Assets

Oxide Operations Overview

Operations Highlights

Location	Zacatecas, Mexico
Ownership	100%
Status	Operating
Type of Mine	Open pit heap leach
2023 Gold Production	121,877 ounces
2023 AISC	$736/oz sold (Au)
2024 Gold Production Guidance	110,000 – 120,000 ounces
2024 AISC Guidance	$875 to $975/oz sold (Au)³
Gold Mineral Reserve (proven and probable)	1.1 Moz (50.5 Mt at 0.73 g/t)¹
Gold Mineral Resource (measured and indicated)	9.1 Moz Total (337.4 Mt at 0.84 g/t) ²
Exploration	138,636 Ha land package

1. The Mineral Reserve estimate for Camino Rojo has an effective date of December 31, 2023. The Mineral Reserve estimate has been updated from the 2021 Camino Rojo Report to account for depletion due to mining activity at the Camino Rojo Oxide Mine and for current gold and silver price and costs. The following table sets out the reconciliation of the Mineral Reserves (in thousands of ounces) at Camino Rojo by category at December 31, 2023 to those set forth in the 2021 Camino Rojo Report.

2. The effective dates of the Mineral Resource estimates for Camino Rojo are: (i) December 31, 2023 for the oxides (leach material); and (ii) June 7, 2019 for the sulphides (mill material). The oxide Mineral Resource estimate has been updated from the 2021 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs. The following table sets out the reconciliation of the oxide Mineral Resources (in thousands of ounces) at Camino Rojo by category at December 31, 2023 to those set forth in the 2021 Camino Rojo Report.

3. Total cash cost and AISC are non-GAAP measures and are net of silver credits and includes royalties payable.

Simple Oxide Heap Leach Project with Large Sulphide Resource
The Camino Rojo Project is a high quality, oxide heap leach operation in a low-risk jurisdiction. This type of operation leverages Management’s and the Board’s extensive exploration, development and operating experience in Mexico.
- Near-surface oxide gold-silver deposit with a large deeper gold-silver-zinc-lead sulphide zone
- Low complexity, low capital intensity, open pit oxide mine with a straightforward heap leach
- Flat-lying topography
- Well-located in the State of Zacatecas: 3km off a paved highway, excellent regional infrastructure including connection to grid electricity, 50km SE of Penasquito Mine
- Ejido agreements in place; strong community relationships
- Water concessions granted; sufficient water for operations proven

Camino Rojo Oxide Operations Update (Q4 2023 Update)

Operations		Q4 2023	FY 2023
Gold Produced	oz	34,484	121,877
Gold Sold	oz	31,300	118,993
Average Realized Gold Price²	$/oz	$1,974	$1,941
Cost of Sales – Operating Cost¹	$M	$16.4	$57.7
Cash Cost per Ounce^1,2	$/oz	$536	$506
All-in Sustaining Cost per Ounce ^1,2	$/oz	$802	$736

Mining and Processing Totals		Q4 2023		FY 2023
Ore Mined	tonnes	1,861,068		7,436,960
Waste Mined	tonnes	802,824		4,161,591
Total Mined	tonnes	2,663,892		11,598,551
Strip Ratio	w:o	0.43		0.56
Ore Stacked	tonnes		1,747,816	7,005,694
Stacked Ore Gold Grade	g/t	0.73		0.79

The Camino Rojo Oxide Mine produced a record 34,484 ounces of gold during the fourth quarter and 121,877 ounces of gold for the full year 2023, exceeding the increased gold production guidance range of 110,000 to 120,000 ounces. Gold sold was 31,300 ounces during the fourth quarter and 118,993 ounces for the full year. Mined ore tonnes continue to reconcile well to the block model and process recoveries to date are in line with the metallurgical recovery model.
Gold sold during Q4 2023 totalled 31,300 ounces.
Fourth quarter cash costs and AISC totaled $536 and $802 per ounce of gold sold, respectively.
During the second half of 2023, we initiated a program to test the impact of reduced crushed size from P80 28mm to P80 23mm. The initial results of this test program were positive and resulted in higher gold recovery from the heap leach. Further testing will be conducted in 2024 to assess the extent of the positive impact of the reduced crush size on other ore types.

1. Cost of Sales and AISC are non-GAAP measures.
2. Exchange rates used to forecast cost metrics include MXN/USD of 18.0 and CAD/USD of 1.33. A +/-1.0 change to the MXN/USD exchange rate would have a impact of +/-$10/oz on AISC.

