual costs with minor specific adjustments for mine improvement initiatives that are currently being implemented.

The forward looking mine operating cost estimates include further improvement plans and thereby are foreseen to be at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 25% until such time as the improvement plans are factual.

Mine operating costs are based on the 2024 budgeted life of mine cost factors as presented in Table 1.11.

Table 1.11 – Mine Operating Unit Cost Factors for Determining the 2024 Budget

The mine cost factors were applied to the WSP derived LoM production schedule for the reserves to provide the Table 1.12.

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Table 1.12 – LoM Operating Costs by Year for the Mine

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The overall mill operating cost estimate for the LoM is US$185.0 million, as summarized by the cost center activities in Table 1.13 with the estimated LoM mining cost of $25.14 per tonne milled comparing favourably to the prior three years at $22.18 per tonne milled.

Table 1.13 – Life of Mine, Mill Operating Cost Estimate

The overall General and Administrative (G&A) operating cost estimate for the LoM is US$313.9 million.

The results of the economic analysis contain forward-looking information under Canadian securities law. The results rely on inputs that are subject to known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from those presented here.

The economic analysis is based on the discounted cash flow (DCF) method on a pre-tax and after-tax basis. The key metric determined in the analysis is the Net Present Value (NPV) at a discount rate of 5%. For the purposes of the evaluation, it is assumed that the operations are established within a single corporate entity. The Project has been evaluated on an unlevered, all-equity basis.

The cash flow model uses inputs from all elements of the Project to provide a comprehensive financial projection for the Project, on an annual basis over the remaining project life. All prices and costs are in Q4 2023 US dollars. The base date of the economic analysis is 1st January, 2024 and the analysis utilizes production projections for the Year 2024. No provision is made for the effects

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of inflation in this analysis. Current Federal and Provincial (Ontario) tax regulations were used to assess corporate tax liabilities.

Table 1.14 provides a summary of the key technical assumptions and inputs. At a long-term gold price assumption of $2,150 per ounce, the financial results indicate a positive pre-tax NPV of $1,037 M and a positive after-tax NPV of $782 M.

Table 1.14 – Economic Analysis Parameters

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A sensitivity analysis was carried out to assess the impact of variations in gold price, Capex (Sustaining and Closure), Opex, and gold head grade on the NPV. The after-tax results of the sensitivity analysis are presented in Table 1.15 and Figure 1.6. The NPV is most sensitive to variations in the gold price and head grade, followed by variations in the Opex and then Capex. Both gold price and head grade have an almost identical impact on the NPV. The Project maintains a positive NPV at the lower end of the range of gold price and head grade tested.

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Table 1.15 – Sensitivity of Project After-Tax NPV to Gold Price, Capex, Opex and Head Grade

Figure 1.6 – Sensitivity of Project After-Tax NPV to Gold Price, Capex, Opex and Head Grade

Source: DRA, 2024

There are several exploration properties held by competitors or individuals (and/or estates) in the Musselwhite Mine region, including the following landholdings:

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The relative locations and sizes of these adjacent and proximal properties are further summarized in Section 23. Where applicable, summaries of the types of exploration being carried out on these properties are also provided.

The QP for this Report has been unable to verify any of the described activities related to adjacent properties. As such, this information is not necessarily indicative or related to the mineralization and resources described for the Musselwhite Mine.

The Musselwhite site team provided relevant data to DRA, which was verified by the QP using the Mining Lands Administration System (MLAS) of Geology Ontario.

The Musselwhite Mine is considered an advanced property and has produced over five million ounces over its 27+ year mine life.

The geology and related controls on gold mineralization and its distribution at Musselwhite Mine and across the property in general have been well studied and are clearly understood.

The procedures and protocols followed have been proven over the years, and are considered in line with industry-best practices.

While some minor deficiencies are described within this Report, it is the QP’s opinion that there are no significant geology, exploration or drilling related issues that jeopardize the Musselwhite Mine’s ongoing viability.

Ongoing exploration and infill drilling is warranted to continue replacing extracted Mineral Reserves and add to the overall Resource base via a combination of potential mine-scale zone extensions and/or new discoveries within the greater property land package.

It is the QP’s opinion that the geological interpretation and related data are valid for the estimation of Mineral Resources. The assumptions made and methodology applied are considered reasonable and representative of typical banded iron formation-hosted Archean gold mineralization systems. As

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such, the QP considers the presented Mineral Resources to have been prepared in accordance with current CIM standards, definitions and guidelines for Mineral Resources Estimation.

Metallurgical test work completed on variability samples selected from across the current reserve show minor to no amounts of elements and minerals that are deleterious to gold recovery and reagent consumption. Ores to be processed over the current life-of-mine are consistently of moderate hardness, with respect to grinding. Gold recoveries are expected to remain high, on average, and are reasonably predicted by the 2023 site model, with occasionally lower gold recovery resulting from elevated sulfide sulfur content and potentially changing gold mineralogy. Sulfide sulfur content did not explain all recovery outliers and variability.

An updated MRE (effective date of December 31, 2023) was completed for the Musselwhite Mine using new information from continued drilling and exploration work since the last publicly available technical report and subsequent internal updates. The MRE is presented in Section 14 and summarized in Section 1.8.

