CA Market News
1週前
Orla Mining Announces Receipt of Interim Order and Filing and Mailing of Meeting Materials for Special Meeting of Shareholders to Approve the Arrangement with Equinox Gold Corp.June 23, 2026 5:30 PM
PR Newswire (Canada) Your vote matters to your investment – vote today!The Board of Directors of Orla unanimously recommends that Shareholders vote FOR the Arrangement Resolution.Shareholder questions or need voting assistance? Please contact Laurel Hill Advisory Group by email at assistance @DougS.-452-7184 (North American toll-free) or 1-416-304-0211 (outside North America).VANCOUVER, BC, June 23, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to announce that in connection with the previously announced business combination (the "Arrangement") with Equinox Gold Corp. (TSX: EQX; NYSE: EQX) ("Equinox"), Orla has filed and commenced mailing of its notice of meeting, management information circular (the "Circular") and related documents (collectively, the "Meeting Materials") with securities regulators for the upcoming special meeting (the "Meeting") of the holders of common shares of Orla (the "Shareholders"). The Meeting Materials can now be accessed online on Orla's website at https://orlamining.com/investors/special-meeting/ and under the Company's profile on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov, respectively.Meeting Details The Meeting will be held on July 22, 2026 at 9:00 a.m. (PST) at the offices of Cassels Brock & Blackwell LLP, Suite 3100, Park Place, 666 Burrard Street, Vancouver, British Columbia, Canada V6C 2X8. The Meeting will be held in person.At the Meeting, Shareholders will be asked to consider, and if deemed advisable, to pass, with or without variation, a special resolution (the "Arrangement Resolution") to approve the Arrangement pursuant to a court-approved plan of arrangement under section 192 of the Canada Business Corporations Act, whereby Equinox will acquire all of the issued and outstanding common shares of Orla in accordance with the arrangement agreement entered into by the parties dated May 12, 2026 (the "Arrangement Agreement").Under the terms of the Arrangement, each common share of Orla will be exchanged for 1.00 common share of Equinox and US$0.0001 in cash. Following completion of the Arrangement, former Shareholders are expected to own approximately 33% of the combined company, while existing shareholders of Equinox are expected to own approximately 67% of the combined company, in each case on a fully-diluted in-the-money basis based on the number of issued and outstanding securities of Orla and Equinox as of the date of the Arrangement Agreement.Interim Order and No Action LetterThe Company is also pleased to announce that the Supreme Court of British Columbia (the "Court") has issued an interim order (the "Interim Order") regarding the Arrangement which authorizes Orla to proceed with the Meeting and addresses other Meeting related matters. A copy of the Interim Order is included in the Circular. Subject to receipt of the requisite approvals by Shareholders at the Meeting, it is expected that Orla will apply for a final order of the Court approving the Arrangement on or about July 28, 2026.In addition, on May 15, 2026, Orla and Equinox submitted to the Commissioner of Competition a request for an advance ruling certificate or, in the alternative, a no action letter and a waiver. On June 1, 2026, the Commissioner of Competition issued a no action letter to Orla and Equinox and waived the obligation for Orla and Equinox to submit information prescribed pursuant to subsection 114(1) of the Competition Act in respect of the Arrangement. A no action letter provides written confirmation from the Commissioner of Competition that he or she does not, at that time, intend to make an application under section 92 of the Competition Act. This satisfies the Canadian competition approval closing condition to the Arrangement.Strategic RationaleOpportunity to participate in future value creation from the Arrangement: Under the Arrangement, Shareholders will receive common shares of Equinox and are expected to own approximately 33% of the combined company on a fully-diluted basis, allowing Shareholders to participate in future upside and value creation of the combined company.Creation of a new North American senior gold producer: The combined company will have 1.1 million ounces of expected annual gold production from a highly complementary portfolio of six North American mines, underpinned by a significant endowment of approximately 23 million ounces of proven & probable mineral reserves.Peer leading, growth profile leading to potentially more than 1.9 million ounces of annual production: Clear path to more than 800,000 ounces1 of near-term gold production growth from the Valentine Gold phase 2 expansion in Canada, South Railroad Project and Castle Mountain Gold Project in the U.S., and Los Filos Mining Complex and Camino Rojo Mine in Mexico.Second largest producer of Canadian gold: The Greenstone Gold Mine, Valentine Gold Mine, and Musselwhite Mine are expected to collectively produce 685,000 ounces of gold in 20262, with significant potential for production growth and mine life extension from expansion and exploration upside, resulting in significant production from a market-preferred, low risk jurisdiction.Substantial free cash flow generation and robust financial position: Combined free cash flow profile of approximately $1.4 billion in 2026 based on current analyst consensus estimates; combined entity expected to have $1.4 billion of total available liquidity to drive growth and continued shareholder returns while maintaining strong financial flexibility.Leadership and support from an industry leading team of mine builders and operators: The combined company will be led by a team with a proven track record of shareholder value creation led by Charles Jeannes, Darren Hall, and Jason Simpson, with ongoing support from Ross Beaty and key shareholders Pierre Lassonde and Prem Watsa and certain affiliates of Fairfax Financial Holdings Limited.Diversified portfolio offers enhanced scale and optionality: Six producing assets and four growth projects across four countries (Canada, U.S., Mexico, and Nicaragua) provide immediate operating strength, project sequencing flexibility, known near-mine exploration upside, and longer-term optionality.Enhanced capital markets profile and significant re-rating potential: The combined company offers greater scale, lower risk, peer-leading production growth underpinned by a sizeable Mineral Reserve endowment, and superior free cash flow, providing significant re-rating potential.Operational symmetry and enhanced efficiency: The combination of two public companies and two strong teams with complementary North American operating platforms is expected to drive operational efficiencies.Review of strategic alternatives: After consultation on the proposed Arrangement with Orla's management team, their financial and legal advisors and, in the case of the board of directors of Orla (the "Board"), with the special committee comprised of only independent directors of the Company (the "Special Committee"), and after review of the current and prospective business climate in the mining industry, including assessing other potential strategic alternatives, including a standalone independent scenario, in each case taking into account the potential benefits, risks and uncertainties associated with those other opportunities, the Special Committee and the Board believe that the Arrangement is in the best interest of the Company.Balanced governance and management participation: The board of directors of the combined company will consist of eleven directors with five directors coming from Orla's board of directors, including Charles Jeannes who will be Chair of the board of directors of the combined company. Additionally, Orla's current President and Chief Executive Officer, Jason Simpson, will become President of the combined company. All of these considerations will allow for oversight of, continuing influence on, and input into the strategic direction of the combined company by people from Orla.Other factors: The Special Committee and the Board also carefully considered the Arrangement with reference to current economics, industry and market trends affecting each of the Company and Equinox in the metals and mining industry, information concerning mineral reserve and mineral resource estimates, business, operations, properties, assets, financial condition, risks, operating results and prospects of each of the Company and Equinox and the historical trading prices of the common shares of Orla and the common shares of Equinox, taking into account the results of the Company's due diligence review of Equinox and its properties.________________________________________1 Anticipated production growth from completion of the Valentine Gold Mine phase 2 expansion and with Castle Mountain Gold Project, Los Filos Mining Complex, South Railroad Project and Camino Rojo Mine in production.2 Mid-point of Equinox's and Orla's 2026 guidance, on a full-year basis, as further detailed in the news release of Equinox dated January 14, 2026 and the news release of Orla dated January 20, 2026, respectively.Board RecommendationThe Board, based on its considerations, investigations and deliberations, including a thorough review of the Arrangement Agreement, the fairness opinions of each of Scotia Capital Inc. and Fort Advisory Partners, and other relevant matters, and taking into account the best interests of the Company, and after consulting with management and the Company's legal and financial advisors and having received and reviewed the unanimous recommendation of the Special Committee, has unanimously determined that the Arrangement is in the best interest of the Company and fair to the Shareholders. Accordingly, the Board unanimously approved the Arrangement and the entering into of the Arrangement Agreement and unanimously recommends that the Shareholders vote FOR the Arrangement Resolution. The recommendations of the Special Committee and the Board are based on various factors set forth above and described more fully in the Circular.Voting AgreementsThe directors and senior officers of the Company, and certain significant shareholders of the Company, who collectively own, directly or indirectly, or exercise control or direction over, approximately 26.4% of the outstanding common shares of the Company as at the record date of the Meeting, have entered into voting and support agreements with Equinox, pursuant to which they have agreed to, among other things, vote, or cause to be voted, all common shares of the Company held or controlled by them FOR the Arrangement Resolution.How to Vote The proxy voting deadline is 9:00 a.m. (PST) on July 20, 2026. Shareholders are encouraged to vote well in advance of the proxy voting deadline to ensure your vote is submitted in a timely manner. Voting is easy. Shareholders may vote online, by telephone or by any other methods provided in the form of proxy or voting instructions which have been included as part of the mailing.
Registered ShareholdersNon-Registered Shareholders
Common shares held in own name and
represented by a physical certificate or
DRS.Common shares held with a broker, bank
or other intermediary.
Internetwww.investorvote.com www.proxyvote.com
Telephone1-866-732-8683Dial the applicable number listed on the voting
instruction form.
MailReturn the proxy form in the enclosed
postage paid envelope.Return the voting instruction form in the enclosed
postage paid envelope.Shareholder Questions and Voting AssistanceShareholders with questions or who require voting assistance may contact Orla's proxy solicitation agent and shareholder communications advisor:Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Text Message: Text "INFO" to 416-304-0211 or 1-877-452-7184
Email: assistance@laurelhill.comQualified PersonThe scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of Orla, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend. The technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.On Behalf of the Board"Jason Simpson"
President and Chief Executive OfficerFor further information, please contact: Andrew Bradbury
Vice President, Investor Relations and Corporate Development
www.orlamining.com
investor@orlamining.comNon-IFRS MeasuresThis news release refers to free cash flow and total available liquidity, which are measures with no standardized meaning under IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and may not be comparable to similar measures presented by other companies. Their measurement and presentation are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Companies believe that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Companies in assessing their respective operating performance, ability to generate free cash flow from current operations and their overall value. Refer to the "Non-IFRS measures" section of Equinox's management's discussion and analysis ("MD&A") for the three months ended March 31, 2026 and for the year ended December 31, 2025, and the "Non-GAAP measures" section of Orla's MD&A for the three months ended March 31, 2026 and for the year ended December 31, 2025, for a more detailed discussion of these non-IFRS Accounting Standards measures and their calculation.Forward-looking Statements This news release includes certain statements and information that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation and may include future-oriented financial information (collectively "forward-looking statements"), including statements regarding the intent of the Company, or the beliefs or current expectations of the officers and directors of the Company for the combined company. When used in this news release, words such as "will", "expect", "potential", "path", "objective", "becoming", "subject to", "expected", "to be", "look forward", "intends", "plans", "enter", "create", "enhance", "improve", and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "may", "could", "would", "should", "occur" or "be achieved" or the negative connotation of such terms. As well, forward-looking statements may relate to future outlook and anticipated events, such as the consummation and timing of the Arrangement; the Meeting; the approval of the Arrangement by the Shareholders; the application for a final order of the Court approving the Arrangement; the timing for closing of the Arrangement; the satisfaction of the conditions precedent to the Arrangement; the strengths, characteristics, value, portfolio and potential of the combined company; the strategic vision for the combined company and expectations regarding production capabilities and the ability of the combined company to successfully advance Orla's projects post-closing of the Arrangement; the accuracy of the pro forma financial position and outlook of the combined company; production guidance; returns to Shareholders; ongoing support of Shareholders; potential re-rating of the combined company; the ability of the combined company to achieve the production, cost and development expectations outlined in the technical reports related to the Valentine, Castle Mountain, Los Filos, Greenstone, Musselwhite, Camino Rojo and South Railroad expansions; the results of the feasibility studies at Valentine, Castle Mountain, and Los Filos; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto.The forward-looking statements contained herein include certain material assumptions and estimates regarding the forward-looking statements that, if untrue, could cause actual results, performances or achievements of the Companies to be materially different, including without limitation, assumptions regarding future gold prices, future prices of inputs to the Companies operations, future exchange rates, the Companies' ability to carry on exploration, development, and mining activities as currently contemplated; the success of the new management team; the realization of synergies and premiums; the satisfaction of all conditions to the completion of the Arrangement; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; and that there will be no material adverse changes or disruptions affecting the Companies or its respective properties.While Orla considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Although Orla believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release. Such factors include, without limitation: risks related to fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; sanctions and/or tariffs against countries where the combined company will have assets; the potential for labour-related disruptions and unplanned delays or interruptions in scheduled construction, development and production, including by blockade; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); the closing of the Arrangement; proposed changes in management and the board of directors; inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; the combined company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; capital, decommissioning and reclamation estimates; the potential for legal restrictions relating to mining including; expropriation; increased competition in the mining industry; and the ability of the combined company to work productively with its Indigenous and community partners.Additional factors are identified in Orla's and Equinox's other filings with securities regulators including, but not limited to, the Circular, Orla's MD&A dated March 19, 2026 for the year ended December 31, 2025, Orla's annual information form dated March 19, 2026 for the year ended December 31, 2025, and Orla's MD&A dated May 8, 2026 for the three months ended March 31, 2026, all of which are available on Orla's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.Forward-looking statements are designed to help readers understand management's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Orla assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Orla updates any one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.SOURCE Orla Mining Ltd. Original: Orla Mining Announces Receipt of Interim Order and Filing and Mailing of Meeting Materials for Special Meeting of Shareholders to Approve the Arrangement with Equinox Gold Corp.
CA Market News
2月前
From China's Export Ban To A Nevada Leach Pad: The Junior With a Domestic Solution to the US Antimony Supply ChainMay 13, 2026 8:53 AM
PR Newswire (Canada) Issued on behalf of NevGold Corp.From a 1.11% antimony intercept at Resurrection Ridge, up to 99% gold recoveries on a brownfield leach pad — and an upsized brokered placement that closed on strong institutional demand — NevGold Corp. (TSXV: NAU | OTCQX: NAUFF | FRA: 5E50) is heading into its maiden antimony-gold Mineral Resource Estimate fully funded, and on a near-term U.S. antimony production pathway that very few of its peers can claim.NEW YORK, May 13, 2026 /CNW/ -- USA News Group News Commentary — North American gold producers are operating in one of the most favorable commodity-and-policy windows of the past two decades. Gold continues to trade at or near record highs. Antimony — a U.S.-designated Critical Mineral with 100% U.S. import reliance — is now the subject of unprecedented federal procurement attention following China's December 2024 export restrictions targeting the United States. Those restrictions were partially suspended in November 2025, but the licensing regime and end-use scrutiny remain in place, which means U.S. buyers continue to face renewed disruption risk on a metal used in everything from flame retardants and semiconductors to military munitions and lead-acid batteries. Inside that environment, junior explorers exposed to both gold and antimony — at a single, U.S. project — are a very short list. And one Vancouver-based junior has just delivered the most catalyst-dense six-week stretch in its corporate history.NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) is an exploration and development company with four 100%-owned projects across Nevada and Idaho, anchored by the Limousine Butte gold-antimony project (White Pine County, Nevada) and the Nutmeg Mountain gold project (Idaho). [1] Between March 12 and April 20, 2026, the Company stacked six operational disclosures — drill mobilization, district-scale Bullet Zone drill hits, sequential antimony-then-gold metallurgy, the Resurrection Ridge headline drill release, sonic drill confirmation on the historic leach pads, and an upsized brokered placement — that together sets up a maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte targeted for Q2 2026, with a pathway to near-term antimony production by 2027. [1]The Financing That Caps The Run: C$42.2 Million, Upsized From C$25 Million, On Strong Institutional DemandOn April 20, 2026, NevGold announced that its previously announced C$25 million brokered private placement had been upsized to over C$42 million on strong demand. [1] The upsized offering comprises 22,223,946 common shares at C$1.90, with Clarus Securities Inc. as sole agent and bookrunner, and is expected to close on or about May 12, 2026. [1] Net proceeds are earmarked for advancing Limousine Butte, Nutmeg Mountain, working capital, and general corporate purposes. [1] The shares will be subject to a four-month-and-one-day hold period from closing in accordance with applicable securities laws. [1]A previously announced C$25 million brokered deal getting upsized by roughly 69% — without warrants — is a signal, not a line item. It tells you something about who the institutions in the book are willing to underwrite, and at what stage of the catalyst chain they want to be in the stock.The Drill Bit Behind The Bid: 1.11% Antimony Over 6.1 Meters Inside A 100.6-Meter Gold Equivalent InterceptThe April 9, 2026 disclosure was arguably the headline of the quarter. At Resurrection Ridge — part of the Limousine Butte district, and the structural setting that hosts both the Bullet Zone discovery (made in 2025) and the Armory Fault discovery (announced February 18, 2026) — NevGold intersected 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t gold + 0.22% antimony), with a high-grade interval of 1.11% antimony over 6.1 meters inside that broader intercept. [1] [2] CEO Brandon Bonifacio described Limo Butte as "one of the highest grade antimony projects in North America that is near-surface and oxide." [2]This was not an isolated print. On March 19, 2026, the Company had already disclosed Hole LB25-024 with 11.42 g/t AuEq over 7.7 meters (2.64% Sb + 1.17 g/t Au), within a broader 4.91 g/t AuEq over 27.4 meters (1.09% Sb + 0.67 g/t Au). [2] AuEq calculations are based on assumed prices of US$3,000/oz gold and US$40,000/tonne antimony, with assumed metal recoveries of 80% gold and 75% antimony. [2]For investors who track antimony as a critical mineral story, 1.11% over 6.1 meters is a number that compares favorably with most of the U.S. and ex-China advanced peer set. For investors who track gold, the 100.6-meter envelope at over 1.9 g/t AuEq from surface — with the gold component alone at 1.07 g/t — is a credible bulk-tonnage signature on a project that already has Bureau of Land Management approval for an Exploration Plan of Operations covering the full 68 km² property and up to 200 acres of permitted disturbance over a 10-year term. [1]The Metallurgy That Makes The Story Unusual: up to 99% Gold Recovery — After The Antimony Has Been Leached OutThe April 2, 2026 metallurgical disclosure may be the single most meaningful catalyst in the sequence, and it is one that puts NevGold (nev-gold.com) into a category of its own. Phase II testwork on oxide antimony-gold material from the Limo Butte historical gold leach pads showed cyanide shake test average gold recoveries above 93%, with individual samples reaching 99%, on residual tailings after the antimony had already been leached out. [1] Acid leach antimony extraction across the tested samples ranged from 54% to 92%, and additional antimony mineralization was identified at surface in a historical pre-strip waste dump. [1]The sequential process — antimony first, gold second, both metals from the same feed stream — is the punchline. It means NevGold is not picking between gold or antimony at Limo Butte. It is recovering both, in sequence, from material that has already been crushed, stacked, and sitting at surface on a brownfield site.That part — the brownfield part — is what positions Limousine Butte as one of the only near-term, at-surface antimony production scenarios in the United States with a path to potential metal production by 2027. The historical gold leach pads were already crushed, were already stacked, and are at surface requiring no further mining activities. April 14, 2026 sonic drill results on those same pads delivered 0.34% antimony with 0.41 g/t gold over 12.5 meters, 0.33% Sb and 0.55 g/t Au over 11.0 meters, and 0.31% Sb and 0.50 g/t Au over 14.6 meters — consistent with or better than the Phase I test pit averages. [1]The 2026 TSX Venture 50 Recognition Wasn't An AccidentNevGold was named to the 2026 TSX Venture 50 — one of the top 50 performers among more than 1,500 TSXV-listed issuers — on the back of a 330% share price appreciation and 515% market capitalization growth in 2025. [1] The recognition uses three equally weighted criteria: one-year share price appreciation, market cap growth, and Canadian consolidated trading value. The list is not an opinion. It is an output.The Comparable Set: How NevGold Stacks UpNevGold (www.nev-gold.com) sits at an unusual intersection of theses — domestic critical mineral, sequential gold recovery, near-term production optionality from a brownfield pad, and Tier-1 jurisdiction (Nevada and Idaho). To frame the opportunity, four comparables are worth tracking:United States Antimony Corp. (NYSE American: UAMY) is currently the only fully integrated antimony company outside of China and Russia. [3] On April 2, 2026, USAC announced the restart of mining operations at Stibnite Hill in Thompson Falls, Montana — a property the company previously mined from 1968 until 1983. [4] The company has raised FY2026 revenue guidance to $125 million — a 25% increase from prior guidance — and received a $27.0 million award from the U.S. Department of War under Title III of the Defense Production Act. [5] [6] USAC's Madero, Mexico smelter has approximately 200 tons per month of capacity, and the company remains sole-source approved to supply antimony trisulfide to the Defense Logistics Agency. [5] What UAMY illustrates is that the U.S. antimony market is being rebuilt brick by brick, and that buyers at scale are willing to pay for domestic, vertically integrated production.Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) holds the only identified domestic reserve of the critical mineral antimony at its Stibnite Gold Project in central Idaho. [11] The Project is projected to be one of the highest-grade open-pit gold mines in the United States, with reserves of approximately 4.8 million ounces of gold and 148 million pounds of antimony, and is expected to produce roughly 450,000 ounces of gold annually over its first four years. [11] On October 21, 2025, Perpetua broke ground on early works construction at the US$1.3 billion Stibnite project after posting US$139 million in financial assurance and receiving notice from the U.S. Forest Service that the 2025 Record of Decision requirements had been satisfied. [12] Perpetua received an indicative term sheet for up to US$2 billion in debt support from the U.S. Export-Import Bank and is targeting a final investment decision in 2026. [13] What Perpetua demonstrates is that the U.S. is willing to underwrite domestic gold-antimony pairings at scale — the same fundamental thesis NevGold (nev-gold.com) is advancing at Limousine Butte, but at a much earlier stage and a fraction of the market capitalization.Americas Gold and Silver Corporation (NYSE American: USAS / TSX: USA) consolidated 100% ownership of the Galena Complex in Idaho's Silver Valley in December 2024 — described by the company as the nation's largest antimony mine. [7] On February 10, 2026, Americas signed a definitive joint venture agreement with United States Antimony Corporation for a 51/49 JV to construct and operate an antimony processing facility at Galena, with the stated goal of building a U.S. mine-to-finished-product antimony solution. [7] In March 2026, Americas announced its largest exploration program in company history at approximately 64,000 meters of drilling across Galena/Crescent and Cosalá Mexico, reporting silver intercepts as high as 4,896 g/t over 1.3 meters. [8] On April 30, 2026, the company reported its fourth major new discovery at Galena — six new high-grade silver-copper-antimony veins approximately 150 meters southwest of the 149 Vein, including 1,392 g/t Ag, 1.5% Cu and 1.5% Sb over 1.9 meters at the 43L-TJ Vein Complex. [9] USAS is the closest thing in the U.S. peer set to a "domestic antimony producer with a real silver counterweight," which is a thesis adjacent to NevGold's gold-antimony pairing.Orla Mining Ltd. (NYSE American: ORLA / TSX: OLA) reported Q1 2026 production of 81,206 ounces of gold across two operating mines — Musselwhite (Ontario) and Camino Rojo (Mexico) — and reaffirmed full-year 2026 guidance of 340,000 to 360,000 ounces. [10] Orla ended Q1 2026 with $96.0 million in net cash, declared its inaugural quarterly cash dividend in late 2025, and is advancing the South Carlin Complex (formerly South Railroad) — a feasibility-stage open-pit heap leach gold project on Nevada's Carlin trend. [10] The relevance for NevGold is jurisdictional: Orla and NevGold are both advancing oxide gold projects in Nevada, but with very different footprints and capital structures.The Q2 2026 Catalyst: Maiden Antimony-Gold MRE At Limousine ButteThe next direct catalyst on the NevGold timeline is a maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte, expected in Q2 2026. [1] That MRE will be the first time the antimony quantities sitting in the historical leach pads are quantified under modern reporting standards, and it will set the technical baseline for the near-term production scenario the company is targeting for 2027.NevGold has not yet established a current NI 43-101 mineral resource at Limousine Butte; the maiden MRE remains forthcoming. Investors should review the Company's filings and the qualified persons' technical disclosures on www.nev-gold.com before drawing conclusions. The technical information disclosed by NevGold in its 2026 news releases has been reviewed and approved by Greg French, CPG, the Company's Vice President, Exploration, who is NevGold's Qualified Person under National Instrument 43-101. [2]The Bottom LineFor investors trying to triangulate where the U.S. antimony supply chain is being rebuilt, the names UAMY, Perpetua, USAS, and ORLA all matter. But NevGold (TSXV: NAU | OTCQX: NAUFF | FRA: 5E50) is the rare junior that sits at the intersection of multiple theses simultaneously: U.S. Critical Mineral exposure, near-term brownfield antimony production optionality, sequential gold recovery validated by up to 99% recovery testwork, and a fully funded balance sheet heading into a maiden MRE — at junior-explorer valuations.The maiden MRE is the next catalyst. Watch this space.Visit the company website at www.nev-gold.com for the latest corporate updates, investor presentations, and the full set of recent press releases.Frequently Asked QuestionsQ: What does NevGold Corp. do? A: NevGold Corp. (TSXV: NAU | OTCQX: NAUFF | FRA: 5E50) is a Vancouver-based exploration and development company with four 100%-owned projects across Nevada and Idaho. Its two flagship programs are Limousine Butte (gold-antimony, Nevada) and Nutmeg Mountain (gold, Idaho); Cedar Wash (gold, Nevada) and Zeus (copper, Idaho) round out the portfolio. [1]Q: What was the upsized financing announced on April 20, 2026? A: NevGold's previously announced C$25 million brokered private placement was upsized to over C$42 million (22,223,946 common shares at C$1.90), with Clarus Securities Inc. as sole agent and bookrunner. The financing is expected to close on or about May 12, 2026, and proceeds are earmarked for advancing Limousine Butte, Nutmeg Mountain, working capital, and general corporate purposes. [1]Q: What were the headline drill results from April 9, 2026? A: At Resurrection Ridge in the Limousine Butte district, NevGold intersected 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t Au + 0.22% Sb), incorporating a higher-grade interval of 1.11% antimony over 6.1 meters. [1]Q: What did the Phase II metallurgical testwork show? A: Cyanide shake tests on residual leach pad material — after the antimony had been leached out — returned average gold recoveries above 93%, with individual samples reaching 99%. Acid leach antimony extraction ranged from 54% to 92% across the tested samples. The sequential antimony-then-gold leaching process means both metals can be recovered from the same feed. [1]Q: When is the next major catalyst? A: The maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte is targeted for Q2 2026, with near-term antimony production targeted for 2027. [1]Q: How do I get more information? A: Visit www.nev-gold.com or the USA News Group NevGold profile for additional information, presentations, and the full set of recent press releases.Media ContactUSA News Groupinfo @therooster-2873Article Sources[1] https://www.globenewswire.com/news-release/2026/04/20/3277330/0/en/nevgold-announces-upsized-42mm-brokered-private-placement-financing.html
[2] https://nev-gold.com/news/ (Apr 9, 2026 / Mar 19, 2026 NevGold drill releases — Limousine Butte / Resurrection Ridge / Bullet Zone / Hole LB25-024)
[3] https://www.usantimony.com/
[4] https://www.accessnewswire.com/newsroom/en/metals-and-mining/united-states-antimony-announces-restart-of-mining-operations-on-stibnite-hill-mo-1154279
[5] https://www.stocktitan.net/news/UAMY/
[6] https://www.mining.com/united-states-antimony-lifts-revenue-guidance-amid-mining-breakthrough/
[7] https://americas-gold.com/operations/galena-complex/
[8] https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1883-tsx/usa/199172-americas-gold-and-silver-announces-largest-ever-exploration-program-in-2026-following-the-discovery-of-ten-new-high-grade-silver-copper-antimony-and-silver-lead-veins-at-galena-including-4-896-g-t-silver-and-3-95-copper-over-1-3m.html
[9] https://americas-gold.com/news-releases/2026/americas-gold-and-silver-announces-fourth-major-new-discovery-at-the-galena-complex-identifying-six-new-high-grade-silver/ [10] https://www.newswire.ca/news-releases/orla-mining-reports-first-quarter-2026-gold-production-821521800.html
[11] https://www.perpetuaresources.com/about/about-the-stibnite-gold-project
[12] https://www.prnewswire.com/news-releases/perpetua-resources-breaks-ground-on-the-stibnite-gold-project-302590660.html
[13] https://www.mining.com/perpetua-starts-building-1-3b-stibnite-gold-antimony-mine/DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USANewsGroup.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for NevGold Corp. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of NevGold Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article as the basis for any investment decision. The owner/operator of MIQ does not own any shares of NevGold Corp. but reserves the right to buy and sell, and will buy and sell shares of NevGold Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and CDMG, on behalf of NevGold Corp., has approved the contents of this article. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo - https://mma.prnewswire.com/media/2838876/5967327/USA_News_Group_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/from-chinas-export-ban-to-a-nevada-leach-pad-the-junior-with-a-domestic-solution-to-the-us-antimony-supply-chain-302770171.htmlSOURCE USA News Group Original: From China's Export Ban To A Nevada Leach Pad: The Junior With a Domestic Solution to the US Antimony Supply Chain
CA Market News
2月前
Equinox Gold and Orla Mining Combine to Create North America's New Senior Gold Producer: Built to Grow, Built to LastMay 13, 2026 6:00 AM
PR Newswire (Canada) Combined company expected to produce 1.1 million ounces of gold annually with a
clear path to more than 1.9 million ounces of gold from North American growth assetsVANCOUVER, BC, May 13, 2026 /CNW/ - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox") and Orla Mining Ltd. (TSX: OLA) (NYSE American: ORLA) ("Orla", and together with Equinox, the "Companies") are pleased to announce that the Companies have entered into a definitive arrangement agreement (the "Agreement") for an at-market combination to create a new North American senior gold producer with approximately 1.1 million ounces of expected annual gold production and an $18.5 billion implied market capitalization. The combined company will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces[ii] of annual gold production from an internally funded North American growth pipeline. Pursuant to the Agreement, Equinox will acquire all of the issued and outstanding common shares of Orla pursuant to a court-approved plan of arrangement (the "Transaction"). The combined company will continue under the name "Equinox Gold Corp." ("Equinox Gold"). All dollar amounts are in United States dollars unless otherwise indicated. Equinox and Orla will host a conference call and webcast to discuss the Transaction commencing at 8:30 am Eastern Time on May 13, 2026. Details are provided at the end of this news release.Under the terms of the Agreement, Orla shareholders will receive 1.00 Equinox common share (the "Exchange Ratio") and a nominal cash payment of $0.0001 for each Orla common share held immediately prior to the effective time of the Transaction (the "Effective Time"). Upon completion of the Transaction, existing Equinox shareholders and former Orla shareholders will own approximately 67% and 33% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis.Strategic Rationale of the Transaction The combination of Equinox and Orla creates:North America's new senior gold producer: 1.1 million ounces of expected annual gold production from a highly complementary portfolio of six North American mines, underpinned by a significant endowment of approximately 23 million ounces of Proven & Probable Mineral Reserves[iii]Peer leading, growth profile to more than 1.9 million ounces annually: Clear path to more than 800,000 ouncesii of near-term gold production growth from the Valentine phase 2 expansion in Canada, South Railroad and Castle Mountain in the U.S., and Los Filos and Camino Rojo underground in MexicoSecond largest producer of Canadian gold: Equinox's Greenstone mine ("Greenstone") in Ontario, its Valentine mine ("Valentine") in Newfoundland & Labrador, and Orla's Musselwhite mine ("Musselwhite") in Ontario, are expected to collectively produce 685,000 ounces of gold in 2026i, with significant potential for production growth and mine life extension from expansion and exploration upsideSubstantial free cash flow generation and robust financial position: Combined free cash flow[iv] profile of approximately $1.4 billion in 2026 based on current analyst consensus estimates; combined entity expected to have $1.4 billion of total available liquidityiv to drive growth and continued shareholder returnsIndustry leading value creation team of mine builders and operators: A proven track record of shareholder value creation led by Chuck Jeannes, Darren Hall, and Jason Simpson, with ongoing support from Ross Beaty, Pierre Lassonde, and Prem Watsa and certain affiliates of Fairfax Financial Holdings LimitedBalanced portfolio offers scale and optionality: Six producing assets and four growth projects across four countries (Canada, U.S., Mexico, and Nicaragua) provide immediate operating strength, project sequencing flexibility, known near-mine exploration upside, and longer-term optionalitySignificant re-rate potential based on peers' valuation: Combined company offers greater scale, lower risk, peer-leading production growth underpinned by a sizeable Mineral Reserve endowment, and superior free cash flow, providing significant re-rating potentialDarren Hall, Chief Executive Officer of Equinox, stated: "Today is an incredibly exciting day for both Equinox and Orla shareholders as we announce a business combination that creates a senior North American gold producer with increased scale, high-quality long-life assets, and one of the strongest organic growth pipelines in the sector. The combined company will produce 1.1 million ounces of gold in 2026 from a North American portfolio and enables a funded, tier-1 platform with the capacity to deliver a 70% growth trajectory to 1.9 million ounces, all while maintaining jurisdictional simplicity. By combining our operating teams, financial strength, and complementary asset bases, we are creating a differentiated North American gold producer with the scale, growth profile, and asset quality to drive a meaningful re-rate and deliver long-term value for shareholders."Jason Simpson, President and Chief Executive Officer of Orla, stated: "Orla was built on a simple idea: Acquire the right assets, develop them with discipline, and operate them well. That philosophy fits naturally with what Equinox has built — two companies with complementary assets, shared values, and a track record of continued execution and delivering on operational results. Together, we have the production base, the balance sheet, and the team to compete at a level otherwise unattainable by either company on its own – combined, this is a truly special company. The Canadian cornerstone assets provide the foundation that very few gold producers can match, and I am proud of what both teams have built to get here. With continued operational focus, we will have substantial financial flexibility to fund our peer-leading growth and continue to return capital to shareholders."Transaction Overview
The Transaction combines two North America-focused gold producers, creating a highly complementary portfolio of operating mines in four countries anchored by three high-quality, long-life, low-cost Canadian gold mines. In 2026, Equinox's Greenstone and Valentine mines are expected to produce 450,000 ouncesi of gold, with Orla's Musselwhite mine in Ontario expected to contribute another 235,000 ouncesi of production. At nearly 700,000 ounces of expected annual gold production from Canada, the combined company will be the second largest producer of Canadian gold.This cornerstone Canadian production is supported by 75,000 ounces of expected gold production from the U.S., 115,000 ounces from Mexico and 225,000 ounces of gold from Nicaragua, immediately establishing a senior gold producer with 1.1 million ouncesi of expected gold production in 2026.In addition, the combined company has a clear near-term path to increase annual production by more than 800,000 ounces of gold from a pipeline of advanced expansion and development projects in the U.S. (350,000 ounces[v]) and Mexico (495,000 ounces[vi]) with this organic growth expected to be funded from operating cash flow and available liquidity. Importantly, all growth projects have established Mineral Reserves. Combined, Equinox Gold will have 22.7 million ounces of Proven & Probable Mineral Reserves, 25.1 million ounces of Measured & Indicated Mineral Resources, exclusive of Mineral Reserves, and 13.0 million ounces of Inferred Mineral Resourcesiii.Equinox Gold will benefit from the expertise and successful track record of well-respected industry leaders, led by Chuck Jeannes as Chair of the board of directors, Darren Hall as CEO, and Jason Simpson as President, with continued support from Ross Beaty as Chair Emeritus.Benefits to ShareholdersCombining Equinox and Orla unlocks benefits for both sets of shareholders that would be unavailable on a standalone basis, including:100% ownership of three cornerstone Canadian mines, creating the second-largest producer of Canadian goldCreation of a new North American senior gold producer with expected 2026 production of 1.1 million ounces of goldi and an estimated $3.4 billion and $1.4 billion in EBITDA (earnings before interest, taxes, depreciation and amortization)iv and free cash flowiv, respectively, based on current analyst consensus estimatesClear path to more than 800,000 ouncesii of annual gold production growth from North American assetsCombined entity will be exceptionally positioned to unlock value from its pipeline of growth assets, driven by enhanced financial capacity, greater operating scale and increased flexibility to sequence capital across the portfolioEnhanced ability to return significant capital to shareholdersStrengthened leadership team with key additions to both the board of directors and management team, all with strong track records of operational excellenceEnhanced capital markets profile with greater scale and liquidity for investorsImproved efficiencies with the combination of two robust complementary operating platforms focused in Canada and the U.S.Leadership and Governance
Upon closing of the Transaction, the combined company will be led by executives and directors from both Equinox and Orla. Equinox's current Chief Executive Officer, Darren Hall, will remain as Chief Executive Officer, while Orla's current President and Chief Executive Officer, Jason Simpson, will join Equinox Gold's leadership team as President.The board of directors of the combined company will consist of eleven directors, with Chuck Jeannes as Chair, along with six directors from Equinox and an additional four directors from Orla.Ross Beaty, Chair of Equinox, stated: "Great companies are built on strong foundations and strong teams. The combination of Equinox and Orla strengthens our foundation of Canadian production, expands our portfolio of operating gold mines in North America, and combines two excellent operating teams to create a gold mining powerhouse. With improved scale, asset quality, and financial strength, Equinox Gold will be well positioned to deliver long-term value to its shareholders. I'm very excited about our future as an even better gold mining company. While I'll be stepping down as Chair, I will become a Special Advisor to the board, entitled to attend board meetings as a non-voting advisor to contribute as much as I can to the future of this great company."Chuck Jeannes, Chair of Orla, stated: "The best transactions are the ones in which the strategic logic is undeniable and both sets of shareholders come out stronger. This is precisely that kind of transaction. Equinox brings the scale and the platform that complements Orla's portfolio, and Orla brings the assets and operational capability that make Equinox genuinely better. The Orla board reviewed the Transaction carefully and are unanimously supportive. We are confident this is the right outcome for our shareholders."Transaction Details and Approximate Timeline
Under the terms of the Agreement, Orla shareholders will receive 1.00 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share held immediately prior to the Effective Time. Orla's outstanding convertible securities will be treated in accordance with the terms of the Agreement.The Transaction will be effected pursuant to a court approved plan of arrangement under the Canada Business Corporations Act. The Transaction will require approval by 66 2/3 percent of the votes cast by the shareholders of Orla at a special meeting of Orla shareholders expected to be held in July 2026.The issuance of Equinox common shares pursuant to the Transaction is subject to approval by the shareholders of Equinox by a simple majority of the votes cast at a special meeting of Equinox shareholders expected to be held in July 2026.Officers and directors of Orla, Pierre Lassonde, and certain affiliates of Fairfax Financial Holdings Limited, who collectively hold approximately 20% of the outstanding Orla common shares, have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Orla common shares in favour of the Transaction, including any Orla common shares acquired prior to the record date on exercise of convertible securities or in the market. If Pierre Lassonde and certain affiliates of Fairfax Financial Holdings Limited exercise their convertible notes, they will hold approximately 9.3% and 15.6%, respectively, on a partially diluted basis, and those shares, if issued on or before the record date, would be required to be voted at the Orla shareholder meeting in favour of the Transaction. Officers and directors of Equinox who hold approximately 4% of the outstanding Equinox common shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Equinox common shares in favour of the Transaction, including any Equinox common shares acquired prior to the record date on exercise of convertible securities or in the market.In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including both Canadian and Mexican competition authorization, approval of the listing of the Equinox common shares to be issued under the Transaction on the Toronto Stock Exchange and the NYSE American Exchange, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in Q3 2026. The Agreement includes customary deal protections, including non-solicitation covenants, the right to match any superior proposals, and reciprocal fiduciary-out provisions. Additionally, break fees in the amount of $475 million and $250 million are payable by Equinox and Orla, respectively, in certain circumstances. In addition, reciprocal expense reimbursement fees are also payable, in certain circumstances.Full details of the Transaction will be included in the respective management information circulars of Equinox and Orla, expected to be mailed to shareholders in June 2026.None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.Board of Directors' and Special Committee Recommendations
The board of directors of each of the Companies, after receiving outside legal and financial advice, have each unanimously approved the Transaction and recommend that their respective shareholders vote in favour of the Transaction. Orla's board of directors appointed a special committee comprised solely of independent directors of Orla (the "Orla Special Committee") to consider and make a recommendation to the Orla board of directors in respect to the Transaction. The Orla Special Committee, after receiving outside legal and financial advice, unanimously recommended that Orla's board of directors approve the Transaction.BMO Capital Markets and CIBC World Markets Inc. have each provided a fairness opinion to the board of directors of Equinox stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications set forth therein, the Exchange Ratio is fair, from a financial point of view, to Equinox.Scotiabank and Fort Capital have provided fairness opinions to the Orla Special Committee stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated in each such opinion, the consideration to be received pursuant to the Transaction is fair, from a financial point of view, to the shareholders of Orla.Advisors and Counsel
BMO Capital Markets is acting as financial advisor to Equinox. Blake, Cassels & Graydon LLP is acting as Canadian legal advisor to Equinox. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as U.S. legal advisor to Equinox.Trinity Advisors Corporation is acting as financial advisor to Orla. Scotiabank is acting as financial advisor to the Orla Special Committee. Scotiabank and Fort Capital have provided fixed fee fairness opinions to the Orla Special Committee. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to Orla. Crowell & Moring LLP is acting as U.S. legal advisor to Orla. Fasken Martineau DuMoulin LLP is acting as Canadian legal advisor to the Orla Special Committee.Conference Call and Webcast
Equinox and Orla will hold a joint conference call and webcast on May 13, 2026 at 8:30 am ET to discuss the Transaction.Toll-free Canada/U.S.: 1-833-752-3366
International: +1-647-846-2813
Login to the webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KqhsPRKxThe webcast will be archived on both the Equinox and Orla websites until the Transaction closes.About Equinox
Equinox is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, Equinox is focused on disciplined execution, operational excellence and long-term value creation. Equinox offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.About Orla
Orla's corporate strategy is to acquire, develop, and operate mineral properties where Orla's expertise can substantially increase stakeholder value. Orla has three material projects, consisting of two operating mines and one development project, all 100% owned by Orla: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine, (2) Musselwhite, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. Learn more at www.orlamining.com or contact info@orlamining.com.Equinox Contact