2024 Guidance

For 2024, the Company expects production to be in the range of 110,000 to 120,000 ounces, with AISC guidance for 2024 is $875 to $975 per ounce of gold sold. The increase in AISC over 2023 is due primarily to increased waste movement, sustaining capex, maintenance costs and price inflation. Sustaining capital expenditures include the planned heap leach pad expansion during the first half of the year, pit wells expansion project, and capitalized exploration cost to drill the near-pit oxide targets.

2024 Guidance Summary

Gold Production	Oz	110,000 – 120,000
Total Cash Cost (net of by-product)	$/oz au sold	$625 - $725
All-in sustaining cost (“AISC”)	$/oz au sold	$875 - $975
Capital Expenditures	$m	$31.0
–Sustaining capital expenditures	$m	$18.0
–PP&E / Leases		$17.5
–Exploration – capitalized		$0.5

Non-sustaining capital expenditures	$m	$13.0
–Projects		$2.0
–Exploration – capitalized		$11.0
Exploration Expenses & Project Development (expensed)	$m	$31.0
Corporate G&A (incl. share-based comp.)	$m	$19.0

Reserves and Resources

Reserve Category	Tonnes (000's)	Gold (g/t)	Silver (g/t)	Gold (koz)	Silver (koz)
Proven Mineral Reserve	14,488	0.78	15.4	362	7,195
Probable Mineral Reserve	35,917	0.71	15.3	821	17,624
Total Proven & Probable Reserve (including stockpiles)	50,404	0.73	15.3	1,183	24,819

Resource Type by Category	Tonnes (000's)	Gold (g/t)	Silver (g/t)	Gold (koz)	Silver (koz)
Oxide Resource:
Measured Mineral Resource	17,715	0.79	14.5	449.3	8,285
Indicated Mineral Resource	60,916	0.71	12.8	1,396.4	25,010
Meas./Ind. Mineral Resource	78,631	0.73	13.2	1,845.7	33,295
Inferred Mineral Resource	4,258	0.60	5.7	82.7	773

Sulphide Resource:
Measured Mineral Resource	3,358	0.69	9.1	74	997
Indicated Mineral Resource	255,445	0.88	7.4	7,221	60,606
Meas./Ind. Mineral Resource	258,803	0.88	7.4	7,295	61,603
Inferred Mineral Resource	56,564	0.87	7.5	1,576	13,713

Total Mineral Resource	Tonnes (000's)	Gold (g/t)	Silver (g/t)	Gold (koz)	Silver (koz)
Measured Mineral Resource	21,072	0.77	13.7	523	9,281
Indicated Mineral Resource	313,361	0.85	8.4	8,617	85,616
Meas./Ind. Mineral Resource	337,433	0.84	8.75	9,141	94,898
Inferred Mineral Resource	60,822	0.85	7.4	1,659	14,486

Resource Type by Category	Tonnes (000's)	Lead (%)	Zinc (%)	Lead (M lbs)	Zinc (M lbs)
Sulphide Resource:
Measured Mineral Resource	3,358	0.13%	0.38%	9.3	28.2
Indicated Mineral Resource	255,445	0.07%	0.26%	404.3	1,468.7
Meas./Ind. Mineral Resource	258,803	0.07%	0.26%	413.6	1,496.9
Inferred Mineral Resource	56,564	0.05%	0.23%	63.1	299.4

Mineral Reserve Notes:

The Mineral Reserve estimates have been prepared in accordance with the CIM Standards.
Rounding as required by reporting guidelines may result in summation differences.
The estimate of Mineral Reserves may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
koz = 1,000 troy ounces; t = tonne (1,000 kilograms).

1. Stephen Ling, P.Eng. of Orla Mining is the qualified person responsible for the Mineral Reserve estimate for Camino Rojo.

2. The Mineral Reserve estimate for Camino Rojo has an effective date of December 31, 2023. The oxide Mineral Reserve estimate has been updated from the 2022 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs.