It is the QP’s opinion that the geological interpretation and related data are valid for the estimation of Mineral Resources. The assumptions made and methodology applied are considered reasonable and representative of typical BIF-hosted gold mineralization systems.

The QP considers the reported Mineral Resources to have been prepared in accordance with current CIM standards, definitions and guidelines for Mineral Resources Estimation.

The QP is also currently unaware of any legal, title, environmental, permitting, taxation, socio- economic, geopolitical or other factor that may materially affect the MRE presented herein.

It should be noted that although additional drilling has been completed subsequent to the effective date of the MRE, the QP considers this drilling as not likely to have a significant effect on the overall resource reported herein.

Geotechnical

Musselwhite Mine is an experienced underground operation with respect to geotechnical design. There is lower operation risk in the upper areas of the mine related to geotechnical events since these are at depths and in areas that Musselwhite Mine has demonstrated experience. There is higher operational risk in the deeper areas of the mine (PQ Deeps) due to increased seismic events. In 2023 there were few seismic events compared to 15 events from January to August 2024. There is clear evidence that the Musselwhite Mine has been addressing these geotechnical challenges

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through the updating and implementing procedures outlined in the GCMP and the SRMP. In addition, the Musselwhite Mine underground geotechnical local and corporate teams have been completing studies to address geotechnical challenges. Some examples include:

The future geotechnical challenges in mining deeper in the PQ Deeps has been identified in Section 1.19.5 under Mining Risks.

This is a mature and proven brownfields mineral processing facility. Based on the available metallurgical, plant and technical information provided, and a site visit, the current flow sheet and plant infrastructure is suited for processing the current LoM reserve.

The surface infrastructure currently in place, as of the date of this Report, has been adequately maintained and has demonstrated its capacity to support the current levels of mine production. It is reasonable to expect that, with ongoing sustaining maintenance, the existing infrastructure will continue to perform effectively and support future production activities.

The site has extensive monitoring programs that are reported to the agencies on a periodic basis in accordance with regulatory requirements.

The mine is advancing a wide range of ongoing studies related to the environmental and geotechnical performance of the TSF, as well surface water and groundwater modelling to support the protection of the environment and the implementation of mitigative measures. The studies, including the evaluation of closure cover requirements, options for transitioning the groundwater interception system to closure, and the possible requirement for additional mitigations and closure measures will be incorporated into the next Closure Plan update.

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Based on the available information, the Project has an after-tax NPV of $782 M using a discount rate of 5%. The sensitivity analysis indicates that the Project economics are most sensitive to the gold price and ore head grade. Even with a gold price 20% below the base case of $2,150/oz, the Project maintains a positive after-tax-NPV.

Apart from the active drilling at Romios’ Lundmark-Akow Lake project, exploration work at any of the other adjacent and/or contiguous properties appears to be very early (i.e., grassroots) in nature or even non-existent.

The QP does not foresee that the claim packages on adjacent properties will have any material impact on the Musselwhite property’s continued viability, particularly with appropriate tracking of competitor exploration activities.

Several opportunities exist in the Project area within both the immediate mine area and the greater land package. At the mine scale, key target areas which could provide potential zone extensions include the PQ Deeps, Lynx, Esker and Redwings trends. At the property scale, there are numerous opportunities for the discovery of new satellite or stand-alone deposits; regional lithostratigraphic and structural interpretations of airborne geophysical data indicate the potential for other BIF-hosted gold deposits similar in nature to Musselwhite, in addition to other orogenic and/or intrusion-related gold systems. Regional exploration remains ongoing to help targeting and prioritization efforts.

This is a mature and proven brownfields mineral processing facility with a flowsheet and infrastructure that is suited for the life-of-mine production plan. No notable opportunities have been identified.

Mill spending on contractors, technical services and maintenance is higher than expectations for a conventional gold mill of this size and may represent opportunities for cost savings for the upcoming LoM.

There exist opportunities in the vicinity of the Musselwhite claim package to identify new mineralized trends and/or deposits that could extend onto contiguous claim blocks of adjacent properties. With

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any future exploration successes, it may prove prudent to acquire such adjacent claims and/or consider purchases once sufficient confidence in the geology and mineralization is attained. Moreover, because the Musselwhite land package is very large and contiguous, active and ongoing exploration activities presents the opportunity for the distribution of work credits to help maintain the land package until properly explored.

Risks identified during the 2023 internal Qualified Persons checks include:

There are outliers in the variability test work database from which gold recovery is lower than historical plant performance and the database itself which may result in periodically lower recoveries in the plant and may indicate a change in metallurgy beyond the current life-of-mine plan.

Given that Musselwhite is a brownfields operation with a long history (>27 years) and proven track record with solid reconciliation, there are no significant concerns with the methodologies and procedures applied for Mineral Resource estimation purposes.

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It is the QP’s opinion that the geological interpretation and related data are valid for the estimation of Mineral Resources. The assumptions made and methodology applied are considered reasonable and representative of typical BIF-hosted gold mineralization systems.

The QP considers the reported Mineral Resources to have been prepared in accordance with current CIM standards, definitions and guidelines for Mineral Resources Estimation.

The QP is also currently unaware of any legal, title, environmental, permitting, taxation, socio- economic, geopolitical or other factor that may materially affect the MRE presented herein.