Ryan King, EVP Capital Markets
T: +1 778-998-3700
T: +1 604-260-0516
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.comOrla Contact
Andrew Bradbury, VP Investor Relations & Corporate Development
T: +1 604-564-1852
E: investor@orlamining.com______________________________
i Mid-point of Equinox's and Orla's 2026 guidance, on a full-year basis, as further detailed in the news release of Equinox dated January 14, 2026 and the news release of Orla dated January 20, 2026, respectively.ii Internal funded growth includes completion of the Valentine phase 2 expansion and with Castle Mountain, Los Filos, South Railroad and Camino Rojo underground in production and operating in line with expectations outlined in current technical reports, which technical reports are available under the respective SEDAR+ profiles of Equinox (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo).iii See Technical Information, Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves, and Forward-looking Statements.iv Free cash flow, liquidity and EBITDA are non-IFRS measures, which are measures with no standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Their measurement and presentation are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Companies believe that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Companies in assessing their operating performance, ability to generate free cash flow from current operations and their overall value. See Non-IFRS Measures.v Approximately 130,000 ounces from South Railroad (first five-year average annual production based on February 2026 technical study for the South Railroad Gold Project) and 220,000 ounces from Castle Mountain (LOM average based on the 2021 feasibility study).vi Approximately 280,000 ounces from Los Filos (LOM average production potential with construction of a CIL plant and development of Bermejal underground mine based on 2022 feasibility study) and Camino Rojo underground (first 10-year average annual production based on February 2026 technical study).Technical InformationEquinox Mineral Reserve & Mineral Resource EstimatesCategoryTonnage
(kt)Gold Grade
(g/t)Contained Gold
(koz)Mineral Reserves
Proven147,6900.823,893Probable551,6540.8515,091Total Proven & Probable699,2440.8418,985Mineral Resources
Measured91,9381.233,626Indicated563,9620.8515,428Total Measured & Indicated655,9000.9019,054Inferred356,4060.9711,101Notes:Measured & Indicated Mineral Resources are exclusive of Mineral Reserves.See Equinox's Annual Information Form dated March 30, 2026, which is available on SEDAR+, on EDGAR and on Equinox's website, for more information.Matthew MacPhail, P.Eng., Senior Vice President Business Planning and Technical Services for Equinox and a qualified person ("QP") under National Instrument 43-101 ("NI 43-101") is the QP for the scientific and technical information contained in this news release regarding Equinox's properties and Equinox's Mineral Reserve and Mineral Resource estimates.Orla Mineral Reserve & Mineral Resource Estimates
Tonnage
(kt)Gold Grade
(g/t Au)Contained Gold
(koz)Mineral Reserves
Proven17,7602.121,210Probable89,2910.882,518Total Proven & Probable107,0511.083,728Mineral Resources
Measured5,6781.94354Indicated99,7831.765,645Total Measured & Indicated105,4611.775,999Inferred65,6190.921,938Notes:Measured & Indicated Mineral Resources are exclusive of Mineral Reserves.See Orla's Annual Information Form dated March 19, 2026, which is available on SEDAR+, on EDGAR and on Orla's website, for more information.The scientific and technical information in this news release with respect to Orla's properties and Orla's Mineral Reserve and Mineral Resource estimates was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of Orla, who is a QP as defined under NI 43-101 standards.Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral ResourcesDisclosure regarding each of Equinox's and Orla's mineral properties included in this news release was prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the "SEC") generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.Forward-looking StatementsThis news release includes certain statements and information that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation and may include future-oriented financial information (collectively "forward-looking statements"), including statements regarding the intent of the Companies, or the beliefs or current expectations of the officers and directors of the Companies for Equinox Gold post closing of the Transaction. When used in this news release, words such as "will", "expect", "potential", "path", "objective", "becoming", "subject to", "expected", "to be", "look forward", "intends", "plans", "enter", "create", "enhance", "improve", and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "may", "could", "would", "should", "occur" or "be achieved" or the negative connotation of such terms. As well, forward-looking statements may relate to future outlook and anticipated events, such as the consummation and timing of the Transaction and the shareholder meetings related thereto; the satisfaction of the conditions precedent to the Transaction; the strengths, characteristics, value, portfolio and potential of Equinox Gold post Transaction; the strategic vision for Equinox Gold and expectations regarding production capabilities and the ability of Equinox Gold to successfully advance the Companies' projects post-closing; the accuracy of the pro forma financial position and outlook of the Equinox Gold post-transaction; production guidance; returns to shareholders; ongoing support of shareholders of the Companies; potential re-rating of Equinox Gold post-closing; Equinox Gold's ability to achieve the production, cost and development expectations outlined in the technical reports related to the Valentine, Castle Mountain, Los Filos, Musselwhite, Camino Rojo and South Railroad expansions; the results of the feasibility studies at Valentine, Castle Mountain, and Los Filos; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto.The forward-looking statements contained herein include certain material assumptions and estimates regarding the forward-looking statements that, if untrue, could cause actual results, performances or achievements of the Companies to be materially different, including without limitation, assumptions regarding future gold prices, future prices of inputs to the Companies operations, future exchange rates, the Companies' ability to carry on exploration, development, and mining activities as currently contemplated; the success of the new management team; the realization of synergies and premiums; the satisfaction of all conditions to the completion of the Transaction; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; and that there will be no material adverse changes or disruptions affecting the Companies or its respective properties. While Equinox and Orla consider these assumptions to be reasonable based on information currently available, they may prove to be incorrect.Although Equinox and Orla believe that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Companies can give no assurance that such expectations will prove to be correct. The Companies caution that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release. Such factors include, without limitation: risks related to fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; sanctions and/or tariffs against countries where Equinox Gold has assets; the potential for labour-related disruptions and unplanned delays or interruptions in scheduled construction, development and production, including by blockade; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); the closing of the Transaction; proposed changes in management and the board of directors; inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; Equinox Gold's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; capital, decommissioning and reclamation estimates; the potential for legal restrictions relating to mining including; expropriation; increased competition in the mining industry; and the ability of Equinox Gold to work productively with its Indigenous and community partners. Additional factors are identified in Equinox's most recently filed Annual Information Form, both for the year ended December 31, 2025, and in its Management's Discussion & Analysis ("MD&A") dated May 6, 2026 for the three months ended March 31, 2026, all of which are available on Equinox's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar; and in Orla's MD&A dated March 19, 2026 and in its most recently filed Annual Information Form, both for the year ended December 31, 2025, and in Orla's MD&A dated May 8, 2026 for the three months ended March 31, 2026, all of which are available on Orla's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.Forward-looking statements are designed to help readers understand management's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Companies assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If either Equinox or Orla updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.Non-IFRS Measures. This news release refers to EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, and liquidity, which are measures with no standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Their measurement and presentation are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Companies believes that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Companies in assessing their respective operating performance, ability to generate free cash flow from current operations and their overall value. Refer to the "Non-IFRS measures" section of Equinox's MD&A for the three months ended March 31, 2026 and for the year ended December 31, 2025, and the "Non-GAAP measures" section of Orla's MD&A for the three months ended March 31, 2026 and for the year ended December 31, 2025, for a more detailed discussion of these non-IFRS measures and their calculation. SOURCE Orla Mining Ltd. Original: Equinox Gold and Orla Mining Combine to Create North America's New Senior Gold Producer: Built to Grow, Built to Last
CA Market News
2月前
Orla Mining Reports First Quarter 2026 Financial ResultsMay 11, 2026 6:00 AM
PR Newswire (Canada) Strong start to 2026 driven by Musselwhite VANCOUVER, BC, May 11, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the first quarter ended March 31, 2026. (All amounts expressed in millions of US dollars unless otherwise stated, as at March 31, 2026)First Quarter 2026 SummaryFirst quarter gold production of 81,206 ounces and total quarterly gold sold of 81,540 ounces, generating $378.9 million in revenue. Orla remains on track to meet its full year consolidated gold production guidance range of 340,000–360,000 ounces.First quarter all-in sustaining cost1 ("AISC") was $1,668 per ounce of gold sold and the Company is on track to meeting its full year AISC guidance range of $1,550-$1,750 per ounce.Net income for the first quarter was $75.4 million or $0.22 per share.Adjusted earnings1 for the first quarter were $134.7 million or $0.39 per share.Cash flow from operating activities before changes in non-cash working capital during the first quarter was $103.5 million.Exploration and project expenditure1 was $36.1 million during the quarter, of which $6.0 million was expensed and $30.1 million was capitalized.The Company ended the quarter with $427.3 million in cash and $331.3 million in debt, resulting in a net cash position of $96.0 million and $517.3 million in liquidity1.South Railroad Project – Advancing to Construction: Following an updated Feasibility Study boasting a $1.7B NPV (5%) and 95% IRR at $4,500/oz gold, the Company approved immediate spending on engineering and procurement to support a mid-2026 construction start for its third operating mine.Camino Rojo Underground Advancement: In February 2026, the Company announced a positive Preliminary Economic Assessment for a standalone underground operation in Zacatecas, Mexico, marking a key step in transitioning from open pit oxide mining to a larger-scale, long-life underground sulphide operation.Camino Rojo Permitting Milestone: The Company received the federal environmental permit (Manifestación de Impacto Ambiental) for the Camino Rojo mine, authorizing the open pit expansion including the layback area, to optimize and extend the life of current oxide operations and to begin construction of an underground exploration decline to advance the Camino Rojo Underground Project.Musselwhite Exploration Continued Success: Drilling confirmed high-grade mineralization extending over two kilometres down-plunge across two new stacked zones, significantly supporting resource growth and mine life extension. Surface drilling at Camp Bay identified shallow mineralization and potential satellite deposits near existing infrastructure.On May 11, 2026, the Company declared a quarterly dividend of US$0.015 per common share, payable on June 9, 2026, to shareholders of record at close of business on May 26, 2026._____________________1 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release."The first quarter of 2026 has set a strong foundation for growth. Our operations are performing steadily, and we are firmly on track to achieve our annual guidance. Central to this progress is the commitment of our team. Operational excellence is inseparable from the safety and well-being of our workforce; by ensuring every team member returns home safely, we strengthen the very core of our organization.2026 is another year of growth milestones, and we are already delivering, having released the South Railroad feasibility study and Camino Rojo PEA, secured critical permits, and achieved further success at Musselwhite. As we continue to scale, we are not just increasing output, we are building a more resilient and better company. These achievements provide a clear path for success through the rest of 2026 and beyond."- Jason Simpson, President and Chief Executive Officer, Orla MiningFirst Quarter Financial and Operational UpdateTable 1a: Operating Highlights
Operating
Q1 2026Q1 2025
Consolidated
Total Gold Producedoz81,20647,759
Total Gold Soldoz81,54046,356
Average Realized Gold Price1$/oz$4,575$2,915
Cash Cost per Ounce1,2$/oz$1,251$597
All-in Sustaining Cost per Ounce1,2$/oz$1,668$845
Musselwhite, Canada3
Ore Milledtonnes332,822104,287
Milled Ore Gold Head Gradeg/t6.295.55
Gold Producedoz62,98517,786
Gold Soldoz64,10415,844
Camino Rojo, Mexico
Ore Stackedtonnes1,828,0001,672,826
Stacked Ore Gold Gradeg/t0.590.78
Gold Producedoz18,22129,973
Gold Soldoz17,43630,512
______________________________1 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release.2 Cash cost and AISC for Q1 2025 does not include the operations of the Musselwhite Mine, which was acquired on February 28, 2025. Refer to "Non-GAAP Measures" for further discussion.3 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures for Q1 2025 are provided from March 1, 2025 onwards. Table 1b: Financial HighlightsFinancial
Q1 2026Q1 2025Revenue$m$378.9$140.7Cost of Sales – Operating Cost$m$95.4$48.3Net Income (Loss)$m$75.4$(69.8)Adjusted Earnings4$m$134.7$38.6Earnings per Share – basic $/sh$0.22$(0.22)Adjusted Earnings per Share – basic4$/sh$0.39$0.12
Cash Flow from Operating Activities
before Changes in Non-Cash Working Capital$m$103.5$401.2Free Cash Flow4$m$62.9$393.8
Financial Position
Mar 31, 2026Dec 31, 2025Cash and Cash Equivalents$m$427.3$420.8Net Cash (Debt)4$m$96.0$35.8Gold produced during the quarter totaled 81,206 ounces, from the Musselwhite Mine and the Camino Rojo Oxide Mine. Gold sold during the quarter totaled 81,540 ounces. Consolidated cash costs and AISC totaled $1,251 and $1,668 per ounce of gold sold, respectively.Musselwhite OperationsDuring the quarter, Musselwhite mined 333,495 tonnes of ore and processed 332,822 tonnes at a mill head grade of 6.29 g/t gold. Gold recovery was 95.9% resulting in gold production of 62,985 ounces. Plant performance was stable with an average milling rate of 3,698 tonnes per day over the quarter.Musselwhite exceeded production targets through strategic mine plan resequencing due to strong development and production results in late 2025. This provided access to higher-grade ore earlier in the year than originally planned. Mining and development performance in the quarter was driven by strong execution from the site team. Development rates increased 20% from 2025 to first quarter achieving an average of 38.2 metres per day.Development performance remained consistent, with each month achieving over 1,000 metres of advance. This was largely driven by reliable equipment availability and strong execution across development crews.Camino Rojo OperationsThe Camino Rojo Oxide Mine produced 18,221 ounces of gold during the first quarter of 2026, in line with plan.During the quarter, the operation mined over 2.0 million tonnes of ore and approximately 2.3 million tonnes of waste, resulting in a strip ratio broadly in line with expectations. A total of approximately 1.8 million tonnes of ore was stacked at an average grade of 0.59 g/t gold, corresponding to an average stacking rate of approximately 20,311 tonnes per day. Gold sold during the quarter totalled approximately 17,436 ounces, consistent with production levels.As noted in the March 18, 2026, press release, the Company received the environmental permit (Manifestación de Impacto Ambiental, "MIA") from Mexico's Secretariat of Environment and Natural Resources ("SEMARNAT") for Camino Rojo. With this approval, Orla now has all the permits necessary, including the Change of Land Use approval, to mine the remainder of the oxide open-pit, including the layback area and initiate the underground exploration decline._____________________4 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release.Project and Exploration SummaryFor the first quarter, a total of 22,451 metres were drilled, with 20,489 metres at Musselwhite and 1,962 metres in Mexico. Project development activities during the period focused on advancing permitting efforts and the feasibility study update for the South Railroad Project in Nevada and progressing the underground development at Camino Rojo, with the release of the Preliminary Economic Assessment.Musselwhite, Ontario:In the first quarter, the Musselwhite exploration program continued advancing the deep directional drilling along the Mine Trend, the underground drilling for reserve and resource growth and inventory definition, and the near-mine surface drilling program.The deep directional drilling program continued to evaluate the down-plunge extension of the Mine Trend. A total of 5,291 metres were completed in the quarter, with results confirming continuity of gold mineralization two kilometres from current operations and the presence of two parallel mineralized zones, with an upper horizon interpreted as the Lynx zone and a lower horizon interpreted as the PQ zone. Two directional drill holes intersected the PQ Extension zone with visible gold at their predicted locations, validating the interpreted geometry of the mineralized system.Underground exploration drilling focused on reserve replacement, resource expansion, and inventory definition within Lynx, Redwings, West Limb, and PQ zones. A total of 12,546 metres of underground exploration drilling was completed during the quarter, with results including high-grade mineralization from the Lynx, PQ and West Limb zones.The near-mine surface drilling program targeting the Camp Bay area was completed in mid-March, with 2,652 metres drilled across sixteen shallow holes in the first quarter. Results returned broad, shallow intercepts of gold mineralization. Near-mine drilling will resume in the second quarter targeting a four-kilometre strike trend along the Musselwhite SE extension, also known as "Karl Zeemal".South Railroad Project & South Carlin Complex, Nevada:South Railroad represents Orla's next mine build and is expected to increase the Company's consolidated annual gold production toward 500,000 ounces. South Railroad is in the permitting stage and is a gold heap leach project located in Nevada, USA, and forms a part of the Company's larger South Carlin Complex ("South Carlin") land package on the prolific Carlin Trend.South Railroad, situated on federal land, is currently advancing under the guidance of the US Bureau of Land Management (BLM) as a FAST-41 Covered Project in accordance with the National Environmental Policy Act (NEPA) for permitting. The BLM's Record of Decision, the final permitting decision, is targeted for mid 2026.On January 15, 2026, Orla announced the results of an optimized feasibility study for the South Railroad Project. The study results reaffirmed the strong attributes of the South Railroad Project, notably the robust production profile and margins. Underpinning the updated study was significant engineering work, contractor and supplier quotations, and project optimizations, forming the basis for the initial capital cost estimate of $395 million.During the quarter, purchase orders were issued for critical long-lead equipment, including the ADR plant, crushing systems, and LNG generators to support long-term site power requirements. In addition, contracts were awarded for the mine water treatment plant and Limited Notices to Proceed were issued for major civil works, including necessary upgrades to the site access road.By the end of the quarter, overall detailed engineering progress was 41% complete. The project team continued to advance detailed design for key project facilities while maintaining ongoing support for permitting efforts.The 2026 exploration program is planned to commence in the second quarter and will focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash to support resource and reserve growth and assess opportunities to extend mine life, as well as advancing oxide targets and mineralized zones proximal to the South Railroad development area.Camino Rojo Underground and Zone 22:During the quarter, Orla released the positive results of the Preliminary Economic Assessment (PEA) for the underground project at the Camino Rojo Mine in Zacatecas, Mexico. The PEA evaluates the technical and economic potential of a standalone underground development project beneath the existing Camino Rojo open pit and outlines a potential pathway toward a larger-scale, long-life operation.With the recent MIA approval, Orla is set to begin underground access development at Camino Rojo. Work on the exploration portal and decline is expected to start in the second half of 2026, enabling deeper resource definition of the sulphide mineralization beneath the current open pit and advancing the technical evaluation of a potential underground operation. Orla expects to award the contract for the exploration decline in early Q3 and begin the work immediately thereafter. The Board of Directors of Orla has approved the scope of the project, which includes an additional capital spend of $20.0 million for 2026. The exploration decline is expected to be completed in 2028.A 4,300 metres drill program to support the generation of metallurgical, geotechnical and hydrological material for a Pre-Feasibility Study for the underground project began in mid-January 2026. A total of 1,962 metres were drilled during the quarter. The Company targets the completion of a Pre-Feasibility Study (PFS) in 2027. This drilling and PFS is expected to support permit submission for the Camino Rojo underground project in 2027.Diesel Cost Exposure UpdateDuring the quarter, energy prices have risen sharply as a result of the ongoing conflict in the Middle East. The Company's gross exposure to diesel for 2026 is approximately $25 million, or approximately 4% of total operating costs, and represents approximately $70/oz AISC. A $10/barrel change in oil prices would result in an increase of approximately $0.9 million to operating costs or approximately $2.50/oz AISC impact. To date, the Company has experienced an approximate 6% increase in diesel price resulting in an approximately $3.00/oz impact to AISC. Importantly, the Company has not experienced any fuel availability issues.First Quarter 2026 Cash Flow ItemsDuring the first quarter, the Company made several notable cash payments, including approximately $93.0 million in income tax payments related to 2025 and $25.6 million in installments related to 2026. The 2025 income tax payment was driven by $67.6 million for Musselwhite's 2025 taxes and $25.3 million mainly for the annual Camino Rojo special mining duty.Additionally, the Company paid a $20.0 million contingent payment to Newmont, as the average gold price exceeded the $2,900 per ounce threshold established in the Musselwhite acquisition. Debt reduction also continued with a $35.0 million loan repayment completed during the period.DividendOn May 11, 2026, the Company declared a quarterly dividend of $0.015 per common share, payable on June 9, 2026, to shareholders of record at close of business on May 26, 2026.Financial StatementsOrla's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the quarter ended March 31, 2026, are available on the Company's website at www.orlamining.com, and under the Company's profiles on SEDAR+ and EDGAR.Qualified Persons StatementThe scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects.First Quarter 2026 Conference CallOrla will host a conference call on Monday, May 11, 2026, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the first quarter 2026:Dial-In Numbers / Webcast:North American - Toll-Free:+1 833 461 5787USA / International Toll:+1 585 542 9983Canada - Toll-Free:+1 365 657 4084Conference ID:581323587Webcast:https://orlamining.com/investors/About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend. The technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.For further information, please contact: Jason Simpson
President & Chief Executive OfficerAndrew Bradbury
Vice President, Investor Relations & Corporate Developmentwww.orlamining.com
investor @GMan" style="display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;" role="heading" aria-level="3">NON-GAAP MEASURESWe have included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts.AVERAGE REALIZED GOLD PRICEAverage realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold.
