Overview

The Camino Rojo Project is a high quality, advanced oxide heap leach project in a low risk jurisdiction. This type of project 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
• Permitted for construction
• Detailed engineering over 90% complete
• Procurement is 85% complete
• Located 50km SE of Penasquito Mine in the State of Zacatecas
• Ejido agreements in place; strong community relationships
• Water concessions granted; sufficient water for operations proven
• Excellent regional infrastructure
• Proven and Probable Mineral Reserves of 1.6 Moz of gold and 31 Moz of silver (67.4 Mt at 0.73 g/t gold and 14.5 g/t silver) *
• Measured and Indicated Mineral Resources of 9.5 Moz gold and 100 Moz of silver (353.4 Mt at 0.83 g/t gold and 8.8 g/t silver)*

The Camino Rojo updated Feasibility Study considers open pit mining of 67.4 million tonnes of oxide and transitional ore at a rate of 18,000 tonnes per day. Ore from the pit will be crushed to 80% passing 28 mm, conveyor stacked onto a heap leach pad and leached using a low concentration sodium cyanide solution. Pregnant solution from the heap leach will be processed in a Merrill-Crowe recovery plant where gold and silver will be precipitated and doré will be produced. The site’s proximity to infrastructure, low stripping ratio, compact footprint, and flat pad location all contribute to the Project’s simplicity and low estimated AISC of $543 per ounce of gold.

The updated Feasibility Study was conducted using a gold price of $1,600 per ounce and a silver price of $20 per ounce and is expressed in U.S. dollars.

The updated Feasibility Study was prepared by a team of independent industry experts led by Kappes Cassiday and Associates (“KCA”) and supported by Independent Mining Consultants (“IMC”), Resource Geosciences Incorporated (“RGI”), John Ward Groundwater Consultant, Barranca Group LLC, Piteau Associates Engineering Ltd. and HydroGeoLogica Inc (“HGL”).

The updated Feasibility Study incorporates geological, assay, engineering, metallurgical, geotechnical, environmental, and hydrogeological information collected by Orla and previous owners since 2007, including 370,566 metres of drilling in 911 holes. Predicted average gold recoveries of 62% are based on results from 85 column tests.

Operating costs are based on contract mining with all other mine components being owned and operated by Orla. Approximately 58% of capital costs are based on purchase orders and updated firm proposals for equipment, material, and construction contracts from ongoing EPCM and site activities. For capital items not yet purchased, budgetary supplier quotes were used.

_{1 Total cash cost and AISC are non-GAAP measures and are net of silver credits and includes royalties payable. See reference below regarding non-GAAP measures.}

_{*All dollar amounts in US dollars}

Detailed engineering of the Project described in the 2019 Feasibility Study is over 90% complete and procurement is 85% complete. The start of earthworks was announced on November 26, 2020 and since that time, 230 hectares have been cleared for construction activities with over 20,000 cubic metres of topsoil being removed and stockpiled. A total of 3,703 plants have been rescued as part of flora and fauna relocation. The 44-kilometre, 33-kV power line is 49% complete. Equipment deliveries to site commenced in December 2020. A total of $78 million of the total Project capital has been committed through purchase orders and contracts. The mining contract is being finalized and expected to be in place early in the first quarter of 2021.

First gold production is planned for late 2021.

Orla will begin working on a Change of Land Use permit amendment for the expanded pit and other permitting requirements for the increased tonnes planned to be mined as a result of the Layback Agreement.Additional work is required to bring material on the Fresnillo concession to the measured and indicated mineral resource category which will then facilitate a mineral reserve update. Work required includes an estimated 2,500 metres of drilling, detailed QA/QC, and integration of Orla’s geological and resource models with Fresnillo’s drill data.

Mineral Reserves Notes:

1. The Mineral Reserve estimate has an effective date of January 11, 2021 and was prepared using the CIM Definition Standards.

2. Columns may not sum exactly due to rounding.

3. Mineral Reserves are based on prices of $1250/oz gold and $17/oz silver.

4. Mineral Reserves are based on NSR cut-offs that vary by time period to balance mine and plant production capacities. They range from a low of $4.93/t to a high of $12.00/t.

5. NSR value for leach material is as follows:

Kp Oxide: NSR ($/t) = 27.37 x gold (g/t) + 0.053 x silver (g/t), based on gold recovery of 70% and silver recovery of 11%

Ki Oxide: NSR ($/t) = 21.90 x gold (g/t) + 0.073 x silver (g/t), based on gold recovery of 56% and silver recovery of 15%

Tran-Hi: NSR ($/t) = 23.46 x gold (g/t) + 0.131 x silver (g/t), based on gold recovery of 60% and silver recovery of 27%

Tran-Lo: NSR ($/t) = 15.64 x gold (g/t) + 0.165 x silver (g/t), based on gold recovery of 40% and silver recovery of 34%

6. Please see Forward-Looking Statements below regarding mineral resource and mineral reserve estimates and footnote 14 of Table 7

Mineral Resource Notes:

1. The mineral resource has an effective date of June 7, 2019. The mineral resources are classified in accordance with the CIM Definition Standards in accordance with the disclosure requirement of NI 43-101.

2. Columns may not sum exactly due to rounding.

3. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

4. Mineral resources for leach material are based on prices of $1,400/oz gold and $20/oz silver.

5. Mineral resources for mill 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 net smelter return cut-off of $4.73/t for leach material and $13.71/t for mill material.

7. Includes 2% royalty and an USD:MXN exchange rate of 19.3.

8. Operating costs for Leach resource - mining $1.65/t mined; process $3.41/t processed; G&A $1.32/t processed; Operating costs for Mill resource - mining $1.65/t mined; process $12.50/t processed; G&A $1.20/t processed.

9. Leach resource payable – Au 100%; Ag 100%; Mill resource payable – Au 95%, Ag 95%, Pb 95%, Zn 85%.

10. Leach resource refining costs - Au $5.00/oz; Ag $0.50/oz; Mill resource refining costs - Au $1.00/oz; Ag $1.50/oz; Pb $0.194/lb; Zn $0.219/lb.

11. The mineral resource estimate assumes that the floating pit cone used to demonstrate reasonable prospects for eventual economic extraction extends onto land held by the Fresnillo. Any potential development of the Camino Rojo Project that includes an open pit encompassing the entire mineral resource estimate would be dependent on obtaining an agreement with Fresnillo (or subsequent owner).

12. Mineral resources are inclusive of mineral reserves.

13. 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.

14.Please see Forward-Looking Statements below regarding mineral resource and mineral reserve estimates. Please also refer to the Unconstrained Feasibility Study NI 43-101 Technical Report on the Camino Rojo Gold Project – Municipality of Mazapil, Zacatecas, Mexico dated January 11, 2021 for further details regarding the key assumptions, parameters, and methods used in the mineral resource estimate (including risk factors).