Future mining in the PQ Deeps will result in increased Transverse Longhole mining methods at greater depths than are currently experienced at Musselwhite Mine. The potential mining risks associated with mining deeper at Musselwhite Mine include the following:

The following factors represent challenges and risks for mining the Musselwhite ore body for the remaining LoM.

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This is a mature and proven brownfields mineral processing facility with a flowsheet and infrastructure that is suited for the life-of-mine production plan. No notable risks have been identified.

The key environmental risks and concerns related to the TSF and their potential impacts on the surrounding environment have been identified in Section 20.7.

The Project economic performance is highly sensitive to the price of gold, as demonstrated in the sensitivity analysis. A key risk is the possibility of a significant decline in the price of gold during the life of the Project, which would negatively impact the Project economics. This risk is somewhat mitigated by the fact that the selected gold price used in the analysis is below the current spot gold price.

Geology

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Resources

Exploration

Further testing planned as Musselwhite Mine is developed deeper. Laboratory testing is performed by accredited labs using ASTM standards and International Society of Rock Mechanics suggested method for rock testing.

The following items are recommended for further consideration:

Geological Model

Detailed discussion of the controls on mineralization should be undertaken with emphasis on specific zones (e.g., Upper Lynx). This will help with future estimations of domaining decisions and reduce the level of geological risk associated with this zone.

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Modelling of the intraformational units within the HW Mafic package is an opportunity to increase the accuracy of the estimation in that area and add ounces to the resource. An indicator model may be helpful in defining areas of interest.

Density Measurements

It is recommended that density sampling frequency be increased in areas outside of known ore zones and to review the relevant procedure accordingly.

Review results of the ongoing density study to better understand the SG data set to inform future work. The QP recommends exploring the use of a density estimation for future updates, especially within the 4EA where the data set is most dense.

Geological Model

The Leapfrog geological model was considered a positive improvement for estimation. However, several recommendations can be made for future work, including:

Density Measurements

It is recommended that density sampling frequency be increased and possible review of the procedure to emphasize taking SG samples on material outside of known ore zones.

It may also be recommended that a density sampling campaign be undertaken to gain more data from core that is currently on surface in storage.

Reconciliation

Monitor performance of the model as further reconciliation information is collected to ensure the estimate reflects a realistic scenario.

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In the next review of mining reserves, the QP recommends that the metal price be reviewed to align with current market trends. In the case of Musselwhite, the metal price may impact mining reserves.

Based on the reviews completed, the following are geotechnical recommendations:

The following items are recommended for further consideration regarding the Project's process operations:

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This is a mature and proven brownfields mineral processing facility with a flowsheet and infrastructure that is suited for the life-of-mine production plan. No notable recommendations have been made.

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A comprehensive review of contractors, technical services and maintenance spending is recommended to identify milling cost savings opportunities.

Due to the aforementioned opportunities and risks associated with adjacent and/or nearby properties, the QP recommends the following:

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DRA Americas Inc. (DRA) was retained by Orla Mining Ltd. (Orla) to prepare this independent Technical Report (the Report) in collaboration with various consulting companies, including WSP Canada Inc. and SLR Consulting (Canada) Ltd. The purpose of this Technical Report is to support the disclosure of data for the active Musselwhite Mine operation (Musselwhite Mine), in accordance with NI 43-101 guidelines.

The consultants contributed to completion of the component Technical Report sections as follows:

DRA Americas Inc. (DRA): Property description and location, accessibility, climate, local resources, infrastructure, physiography, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation, data verification, mineral resource estimation, mineral processing, metallurgical testing, recovery methods, project infrastructure (site/mill), market studies and contracts, capital and operating costs for mineral processing and site/mill infrastructure, economic analysis, adjacent properties, and overall report compilation.

WSP Canada Inc. (WSP): Mineral reserve estimation, mining methods, and capital and operating costs for mining.

SLR Consulting (Canada) Ltd. (SLR): Project infrastructure (tailings storage facility, TSF), environmental studies, permitting, social / community impact, and capital and operating costs for TSF and environmental/permitting aspects.

Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has two (2) material gold projects: (1) Camino Rojo, located in Zacatecas State, Mexico and (2) South Railroad, located in Nevada, United States.

The purpose of the Technical Report is to support the disclosure of data for the active Musselwhite Mine operation (Musselwhite Mine), which is currently held by Goldcorp Canada Ltd., a subsidiary of Newmont Corporation, with an effective date of November 18, 2024. This Report was prepared in compliance with the disclosure requirements of the Canadian National Instrument 43-101 (NI 43-101) and in accordance with the requirements of Form 43-101 F1.

According to the plan of arrangement outlined in Orla’s press release dated November 18, 2024, entitled “Orla Mining Announces Strategic Expansion into Canada with Acquisition of the Musselwhite Gold Mine”, the transaction is expected to close in Q1 of 2025. Orla's Board of Directors has unanimously approved the transaction, subject to certain regulatory and shareholder approvals.

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The responsibilities for the preparation of the different sections of this Report are shown in Table 2.1.

