Orla Mining (OLA) investor relations material

Strategic vision and portfolio development

• Focus on low capital intensity, low complexity projects with large-scale opportunities, modeled after Glamis Gold's approach.

• Portfolio includes Camino Rojo (Mexico), Musselwhite (Canada), and South Railroad (Nevada), with two producing mines and one development project.

• Musselwhite acquired from Newmont for $850 million, transforming the company into a multi-asset producer.

• South Railroad feasibility study completed; construction expected to begin in August, targeting 130,000 ounces/year.

• Growth opportunities include Camino Rojo underground extension and ongoing exploration at all sites.

Financial performance and capital allocation

• 2025 saw over 300,000 ounces produced, $400 million in free cash flow, and margins of ~$2,000/oz at $3,400 gold.

• 2026 guidance: 340,000–360,000 ounces at all-in sustaining costs of $1,550–$1,750/oz.

• $650 million cash flow expected in 2026, with $450 million reinvested, mainly for South Railroad construction.

• Disciplined debt repayment: $280 million paid down post-Musselwhite acquisition; exited 2025 net cash positive.

• Capital allocation priorities: exploration, reinvestment, leverage management, and shareholder returns (dividend, potential buybacks).

Asset-specific updates and operational highlights

• Musselwhite: Ongoing fleet replacement, $30 million exploration in 2026, production guidance 230,000–240,000 ounces.

• Musselwhite reserves remain at 1.5 million ounces (six years mine life), with demonstrated trend extension by 2 km.

• South Railroad: $400 million capital cost, 18-month construction, first production expected Q1 2028.

• Camino Rojo: Permits received for open-pit expansion, steady-state 115,000 ounces/year, underground project PEA shows 230,000 ounces/year over 15 years.

• Exploration and resource conversion ongoing at all sites, with significant upside potential highlighted.