Q1 2026Q1 2025Revenue
$ 378,880$ 140,670Silver sales
(5,846)(5,533)Gold sales
373,034135,137Ounces of gold sold
81,54046,356AVERAGE REALIZED GOLD PRICE
$ 4,575$ 2,915
NET CASHNet cash is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period.
March 31, 2026December 31, 2025Cash $ 427,349$ 420,776less: face value of revolving facility(60,000)(90,000)less: face value of term facility(90,000)(95,000)less: face value of convertible notes(181,300)(200,000)NET CASH$ 96,049$ 35,776LIQUIDITYLiquidity is defined as cash and cash equivalents plus undrawn amounts available under the Company's credit facilities, and is a measure of the Company's financial flexibility and ability to meet its obligations as they come due. This measure provides a more comprehensive view of funds readily available to support operations, capital expenditures, and other commitments than cash alone. We believe Liquidity is useful to investors as it reflects the Company's total available sources of funding without the need to raise additional external capital.
March 31, 2026December 31,2025Cash$ 427,349$ 420,776Undrawn amounts on credit facilities90,00060,000LIQUIDITY$ 517,349$ 480,776
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHAREAdjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company. We believe these measures are useful to market participants because they are important indicators of the strength of our operations and the performance of our core business.
Q1 2026Q1 2025Net income (loss) for the period
$ 75,405$(69,832)Change in fair values of financial instruments
46,65080,725Unrealized foreign exchange
2912,565One-time Musselwhite acquisition costs
—10,215Increased costs from inventory fair value adjustment
—9,769Panama arbitration costs
982—Mexico site review
5,365—Share based compensation related to PSUs
—2,096Accretion of deferred revenue
5,9803,050ADJUSTED EARNINGS
$ 134,673$ 38,588
Millions of shares outstanding – basic
344.2322.4Adjusted earnings per share – basic
$ 0.39$ 0.12Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against companies which capitalize their exploration costs, we advise that included within Orla's net income for each period are exploration and project costs which were expensed, as follows:
Q1 2026Q1 2025Exploration & evaluation expense
$ 6,032$ 8,879FREE CASH FLOWFree Cash Flow is calculated as cash flow from operating activities net of additions to property, plant and equipment, and expenditures on mine development. Included within the figures for the three months ended March 31, 2025, is $360.8 million received under the gold prepay arrangement.
Q1 2026Q1 2025Cash flow from operating activities
$ 112,388$ 411,465Purchases of plant and equipment
(19,398)(10,731)Expenditures on mineral properties
(30,122)(6,932)FREE CASH FLOW
$ 62,868$ 393,802CASH COST PER OUNCE, AND ALL-IN SUSTAINING COST ("AISC") PER OUNCECash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is a performance measure that reflects all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated November 14, 2018. Management believes that these two measures are useful to market participants in assessing operating performance and the Company's ability to generate free cash flow from current operations.
Three months ended March 31, 2026
Three months ended March 31, 2025
CASH COST Camino Rojo Mussel-whiteCorporateTotal
Camino Rojo Mussel-white5CorporateTotalCost of sales – operating costs$ 21,990$ 73,417$ —$ 95,407
$ 20,983$ -$ —$ 20,983Cost of sales - royalties2,6309,817—12,447
2,765-—2,765Silver sales(5,255)(591)—(5,846)
(5,533)-—(5,533)CASH COST$ 19,365$82,643$ —$102,008
$18,215-$ —$18,215
Ounces of gold sold 17,43664,104 n/a81,540
30,512--30,512Cash cost per ounce sold $ 1,111$ 1,289$ n/a$ 1,251
$ 597
$ 597
Three months ended March 31, , 2026
Three months ended March 31, 2025
ALL-IN SUSTAINING COST Camino Rojo Mussel-whiteCorporateTotal
Camino Rojo Mussel-whiteCorporateTotal
Cash cost, as above$19,365$82,643$ —$102,008
$18,215-$ —$18,215
Office and administration——6,1166,116
——5,5875,587
Share based payments (excl PSUs)282763,9854,289
30-1,0931,123
Accretion of ARO190839—1,029
120-—120
Amortization of site closure asset52819—871
150-—150
Purchase of equipment - sustaining 6874,327—5,014
450-—450
Capitalized development – sustaining—15,577—15,577
—-—-
Lease payments – sustaining177893—1,070
138-—138
ALL-IN SUSTAINING COST$20,499$105,374$10,101$135,974
$19,103-$6,680$25,783
Ounces of gold sold17,43664,104
81,540
30,512
30,512
All-in sustaining cost per ounce sold$1,176$1,644
$1,668
$626-
$845
EXPLORATION AND PROJECT DEVELOPMENT COSTSExploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies.
Q1 2026Q1 2025Exploration and evaluation expense
$ 6,032$ 8,879Expenditures on mineral properties and deferred stripping costs capitalized
30,1226,932EXPLORATION AND PROJECT DEVELOPMENT
$ 36,154$ 15,811___________________________5 The Musselwhite Mine was acquired on February 28, 2025. Orla management concluded it would not be meaningful to readers to present cash costs and AISC for Musselwhite Mine for the one month period ended March 31, 2025.Forward-looking StatementsThis news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the Company meeting its consolidated gold production and AISC guidance; the results of the South Railroad Feasibility Study, including NPV, IRR and capital cost estimate; the results of the PEA for the Camino Rojo Sulphides; exploration objectives, including growing reserves and resources and mine life extension; the timing of permitting and construction for the South Railroad Project; the Company's ability to increase annual production to 500,000 ounces; timing of a PFS for the Camino Rojo Sulphides; and the Company's goals and strategies. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the Layback Agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepay; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies and preliminary economic assessments; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions and tariff risk; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of the Sarbanes-Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 19, 2026, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.SOURCE Orla Mining Ltd. Original: Orla Mining Reports First Quarter 2026 Financial Results
CA Market News
3月前
Orla Mining Reports First Quarter 2026 Gold ProductionApril 13, 2026 5:00 PM
PR Newswire (Canada)
Company on track to achieve production guidanceVANCOUVER, BC, April 13, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to provide an operational update for the first quarter ended March 31, 2026. Orla remains on track to meet its full year consolidated gold production guidance range of 340,000–360,000 ounces.
(All amounts expressed in millions of US dollars, as at March 31, 2026, and are unaudited)First Quarter Operational UpdateTotal Gold Production & Sales
Q1 2026Total Gold Producedoz81,206Total Gold Soldoz81,540
Musselwhite, Canada
Ore Milledtonnes 332,822 Milled Ore Gold Head Gradeg/t6.29 Gold Producedoz62,985 Gold Soldoz64,104
Camino Rojo, Mexico
Ore Stackedtonnes1,828,000 Stacked Ore Gold Gradeg/t0.59 Gold Producedoz18,221 Gold Soldoz17,436"2026 was always going to be a catalyst-rich year, and the opening months have not disappointed. We delivered the updated feasibility study at South Railroad, completed the PEA for the Camino Rojo underground project, secured the final permits for the open-pit expansion, delivered exciting exploration results in Canada, and generated strong production start from both our sites, all representing meaningful milestones across our portfolio. We are proud of our team in all three nations who contributed to all these successes giving us real confidence for the remainder of 2026." - Jason Simpson, President and Chief Executive Officer, Orla MiningMusselwhite OperationsDuring the quarter, Musselwhite mined 333,495 tonnes of ore and processed 332,822 tonnes at a mill head grade of 6.29 g/t gold. Gold recovery was 95.91% resulting in gold production of 62,985 ounces.Musselwhite completed 3,437 metres of lateral development. 367 metres of the completed lateral development was attributed to the advance of the 1080 exploration drift. The 1080 exploration drift is being used to provide platforms for underground diamond drilling in the PQ Extensions area with the objective to continue growing reserves and resources in the extension of the Mine Trend. During the quarter, 2,300 metres of reserve, 9,200 metres of resource, 5,300 deep directional, and 2,700 metres of brownfields drilling were completed. All drilling programs continue to produce encouraging results.Camino Rojo OperationsDuring the quarter, Camino Rojo mined over 2,024,832 million tonnes of ore and nearly 2,326,082 million tonnes of waste, for an implied strip ratio of 1.15. A total of 1,828,000 million tonnes of ore were stacked at an average grade of 0.59 g/t gold equating to an average daily stacking rate of about 20.3 thousand tonnes.As noted in the March 18, 2026, press release, the Company received the environmental permit (Manifestación de Impacto Ambiental, "MIA") from Mexico's Secretariat of Environment and Natural Resources ("SEMARNAT") for its Camino Rojo Mine in Zacatecas, Mexico ("Camino Rojo"). With this approval, Orla now has all the permits necessary, including the Change of Land Use approval, to mine the remainder of the oxide open-pit, including the layback area.Liquidity PositionAt March 31, 2026, Orla's cash and debt positions were $427.3 million and $331.3 million, respectively resulting in a net cash position of $96.0 million1. Cash position – March 31, 2026 $427.3 million Debt ($331.3) million Net Cash1$96.0 millionFirst Quarter 2026 Conference CallOrla expects to release its first quarter 2026 operating and financial results on May 8, 2026, and will host a conference call on May 11, 2026, at 10:00 AM, Eastern Time, to provide a corporate update.Dial-In Numbers / Webcast:North American - Toll-Free: +1 833 461 5787USA / International Toll: +1 585 542 9983Canada - Toll-Free: +1 365 657 4084Conference ID: 581323587Webcast: https://orlamining.com/investors/Qualified Persons StatementThe scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, who is the Qualified Person as defined under NI 43-101 standards.___________________________1 Net Cash (Debt) is a non-GAAP measure. See the "Non-GAAP Measures" section of this news release for additional information.About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced close to 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend. The technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.For further information, please contact:Jason Simpson
President & Chief Executive OfficerAndrew Bradbury
Vice President, Investor Relations & Corporate Developmentinvestor@orlamining.com
www.orlamining.comNon-GAAP MeasuresThe Company has included certain performance measures in this news release which are not specified, defined, or determined under generally accepted accounting principles (in the Company's case, International Financial Reporting Standards ("IFRS")). These are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, the Company uses such measures to provide additional information and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles ("GAAP"). In this section, all currency figures in tables are in millions.Net Cash (Debt)Net cash (debt) is calculated as cash and cash equivalents and short-term investments less total debt at the end of the reporting period. This measure is used by management to measure the Company's debt leverage. The Company believes that net cash is useful in evaluating the Company's leverage and is also a key metric in determining the cost of debt. NET CASHMarch 31, 2026Dec 31, 2025Cash and cash equivalents $ 427.3$ 420.8Debt(331.3)(385.0)NET CASH$ 96.0$ 35.8Preliminary Financial ResultsThe financial results contained in this news release for the three-month period ended March 31, 2026 are preliminary. Such results represent the most current information available to the Company's management, as the Company completes its financial procedures. The Company's audited consolidated financial statements for such period may result in material changes to the financial information contained in this news release (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal accounting procedures and adjustments.Forward-looking StatementsThis news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the Company meeting its consolidated gold production guidance; exploration objectives, including growing reserves and resources; mining of the layback area; and the Company's goals and strategies. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the Layback Agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepay; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies and preliminary economic assessments; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of the Sarbanes-Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 19, 2026, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.SOURCE Orla Mining Ltd.
Original: Orla Mining Reports First Quarter 2026 Gold Production
CA Market News
3月前
Orla Mining Discovers Additional High-Grade Zones at Musselwhite Two Kilometres Down PlungeApril 9, 2026 6:00 AM
PR Newswire (Canada)
Stacked Extension Zones Expand Mine Trend by More Than Two Kilometres, Providing Significant Mine Life Extension PotentialVANCOUVER, BC, April 9, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to report continued exploration success at the Musselwhite Mine.Directional drilling from surface has intersected additional high-grade gold mineralization on the extension of the Mine Trend, indicating the two distinct zones, Lynx (upper zone) and PQ (lower zone), continue as stacked, continuous horizons for at least two kilometres down plunge from current operations. This result significantly expands the resource potential of the deposit and indicates mineralization is broader and more continuous than previously understood.Underground exploration drilling continued to return strong gold intercepts across all priority zones, reinforcing confidence in potential to grow mineral resources, add reserves, and extend mine life. Near-mine surface drilling has also intersected new shallow mineralization at Camp Bay, highlighting satellite discovery potential close to existing infrastructure.Exploration Highlights:Directional drilling confirms the PQ Extension zone, intersecting visible gold and high-grade results across multiple holes. These results support the interpretation that Lynx and PQ Extension occur as two stacked, continuous mineralized horizons along the Mine Trend:4.7 metres at 11.92 g/t Au, including 0.8 m at 29.3 g/t Au, 0.9 m at 15.4 g/t Au and 0.3 m at 18.7 g/t Au (26-NSD01-005W), 1.4 km from current operations3.5 metres at 5.11 g/t Au, including 0.6 m at 21.8 g/t Au and 0.3 m at 11.7 g/t Au (26-NSD02-006W), 1.6 km from current operationsUnderground drilling continued to support reserve replacement and resource growth with multiple high-grade intersections from the West Limb, Lynx, and PQ zones:11.5 metres at 11.0 g/t Au (25-WEL-010)4.0 metres at 29.7 g/t Au (25-PQE-051)6.8 metres at 14.2 g/t Au (25-LNX-070)3.6 metres at 21.2 g/t Au (25-LNX-126)Near-mine surface drilling at Camp Bay intersected broad, shallow mineralization, highlighting potential for additional satellite mineralization near existing infrastructure:37.4 metres at 1.84 g/t Au (26-CMP-006)10.3 metres at 3.76 g/t Au (26-CMP-014)31.4 metres at 1.11 g/t Au (26-CMP-003)23.3 metres at 1.13 g/t Au (26-CMP-002)"The Musselwhite exploration program continues to exceed expectations. Strong underground results have confirmed that the Lynx and PQ Extension zones form two distinct, continuous mineralized horizons stacked along a corridor stretching two kilometres beyond the mine — transforming a working geological model into a compelling, large-scale exploration opportunity. The new shallow mineralization at Camp Bay adds further conviction. We have growing confidence in potential resource and reserve growth and extension of mine life."