Table 2.1 – Qualified Persons and their Respective Sections of Responsibilities

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The following QPs have completed property site visits:

Table 2.2 – Site Visit by Qualified Persons

Certain financial measures referred to in this Report are not measures recognized under IFRS and are referred to as non-Generally Accepted Accounting Principles (non-GAAP) financial measures or ratios. These measures have no standardized meaning under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by Orla are based on management’s reasonable judgement and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The Company calculates 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.

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. The Company 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.

In this Report, all currency amounts are US Dollars (“USD” or “US$”) unless otherwise stated. Quantities are generally stated in Système international d’unités (“SI”) metrics units, the standard Canadian and international practices, including metric tonne (“tonne”, “t”) for weight, and kilometre (“km”) or metre (“m”) for distances. Abbreviations used in this Report are listed in Section 28.

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The QPs have assumed, and relied on the fact, that all the information and existing technical documents listed in the References Section 27 of this Report are accurate and complete in all material aspects. While the QPs reviewed all the available information presented, we cannot guarantee its accuracy and completeness. The QPs reserve the right, but will not be obligated, to revise the report and conclusions, if additional information becomes known subsequent to the date of this Report.

Ryan Wilson fully relied upon Orla for matters pertaining to mineral claims, mining leases and related royalty information (memo received November 12, 2024), as such information is used in Section 4.

Daniel M. Gagnon fully relied upon:

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The Musselwhite Mine property is located in the Patricia Mining District in north-western Ontario; National Topographic System (NTS) 53 B/9, latitude 52°36'50" N and longitude 90°21'43" W. UTM Coordinates correspond to NAD83 UTM Zone 15N. The Musselwhite Mine is located on traditional territory of North Caribou Lake First Nation, in the Kenora District of Ontario, Canada (Figure 4.1). The operation is approximately 500 kilometers north of Thunder Bay and is accessible by road via Ontario highways ON-17 and ON-599N and by air.

Figure 4.1 – Musselwhite Mine Location

Source: Orla, 2024

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Gold in the area was first discovered by Allan and Harold Musselwhite (the Musselwhite Brothers) in 1962. Larger financing allowing for further work began with the Original Musselwhite Grubstake Agreement in 1973, that described the equity interest and participation percent of 10 participants plus the Musselwhite Brothers. Through the following decades, companies withdrew their interest, transferred interest, or merged companies. Presently, Musselwhite Mine is 100% owned by Newmont Corporation (Newmont)., and operated by Goldcorp Canada Ltd., a wholly owned subsidiary of Newmont. Production-related royalties are calculated annually.

Orla Mining has entered into a binding agreement to acquire Musselwhite from Newmont Corp.

The Musselwhite Property is comprised of 940 exploration claims and 338 mining leases, issued under the Ontario Mining Act.

The total of 338 leases covers a total leased area of 5,427 hectares. The area which these mining rights cover is located in the Patricia Mining Division, in the townships of Skinner Lake Area and Zeemal Lake Area, in the Provincial Grid 53B09.

Newmont held a 100% interest in the 338 mining leases which are registered under Goldcorp Canada Ltd. in the Opapimiskan Lake area of northwestern Ontario.

These leases are shown relative to the agreement area outline, lakes, mining infrastructure, and immediately surrounding claims in Figures 4.2 and 4.3; expiry dates of the claims and leases are included in Figure 4.4.

The mining leases are surrounded by the 940 exploration claims that cover 60,222 hectares covering most of the North Caribou Greenstone Belt (NCGB).

The Mining Act of Ontario grants and renews mining rights to leases and patents for a period of 21 years. Renewal/expiry of the Musselwhite Mine leases will occur between 2025 and 2033.

The leased and active mining lease groups and surface lease groups are detailed in Appendix 1. Individual leases, along with their granted dates and expiry dates, are listed in Appendix 2. A complete listing of all Musselwhite Mine owned and active claims are provided in Appendix 3. All Claims are 100% owned by Goldcorp Canada Ltd.

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Figure 4.2 – Musselwhite Mine Mining Leases

Source: Newmont, 2023

Figure 4.3 – Musselwhite Mine - Property, Claims, Leases, and Agreement Area

Source: Newmont, 2023

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Figure 4.4 – Musselwhite Mine Claims and Leases with Expiry Dates

Source: Newmont, 2024

There are currently three (3) open and active Royalty Agreements, with two being actively paid. The two agreements being paid currently are noted as follows:

The third open agreement, which is not being paid currently as it applies to areas outside of the current mine plan is detailed as follows:

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Musselwhite Mine is located on traditional First Nation territory and the area is surrounded by forested Crown Lands. Further details on social considerations, including agreements, are discussed in Section 20 of the Report.

In the late 1990s, in order to get the mine into production, an agreement was made with the local First Nations communities. The original agreement expired in February 2001 and was re-negotiated to terms benefiting both the First Nations peoples and the Musselwhite Mine. In the new agreement, restrictions on daily mill throughput have been removed, and revenue-sharing provisions have been incorporated to help direct some of the mine’s economic benefits directly into local communities.

The existing Musselwhite 2019 Amending Agreement with neighbouring First Nations is signed by:

The geographic locations of the signatory communities relative to the Musselwhite Mine are presented in Figure 4.5.