3. Mineral Reserves are based on prices of $1,500/oz gold and $20/oz silver.

4. Mineral Reserves are based on net smelter returns (“NSR”) cut-off of $7.34 per tonne.

5. NSR value for leach material is as follows:

Kp Oxide: NSR ($/t) = 32.80 x gold (g/t) + 0.055 x silver (g/t), based on gold recovery of 70% and silver recovery of 11%.
Ki Oxide: NSR ($/t) = 26.24 x gold (g/t) + 0.075 x silver (g/t), based on gold recovery of 56% and silver recovery of 15%.
Tran-Hi: NSR ($/t) = 28.12 x gold (g/t) + 0.136 x silver (g/t), based on gold recovery of 60% and silver recovery of 27%.
Tran-Lo: NSR ($/t) = 18.74 x gold (g/t) + 0.171 x silver (g/t), based on gold recovery of 40% and silver recovery of 34%.

6. The NSR values account for metal recoveries, refining costs, and refinery payable percentages.

7. Stockpiles are all derived from Camino Rojo mined material and are calculated using reconciled production figures adjusted for mining accuracy. Stockpile grades are calculated from grade control block grades. For the stockpile, no cut‐off grade is used for reporting.

8. See “Camino Rojo Project Feasibility Study NI 43-101 Technical Report” on this website or on SEDAR

Mineral Resource Notes:

All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely. Columns may not sum exactly due to rounding.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The Mineral Resource estimates have been prepared in accordance with the CIM Standards.
koz = 1,000 troy ounces; mlb = million pounds (imperial); t = tonne (1,000 kilograms).

1. The effective dates of the Mineral Resource estimates for Camino Rojo are: (i) December 31, 2023, for the oxides (leach material); and (ii) June 7, 2019 for the sulphides (mill material). The oxide Mineral Resource estimate has been updated from the 2022 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs.

2. Michael G. Hester, FAusIMM, of IMC, is the qualified person responsible for the Mineral Resource estimate for Camino Rojo.

3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

4. Mineral Resources for leach (oxide) material are based on prices of $1,800/oz gold and $23/oz silver.

5. Mineral Resources for mill (sulphide) material are based on prices of $1,400/oz gold, $20/oz silver, $1.05/lb lead, and $1.20/lb zinc.

6. Mineral Resources are based on NSR cut-off grades of $7.20/t for leach material and $13.71/t for mill material.

7. NSR value for leach material is as follows:

Kp Oxide: NSR ($/t) = 39.38 x gold (g/t) + 0.066 x silver (g/t), based on gold recovery of 70% and silver recovery of 11%
Ki Oxide: NSR ($/t) = 31.50 x gold (g/t) + 0.089 x silver (g/t), based on gold recovery of 56% and silver recovery of 15%
Tran-Hi: NSR ($/t) = 33.75 x gold (g/t) + 0.161 x silver (g/t), based on gold recovery of 60% and silver recovery of 27%
Tran-Lo: NSR ($/t) = 22.50 x gold (g/t) + 0.202 x silver (g/t), based on gold recovery of 40% and silver recovery of 34%.

8. NSR value for mill material is 36.75 x gold (g/t) + 0.429 x silver (g/t) + 10.75 x lead (%) + 11.77 x zinc (%), based on recoveries of 86% gold, 76% silver, 60% lead, and 64% zinc.

9. The NSR values account for metal recoveries, refining costs, and refinery payable percentages.

10. Includes 2.5% NSR royalty and a US dollar: Mexican Peso exchange rate of 1:19.3.

11. Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.

12. The Mineral Resource estimate assumes that the conceptual constraining pit shell used to constrain the estimate extends onto land held by Fresnillo. Any potential development of the Camino Rojo Project that includes an open pit encompassing the entire Mineral Resource estimate (particularly Mineral Resources amenable to milling) would be dependent on obtaining an agreement with Fresnillo (in addition to the Layback Agreement, which is only with respect to a portion of the heap leach material included in the Mineral Reserve estimate).

13. The Mineral Resources are inclusive of those Mineral Resources that were converted to Mineral Reserves.

14. The Mineral Resources reported are contained on mineral titles controlled by Orla and mineral titles in the existing Layback Agreement with Fresnillo.

15. Stockpiles are all derived from Camino Rojo mined material and are calculated using reconciled production figures adjusted for mining accuracy. Stockpile grades are calculated from grade control block grades and depleted by mining accuracy where appropriate. For the stockpile, no cut‐off grade is used for reporting.

16. See “Camino Rojo Project Feasibility Study NI 43-101 Technical Report” on this website or on SEDAR