- Sylvain Guerard, Orla's Senior Vice President, ExplorationDirectional Drilling Confirms Stacked Zones on the Mine Trend ExtensionThe deep directional surface drill program continues to target the northwest down-plunge extension of the Mine Trend. Orla's planned 30-hole program, initiated in late May 2025, is testing the extension of the Mine Trend up to two kilometres beyond current operations. To date, 17,668 metres of the program have been completed (5,291 metres in 2026) in 16 drill holes (six in 2026), with assay results received from 16 holes. This news release reports results from eight additional holes completed since the Company's December 18, 2025, press release.Two directional drill holes (Mother Hole #1 Daughter Hole #4 and Mother Hole #2 Daughter Hole #5) intersected the PQ Extension zone with visible gold in the targeted area, validating the interpreted geometry of the mineralized system (Figure 1). As reported in October 2025, Mother Hole #2 intersected what is now recognised as the Lynx zone higher on section, returning 4.1 metres at 15.1 g/t Au (25-NSD02-001).The cumulative positive assays and geological observations from the directional program support the current exploration model and the continuity of multiple mineralized zones along the corridor, consistent with those in the Mine area, supporting the potential for continued resource growth along the Mine Trend. By the end of 2026, the drill plan targets 200 metres spacing between sections, with holes spaced at 50 metres on section. While this spacing will not be sufficient for resource estimation, it will provide a reliable estimate of the potential ounce inventory to inform further work.Underground Drilling Reinforces Continuity and Identifies Further Extension PotentialThe 2026 underground program is focused on the Redwings, Lynx, PQ Extension, and West Limb zones. The high-grade results support ongoing efforts to replace and expand resources and reserves. Five of the six active exploration rigs are focused on the Lynx and PQ Extension areas along the one-kilometre extension beyond current operations. More limited drilling is also underway across several mineralized zones in the upper parts of the mine, notably Redwings. Assay results from underground drilling completed in 2025 and in the first half of 2026 are expected to be incorporated into the year-end 2026 Mineral Resource update.Since the December 18, 2025, press release, 14,427 metres of drilling and 45 holes have been completed (12,546 metres and 41 holes in 2026), with assays received for 47 holes. Notable intercepts include:Lynx Zone (upper):6.8 metres at 14.2 g/t Au, incl. 1.5 m at 28.7 g/t Au (25-LNX-070)11.6 metres at 7.53 g/t Au, incl. 1.9 m at 31.4 g/t Au (25-LNX-068)3.6 metres at 21.2 g/t Au, incl. 0.7 m at 33.0 g/t Au (25-LNX-126)1.9 metres at 24.6 g/t Au, incl. 1.2 m at 37.7 g/t Au (25-LNX-051)2.1 metres at 15.9 g/t Au, incl. 0.6 m at 38.0 g/t Au (25-LNX-098)PQ Zone (lower):4.0 metres @IRVINESULLY)3.5 metres @pennydude)2.4 metres at 15.0 g/t Au and 9.5 metres at 7.1 g/t Au (25-PQE-064)3.8 metres at 9.32 g/t Au and 0.3 metres at 108.0 g/t Au (25-PQE-037)West Limb Zone:11.5 metres at 11.0 g/t Au, incl. 6.5 m at 17.2 g/t Au (25-WEL-010)4.0 metres at 15.8 g/t Au, incl 1.0 m at 48.9 g/t Au (25-WEL-019)8.0 metres at 8.98 g/t Au, incl. 1.3 m at 30.8 g/t Au (25-WEL-009)3.0 metres at 13.6 g/t Au (25-WEL-017)2.1 metres at 19.2 g/t Au (25-WEL-011)Near-Mine Surface Drilling Identifies Broad Shallow Mineralization at Camp BayA 7,400-metre near-mine surface drill program was initiated in mid-January to further test the potential for satellite mineralization near existing mine infrastructure (within 10 kilometres from the mill). The program is focused on the Camp Bay target area and a four-kilometre trend southeast of the Musselwhite Mine, with work on the 4 km trend planned to begin in Q2. The Camp Bay program tested the Southern Iron Formation synform and infill drilled between historical drill holes. Camp Bay drilling was completed in mid-March with 2,652 metres drilled across sixteen shallow holes (150 metres to 240 metres downhole length). Assays for fourteen holes have been received to date and returned broad, shallow intercepts, underscoring the low exploration maturity of the near mine target area and the potential to encounter new zones of mineralization close to existing infrastructure. Notable results include:Camp Bay:37.4 metres at 1.84 g/t Au from 8 metres downhole, incl. 3 m at 5.12 g/t Au and 1 m at 9.88 g/t Au (26-CMP-006)31.4 metres at 1.11 g/t Au from 37.4 m downhole (26-CMP-003)23.3 metres at 1.13 g/t Au from 36 m downhole (26-CMP-002)10.3 m @ 3.76 g/t Au from 83.6 m downhole, incl. 0.5 m at 19.5 g/t Au and 0.5 m at 18.8 g/t Au (26-CMP-014)Regional Compilation and Targeting Across 65,000-hectare Land Package to Unlock Belt-Scale PotentialAlongside its active drilling programs, Orla has advanced a regional data compilation initiative across the 65,000-hectare Musselwhite land package to unlock the full potential of its belt-scale position. Historical geological mapping, drilling, surface rock and soil sampling, and regional geophysical datasets have been integrated into a comprehensive geological database, with interpretation currently underway to identify high-priority regional drill targets and potential new discoveries. This regional work is designed to complement underground, Mine Trend extension, and near-mine drilling by highlighting emerging exploration opportunities across the broader Musselwhite property.2026 Exploration OutlookWith the first half of 2026 well advanced, all four priority programs are active. The first two represent the primary focus for drilling and spending allocation:Expand underground resources and reserves through drilling in the Lynx, West Limb, Redwings, and PQ Extension zones, including infill and step out holes extending approximately one kilometre from the current operation. Five of six active exploration rigs are currently deployed on Lynx and PQ Extension targets.Advance deep directional drilling along the Mine Trend Extension over a two-kilometre corridor (from kilometre one to kilometre two) to further define the geometry and grade continuity of the confirmed stacked gold zones. Section spacing will tighten to 200 metres by year-end, providing a reliable ounce inventory estimate to guide future resource work.Evaluate near mine surface targets, including follow up drilling along the Musselwhite SE Mine Trend to support potential satellite discoveries, building on the Camp Bay results reported here.Generate regional targets across the 65,000-hectare land package through ongoing data interpretation, target definition, and prioritization - complementing active drilling with a longer-term pipeline of opportunities.The 2026 program builds on the strong foundation established in Orla's first exploration year. Resource growth, reserve replacement, and extended mine life at Musselwhite are no longer aspirational outcomes and are well supported by the drilling results now in hand.Table 1: Deep Directional Intersection Detailed HighlightsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)Including Method25-NSD01-0011923.50.50.515.6
Fire Assay25-NSD01-004W2065.01.20.97.06 0.9m @ 8.17g/tPhoton25-NSD02-0012069.61.91.54.38 0.5m @ 12.2g/tFire Assay25-NSD02-002W1481.41.61.35.19 1m @ 6.69g/tFire Assay25-NSD02-005W2174.62.11.43.46 0.3m @ 17.5g/tPhoton25-NSD03-0012139.50.30.312.5
Fire Assay25-NSD03-003W2339.30.70.712.8
Photon26-NSD01-005W2142.34.73.311.9 0.3m @ 18.7g/t
0.9m @ 15.4g/t
0.8m @ 29.3g/tPhoton26-NSD02-006W2243.33.52.25.11 0.3m @ 11.7g/t
0.6m @ 21.8g/tPhoton Table 2: Underground Drill Intersection Detailed HighlightsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)Including 25-LNX-05198.06.72.29.46 0.4m @ 19.9g/t
1.4m @ 31.5g/t25-LNX-068248.411.68.77.53 1.9m @ 31.4g/t25-LNX-070232.76.86.314.2 1.4m @ 15.4g/t
1.5m @ 28.7g/t25-LNX-093183.60.50.4145.0
25-LNX-126214.53.63.521.2 2.0m @ 26.0g/t
0.7m @ 33.0g/t25-PQE-050127.43.53.027.5 2.3m @ 35.1g/t
0.6m @ 16.1g/t25-PQE-051171.24.03.829.7 2.2m @ 38.3g/t
1.2m @ 26.5g/t25-PQE-064108.09.57.87.08 3.4m @ 11.2g/t
0.5m @ 12.4g/t25-PQE-068300.52.50.932.1 1.6m @ 46.8g/t25-WEL-008226.35.75.110.3 0.5m @ 16.4g/t
1.3m @ 29.3g/t25-WEL-00974.18.06.68.98 1.3m @ 30.8g/t
0.4m @ 29.2g/t25-WEL-010277.511.511.411.0 6.5m @ 17.2g/t25-WEL-019173.04.02.615.8 1.0m @ 48.9g/t25-WEL-019191.012.011.24.48 2.0m @ 11.2g/t
0.5m @ 11.0g/t25-WEL-02351.70.50.4128.0
26-LNX-026231.56.55.89.55 0.5m @ 26.6g/t
0.4m @ 47.9g/t Table 3: Near Mine Drill Intersection Detailed HighlightsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)IncludingMethod26-CMP-00236.023.322.41.13
Photon26-CMP-00337.431.425.71.11
Photon26-CMP-00557.37.76.31.45 0.3m @ 10.4g/tPhoton26-CMP-0068.037.421.51.84 3m @ 5.12g/t
1m @ 9.88g/tPhoton26-CMP-01064.09.26.51.18
Photon26-CMP-01237.48.67.72.24 0.7m @ 14.2g/tPhoton26-CMP-01253.017.012.00.72
Photon26-CMP-01483.610.39.33.76 0.5m @ 19.5g/t
0.5m @ 10.2g/t
0.5m @ 18.8g/tPhotonTrue width estimated where orientation of geological control on gold mineralization is certain.Additional Technical InformationAll mineralized interval lengths reported are down-hole intervals, with true width estimates ranging from 30-100% for the reported interval. True widths are not estimated in cases where there is insufficient geological control on gold mineralization. See Tables 1 to 3 in the Appendix of this news release for estimated true widths of individual composites. A minimum sampling length of 0.30 m is used for both underground and surface drilling. The reported composites were not subject to "capping" of high grades. Orla believes that applying a top cut would have a negligible effect on overall grades.Qualified Persons Statement The scientific and technical information in this news release has been reviewed and approved by Mr. Sylvain Guerard, P Geo., SVP Exploration of the Company, who is the Qualified Person as defined under the definitions of National Instrument 43-101 ("NI 43-101").To verify the information related to the 2026 drilling program at Musslewhite Mine, Mr. Guerard has visited the property in February 2026, discussed logging, sampling, and sample shipping processes with responsible site staff, discussed and reviewed assay and QA/QC results with responsible personnel, and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations.Quality Assurance / Quality Control – 2026 Drill Program and Historical DrillingGold results at Musselwhite were obtained at ALS Canada Inc. ("ALS") or SGS Canada Inc. ("SGS") using fire assay fusion and an atomic absorption spectroscopy finish (ALS: Au-AA23, SGS: GE_FAA30V5). If samples returned gold values greater than 10 ppm, samples are re-run with gold by fire assay and gravimetric finish (ALS: Au-GRA21, SGS: GO_FAG30V). Gold results were also obtained at ALS using PhotonAssayTM on two aliquots of 500g of crushed sample (ALS: Au-PA01). ALS sample preparation and PhotonAssay were completed at ALS' Thunder Bay facility, with fire assay completed at ALS' Vancouver facility. SGS sample preparation was completed at SGS' Sudbury facility and fire assay analysis were completed at SGS' Burnaby facility. Drill program design, Quality Assurance/Quality Control (QAQC) and interpretation of results were performed by qualified persons employing a QAQC program consistent with NI 43-101 and industry best practices. For Fire Assay analyses, standards were inserted at a frequency of four in every 100 samples, and blanks were inserted at a frequency of four in every 100 samples.ALS and SGS are both independent of Orla. ALS is an ISO-17025 accredited laboratory for photon assay methods. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the drilling data at Musselwhite.For additional information on Musslewhite, see the Musselwhite Report (as defined below) and the Company's press releases dated December 18, 2025 (Orla Confirms Two-Kilometre Gold Trend Extension at Musselwhite), October 6, 2025 (Orla Mining Discovers Potential Two-Kilometre Extension at Musselwhite) and April 1, 2025 (Orla Mining Launches $25M Exploration Drilling Program to Expand Reserves and Resources and Extend Musselwhite Mine Trend).Historical drill results at Musselwhite were completed by Goldcorp. Inc. ("Goldcorp") and/or Newmont, the prior owners of the project. The Company's independent qualified person, DRA Americas, Inc. was of the opinion that the drilling and sampling procedures for Musselwhite drill samples by Goldcorp and Newmont were reasonable and adequate for the purposes of the Musselwhite Report, and that the Goldcorp and Newmont QA/QC program met or exceeded industry standards. See the Company's NI 43-101 technical report for the project entitled "Technical Report – Musselwhite Mine Project, Ontario, Canada" with an effective date of November 18, 2024 (the "Musselwhite Report") for additional information.About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced close to 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend. The technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.For further information, please contact: Jason Simpson
President & Chief Executive OfficerAndrew Bradbury
Vice President, Investor Relations & Corporate Developmentwww.orlamining.com
info@orlamining.comForward-looking StatementsThis news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the Company's exploration program at Musselwhite and the timing and goals thereof, including the potential for reserve and resource growth, mine life extension, satellite discoveries; and the Company's other goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the Layback Agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepay; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies and preliminary economic assessments; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of the Sarbanes-Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 19, 2026, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Appendix: Drill Results Table 1: MSW Deep Directional Drill ResultsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)
Including
5.0g/t Au COGIncluding
10.0g/t Au COGIncluding
15.0g/t Au COGMethod25-NSD01-0011923.500.500.4715.55
0.5m @ 15.6g/t 0.5m @ 15.6g/t 0.5m @ 15.6g/tFire Assay25-NSD01-004W1954.300.700.616.95
0.7m @ 6.95g/t
Fire Assay25-NSD01-004W2051.601.100.844.09
0.4m @ 6.21g/t
Photon25-NSD01-004W2058.001.500.824.82
0.5m @ 8.03g/t
Photon25-NSD01-004W2065.001.200.857.06
0.9m @ 8.17g/t
Photon25-NSD02-0011483.001.000.636.09
1m @ 6.09g/t
Fire Assay25-NSD02-0012064.001.501.154.95
0.5m @ 7.17g/t
Fire Assay25-NSD02-0012069.601.901.464.38
0.5m @ 12.2g/t 0.5m @ 12.2g/t
Fire Assay25-NSD02-002W1481.401.601.345.19
1m @ 6.69g/t
Fire Assay25-NSD02-002W2028.300.700.614.37
0.4m @ 5.3g/t
Fire Assay25-NSD02-002W2083.801.301.18
2.33
Fire Assay25-NSD02-004W2116.001.000.83
3.13
Fire Assay25-NSD02-005W2081.201.301.105.41
0.8m @ 6.81g/t
Fire Assay25-NSD02-005W2174.602.101.383.46
0.3m @ 17.5g/t 0.3m @ 17.5g/t 0.3m @ 17.5g/tPhoton25-NSD03-0012139.500.300.2612.50
0.3m @ 12.5g/t 0.3m @ 12.5g/t
Fire Assay25-NSD03-002W2261.502.302.20
2.24
Fire Assay25-NSD03-003W2214.402.902.772.28
0.6m @ 5.49g/t
Fire Assay25-NSD03-003W2302.000.400.339.05
0.4m @ 9.05g/t
Photon25-NSD03-003W2326.001.000.93
4.84
Photon25-NSD03-003W2339.300.700.6812.83
0.7m @ 12.8g/t 0.7m @ 12.8g/t
Photon26-NSD01-005W2142.304.703.2711.92
4.7m @ 11.9g/t 4.7m @ 11.9g/t 0.3m @ 18.7g/t
0.9m @ 15.4g/t
0.8m @ 29.3g/tPhoton26-NSD02-006W2243.303.502.155.11
0.3m @ 11.7g/t
0.6m @ 21.8g/t 0.3m @ 11.7g/t
0.6m @ 21.8g/t 0.6m @ 21.8g/tPhoton26-NSD03-005W1700.800.700.467.16
0.7m @ 7.16g/t
Fire AssayTable 2: MSW Underground Drill ResultsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)
Including
5.0g/t Au COGIncluding
10.0g/t Au COGIncluding
15.0g/t Au COG25-LNX-04988.002.000.6010.75
1m @ 19.3g/t 0.7m @ 25.3g/t 0.7m @ 25.3g/t25-LNX-04997.900.600.2016.70
0.6m @ 16.7g/t 0.6m @ 16.7g/t 0.6m @ 16.7g/t25-LNX-049102.004.001.205.25
4m @ 5.25g/t 1m @ 12.6g/t
25-LNX-049135.002.000.60
2.56
25-LNX-049142.001.000.30
4.00
25-LNX-049169.100.900.309.10
0.9m @ 9.1g/t
25-LNX-05198.006.702.209.46
1.4m @ 9.02g/t
1.4m @ 31.5g/t 0.4m @ 19.9g/t
1.4m @ 31.5g/t 0.4m @ 19.9g/t
1.4m @ 31.5g/t25-LNX-051108.001.200.4011.75
0.8m @ 15.8g/t 0.8m @ 15.8g/t 0.8m @ 15.8g/t25-LNX-051114.001.000.7012.40
1m @ 12.4g/t 1m @ 12.4g/t
25-LNX-051117.601.901.4024.58
1.2m @ 37.7g/t 1.2m @ 37.7g/t 1.2m @ 37.7g/t25-LNX-051179.703.802.302.94
0.5m @ 17.1g/t 0.5m @ 17.1g/t 0.5m @ 17.1g/t25-LNX-051223.001.000.6014.20
1m @ 14.2g/t 1m @ 14.2g/t
25-LNX-051250.005.000.805.28
2m @ 10.6g/t 1m @ 16g/t 1m @ 16g/t25-LNX-052122.005.001.708.91
1m @ 35.8g/t 1m @ 35.8g/t 1m @ 35.8g/t25-LNX-052145.001.000.30
4.25
25-LNX-052198.501.000.30
3.39
25-LNX-053166.800.300.2010.90
0.3m @ 10.9g/t 0.3m @ 10.9g/t
25-LNX-053170.102.501.305.29
2.2m @ 5.58g/t 0.3m @ 19g/t 0.3m @ 19g/t25-LNX-053175.300.700.40
4.58
25-LNX-053221.001.000.507.36
1m @ 7.36g/t
25-LNX-068126.702.302.00
2.42
25-LNX-068189.003.002.804.46
1m @ 10.8g/t 1m @ 10.8g/t
25-LNX-068213.001.401.005.67
0.6m @ 11.6g/t 0.6m @ 11.6g/t
25-LNX-068238.001.000.906.63
1m @ 6.63g/t