The Chronological history of the Agreement is outlined as follows:

In 2014, Newmont entered into a cooperation agreement with Mishkeegogamang First Nation (MFN) under which MFN would receive annual payments for certain items related to the impact of Musselwhite Mine, including sustainable community and economic development. The parties are currently negotiating a new cooperation agreement with respect to Musselwhite Mine.

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There are additional currently active agreements with communities, companies and individuals for the purposes of MoU for winter road, lease, site access, easements, environmental funding, and access.

The QP is not aware of any additional encumbrances.

Figure 4.5 – Locations of the Signatory Communities Relative to the Musselwhite Mine

Source: Google Maps, 2024

Surface rights have also been granted by the Government of Ontario with the mining leases, with the exception of waterways and lakes. These surface rights are outlined in Section 4.2 (Appendix 1)

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Musselwhite Mine is an existing mine with existing environmental and permitting considerations for operations liabilities. These permitting considerations are discussed in Section 20 of the Report. An overview of permits is presented in Table 4.1.

Musselwhite Mine and its consultants (SNC Lavalin, Golder Associates Ltd., Piteau Associates, Water Management Consultants, Minnow Environmental Inc., O’Kane Consultants Inc.) have prepared the technical data concerning the environmental and closure aspects of the mine site.

Currently, the mine site appears to be following all applicable corporate standards and environmental regulations. All requisite permits have been obtained for the mining and continued development of the mine site.

Table 4.1 – Overview of Permits

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To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Musselwhite Mine that have not been discussed in this Report.

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The property is accessed by chartered air service from Thunder Bay and a weekly community flight is from Sioux Lookout/Pickle Lake and touches down in Cat Lake, North Caribou Lake, Kingfisher Lake and Wunnumin Lake. A 1,500 m gravel strip suitable for STOL-type (short take-off and landing) aircraft is maintained year-round on site. A 45 km all-weather road connects the property with the North Road (formerly Ontario Provincial Highway 808) that extends north from the town of Pickle Lake.

The communities of Mishkeegogamang and Pickle Lake have year-round road access. Communities north of Pickle Lake have winter road access from the North Road to Windigo Lake. For the remainder of the year, access to these northern communities is by aircraft.

The community of Pickle Lake serves as a distribution center for many of the northern communities since it has both air and ground freight services. It is also a transfer point for air traffic connecting to Thunder Bay and Sioux Lookout. Industries operating north of Pickle Lake are based on the natural resource sector and include forestry and fishing. Tourism and craft activities also create limited levels of employment opportunities.

The nearest permanent weather monitoring station is located in Pickle Lake. Weather statistics from Environment Canada (https://www.canada.ca/en/services/environment/weather/data-research. html) for the period 1990 – 2012 indicate a mean daily temperature of 0.7°C. Temperatures for the period range between a maximum of 39°C and a minimum of -43°C. The mean annual rainfall is recorded at 510 mm and the mean annual snowfall is 249 cm. The average wind speed is 8.5 km/h and predominantly originates from the west.

Despite the extreme cold in winter the mine has operated year-round in the past and there is no reason foreseen that this will change in the future.

Local Resources include, but are not limited to:

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There is also local population which account for approximately 19% of the workforce at the mine.

As the mine is located in a remote area, it relies heavily on Skilled Labour sourced from throughout the greater mining areas of northwestern Ontario.

Infrastructure to take water supply from Opapimiskan Lake to the mine is abundant and not a limiting factor under the Permit to take water (up to 10,460,000 litres / day).

Road access to the Musselwhite site is by all-weather gravel road from the Town of Pickle Lake. The 42 km Musselwhite access road begins at the North Road approximately 160 km from Pickle Lake. There are six (6) Bailey type bridges between Pickle Lake and the turnoff to Musselwhite and one bridge built to MNR standards on the Musselwhite access road. Site personnel fly in and fly out of the site on a mine owned aircraft that is operated by Wasaya Airlines from Thunder Bay and a weekly community flight is from Sioux Lookout/Pickle Lake and touches down in Cat Lake, North Caribou Lake, Kingfisher Lake and Wunnumin Lake.

Provincial power and communication lines currently service the mine from the substation located at Pickle Lake via the Musselwhite-owned and operated overhead power transmission line.

More recently power to the site was upgraded via a connection to power supplied by Wataynikaneyap Power LP.

The Wataynikaneyap Project, a power grid expansion links 17 remote communities in Northern Ontario and expands the power capacity line serving Musselwhite Mine (completed July 2023) from a maximum site capacity of 19,500 kW to 23,000 kW.

Musselwhite’s airstrip, camp, mine complex, tailings storage facility, and mill area are located on the south shore of Opapimiskan Lake (Figure 5.1).

The major infrastructure at the mine site consists of the STOL airstrip, ATCO-type bunkhouses, a recreation/kitchen facility, ATCO-type offices, the mill buildings, a tailings pond, a portal and conveyor adits, an exploration shaft, a fresh air ventilation raise, and various pump stations and drill access roads.

The topography of the mine site is relatively flat, with granite intrusions associated with regional highlands. Local relief, which ranges from 5 m to a maximum of 45 m, can be attributed to glacial deposits in the form of moraines, eskers, and drumlins. Extensive, low-lying swampy areas surround

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streams, ponds, and lakes on the property. The elevation of Opapimiskan Lake is reported to be 300.5 m and 296.0 m by the East Bay Mine grid and the Surveying and Mapping Branch of the Department of Energy, Mines and Resources, respectively. Regional drainage is north-east towards Hudson Bay, with an average gradient of 3 m/km.

