Oxide Operations Overview

• The Company declared commercial production at Camino Rojo on April 1, 2022 following sixteen months of construction which began in December 2020.
• Camino Rojo achieved record quarterly gold production of 32,017 ounces of gold in Q4 2022, primarily as a result of an increased ore stacking rate during the quarter which achieved a record 19,591 tonnes per day, 9% above nameplate capacity of 18,000 tonnes per day.
• The average mining rate during the fourth quarter was 41,128 tonnes per day which resulted in a strip ratio of 0.70 during the quarter and 0.67 for the full year 2022. The average grade of ore processed during the fourth quarter was 0.78 g/t gold, in line with plan, and the average grade of processed for the full year 2022, was 0.82 g/t gold, approximately 5% higher than plan.
• Gold sold during the fourth quarter and for the first full year of operation totalled 32,438 ounces and 107,502 ounces, respectively.
• Fourth quarter cash costs and AISC totalled $453 and $634 per ounce of gold sold, respectively. The key contributors to the AISC being at the lower end of the guidance range is attributable to mining softer ore than anticipated in the upper benches of the mine during the first year of operation. As a result of the softer ore, maintenance required on the crushing, conveying and stacking systems was less than anticipated due to low wear. Lower consumption rates on key inputs such as electricity and reagents also contributed to the low AISC.

• The Company’s AISC guidance for 2023 is a range of $750 to $850 per ounce of gold sold. The increase in AISC from 2022 to 2023 is primarily related to increased maintenance costs as the operations begin to encounter more competent ore conditions, and moderate price inflation on key costs inputs including reagents, consumables, and labour. Sustaining capital in 2023 will be primarily the construction of a dome at the ore stockpile for dust control management. Infill drilling on the layback area at the Camino Rojo oxide mine will be capitalized as sustaining capital and is expected to total $2 million.

_{*Average stacking rate calculation excludes truck-stacked overliner material (0 tonnes for Q4 2022 and 220,432 tonnes for FY 2022).}

_{**ROM ore stockpile includes mined ore but yet crushed, and low-grade stockpiles.}

The Camino Rojo Project is a high quality, oxide heap leach operations 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

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}

_{Mineral Reserve Notes:}

_{1.      The Mineral Reserve estimates have been prepared in accordance with the CIM Standards.}

_{2.      Rounding as required by reporting guidelines may result in summation differences.}

_{3.      The estimate of Mineral Reserves may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.}

_{4.      koz = 1,000 troy ounces; t = tonne (1,000 kilograms).}

_{Camino Rojo, Mexico}

_{1.      Michael G. Hester, FAusIMM of Independent Mining Consultants, Inc. (“IMC”) 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, 2022. 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, 2022 to those set forth in the 2021 Camino Rojo Report.}

_{3.      Mineral Reserves are based on prices of $1,350/oz gold and $18/oz silver.}

_{4.      Mineral Reserves are based on net smelter returns (“NSR”) cut-offs that vary by time period to balance mine and plant production capacities. They range from a low of $5.69/t to a high of $10.00/t.}

_{5.      NSR value for leach material is as follows:}

_{·        Kp Oxide: NSR ($/t) = 29.54 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) = 23.64 x gold (g/t) + 0.072 x silver (g/t), based on gold recovery of 56% and silver recovery of 15%.}

_{·        Tran-Hi: NSR ($/t) = 25.32 x gold (g/t) + 0.130 x silver (g/t), based on gold recovery of 60% and silver recovery of 27%.}

_{·        Tran-Lo: NSR ($/t) = 16.88 x gold (g/t) + 0.164 x silver (g/t), based on gold recovery of 40% and silver recovery of 34%.}

_{6.      Operating costs – mining $1.95/t mined; process $3.32/t processed; general and administrative (“G&A”) $2.37/t processed; includes a 2% NSR royalty and a 0.5% extraordinary mining duty payable to the Mexican government, as mandated by federal law.}

_{7.      Refining cost per ounce – gold $2.29; silver $2.29.}

_{8.      See “Mineral Properties – Camino Rojo Project – Mineral Reserves” for additional information.}

_{9.      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.}

_{Mineral Resource Notes:}

_All:

_{1.      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.}

_{2.      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.}

_{3.      The Mineral Resource estimates have been prepared in accordance with the CIM Standards.}

_{4.      koz = 1,000 troy ounces; mlb = million pounds (imperial); t = tonne (1,000 kilograms).}

_{Camino Rojo, Mexico}

_{1.      The effective dates of the Mineral Resource estimates for Camino Rojo are: (i) December 31, 2022 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, 2022 to those set forth in the 2021 Camino Rojo Report.}

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

_{3.      Mineral Resources for leach (oxide) material are based on prices of $1,700/oz gold and $21/oz silver.}

_{4.      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.}

_{5.      Mineral Resources are based on NSR cut-off grades of $5.69/t for leach material and $13.71/t for mill material.}

_{6.      NSR value for leach material is as follows:}

_{·        Kp Oxide: NSR ($/t) = 37.21 x gold (g/t) + 0.063 x silver (g/t), based on gold recovery of 70% and silver recovery of 11%}

_{·        Ki Oxide: NSR ($/t) = 29.77 x gold (g/t) + 0.086 x silver (g/t), based on gold recovery of 56% and silver recovery of 15%}

_{·        Tran-Hi: NSR ($/t) = 31.89 x gold (g/t) + 0.155 x silver (g/t), based on gold recovery of 60% and silver recovery of 27%}

_{·        Tran-Lo: NSR ($/t) = 21.26 x gold (g/t) + 0.195 x silver (g/t), based on gold recovery of 40% and silver recovery of 34%.}

_{7.      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.}

_{8.      Includes 2% NSR royalty and a US dollar:Mexican Peso exchange rate of 1:19.3.}

_{9.      Mineral Resources are constrained within a conceptual pit shell in order to demonstrate reasonable prospects for eventual economic extraction, to meet the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is not reported as a Mineral Resource.}

_{10.    The Mineral Resource estimate assumes that the floating pit cone used to constrain the estimate extends onto land held by Fresnillo. Any potential development of the Camino Rojo property that includes an open pit encompassing the entire Mineral Resource estimate 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).}

_{11.    See “Mineral Properties – Camino Rojo Project – Mineral Resources” for additional information.}

_{12.    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.}

_{13.    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).}