South Carlin Complex

South Railroad Project

A low-capital, high-margin heap leach project to support our future growth.

Ready to go: less than 24 months to first pour. 

• 2026 Optimized Feasibility Study: open pit mining for both the Piñon and Dark Star deposits straddling the Piñon Range in the southeast extension of the Carlin Trend in Nevada
• Gold reserve: 1.5 Moz Total Proven and Probable (66.6 Mt at 0.71 g/t)

10+ year mine life – 103,756 ounces/year 

Robust Economics: 

• $783 M NPV_5% and 48% IRR @$3,100/oz Au Price (after-tax)
• AISC* of $1,505/oz Au

* See Press Release titled “Orla Mining Announces Results of the Updated Feasibility Study and Approves Start of Construction Spending for the South Railroad Project” dated January 15, 2026.

Second largest contiguous land package on the Carlin Trend – 25,000 hectares

Target rich environment: 30-km strike length

Multiple zones and styles of mineralization: Oxide, transition and sulphide mineralization associated with Carlin-type stratiform breccias, favourable stratigraphic horizons and fault networks

2026 Program Focus:

Potential pit extensions at Pinion, Dark Star and Jasperoid Wash

Emerging Oxide Discoveries:

• Spike: 1.5 km Mineralized Corridor 600 metres south of the POD-Sweet Hollow deposits
• Firebox: Promising Oxide Satellite Target 500 metres northeast of Pinion deposit

Orla maintains a positive relationship with our local communities by engaging regularly with stakeholders, volunteering, and donating to nonprofit organizations. Orla South Railroad is committed to Nevada and Elko County and is looking forward to building Nevada’s next operating gold mine, creating new jobs and benefits for Elko and its surrounding communities.