The Opapimiskan Lake area lies within the northern coniferous section of the boreal forest. Predominant species include black spruce, tamarack, and cedar, with local stands of white birch, jack pine, and poplar on better-drained areas such as eskers and moraines. A forest fire destroyed most of the area south of Opapimiskan Lake in 1979. Vegetation is slowly returning, but currently has no economic value.

The physiography of the Musselwhite Mine area is favourable for underground (U/G) mining with sufficient room for a processing plant, waste rock dumps, tailings storage, and other mine infrastructure.

To the extent known to the QP, there are no other significant factors and risks that may affect the viability of the mine that have not been discussed in this Report.

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Figure 5.1 – Opapimiskan Lake and Musselwhite Mine

Source: Goldcorp, 2016

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The Weagamow-North Caribou Lake belt was first mapped by Satterly (1941) at a scale of 1” to 1 mile. Emslie (1962), Thurston (1979) and Andrews et al. (1981) subsequently mapped the area at a reconnaissance scale. In 1960, the Ontario Department of Mines (ODM), now the Ontario Geological Survey (OGS), completed an airborne magnetic survey over the belt at a scale of 1" to 1 mile.

From 1984 to 1986, an integrated geosciences survey of the belt was undertaken by the OGS. This work included bedrock and surface mapping, mineral deposit and aggregate assessment studies, and reconnaissance till prospecting for gold. Results of this work are reported by Breaks et al. (1984, 1985, and 1986) and Piroshco and Shields (1985). The area was also covered by an airborne electromagnetic and magnetic survey in 1985 (OGS, 1985).

Harold and Alan Musselwhite first discovered gold mineralization in the Opapimiskan Lake area in 1962. Exploration efforts were restricted to a gold-bearing quartz- carbonate vein on the north shore of Opapimiskan Lake, and to an occurrence named the IF Showing on the south shore.

From 1962 to 1963, Inco Limited conducted an 18-hole diamond drill hole program around Zeemal Lake and an additional eight holes in the areas of Karl and Markop Lakes.

Late in 1963, Kenpat Mines Ltd. conducted geophysical and geological mapping surveys, performed extensive trenching, and completed 20 diamond drill holes totalling 1,171 m prior to abandoning the property.

The Musselwhite Prospecting Grubstake was initiated in 1973 to explore the Opapimiskan Lake area for gold mineralization. Three surface gold showings, the No. 1, No. 2, and Everyway showings, were discovered by Harold and Allan Musselwhite by panning regolith material covering iron formation outcroppings on the south shore of Opapimiskan Lake.

During the period 1973 through 1983, considerable exploration in the form of prospecting, geological mapping, soil and rock sampling, trenching, geophysical surveying, and extensive surface diamond drilling was completed. In addition, a cut and chained picket grid, with lines at 120 m (400 ft) centers, was established and used as control over the entire property. This grid has not been maintained and, although it can still be seen in selected areas, is of little value to present exploration.

The Musselwhite Joint Venture was formed in 1983. In the fall of that year, construction of the winter access road was initiated to facilitate an underground exploration and bulk sampling program on the West Anticline area. A 605 m ramp was driven to access mineralization on the 215 m level. During the program, a 5,180-t bulk sample was mined and 1,756 m of underground drilling was completed. In November 1984, the Project was completed and the excavations were allowed to flood. The results of this work, failed to substantiate the grade and continuity of mineralization indicated from surface drilling. As a consequence, exploration ceased in this portion of the property.

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In 1985, a limited surface diamond-drilling program was conducted to test other favourable iron formation targets on the property and to maintain the remaining mining claims in good standing. Two significant drill intersections were reported from targets in the East Bay Area. Following an office compilation program, surface drilling in 1986 confirmed that a discovery with economic potential had been made.

Through 1986 up to September 1987, four separate gold zones were identified and delineated. In the fall of 1987, a Pre-Feasibility Report addressing the economic viability of mining the T-Antiform deposit was completed. Based on the results of this study, an underground exploration program was initiated in January 1988 to test this mineralized zone. In conjunction with this underground program, surface diamond drilling continued during the winter months in 1988 and 1989, with the objective of delineating the plunge extent of the T-Antiform Deposit. A 240 m vertical shaft was excavated with drifts and cross-cuts developed on the 100 m, 150 m, and 200 m levels. A 5,500-t bulk sample and 178 underground diamond drill holes were completed in order to evaluate the potential of the T-Antiform. Once again, the Project was deemed to be uneconomic, and the workings were allowed to flood.

A small surface drill program was conducted in early 1992, with the objective of locating a high-grade gold zone in order to revive the project. In the fall of 1992, it was determined that the property had the potential to support a 2,500 tpd operation and provide an attractive cash flow. Late in 1992, Placer Dome acquired Homestake's 25% interest in the property. In January 1993, accelerated exploration began, with the principal objectives of defining the extent, grade and continuity of the T- Antiform deposit between 10,000N and 10,500N, and evaluating the open pit potential of the OP Zone. During 1994, diamond drilling continued on the north extension of the T- Antiform and on near-surface targets with open pit potential. In addition, a major underground program to dewater and refurbish the old 1989 workings was instituted to facilitate the collection of a 30,000-t bulk sample and to conduct approximately 28,000 m of underground diamond drilling from 10,000N to 10,500N.