25-LNX-068248.4011.608.707.53
0.8m @ 6.47g/t
3.2m @ 20.4g/t 1.9m @ 31.4g/t 0.6m @ 41.7g/t
0.7m @ 40.8g/t25-LNX-068263.004.003.00
2.12
25-LNX-069230.001.000.9014.10
1m @ 14.1g/t 1m @ 14.1g/t
25-LNX-070139.001.000.3034.80
1m @ 34.8g/t 1m @ 34.8g/t 1m @ 34.8g/t25-LNX-070197.904.604.406.42
2.5m @ 10g/t 1.3m @ 13.8g/t 0.3m @ 24.7g/t25-LNX-070232.706.806.3014.23
6.2m @ 15.4g/t 5.9m @ 15.8g/t 1.4m @ 15.4g/t
1.5m @ 28.7g/t25-LNX-071253.400.800.5010.26
0.8m @ 10.3g/t 0.3m @ 12.3g/t
25-LNX-071321.000.700.4038.30
0.7m @ 38.3g/t 0.7m @ 38.3g/t 0.7m @ 38.3g/t25-LNX-092154.300.800.604.99
0.4m @ 7.73g/t
25-LNX-093148.102.102.103.40
0.7m @ 6.4g/t
25-LNX-093183.600.500.40145.00
0.5m @ 145g/t 0.5m @ 145g/t 0.5m @ 145g/t25-LNX-094145.800.700.708.95
0.7m @ 8.95g/t
25-LNX-094161.800.900.909.57
0.9m @ 9.57g/t
25-LNX-094165.300.400.3037.10
0.4m @ 37.1g/t 0.4m @ 37.1g/t 0.4m @ 37.1g/t25-LNX-094194.001.000.80
4.17
25-LNX-095144.400.700.7015.30
0.7m @ 15.3g/t 0.7m @ 15.3g/t 0.4m @ 15.6g/t25-LNX-097177.600.400.4017.40
0.4m @ 17.4g/t 0.4m @ 17.4g/t 0.4m @ 17.4g/t25-LNX-098107.001.000.9020.40
1m @ 20.4g/t 1m @ 20.4g/t 0.5m @ 27.6g/t25-LNX-098191.002.102.0015.87
1.4m @ 21.5g/t 0.6m @ 38g/t 0.6m @ 38g/t25-LNX-098204.500.700.607.42
0.7m @ 7.42g/t
25-LNX-099205.701.000.9012.08
0.5m @ 20.9g/t 0.5m @ 20.9g/t 0.5m @ 20.9g/t25-LNX-100194.903.202.902.30
0.8m @ 5.97g/t
25-LNX-102187.002.502.503.71
1m @ 6.73g/t
25-LNX-102204.302.702.70
2.14
25-LNX-10394.300.600.606.99
0.6m @ 6.99g/t
25-LNX-103195.800.600.608.62
0.6m @ 8.62g/t
25-LNX-126153.001.000.905.75
1m @ 5.75g/t
25-LNX-126214.503.603.5021.17
3.6m @ 21.2g/t 3.6m @ 21.2g/t 2m @ 26g/t
0.7m @ 33g/t25-LNX-126221.401.601.505.97
0.6m @ 9.38g/t
25-PQE-036136.500.900.606.63
0.9m @ 6.63g/t
25-PQE-036141.001.000.8017.80
1m @ 17.8g/t 1m @ 17.8g/t 1m @ 17.8g/t25-PQE-036175.500.400.4021.80
0.4m @ 21.8g/t 0.4m @ 21.8g/t 0.4m @ 21.8g/t25-PQE-036204.701.100.809.31
1.1m @ 9.31g/t
25-PQE-036273.704.701.403.60
1.8m @ 5.23g/t
0.3m @ 5.01g/t 0.5m @ 11.5g/t
25-PQE-036290.700.600.5010.60
0.6m @ 10.6g/t 0.6m @ 10.6g/t
25-PQE-036315.002.701.502.64
0.4m @ 6.47g/t
25-PQE-036377.001.400.804.79
1m @ 5.81g/t
25-PQE-037161.101.901.60
2.69
25-PQE-037177.603.803.209.32
3.8m @ 9.32g/t 1.9m @ 15.6g/t 0.5m @ 21.5g/t25-PQE-037226.001.000.906.06
1m @ 6.06g/t
25-PQE-037240.003.002.604.38
0.4m @ 9.1g/t
1m @ 5.25g/t
25-PQE-037268.700.300.30108.00
0.3m @ 108g/t 0.3m @ 108g/t 0.3m @ 108g/t25-PQE-037311.001.000.80
3.23
25-PQE-037322.001.501.302.37
0.3m @ 5.86g/t
25-PQE-038184.100.900.90
3.56
25-PQE-050127.403.503.0027.51
3.5m @ 27.5g/t 3.2m @ 29.2g/t 2.3m @ 35.1g/t
0.6m @ 16.1g/t25-PQE-050134.100.900.8014.10
0.9m @ 14.1g/t 0.9m @ 14.1g/t
25-PQE-050165.400.600.508.85
0.6m @ 8.85g/t
25-PQE-050313.001.000.80
3.64
25-PQE-050328.000.300.3026.20
0.3m @ 26.2g/t 0.3m @ 26.2g/t 0.3m @ 26.2g/t25-PQE-050331.302.101.802.30
0.7m @ 5.45g/t
25-PQE-050350.003.903.307.06
0.5m @ 17g/t
0.9m @ 15.6g/t 0.5m @ 17g/t
0.3m @ 35.3g/t 0.5m @ 17g/t
0.3m @ 35.3g/t25-PQE-051154.601.401.30
3.21
25-PQE-051171.204.003.8029.72
4m @ 29.7g/t 4m @ 29.7g/t 2.2m @ 38.3g/t
1.2m @ 26.5g/t25-PQE-051225.304.303.307.61
2.8m @ 10.5g/t 0.5m @ 18.1g/t 0.5m @ 18.1g/t25-PQE-051234.000.600.509.30
0.6m @ 9.3g/t
25-PQE-051316.301.501.407.52
1.5m @ 7.52g/t
25-PQE-052212.502.102.106.20
2.1m @ 6.2g/t
25-PQE-052275.803.203.002.59
0.5m @ 9.91g/t
25-PQE-053111.601.400.908.16
1.4m @ 8.16g/t 0.4m @ 13.1g/t
25-PQE-053236.001.000.906.48
1m @ 6.48g/t
25-PQE-054195.001.000.908.10
1m @ 8.1g/t 0.3m @ 11.2g/t
25-PQE-054210.600.700.607.12
0.7m @ 7.12g/t
25-PQE-061137.005.003.307.46
5m @ 7.46g/t 0.6m @ 19.3g/t 0.6m @ 19.3g/t25-PQE-061144.502.201.509.87
2.2m @ 9.87g/t 0.4m @ 31.1g/t 0.4m @ 31.1g/t25-PQE-061173.600.900.8039.20
0.9m @ 39.2g/t 0.9m @ 39.2g/t 0.9m @ 39.2g/t25-PQE-061199.501.601.30
2.87
25-PQE-061223.001.001.00
3.13
25-PQE-061261.705.002.103.37
0.7m @ 11.8g/t 0.7m @ 11.8g/t
25-PQE-061334.201.000.905.23
1m @ 5.23g/t
25-PQE-061357.602.402.30
2.67
25-PQE-061364.501.701.605.98
1m @ 8.6g/t
25-PQE-064108.009.507.807.08
6m @ 9.28g/t
0.5m @ 12.4g/t 3.4m @ 11.2g/t
0.5m @ 12.4g/t 0.4m @ 37.5g/t25-PQE-064146.300.500.508.75
0.5m @ 8.75g/t
25-PQE-064167.100.600.5029.40
0.6m @ 29.4g/t 0.6m @ 29.4g/t 0.6m @ 29.4g/t25-PQE-064190.001.000.90
3.09
25-PQE-064202.501.000.804.34
0.4m @ 7.01g/t
25-PQE-064331.402.401.9015.03
2.4m @ 15g/t 0.7m @ 47g/t 0.7m @ 47g/t25-PQE-068161.000.900.707.70
0.6m @ 10.3g/t 0.6m @ 10.3g/t
25-PQE-068254.001.000.6015.70
1m @ 15.7g/t 1m @ 15.7g/t 1m @ 15.7g/t25-PQE-068264.002.401.00
2.02
25-PQE-068300.502.500.9032.10
1.9m @ 40.8g/t 1.6m @ 46.8g/t 1.6m @ 46.8g/t25-PQE-068310.302.701.3010.25
2.7m @ 10.3g/t 0.4m @ 21.5g/t 0.4m @ 21.5g/t25-PQE-068324.702.501.804.93
0.3m @ 21g/t
0.4m @ 5.1g/t 0.3m @ 21g/t 0.3m @ 21g/t25-PQE-068350.200.500.5014.50
0.5m @ 14.5g/t 0.5m @ 14.5g/t
25-PQE-068364.500.500.3015.20
0.5m @ 15.2g/t 0.5m @ 15.2g/t 0.5m @ 15.2g/t25-RDW-08711.003.003.002.27
0.4m @ 5.5g/t
25-RDW-087138.002.302.002.89
0.5m @ 5.98g/t
25-RDW-087183.402.101.50
2.51
25-RDW-087187.903.702.40
2.44
25-RDW-08811.102.202.20
2.06 0.3m @ 8.1g/t
25-RDW-088144.003.001.7413.16
3m @ 13.2g/t 0.6m @ 48.2g/t 0.6m @ 48.2g/t25-RDW-088149.102.101.204.00
0.6m @ 6.04g/t
25-RDW-088157.001.401.00
3.87
25-RDW-088161.201.200.90
2.57
25-WEL-00469.402.602.602.29
0.3m @ 6.18g/t
25-WEL-004108.901.101.10
6.83 0.6m @ 9.8g/t
25-WEL-004194.102.302.302.86
0.5m @ 5.55g/t
25-WEL-00555.001.001.00
3.67
25-WEL-00565.005.905.905.80
1m @ 5.1g/t
2.4m @ 9.79g/t 0.7m @ 24.9g/t 0.7m @ 24.9g/t25-WEL-00590.001.801.8010.39
1.4m @ 12.5g/t 0.6m @ 16.4g/t 0.6m @ 16.4g/t25-WEL-005188.004.804.807.41
2.9m @ 11.9g/t 2.9m @ 11.9g/t 0.5m @ 40.4g/t
0.4m @ 35.3g/t25-WEL-00657.001.001.00
3.94
25-WEL-00667.006.006.006.05
5.3m @ 6.46g/t 0.5m @ 26.1g/t
0.6m @ 15.1g/t 0.5m @ 26.1g/t
0.6m @ 15.1g/t25-WEL-00677.001.001.00
3.20
25-WEL-00688.703.303.3012.40
3.3m @ 12.4g/t 1m @ 23.2g/t 1m @ 23.2g/t25-WEL-00694.500.500.507.78
0.5m @ 7.78g/t
25-WEL-006187.001.001.00
3.14
25-WEL-00758.401.601.507.26
1.6m @ 7.26g/t
25-WEL-00769.005.505.00
5.80 5.5m @ 5.8g/t 0.3m @ 13.1g/t
1.8m @ 12.1g/t 0.4m @ 17.6g/t25-WEL-00866.001.401.408.37
1.4m @ 8.37g/t
25-WEL-00870.306.506.306.91
2.5m @ 7.21g/t
1.8m @ 13.3g/t 0.4m @ 18.2g/t
0.4m @ 25.6g/t
0.8m @ 23.2g/t 0.4m @ 18.2g/t
0.4m @ 25.6g/t
0.8m @ 23.2g/t25-WEL-008188.001.001.006.39
0.6m @ 7.67g/t
25-WEL-008199.100.500.4015.00
0.5m @ 15g/t 0.5m @ 15g/t 0.5m @ 15g/t25-WEL-008211.400.600.506.76
0.6m @ 6.76g/t
25-WEL-008215.002.202.003.69
0.5m @ 8.88g/t
25-WEL-008220.403.603.203.39
0.7m @ 5.63g/t
0.8m @ 7.02g/t
25-WEL-008226.305.705.1010.25
3.5m @ 15.6g/t 2.4m @ 20.3g/t 0.5m @ 16.4g/t
1.3m @ 29.3g/t25-WEL-008234.600.900.807.34
0.9m @ 7.34g/t
25-WEL-00956.005.004.804.18
1m @ 8.4g/t
1m @ 5.78g/t
1m @ 5.08g/t
25-WEL-00974.108.006.608.98
7.3m @ 9.63g/t 1.9m @ 25.4g/t
0.4m @ 29.2g/t
0.3m @ 13.4g/t 1.3m @ 30.8g/t
0.4m @ 29.2g/t25-WEL-009124.003.002.904.21
1m @ 6.01g/t
25-WEL-009182.301.201.007.67
0.7m @ 11.7g/t 0.7m @ 11.7g/t
25-WEL-009219.203.102.403.18
1m @ 8.62g/t
25-WEL-009252.301.501.204.36
0.8m @ 5.59g/t
25-WEL-009258.602.201.803.45
0.6m @ 7.04g/t
25-WEL-009282.801.901.905.89
0.9m @ 8.4g/t 0.3m @ 13.3g/t
25-WEL-009349.700.300.2066.40
0.3m @ 66.4g/t 0.3m @ 66.4g/t 0.3m @ 66.4g/t25-WEL-009360.001.000.30
4.77
25-WEL-009363.900.300.20
17.30 0.3m @ 17.3g/t 0.3m @ 17.3g/t 0.3m @ 17.3g/t25-WEL-009371.803.202.30
5.17 0.7m @ 20.8g/t 0.7m @ 20.8g/t 0.7m @ 20.8g/t25-WEL-01051.700.300.2023.80
0.3m @ 23.8g/t 0.3m @ 23.8g/t 0.3m @ 23.8g/t25-WEL-01085.100.800.6010.06
0.8m @ 10.1g/t 0.3m @ 17.6g/t 0.3m @ 17.6g/t25-WEL-01095.901.000.907.58
1m @ 7.58g/t
25-WEL-010127.003.002.904.39
2m @ 5.53g/t
25-WEL-010206.701.201.1030.75
1.2m @ 30.8g/t 1.2m @ 30.8g/t 1.2m @ 30.8g/t25-WEL-010218.800.800.709.50
0.8m @ 9.5g/t
25-WEL-010254.901.701.706.78
1.7m @ 6.78g/t 0.3m @ 16.6g/t 0.3m @ 16.6g/t25-WEL-010260.601.401.4019.91
1.4m @ 19.9g/t 0.7m @ 31g/t 0.7m @ 31g/t25-WEL-010277.5011.5011.4011.00
7.5m @ 16g/t 6.5m @ 17.2g/t 0.4m @ 28.7g/t
1.2m @ 51.7g/t
0.6m @ 23.3g/t25-WEL-010329.601.000.90
3.12
25-WEL-010354.003.203.2011.19
0.8m @ 36.8g/t 0.8m @ 36.8g/t 0.8m @ 36.8g/t25-WEL-010366.603.603.60
2.14
25-WEL-010378.801.501.509.01
1.5m @ 9.01g/t 0.3m @ 26g/t 0.3m @ 26g/t25-WEL-010392.903.503.502.10
0.4m @ 7.06g/t
25-WEL-010415.201.801.707.57
1.8m @ 7.57g/t 0.4m @ 13.3g/t
0.5m @ 15.4g/t 0.5m @ 15.4g/t25-WEL-010427.001.000.90
3.10
25-WEL-01188.703.102.606.34
1.3m @ 13.5g/t 0.8m @ 17.2g/t 0.8m @ 17.2g/t25-WEL-011125.102.502.102.64
0.5m @ 8.39g/t
0.3m @ 7.34g/t
25-WEL-011131.504.003.50
6.62 3.7m @ 6.8g/t 1.1m @ 12.2g/t
25-WEL-011345.502.402.405.16
2.4m @ 5.16g/t
25-WEL-011356.803.503.504.24
0.6m @ 5.07g/t
1.3m @ 8.66g/t 0.6m @ 10.6g/t
25-WEL-011380.902.102.1019.15
1.1m @ 34.9g/t 1.1m @ 34.9g/t 1.1m @ 34.9g/t25-WEL-01237.700.600.505.71
0.6m @ 5.71g/t
25-WEL-01259.400.900.803.673.67
25-WEL-012140.004.003.407.24
4m @ 7.24g/t 2.2m @ 10g/t
25-WEL-012209.001.000.80
3.05
25-WEL-01376.001.000.70
3.01
25-WEL-013259.001.000.70
3.51
25-WEL-01778.001.000.8018.10
1m @ 18.1g/t 1m @ 18.1g/t 1m @ 18.1g/t25-WEL-017200.003.002.40
13.62 3m @ 13.6g/t 2m @ 17.4g/t 0.6m @ 19.8g/t
0.9m @ 17.7g/t25-WEL-017206.0011.0010.502.41
1m @ 7.73g/t
1m @ 7.11g/t
25-WEL-017226.001.000.90
3.18
25-WEL-017438.602.402.404.09
0.7m @ 6.36g/t
25-WEL-01867.001.000.70
3.20
25-WEL-01887.001.000.7024.00
1m @ 24g/t 1m @ 24g/t 1m @ 24g/t25-WEL-018153.501.100.70
3.05
25-WEL-018175.001.000.7034.10
1m @ 34.1g/t 1m @ 34.1g/t 1m @ 34.1g/t25-WEL-018251.001.000.703.513.51
25-WEL-01961.001.000.706.94
1m @ 6.94g/t
25-WEL-01985.201.000.905.71
0.5m @ 8.03g/t
25-WEL-019166.003.002.804.30
1m @ 9.68g/t
25-WEL-019173.004.002.60
15.81 4m @ 15.8g/t 1m @ 48.9g/t 1m @ 48.9g/t25-WEL-019191.0012.0011.204.48
1m @ 5.62g/t
5.5m @ 7.69g/t 2m @ 11.2g/t
0.5m @ 11g/t 0.5m @ 15.2g/t25-WEL-019227.001.000.706.65
1m @ 6.65g/t
25-WEL-019296.506.304.805.04
3.8m @ 7.53g/t 1m @ 12.7g/t
0.5m @ 23g/t 0.5m @ 23g/t25-WEL-02351.700.500.40128.00
0.5m @ 128g/t 0.5m @ 128g/t 0.5m @ 128g/t25-WEL-023173.0010.007.503.18
2m @ 7.46g/t
0.3m @ 6.73g/t
25-WEL-023307.002.401.80
2.83
26-LNX-026231.506.505.809.55
1.5m @ 14.7g/t
2.1m @ 16.1g/t 0.5m @ 26.6g/t
0.4m @ 47.9g/t 0.5m @ 26.6g/t
0.4m @ 47.9g/t26-LNX-065121.603.903.7010.78
2.6m @ 15.5g/t 0.9m @ 39.7g/t 0.9m @ 39.7g/t26-LNX-065189.800.300.30
25.70 0.3m @ 25.7g/t 0.3m @ 25.7g/t 0.3m @ 25.7g/t26-LNX-065212.100.700.60
4.81
26-LNX-065217.806.205.805.66
1.2m @ 8.72g/t
2.4m @ 6.91g/t 0.7m @ 12.3g/t
0.3m @ 16.3g/t 0.3m @ 16.3g/t26-LNX-065231.800.500.4023.70
0.5m @ 23.7g/t 0.5m @ 23.7g/t 0.5m @ 23.7g/t26-PQE-011162.001.000.90
4.17
26-PQE-011169.601.701.50
13.67 1.7m @ 13.7g/t 0.7m @ 23.3g/t 0.7m @ 23.3g/t26-PQE-011216.603.402.503.21
1.5m @ 6.21g/t
26-PQE-011288.001.000.705.73
1m @ 5.73g/t
26-PQE-011315.602.402.303.78
1m @ 6.04g/t
0.5m @ 5.04g/t
26-RDW-0019.401.301.305.16
0.7m @ 8.65g/t 0.3m @ 13.1g/t
26-RDW-00194.501.501.405.46
0.8m @ 8.16g/t
26-RDW-001170.300.700.60
4.94
26-RDW-001175.101.401.20
2.59
26-RDW-0029.702.402.40
2.03
26-RDW-0031.001.001.00
3.33
26-RDW-003105.002.001.204.19
0.5m @ 7.82g/t
0.4m @ 7.86g/t
26-RDW-003120.301.501.40
2.36
26-RDW-004160.002.701.802.32
0.3m @ 7.38g/t
0.7m @ 5.04g/t
Table 3: MSW Near-Mine Drill ResultsHOLE-IDFrom
(m)Core Length
(m)Estimated
True Width
(m)Au
(g/t)
Including
2.0g/t Au COGIncluding
5.0g/t Au COGIncluding
10.0g/t Au COGMethod26-CMP-00143.21.81.5
2.37
Photon26-CMP-00236.023.322.41.13
0.7m @ 6.06g/t 0.7m @ 6.06g/t
Photon26-CMP-00337.431.425.71.11
1m @ 5.38g/t
3.4m @ 2.9g/t 0.3m @ 6.91g/t
1m @ 5.38g/t
0.6m @ 6.07g/t
Photon26-CMP-003182.06.56.3
0.46
Photon26-CMP-003217.08.37.81.12
0.3m @ 11.4g/t 0.3m @ 11.4g/t 0.3m @ 11.4g/tPhoton26-CMP-00422.56.34.5
0.58
Photon26-CMP-00447.06.02.5
0.75
Photon26-CMP-00461.06.85.6
0.68
Photon26-CMP-004201.94.42.8
0.68
Photon26-CMP-0057.04.02.6
0.97
Photon26-CMP-00557.37.76.31.45
1m @ 4.77g/t 0.3m @ 10.4g/t 0.3m @ 10.4g/tPhoton26-CMP-00569.85.04.1
1.05
Photon26-CMP-0068.037.421.51.84
13.6m @ 2.75g/t
2m @ 7.42g/t 3m @ 5.12g/t
1m @ 9.88g/t
Photon26-CMP-006143.010.09.70.75
0.4m @ 10g/t 0.4m @ 10g/t 0.4m @ 10g/tPhoton26-CMP-0076.86.25.4
0.89
Photon26-CMP-00868.01.00.86.84
1m @ 6.84g/t 1m @ 6.84g/t
Photon26-CMP-00938.09.47.2
0.57
Photon26-CMP-01064.09.26.51.18
2.5m @ 3.78g/t 0.8m @ 8.23g/t
Photon26-CMP-010103.02.01.0
1.02
Photon26-CMP-01131.06.45.4
0.40
Photon26-CMP-01177.414.112.8
0.41
Photon26-CMP-01237.48.67.72.24
3.3m @ 4.68g/t 0.7m @ 14.2g/t 0.7m @ 14.2g/tPhoton26-CMP-01253.017.012.00.72
1m @ 3.34g/t
Photon26-CMP-012120.07.16.6
0.49
Photon26-CMP-01326.08.17.3
0.51
Photon26-CMP-01483.610.39.33.76
6.9m @ 5.4g/t 2.7m @ 6.71g/t
1.2m @ 11.5g/t 0.5m @ 19.5g/t
0.5m @ 10.2g/t
0.5m @ 18.8g/tPhotonTable 4: MSW Underground, Deep Directional and Near-Mine Drill Hole CollarsHole IDCoordinate XCoordinate YCoordinate ZAzimuthDipDepth (m)26-CMP-0017197.911687.75306.471.8-75.2201.026-CMP-0027205.611638.05308.472.1-67.57216.026-CMP-0037198.711581.95312.170.3-44.45240.026-CMP-0047227.211539.25313.168.7-59.58216.026-CMP-0057249.011490.15313.470.8-54.84225.026-CMP-0067262.311444.45313.769.4-54.07225.026-CMP-0077291.911404.95314.1251.6-60.02225.026-CMP-0087757.211234.45308.065.6-50.20102.026-CMP-0097728.711297.65305.984.3-59.8281.026-CMP-0107723.611296.35306.1266.9-49.07111.026-CMP-0117661.311348.65308.289.1-59.67111.026-CMP-0127656.211348.55308.3270.4-50.43132.026-CMP-0137183.511252.05314.5250.7-55.04135.026-CMP-0147222.611211.95314.2250.0-44.96147.025-NSD01-0017707.915903.75303.584.1-83.152097.025-NSD01-004W7707.915903.75303.584.1-83.152148.025-NSD02-0017733.216326.35308.187.3-84.472181.025-NSD02-002W7733.216326.35308.187.3-84.472214.025-NSD02-004W7733.216326.35308.187.3-84.472319.025-NSD02-005W7733.216326.35308.187.3-84.472272.925-NSD03-0017770.816604.55306.765.0-87.062379.025-NSD03-002W7770.816604.55306.765.0-87.062439.025-NSD03-003W7770.816604.55306.765.0-87.062391.126-NSD01-005W7707.915903.75303.584.1-83.152220.026-NSD02-006W7733.216326.35308.184.1-83.152337.026-NSD03-005W7770.816604.55306.765.0-87.062442.025-LNX-0498844.911959.95011.1226.2-56.09192.025-LNX-0518847.511964.45011.0299.7-58.79294.025-LNX-0528847.511964.35010.9297.3-63.63306.025-LNX-0538847.611964.35010.9298.1-66.95246.025-LNX-0688216.314871.93949.8101.311.26306.025-LNX-0698214.915021.93928.577.6-26.24261.025-LNX-0708215.015021.93929.077.7-5.74570.025-LNX-0718215.015021.93929.878.312.13369.025-LNX-0928475.213722.54707.191.2-51.10225.025-LNX-0938475.213722.54707.391.0-43.61222.025-LNX-0948475.213722.54707.490.9-36.12210.025-LNX-0958475.313722.54707.590.5-28.18207.025-LNX-0978475.513722.54707.990.1-11.11204.025-LNX-0988475.513722.54708.190.1-3.26210.025-LNX-0998475.513722.54708.389.93.21234.025-LNX-1008214.915021.33928.689.0-26.67246.025-LNX-1028466.513872.84688.290.8-41.93240.025-LNX-1038466.913872.84688.590.3-20.98240.025-LNX-1268215.015021.33928.889.5-12.08240.025-PQE-0368214.615021.93927.476.6-71.01435.025-PQE-0378214.715021.93927.777.7-60.13387.025-PQE-0388214.815021.93928.277.3-45.01288.025-PQE-0508214.815021.33927.688.3-71.11420.025-PQE-0518214.815021.33927.988.8-62.39366.025-PQE-0528214.915021.33928.088.5-53.72306.025-PQE-0538214.915021.33928.290.0-44.44279.025-PQE-0548214.915021.33928.289.6-35.35252.025-PQE-0618214.715021.33927.690.0-74.33423.025-PQE-0648213.014973.03933.489.7-64.08375.025-PQE-0688218.115116.33884.389.2-70.41405.025-RDW-0878688.412699.44719.460.0-43.83252.025-RDW-0888688.512699.54719.560.0-36.10240.025-WEL-0047989.313801.44389.1269.2-23.41222.025-WEL-0057989.313801.44389.3268.8-15.90213.025-WEL-0067989.213801.44389.5268.8-10.16363.025-WEL-0077989.213801.44389.7269.0-3.35216.025-WEL-0087989.213801.44389.9269.03.66246.025-WEL-0097989.113801.44390.3268.610.49420.025-WEL-0107989.213801.44390.6268.716.13438.025-WEL-0117989.113801.44391.1268.823.38420.025-WEL-0127989.013801.44391.7268.829.93252.025-WEL-0137989.813801.44391.8268.636.77267.025-WEL-0178185.914413.24039.0269.6-29.64450.025-WEL-0188185.614411.64039.1235.4-21.88444.025-WEL-0198185.614411.64039.5235.6-12.34441.025-WEL-0238186.414414.44039.4297.4-20.62495.026-LNX-0268214.015022.03928.489.11.62288.026-LNX-0658215.015021.23929.090.0-6.76270.026-PQE-0118218.115116.33884.489.0-65.72390.026-RDW-0018688.612698.84719.971.0-24.88222.026-RDW-0028689.012699.04719.975.5-19.31234.026-RDW-0038689.112699.04720.076.4-12.67228.026-RDW-0048924.09400.05144.2103.2-42.17303.0
SOURCE Orla Mining Ltd.
Original: Orla Mining Discovers Additional High-Grade Zones at Musselwhite Two Kilometres Down Plunge
CA Market News
3月前
Orla Mining Reports Fourth Quarter 2025 Financial ResultsMarch 19, 2026 5:54 PM
PR Newswire (Canada)
Company generates record $133 million in free cash flow to support self-funded growth modelVANCOUVER, BC, March 19, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the fourth quarter and year ended December 31, 2025.