After re-examination of all available data in February 1996, a decision was made by Placer Dome and TVX Gold to proceed with the construction of a 3,300 tpd mine with Placer Dome as the operator. Construction began shortly thereafter.

The extraction of the OP zone in the open pit workings began in August 1996, and full production was initiated from the underground workings in early April of 1997.

The Musselwhite Mine’s construction from 1996 to 1997, concluded with the wet commissioning of the mill and the first ounce poured on March 10, 1997.

The mine underwent a capital expansion in 2002 and 2003 that included the installation of underground crushing and conveying facilities, and the upgrade of mill facilities in an attempt to

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expand production to 4,000 tpd. Mill trials in 2005 showed that the mill was capable of sustaining a milling rate of 4,600 tpd.

During the years 2003-2006, much effort was placed on mine exploration to replace production and enhance the reserve database. This effort ultimately resulted in the discovery of the PQ Deeps deposit.

The Musselwhite Mine’s long and storied history that spans over four decades is summarized in Table 6.1.

Table 6.1 – Musselwhite Mine Chronology

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As of February 28, 2024, the operation has milled approximately 30.5 Mt of ore at a head grade of approximately 5.68 g/t Au, for a total of over 5.5 million recovered ounces (Table 6.2).

Table 6.2 – Musselwhite Mine Production History

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To the extent known to the QP, there are no other significant historical factors and risks that may affect the mine’s viability that have not been discussed in this Report.

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The North Caribou Greenstone Belt (NCGB) is located in the middle of the North Caribou terrane of the Western Superior Province, on the south side of a large-scale crustal boundary between the North Caribou Core and Island Lake Domain (Stott et al., 2010) as depicted in Figure 7.1. It comprises nine volcanic-dominated assemblages formed during two major magmatic phases dated at ca. 2980 and ca. 2870 Ma. Sedimentary-dominated assemblages lie in the core of the NCGB and are interpreted to have been deposited after 2980 Ma in the northern NCGB, and after 2850 Ma in the southeastern NCGB. Stratigraphic correlations between assemblages of the NCGB are based on the nature of their contacts, geochronological constraints, and geological and geochemical characteristics of their respective sequence. All assemblages are metamorphosed ranging from greenschist to amphibolite, with rare pockets of granulite. The NCGB is bounded by five main intrusive phases emplaced during the two magmatic phases at ca. 2870-2850 Ma and ca. 2750-2690 Ma (Oswald, 2018 and references therein).

The envelope of the main structural fabric and fold structures is roughly parallel to the contact of the narrow, elongate, two-arc shape of the North Caribou belt. Three (3) major phases of ductile to brittle-ductile deformation have been documented (D1, D2, D3) with the dominant regional structural pattern being related to D2. Gold occurrences have been identified in seven of the nine assemblages of the NCGB. Other commodity occurrences include Ag-Zn-Pb-Cu, Zn-Cu-Pb and Pt-Pd. Gold is frequently spatially associated with D2 related structures. Most gold occurrences are quartz-vein type hosted in mafic volcanic rocks and silicate facies iron formation, with subordinate mineralization hosted in biotite and amphibolite schists. (Oswald, 2018 and references therein).

Much of the greenstone belt, including the mine area, is covered by water and glacial overburden. Bedrock exposure within the mine lease is estimated at less than 2% of the total area, resulting in interpretation of the bedrock geology relying heavily upon geophysical methods (e.g., airborne magnetic surveys) and drill hole data. One such aeromagnetic interpretation is presented in Figure 7.2.

At the mine property scale (Figure 7.3), rock units are folded into a series of open folds in the West Anticline Area, a tight synform (the East Bay Synform) and a near vertical limb (the PQ limb). Musselwhite Mine geology staff interprets that the East Bay Synform, which contains over 95% of the mineral resource, is a shear zone with dextral offset.

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Figure 7.1 – Musselwhite Mine Regional Geologic Setting

Source: Oswald, 2018

Figure 7.2 – Regional Scale Litho-Structural Interpretation

Source: Newmont, 2024

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Figure 7.3 – Geological Setting of the Musselwhite Mine

Source: Oswald et al., 2015

The stratigraphy of the mine area consists of basalts, a suite of iron formations, metasediments, and a felsic volcanic unit. These rock units appear to maintain a consistent stratigraphic relationship and unit thickness (except for tectonic thickening and fault duplication) over a broad area beyond the limits of the mine area. Through time and changes in logging protocol, the nomenclature for various units has evolved. The mine stratigraphic units are described in Figures 7.4 and 7.5. A representative composite vertical section through 12,500N (Figure 7.6) also illustrates the stratigraphic relationships of the units with respect to the complex folding across the mine property.

Gold in the mineral resource category is dominantly found within the lithologies of the Northern Iron Formation and is most strongly associated with the 4EA lithology (Figures 7.4 and 7.5). Exceptions to this rule include the Thunderwolves and Redwing zones, where gold is mostly contained within the iron formation units of the SIF along the East Limb.

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Figure 7.4 – Musselwhite Mine Stratigraphy – East Limb

Source: Oswald, 2018

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Figure 7.5 – Musselwhite Mine Stratigraphy – West Limb

Source: Oswald, 2018

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Figure 7.6 – Musselwhite Mine Section 12,500N (Looking North)

Source: Orla, 2024 (modified after AMEC, 2006)

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The broader architecture of the structural geology at the mine is relatively simple, starting from the west the lithologies are folded into a series of open anticlines and synclines (the West Anticline). Moving east, units are clearly sheared and exhibit tighter folds in the East Bay Synform (T-Antiform), progressing into near vertical and parallel lithologies in the east. It is interpreted that the pattern of increasing strain and shearing from west to east is associated with the North Caribou – Totogon shear zone. A structural interpretation map of the general mine area is provided in Figure 7.7.

In the immediate vicinity of the mineral reserves the lithologies are sheared and folded into a tight anticline-syncline pair, with both plunging at 10 to 15 degrees to the north-west (mine grid north); these relationships are shown on a representative geological plan map of the 595 mL (Figure 7.8). The development of areas of higher strain or shear zones, thought to be contemporaneous with the folding, are now known to be directly related to gold mineralization (Figure 7.9).

The mineralized zones have a complex relationship between brittle and ductile deformation, with both deformation styles being evident at both meso- and microscopic scales. The occurrence of gold with brittle-ductile deformation is the subject of ongoing research at the mine in conjunction with specialists from Lakehead University in Thunder Bay, Ontario.

The rocks at Musselwhite Mine have been metamorphosed to amphibolite facies. This is evidenced by the mineralogy which includes grunerite, hornblende, and almandine garnets. The rocks are thought to have been heated to 540°C – 600°C (Otto, 2002).

Sedimentary rocks in the mine area commonly contain garnet ± staurolite and are therefore deemed to be of amphibolite grade. Rocks on the north side of Opapimiskan Lake have been mapped as part of the biotite zone by Breaks et al (2001) with the garnet isograd trending northwest along the center of the NCGB.

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Figure 7.7 – Structural Interpretation of the Musselwhite Mine Area

A) Structural Map Showing Key Fabrics. B) Schematic Block Diagram. C) Compiled Stereographic Projections of Key Structural Elements

Source: Oswald, 2018

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Figure 7.8 – Geological Plan Map of the 595 m Level

Source: Orla, 2024 (Modified after AMEC, 2006)

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Figure 7.9 – Relationship Between Zones of High Strain and Mineralization at Musselwhite

A) Representative Vertical Section at 11,775N (Looking North). B) Slab of Chert-Magnetite BIF from 920 mL Showing Similar Gold Geometry and Structures.

Source: Oswald, 2018

Mineralization at Musselwhite is predominantly found in sub-vertical high strain zones in the favourable silicate facies of the Northern Iron Formation, and to a lesser extent the oxide facies in both the Northern and Southern Iron Formation. Significant mineralization is also locally hosted in mafic volcanics and garnet-biotite schists in the West Limb deposits. In addition to the main hosts of mineralization, anomalous gold concentrations occur across the property and within all the major lithologies. A positive correlation exists between gold and pyrrhotite mineralization in the Northern Iron Formation silicate facies. In general terms, this translates to 1 g/t Au for each percentage increase in pyrrhotite, up to approximately 15% pyrrhotite. This correlation between gold and pyrrhotite does not apply to mineralization in the Southern Iron Formation or the West Limb.

Gold mineralization is interpreted to have formed as the result of sulfide replacement of iron formation with quartz-pyrrhotite flooding and veining. Mineralization is best developed where structural permeability has been increased, either by folding, brittle or ductile deformation or in combination. Mineralization is thought to have been emplaced during D2 deformation and peak metamorphism (Oswald, 2018).

Quartz-pyrrhotite veins/flooding are composed of massive, glassy blue to grey quartz with up to 20% fine to medium-grained pyrrhotite locally and occur as anastomosing networks of multiple veinlets that pinch and swell along strike as well as up and down dip. Accessory minerals include albite, almandine garnet and calcite, minor arsenopyrite, pyrite, chalcopyrite, and native gold. Sulphide mineralization in the veins is strongly structurally controlled, occurring within small-scale boudins, along the margins of the veins and as fine stringers within the vein itself. Sulphide replacement style mineralization is characterized by 2% to 15% fine-grained disseminated pyrrhotite, trace to 2%

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arsenopyrite, and trace to 2% pyrite. Gangue minerals consist of almandine garnet, quartz and or chert, grunerite, actinolite, biotite, magnetite, and calcite with accessory epidote and zircon.

Visible native gold, usually the size of a pin tip, is commonly observed as isolated specks within quartz. The majority of the gold occurs within pyrrhotite micro-fractures within garnet-rich silicate domains.

The various mine areas and corresponding ore/mineralized zones are summarized in Table 7.1. A composite cross-section of the Musselwhite Mine stratigraphy also identifies the locations of key mineralized zones with respect to interpreted geology and structural elements in Figure 7.10.

Table 7.1 – Summary of the Main Mine Areas and Ore/Mineralized Zones with

Corresponding Mineralization Styles