(All amounts expressed in U.S. dollars unless otherwise stated)Fourth Quarter 2025 SummaryFourth quarter gold production was 95,405 ounces and gold sold was 92,889 ounces. Total annual gold production for 2025 was 300,620 ounces and the Company exceeded its full-year 2025 production guidance (pre-released).Fourth quarter all-in sustaining cost¹ ("AISC") was $1,536 per ounce of gold sold, while full year AISC was $1,458 per ounce of gold sold, within the guidance range of $1,350 to $1,550 per ounce of gold sold.Net income for the fourth quarter was $79.2 million or $0.23 per shareAdjusted earnings1 for the fourth quarter were $143.1 million or $0.42 per share.Cash flow from operating activities before changes in non-cash working capital was $165.4 million while free cash flow1 was $133.4 million, during the fourth quarter.Exploration and project expenditure1 was $43.9 million during the quarter, of which $12.3 million was expensed and $31.6 million was capitalized.Musselwhite exploration results confirmed high grade mineralization extending two kilometres beyond current operations, strengthening confidence in significant resource growth potential and extended mine life.The Company ended the year with $420.8 million in cash and $385.0 million in face value of debt, resulting in $35.8 million in net cash1 and $480.8 million in liquidity1. Subsequent to year end, the Company repaid an additional $30.0 million towards its revolving credit facility.In late 2025, the Company announced an inaugural quarterly dividend of US$0.015, which was paid in February 2026.Other Recent NewsIn January 2026, the Company announced the results of the updated Feasibility Study for the South Railroad Project in Nevada, along with Board approval for spending on detailed engineering, procurement, and project execution in advance of mid-2026 construction start upon permit receipt.In February 2026, the Company announced a positive Preliminary Economic Assessment ("PEA") evaluating the potential for a stand-alone underground development beneath the existing Camino Rojo open pit, outlining a pathway to a larger-scale, long-life underground mining operation and processing facility in Zacatecas, Mexico.Subsequent to year end 2025, Orla received the required approvals and permits from the Mexican Environmental Department ("SEMARNAT"), including the Environmental impact assessment (Manifestación de Impacto Ambiental, "MIA") and the Change of Land Use ("CUS") for the remaining expansion of the Camino Rojo oxide heap leach open-pit operations and for the development of an underground exploration decline. The approval of the MIA is conditional upon Orla meeting certain customary conditions and standard requirements.[1] Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release."2025 was a pivotal year for Orla as we successfully integrated Musselwhite into our growing platform. The mine is already contributing meaningfully to our production and cash flow. Orla's initial exploration results have been highly encouraging, supporting near-term reserve and resource growth and the potential for significant mine life extension.Camino Rojo proved resilient despite an operational setback, and with the advancement of the sulphide underground project, we see a long and productive future ahead in Mexico. In Nevada, we are preparing for a mid-year construction start, marking the next step in unlocking value from our third mine.I'm proud of the team's financial discipline, strong safety and environmental performance, and the solid foundation we've built for growing value creation." - Jason Simpson, President and Chief Executive Officer of Orla Financial and Operations UpdateTable 1: Financial and Operating Highlights
Operating
Q4 2025
FY 2025
Consolidated
Total Gold Producedoz
95,405
300,620
Total Gold Soldoz
92,889
297,013
Average Realized Gold Price2 $/oz$4,025$3,485
Cash Cost per Ounce2,3$/oz$1,093$1,061
All-in Sustaining Cost per Ounce2,3 $/oz$1,536$1,458
Musselwhite, Canada1
Ore Milledtonnes
361,407
1,089,896
Milled Ore Gold Head Gradeg/t
6.77
6.04
Gold Producedoz
75,818
203,856
Gold Soldoz
73,910
198,970
Camino Rojo, Mexico
Ore Stackedtonnes
1,862,807
8,938,173
Stacked Ore Gold Gradeg/t
0.47
0.54
Gold Producedoz
19,587
96,764
Gold Soldoz
18,979
98,043
Financial
Revenue$m$378.5$1,057.9
Cost of Sales – Operating Cost$m$94.0$319.2
Net Income$m$79.2$106.9
Adjusted Earnings2$m$143.1$318.9
Earnings per Share – basic $/sh$0.23$0.33
Adjusted Earnings per Share – basic2$/sh$0.42$0.97
Cash Flow from Operating Activities
before Changes in Non-Cash Working Capital$m$165.4$782.4
Free Cash Flow2 $m$133.4$680.8
Financial Position
Dec 31, 2025
Dec 31, 2024
Cash and Cash Equivalents$m$420.8$326.9
Net Cash (Net Debt)2$m$35.8$(93.1)
1 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures (excluding cash cost and AISC) are provided from March 1, 2025 onwards.2 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this news release.3 Cash cost and AISC on a year-to-date basis for 2025 include the impact of the Musselwhite Mine as of April 1, 2025 onwards. Refer to "Non-GAAP Measures" for further discussion.2025 Guidance ComparisonA comparison of this revised guidance versus actual is provided below. As the acquisition of Musselwhite closed on February 28, 2025, figures in the table below include ten (10) months of production and expenditures for Musselwhite. However, cash cost and AISC include nine (9) months of production and costs.
2025 Revised
Guidance2025 ActualGold Productionoz265,000 – 285,000300,620Total Cash Cost 1 (net of by-product)$/oz Au sold$900 – $1,100$1,061AISC 1,2.3$/oz Au sold$1,350 – $1,550$1,458
Capital Expenditures 2$ million130.0122.3Sustaining Capital Expenditures$ million95.079.0Musselwhite
90.072.0Camino Rojo
5.07.0Non-Sustaining Capital Expenditures$ million35.043.3Musselwhite
18.023.4Camino Rojo
7.09.7South Carlin – capital projects
10.010.2
Exploration & Project Development (expensed)2$ million43.037.6Musselwhite
7.04.7Camino Rojo
9.07.4South Carlin – exploration expense
15.014.7South Carlin – project development
12.010.8Corporate G&A (including share-based comp.)$ million33.055.61Cash cost and AISC include nine (9) months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. See section V — NON-GAAP MEASURES of this MD&A for additional information.2Exchange rates used to forecast cost metrics in the guidance include USD/MXN of 18.0 and USD/CAD of 1.33.3Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Refer to the Non-GAAP section for further detail.Fourth Quarter 2025 Consolidated SummaryGold produced during the quarter totaled 95,405 ounces, with a notable contribution from the Musselwhite Mine. Gold sold during the quarter totaled 92,889 ounces, also a quarterly record. Consolidated cash costs and AISC totaled $1,093 and $1,536 per ounce of gold sold, respectively.MusselwhiteDuring the quarter, Musselwhite mined 370,622 tonnes of ore and processed 361,407 tonnes at a mill head grade of 6.77 g/t gold. Gold recovery rates of 95.7% resulted in gold production of 75,818 ounces. Gold sold during the quarter was 73,910 ounces.December ended with six consecutive months of consistent ore supply to the mill from the mine at an average milling rate of approximately 3,800 tonnes per day, something that has not been achieved in many years at Musselwhite.Main ramp development was extended to the next level in the PQ zone providing another mining horizon in that zone with additional operational flexibility.Development in the 1080 exploration ramp continued to advance in preparation of the arrival of several additional underground diamond drills in the first quarter of 2026. The additional drills will be used to accelerate efforts to upgrade mineralization extensions in the PQ zone.Lateral development metres in the quarter totalled 3,338 metres. Lateral development allows access to mining horizons for existing reserves and provides additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories. During the quarter, lateral development amounted to $53.8 million of which $35.9 million was expensed and $17.9 million was capitalized.Sustaining capex was $27.2 million, mostly driven by underground development, new mobile mining equipment, and PQ Extension.At December 31, 2025, the Musselwhite Mine Mineral Resource increased favourably year-over-year. Measured and Indicated Resources totalled 7.67 million tonnes at 3.52 g/t Au for 0.87 million ounces (Measured: 2.3 Mt at 4.02 g/t, Indicated: 5.4 Mt at 3.31 g/t), compared with 3.79 million tonnes at 4.15 g/t Au for 0.51 million ounces at year-end 2024 (Measured: 1.5 Mt at 4.21 g/t, Indicated 2.3 Mt at 4.10 g/t). Inferred resources increased to 11.90 million tonnes at 3.71 g/t Au for 1.42 million ounces from 1.86 million tonnes at 4.99 g/t Au for 0.30 million ounces in the prior year. Proven and Probable Mineral Reserves remained stable, successfully replacing annual depletion, with 8.72 million tonnes at 5.18 g/t Au for 1.45 million ounces as of December 31, 2025 (Proven: 4.2 Mt at 5.76 g/t, Probable: 4.5 Mt at 4.64 g/t). See the Company's annual information form dated March 19, 2026 for additional information.Camino Rojo Operations SummaryThe Camino Rojo Oxide Gold Mine produced 19,587 ounces of gold in the fourth quarter of 2025.During the quarter, Camino Rojo mined nearly 1.8 million tonnes of ore and nearly 2.7 million tonnes of waste, for an implied strip ratio of 1.52. This higher strip ratio was a result of the pit wall event that occurred in July 2025. As stabilization activities continued through the second half of 2026, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher-than-normal strip ratio.During the quarter, a total of 1.9 million tonnes of ore grading an average of 0.47 g/t gold were placed on the heap leach pad. This included material from low-grade stockpiles that was stacked while mining activities were ramping back up to full capacity following the pit wall event in late July. Gold sold during the quarter totaled 18,979 ounces and sustaining capital totaled $1.5 million.Subsequent to the year end, the Mexican Federal Environmental Department ("SEMARNAT") approved the Company's Environmental Impact Statement ("Manifestación de Impacto Ambiental" or "MIA") for the expansion of the Camino Rojo Oxide Mine. This approval, together with the Change of Land Use authorization which has also been received, provides the permits required to mine the remainder of the oxide open pit, including the layback area to the north. The MIA also permits construction of an exploration decline to support continued advancement of the Camino Rojo Underground project. This milestone provides operating flexibility at Camino Rojo and supports both oxide mine optimization and underground development. The approval of the MIA is conditional upon Orla meeting certain customary conditions and standard requirements.Project and Exploration SummaryDuring the quarter, exploration focused on drilling activities at Musselwhite in Canada, Camino Rojo in Mexico, and the South Carlin Complex (including the South Railroad Project) in Nevada. For the fourth quarter, a total of 26,753 metres were drilled, with 16,146 metres at Musselwhite, 4,623 metres in Mexico, and 5,984 metres in Nevada. Project development activities during the period focused on advancing permitting efforts and feasibility study update for the South Railroad Project in Nevada and progressing the preliminary economic assessment for the underground sulphide project at Camino Rojo.Musselwhite, Ontario:The 2025 exploration program at Musselwhite advanced through the fourth quarter with a focus on: (1) deep directional drilling along the Mine Trend, (2) ongoing underground drilling for reserve and resource growth and definition, and (3) near-mine surface drilling. Results received during the quarter and throughout 2025 confirmed the continuity of geology and gold mineralization up to two kilometres beyond current operations. Underground drilling intersected high-grade mineralization in the upper and lower mine areas across the Redwings, Lynx, West Limb, and PQ Extension zones, while near-mine surface exploration returned shallow, encouraging mineralization from early-stage targets.The deep directional drilling program continued to evaluate the down-plunge extension of the Mine Trend, with a total of 12,553 metres completed during the year. Results received during the fourth quarter confirmed continuity of gold mineralization two kilometres from current operations and indicate the potential for stacked mineralized zones, with an upper horizon interpreted as the Lynx zone and a lower horizon interpreted as the PQ zone. Drilling completed to date is interpreted to have been drilled above the PQ Extension horizon. This interpretation of stacked mineralized zones at depth remains under evaluation, with further drilling planned through 2026 to test the continuity, geometry and grade distribution of both zones.Underground exploration drilling continued throughout 2025 and into year-end, focused on reserve replacement, resource expansion, and inventory definition within Lynx, Redwings, West Limb, and PQ Extensions zones. Results returned multiple high-grade intersections, supporting production and growth, and contributed to improved geological confidence in near-term production areas. A total of 32,131 metres of underground exploration drilling was completed during the year, and the program will continue in 2026 with six underground drill rigs.The initial near-mine surface drilling program was completed in October 2025 and returned shallow gold mineralization across multiple targets, including a narrow high-grade intersection southeast of the mine toward the Karl Zeemal mineralized zone. A total of 6,558 metres of near-mine surface drilling was completed during the year. The combined historical and recent results support the potential for additional mill feed sources, subject to further exploration work and evaluation. Follow up drilling in 2026 will continue in the Camp Bay target area and along the four-kilometre strike trend along the Musselwhite SE extension, alongside the review, modeling, and estimation of the Camp Bay and Karl Zimmel mineralized zones.Results from the 2025 exploration program are summarized in the Company's press releases dated October 6, 2025, "Orla Mining Discovers Potential Two-Kilometre Extension at Musselwhite", and December 18, 2025, "Orla Confirms Two-Kilometre Gold Trend Extension at Musselwhite."For 2026, Orla is advancing the second year of its aggressive exploration program, building on programs initiated in 2025. Efforts continue to target the Mine Trend Extension, underground resource and reserve growth, and selective near-mine satellite opportunities, supporting potential mine life extensions and future operational expansions. The deep directional, underground exploration and the follow-up near-mine surface 2026 programs are underway, while the team will also be initiating data review, interpretation, and target definition across the extensive regional land position.South Railroad Project & South Carlin Complex, Nevada:South Railroad is a permitting stage gold heap leach project located in Nevada, USA, and forms a part of the Company's larger South Carlin Complex ("South Carlin") land package on the prolific Carlin Trend. South Railroad represents Orla's next construction build and is expected to increase the Company's consolidated annual gold production close to 500,000 ounces.The South Railroad Project, situated on federal land, is currently advancing under the guidance of the US Bureau of Land Management (BLM) as a FAST-41 Covered Project in accordance with the National Environmental Policy Act (NEPA) for permitting. In November, South Railroad transitioned from participation under the FAST-41 transparency process to full coverage as a FAST-41 project. FAST-41 coverage provides tools to support efficient review, reduce uncertainty, and help ensure the project meets the highest standards of environmental stewardship and regulatory compliance.The BLM's Record of Decision, the final permitting decision, is targeted for mid 2026. On January 15, 2026, Orla announced the results of an optimized feasibility study for the South Railroad Project. The supporting 43-101 Technical Report was filed in the quarter. The study results reaffirmed the strong attributes of the South Railroad Project, notably the robust production profile and margins. Underpinning the updated study was significant engineering work, contractor and supplier engagement, and project optimizations, forming the basis for the initial capital cost estimate of $395 million. Project enhancements include a two-stage crushing circuit and improvements to the overall development scope.Orla has a clear path to advance South Railroad into construction and production. With the feasibility study complete, the project has entered execution, and M3 Engineering ("M3") has been awarded the EPCM contract following a competitive process. Engineering and procurement are progressing, with field construction targeted for mid-2026, subject to final permits, and an estimated 18-month build schedule.In November 2025, Orla completed its 2025 exploration program at South Carlin, with 5,984 metres drilled during the fourth quarter, for a program total of 18,184 metres drilled for the year. The program focused on strengthening geological understanding, refining models, expanding and upgrading resources at Dark Star and Pinion, and advancing satellite deposits. Drilling also identified new zones of oxide gold mineralization, including Spike and the emerging Firebox target. Drilling at the Pinion deposit intersected 67.1 m at 1.06 g/t Au (oxide), highlighting potential for pit expansion beyond current reserves. At the Dark Star deposit, drilling returned 22.6 m at 5.65 g/t Au including 5.0 m at 15.1 g/t Au (oxide), highlighting an opportunity to extend the oxide envelope and support potential pit growth. Drilling at the Firebox target intersected 24.4 m at 1.08 g/t Au (oxide) in the first hole, highlighting potential for a new oxide satellite deposit approximately 500 metres from the Pinion deposit (see December 2, 2025 news release, "Orla Mining Discovers High-Grade Oxide Gold Beyond Pit Shells at South Carlin Complex, Reinforcing Growth Trajectory Ahead of 2026 Construction").The 2026 exploration program is planned to commence in the second quarter, 2026 and will focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash to support resource and reserve growth and assess opportunities to extend mine life, as well as advancing oxide targets and mineralized zones proximal to the South Railroad development area.Camino Rojo Underground and Zone 22:During the fourth quarter of 2025, Orla completed its infill drill program at Camino Rojo focused on the upper part of Zone 22, building on the first underground Mineral Resource estimate released on June 5, 2025 (see June 5, 2025 news release). 3,052 metres were drilled during the quarter, with a total of 21,891 metres drilled during the year.Drilling since 2020 led to the initial underground Mineral Resource estimate in June 2025 and, with additional early-2025 results, supported the updated underground Mineral Resource estimate included in the 2026 Preliminary Economic Assessment (PEA) (see February 19, 2026 news release). A technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the updated resource estimate was filed on March 18, 2026, and is available on the Company's website, as well as on SEDAR+ and EDGAR.A 2026 drill program to support the generation of metallurgical, geotechnical, and hydrological material for Pre-Feasibility Study (PFS) began in January 2026, with approximately 4,300 metres of drilling planned.During the fourth quarter, the regional exploration program was completed with 1,571 metres drilled, for a year-end total of 4,735 metres drilled across four targets: Hacheros, Lago Azul, Majoma and Miserias. The 2026 regional drill program is expected to begin in the second half with 4,400 metres planned.2026 Guidance Summary
FULL YEARH1H2Gold Production
Camino Rojooz110,000 – 120,000 40,000 – 45,00070,000 – 75,000Musselwhiteoz230,000 – 240,000110,000 – 115,000120,000 –125,000Total Gold Productionoz 340,000 – 360,000150,000 – 160,000190,000 – 200,000
Total Cash Cost (net of by-product)
Camino Rojo$/oz sold$850 – $950$1,100 – $1,200$700 – $800Musselwhite$/oz sold$1,200 – $1,300 $1,200 – $1,300$1,200 – $1,300Total Cash Cost – Consolidated $/oz sold$1,000 – $1,200$1,150 – $1,250$1,000 – $1,100
AISC –
Camino Rojo$/oz sold$1,150 – $1,250$1,650 – $1,750$850 – $950Musselwhite$/oz sold$1,650 – $1,850$1,750 – $1,850$1,600 – $1,700All-In Sustaining Costs – Consolidated$/oz sold$1,550 – $1,750$1,800 – $1,900$1,400 – $1,5001. AISC and Cash Costs are non-GAAP measures. See the "Non-GAAP Measures" section of this news release for additional information.2. Exchange rates used to forecast cost metrics include MXN/USD of 18.5 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$27/oz on Camino Rojo's AISC and a +/-0.05 change to the CAD/USD exchange rate would have an impact of +/-$53/oz on Musselwhite's AISC.
Capital Expenditures
FULL YEAR Camino Rojo
Sustaining capital expenditures (including capitalized stripping)$m$35 Non-sustaining – Capital projects$m$3 Non-sustaining – Exploration$m$2 Musselwhite
Sustaining capital expenditures$m$120 Non-sustaining – Development & Other$m$25 Non-sustaining – Exploration
$30 South Carlin Complex
Non-sustaining – Including South Railroad Construction$m$215Total Capital Expenditures$m$430
Exploration and Project Development Expenses
Camino Rojo – Exploration Expense$m$5Musselwhite – Exploration Expense$m$5South Carlin Complex – Exploration Expense$m$15South Carlin Complex – Project Development$m$15Total Exploration and Development Expenses$m$40
Corporate G&A
Corporate General & Administrative Costs$m$30Share Based Compensation (non-cash)$m$5Total Corporate G&A$m$35For more details on the 2026 Guidance, please refer to the January 20, 2026, news release "Orla Mining Achieves Record Quarterly Production Propelling Company Above 300,000 Ounces for 2025, setting up a Catalyst-Rich 2026".Financial StatementsOrla's audited consolidated financial statements and management's discussion for the year ended December 31, 2025, are available on the Company's website at www.orlamining.com, and under the Company's profiles on SEDAR+ and EDGAR.Qualified Persons StatementThe scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects.Fourth Quarter 2025 Conference CallOrla expects to release its fourth quarter 2025 operating and financial results on Thursday, March 19, 2026, and will host a conference call on Friday, March 20, 2026, at 10:00 AM, Eastern Time, to provide a corporate update.Dial-In Numbers / Webcast:USA - Toll-Free:+1 (800) 715-9871
USA / International Toll:+1 (646) 307-1963Canada - Toll-Free:+1 (800) 715-9871
Canada - Toronto Toll:+1 (647) 932-3411
Conference ID:3544395
Webcast:https://orlamining.com/investors/About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced close to 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend. The technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.For further information, please contact: Jason Simpson
President & Chief Executive OfficerAndrew Bradbury
Vice President, Investor Relations & Corporate Developmentwww.orlamining.com
investor@orlamining.comNON-GAAP MEASURESWe have included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts.AVERAGE REALIZED GOLD PRICEAverage realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold.
Q4 2025
Q4 2024
YEAR 2025
YEAR 2024Revenue$378,491$92,763$1,057,881$343,918Silver sales
(4,595)
(3,907)
(22,857)
(12,989)Gold sales
373,896
88,856
1,035,024
330,929Ounces of gold sold
92,889
33,288
297,013
138,474AVERAGE REALIZED GOLD PRICE$4,025$2,669$3,485$2,390
NET CASHNet cash is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period.
December 31, 2025
December 31, 2024Cash and cash equivalents$420,776$160,849less: face value of revolving facility
(90,000)
—less: face value of term facility
(95,000)
—less: face value of convertible notes
(200,000)
—NET CASH$35,776$160,849
LIQUIDITYLiquidity is defined as cash and cash equivalents plus undrawn amounts available under the Company's credit facilities and is a measure of the Company's financial flexibility and ability to meet its obligations as they come due. This measure provides a more comprehensive view of funds readily available to support operations, capital expenditures, and other commitments than cash alone. We believe Liquidity is useful to investors as it reflects the Company's total available sources of funding without the need to raise additional external capital.
December 31,2025
December 31, 2024Cash$420,776$160,849Undrawn amounts on credit facilities
60,000
150,000LIQUIDITY$480,776$310,849ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHAREAdjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company.
Q4 2025
Q4 2024
YEAR 2025
YEAR 2024Net income for the period $79,242$26,087$106,895$88,981Change in fair values of financial instruments
45,270
(3,138)
145,735
(3,138)Unrealized foreign exchange
917
(2,196)
5,318
(6,701)One-time Musselwhite acquisition costs
—
—
11,987
—Increased costs from inventory fair value adjustment
—
—
10,513
—Panama arbitration costs
370
—
370
—Mexico site reviews
8,297
—
8,297
—Share based compensation related to PSUs
2,296
1,106
4,862
1,439Accretion of deferred revenue
6,733
123
24,947
489ADJUSTED EARNINGS$143,125$21,982$318,924$81,070
Millions of shares outstanding – basic
339.5
321.4
328.9
318.7Adjusted earnings per share – basic $0.42$0.07$0.97$0.25Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against those companies which capitalize their exploration costs, we note that included within Orla's net income for each period are exploration costs which were expensed, as follows:
Q4 2025
Q4 2024
YEAR 2025
YEAR 2024 Exploration & evaluation expense$12,272$9,549
$43,343$34,595
FREE CASH FLOWFree Cash Flow is calculated as cash flow from operating activities net of additions to property, plant and equipment, and expenditures on mine development. The Company believes market participants use Free Cash Flow to evaluate the Company's operating cash flow capacity to meet non-discretionary outflows of cash. Free Cash Flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS Accounting Standards. Included within the figures for the year ended December 31, 2025, is $360.8 million received under the gold prepay arrangement.
Q4 2025
Q4 2024
YEAR 2025
YEAR 2024 Cash flow from operating activities $178,034$44,801
$803,269$174,619 Purchases of plant and equipment
(12,991)
(2,564)
(35,072)
(16,110) Expenditures on mineral properties
(30,712)
(2,629)
(82,409)
(13,318) Stripping costs deferred
(942)
—
(5,025)
— FREE CASH FLOW $133,389$39,608
$680,763$145,191
CASH COST AND ALL-IN SUSTAINING COSTCash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is a performance measure that reflects all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated November 14, 2018. Management believes that these two measures are useful to market participants in assessing operating performance and the Company's ability to generate free cash flow from current operations. The Musselwhite Mine was acquired on February 28, 2025, and accounting rules require metal inventory on hand at acquisition date (February 28, 2025) to be valued on the books at fair value rather than historical cost which is ordinarily the case. Accordingly, Orla management concluded it would not be meaningful to readers to present cash costs and AISC for Musselwhite Mine for the one-month period ended March 31, 2025. The tables below exclude the costs of, and gold sales of, Musselwhite Mine for the period March 1 to March 31, 2025. Consequently, the year-to-date numbers presented in the table below have been adjusted to reflect Musselwhite's contribution as of April 1, 2025.
Three months ended December 31, 2025
Year ended December 31, 2025
CASH COST
Camino
Rojo
Mussel-white
Corporate
Total
Camino Rojo
Mussel-white
Corporate
TotalCost of sales – operating costs$23,411$70,625$—$94,036
$87,588$204,294$—$291,882Inventory valuation adjustment at acquisition
—
—
—
—
—
(744)
—
(744)Cost of sales - royalties
2,480
9,606
—
12,086
10,490
19,660
—
30,150Silver sales
(4,059)
(536)
—
(4,595)
(21,823)
(1,034)
—
(22,857)CASH COST$21,832$79,695$—$101,527
$76,255$222,176$—$298,431
Ounces of gold sold
18,979
73,910
n/a
92,889
98,043
183,125
n/a
281,168Cash cost per ounce sold $1,150$1,078
n/a$1,093
$778$1,213
n/a$1,061
Three months ended December 31, 2025
Year ended December 31, 2025
ALL-IN SUSTAINING COST
Camino Rojo
Mussel-white
Corporate
Total
Camino Rojo
Mussel-white
Corporate
TotalCash cost, as above$21,832$79,695$—$101,527
$76,255$222,176$—$298,431Office and administration
—
—
5,506
5,506
—
—
25,805
25,805Share based payments (excl PSUs)
34
354
712
1,100
132
1,068
3,045
4,245Accretion of ARO
144
802
—
946
535
2,168
—
2,703Amortization of site closure asset
46
3,951
—
3,997
245
5,423
—
5,668Purchase of equipment - sustaining
518
10,442
—
10,960
1,972
18,435
—
20,407Deferred stripping costs
942
—
—
942
5,025
—
—
5,025Capitalized development – sustaining
—
16,804
—
16,804
—
45,527
—
45,527Lease payments
167
707
—
874
647
1,519
—
2,166ALL-IN SUSTAINING COST$23,683$112,755$6,218$142,656
$84,811$296,316$28,850$409,977
Ounces of gold sold
18,979
73,910
n/a
92,889
98,043
183,125
n/a
281,168All-in sustaining cost per ounce sold$1,248$1,526
n/a$1,536
$865$1,618
n/a$1,458(note, the tables above exclude costs and gold sales for Musselwhite Mine for the period March 1 to March 31, 2025)EXPLORATION AND PROJECT DEVELOPMENT COSTSExploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies.
Q4 2025
Q4 2024
YEAR 2025
YEAR 2024Exploration and evaluation expense$12,272$9,549
$43,343$34,595Expenditures on mineral properties and deferred stripping costs capitalized
31,654
2,629
87,434
13,318EXPLORATION AND PROJECT DEVELOPMENT$43,926$12,178
$130,777$47,913Forward-looking StatementsThis news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the Company's revised 2026 guidance, including production, expenditures, cash costs, and AISC; the Company's exploration programs, including timing, expenditures, and the goals and results thereof; mine life extension and prospectivity of the Company's properties; the PEA and the results thereof; Mineral Resource and Mineral Reserve estimates and potential growth thereof; the timing of permitting, construction, and production at South Railroad; the Company's self-funded growth model; the transition to underground mining at Camino Rojo; the Company's ability to reach annual gold production of 500,000 ounces; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the Layback Agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of Mineral Resources and Mineral Reserves; risks related to the Company's indebtedness and gold prepay; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies and preliminary economic assessments; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of the Sarbanes-Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 19, 2026, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.SOURCE Orla Mining Ltd.
Original: Orla Mining Reports Fourth Quarter 2025 Financial Results
US Market News
4月前
Orla Mining Announces Positive Preliminary Economic Assessment for the Camino Rojo Underground ProjectFebruary 19, 2026 4:30 PM
PR Newswire (Canada)
High-Margin Growth Beyond Current Open-Pit OperationVANCOUVER, BC, Feb. 19, 2026 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to announce positive results of a Preliminary Economic Assessment (the "PEA" or the "Study") for the underground project (the "Project") at its Camino Rojo Mine ("Camino Rojo") located in Zacatecas, Mexico. The PEA evaluates the technical and economic potential of a stand-alone, underground development project beneath the existing Camino Rojo open pit operation and outlines a potential pathway toward development of a larger-scale and long-life underground mining operation and processing facility.All amounts expressed in U.S. dollars unless otherwise stated. Camino Rojo Underground PEA HighlightsUnderground Sulphide Expansion Beyond Oxides Open Pit: The PEA outlines a pathway to develop an additional, standalone operation at Camino Rojo beyond the current open pit heap leach operation through development of an underground mining operation supported by its own crushing, grinding, and flotation circuits producing saleable concentrates.Robust Economics Across Gold Price Scenarios:Net Present Value ("NPV")5% of $1.3 billion and 30% internal rate of return ("IRR") at $3,100/oz gold price (after-tax).NPV5% of $3.3 billion and 61% IRR at $5,000/oz gold price (after-tax)1.Capital Efficient Growth Opportunity: The Project demonstrates strong capital efficiency with an after-tax NPV to initial capital ratio of 5.5:1 at $5,000/oz gold, highlighting the leverage of the underground expansion to gold prices.Strong Production Profile and Optimal Margins: Average annual gold production over the first 10 years is projected to be 215,000 ounces, with an expected average all-in sustaining cost ("AISC")2 of $1,304 per payable ounce of gold.Phased De-Risking Strategy: A phased de-risking program through 2026 will advance optimization studies, exploration decline development, and staged underground drilling to build technical and resource confidence ahead of a construction decision. The Company intends to complete a pre-feasibility study ("PFS") for the Project in 2027.Exploration Growth Potential Beyond Current Study: Since 2020, 110,000 metres of drilling have advanced Camino Rojo into a de-risked underground project with over 4 Moz gold equivalent ("AuEq")3 in measured and indicated ("M&I") Mineral Resources, defining higher-grade zones, extending mineralization at depth with Zone 22, and reinforcing strong district-scale growth potential."A multi-year program of drilling and test work underpins this initial underground expansion study, highlighting the potential opportunity beyond the current oxide heap leach operation. The work represents an important milestone as the Project advances towards a future construction decision. Supported by a solid base case PEA and with the deposit remaining open in Zone 22, the Project offers continued growth potential and the basis for a multi-decade mining complex in Mexico."- Jason Simpson, Orla's Chief Executive OfficerTable 1: Camino Rojo Underground PEA PEA Summary (Average / Total LOM)UnitsValuesThroughput Target – ROM Avg Per Day tpd8,000Mineral Resources Projected FeedM tonnes37.2Mineral Resources Projected Feed Gold Gradeg/t Au2.70Mineral Resources Projected Feed Silver Gradeg/t Ag11.5Mineral Resources Projected Feed Zinc Grade% Zn0.39Mineral Resources Projected Feed Gold Equivalent Gradeg/t AuEq2.86Contained Gold in FeedM ounces3.22Contained Gold Equivalent in FeedM ounces3.42Mine Lifeyears17Average Gold Recovery to Concentrate%87 %Total Gold ProductionM ounces2.80Total Gold Equivalent Production M ounces2.97Total Payable Gold M ounces2.48Total Payable Gold Equivalent M ounces2.61PEA Summary (Average Year 1 to Year 10)UnitsValuesAverage Annual Gold Productionk ounces215Average Annual Gold Equivalent Productionk ounces228Average Annual Payable Gold k ounces190Average Annual Payable Gold Equivalent k ounces201Operating Costs (Average LOM)UnitsValuesProcessing Plant$/t processed$11.23Paste Plant $/t processed$6.09Tailings Storage Facility ("TSF")$/t processed$0.51Mining$/t processed$47.51G&A$/t processed$5.43Total Operating Costs$/t processed$71Total Cash Cost1$/ounce Au$1,067AISC1$/oz Au payable$1,339Capital CostsUnitsValuesProcessing Plant $million306.0Paste Plant (Initial Cement Rock Fill "CRF" Facilities)$million5.8Tailing Storage Facility$million6.2Mine Development$million203.2Contingency$million86.8Total Initial Capital Cost$million608.1
Financial Evaluation (Base Case)UnitsValuesGold Price Assumption $/ounce Au$3,100Silver Price Assumption $/ounce Ag$37.50Zinc Price Assumption$/lbs$1.20IRR, Pre-Tax%47.7 %IRR, After-Tax%30.2 %NPV @ 5% (Pre-Tax)$million$2,351NPV @ 5% (After-Tax)$million$1,275Pay-Back Period (After-Tax)years3.2Table 2: PEA Economic Sensitivity AnalysisGold Price ($/oz)$2,000$2,500$3,100$3,500$4,000$5,000 (Spot)Silver Price ($/oz)$24.1930.24$37.50$42.34$48.39$75.00After-Tax NPV5% ($M)$104$638$1,275$1,700$2,231$3,342After-Tax IRR (%)7.7 %19.0 %30.2 %37.1 %45.2 %61.2 %Payback7.94.83.22.62.11.5Note: Gold equivalent (AuEq) reflects total metal presented on an equivalent basis. The Company uses conversion ratios for calculating gold equivalent for its silver and zinc production, which are calculated by multiplying the volumes of silver and zinc by the respective assumed metal prices, recoveries (varies), and dividing the resulting figure by assumed gold price. The following metal prices and recoveries (averaged) were used:Gold: $3,100/oz and 87% recoverySilver: $37.50/oz and 75% recoveryZinc: $1.20/lb and 40% recoveryThe PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA has been completed independent of the Camino Rojo open pit project and is treated as a completely separate development project.The PEA will be included as a standalone development option as part of a broader technical report for Camino Rojo (the "Technical Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), which will also include updates to the existing open pit oxide heap leach operation, which is the Company's primary focus. The Technical Report will also include further details on qualifications, assumptions, exclusions and risks that relate to the information included in this news release, including the Mineral Resource and Mineral Reserve estimates.PEA OverviewThe PEA was prepared by a team of independent industry experts who are Qualified Persons under NI 43-101, led by DRA Global ("DRA") and supported by Entech Mining ("Entech"), SLR Consultants and RMS ("SLR"), and Blue Coast Research ("BCR"). See Table 7 below for further details on Qualified Persons and responsibilities.The PEA was completed using base case commodity prices of $3,100/oz gold, $37.50/oz silver, and $1.20/lb zinc, and evaluates the Project supported by an 8,000 tonnes per day ("tpd") processing plant which includes crushing, SAG and ball mill grinding, and selective flotation circuits designed to produce three saleable concentrates (gold, zinc, pyrite). The Study has been completed as a stand-alone underground development case and does not integrate the existing oxide heap leach operation.The Mineral Resources at Camino Rojo comprises open pit Measured and Indicated Mineral Resource (including stockpile) of 42.9 million tonnes at 0.70 grams per tonne ("g/t") gold, resulting in an estimated 0.96 million ounces of gold (1.04 million of ounces of gold equivalent). The Camino Rojo open pit Inferred Mineral Resource totals 1.6 million tonnes at 0.74 g/t gold, resulting in an estimated 0.04 million ounces of gold (0.04 million of ounces of gold equivalent). The Project underground Measured and Indicated Mineral Resource of 49.3 million tonnes at 2.53 g/t, resulting in an estimated 4.01 million ounces of gold (4.27 million of ounces of gold equivalent). The Project underground Inferred Mineral Resource totals 4.2 million tonnes at 2.50 g/t gold, resulting in an estimated 0.34 million ounces of gold (0.38 million of ounces of gold equivalent). Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.Further details on the Mineral Resource estimates are provided below under "Mineral Resource Summary".Mining OverviewThe PEA contemplates a stand-alone underground mining operation accessed through a single portal and developed through two primary ramps. The mine design incorporates cemented rockfill during pre-production and transitions to paste backfill during steady-state operations to optimize ground support and stope sequencing.Mining is primarily longitudinal with a central retreat strategy, dividing wider mineralized zones into multiple horizons. Larger stopes are designed to support higher and more stable production rates while concurrent mining of multiple lenses provides operational flexibility and consistent production. Multi-face development is planned to occur in advance of full production to ensure mining readiness and an efficient ramp-up.The projected feed contemplated in the PEA Project includes a Measured and Indicated Mineral Resources of 33.0 million tonnes at 2.80 g/t resulting in an estimated 2.97 million ounces of gold (3.16 million of ounces of gold equivalent), an Inferred Mineral Resources of 2.8 million tonnes at 2.81 g/t resulting in an estimated 0.25 million ounces of gold (0.27 million of ounces of gold equivalent) and an additional 1.4 million tonnes of diluting material included within mineable shapes.Metallurgy & Processing OverviewGeometallurgical modelling of the Camino Rojo underground Mineral Resources identified six domains captured into three categories: Non-Refractory, Refractory, and Zone 22. Refractory zones represent approximately 80% of the tonnage and the material therein is not amendable to direct cyanidation.Earlier concepts and Mineral Resource estimates contemplated pre-treatment of the refractory material (pressure oxidation) prior to cyanidation. The Study assumes concentrate production and sale as the preferred approach, supported by an independent concentrate market assessment which reviewed current market conditions, payables, and treatment terms relevant to the concentrates considered in the PEA. As a result, the sale of three concentrates (pyrite, gold, zinc) has been evaluated in the PEA, with further metallurgical optimization and market studies to be advanced during the next phase of studies.The process plant is designed for a nominal throughput of 8,000 tonnes per day, operating 24 hours per day with an assumed availability of 92%. Average gold recovered in concentrate across all domains is estimated at 87% of the gold contained in the mined ore.The flowsheet considers primary crushing followed by crushed material stockpiling and reclaim. Grinding will consist of primary and secondary stages, featuring a SAG mill with pebble crushing, and a ball mill operating in closed circuit with hydro-cyclones. Selective flotation circuits (carbon flotation, gold flotation, zinc flotation, and arsenopyrite flotation) will produce separate gold, zinc, and pyrite concentrates, which will be filtered prior to storage and load-out. A carbon flotation stage has been considered to remove high organic carbon material and reduce downstream reagent consumption, improving overall process efficiency.The pyrite concentrate will be transported in bulk, and the gold and zinc concentrates will be containerized for shipping.Tailings will be thickened and directed to a paste backfill plant for filtration and to provide the underground mining operation with paste backfill. Surplus filtered tailings will be directed to a dry-stack tailings storage facility.See Appendix for an illustration of the PEA flowsheet.Concentrate Market AssessmentAn assessment of current market conditions for gold-bearing pyrite, gold, and zinc concentrates was conducted as part of the PEA by an independent concentrate marketing advisor. The assessment included a review of treatment and refining charges, payable terms, impurity thresholds, and transportation costs for concentrates with similar metallurgical characteristics. The analysis also considered recent market transactions and long-term demand trends for sulphide concentrates.Based on this review, the PEA incorporates payable assumptions and treatment terms consistent with current market conditions for comparable concentrates. While concentrate markets remain subject to variability in metal prices, treatment charges, and smelter capacity, the Study assumes commercially reasonable terms supported by the independent assessment.Orla intends to continue advancing concentrate market assessments and discussions in parallel with metallurgical optimization and optimization studies through 2026.Mineral Resource Projected Feed – Production ProfileOver the first 10-years of the mine life, the average annual gold and gold equivalent production in concentrate is projected to be 215,000 ounces and 228,000 ounces, respectively, and the average annual payable gold and payable gold equivalent is projected to be 190,000 ounces and 201,000 ounces, respectively. An annual PEA Underground LOM Summary is presented in Appendix.Capital Costs OverviewThe initial capital cost estimate for the Project totals $608.1 million (excluding value-added tax), has been developed in accordance with AACE Class 4 standards, and has an estimated accuracy range of ±30–40%. The estimate is based on actual pricing for major equipment, estimated installation costs, and benchmarked inputs for direct and indirect construction costs.The estimate assumes contractor-performed development mining and is configured as a stand-alone underground development adjacent to the existing heap leach operation. The estimate also includes provisions for a new powerline and associated infrastructure to support the estimated power demand.Consistent with a Class 4 estimate, growth and provisional allowances have been considered and included throughout the estimate, and then a contingency averaging 17% of the total initial capital cost was applied across the entire estimate.The initial capital cost estimate excludes escalation, pre-construction expenditures (including PFS and feasibility study work), permitting, and the pre-development exploration decline. The exploration decline is estimated to cost between $100 million and $150 million over an approximately three-year period and is intended as a staged de-risking initiative prior to a future construction decision.Table 3: Initial Capital Cost Summary (excl. value added tax)Capital CostsValues ($M)Processing Plant 306.0Paste Plant (Initial CRF)5.8Tailing Storage Facility6.2Mine Development203.2Contingency86.8Total Initial Capital Cost608.1Sustaining capital4 over the life of mine is estimated at $489.0 million, primarily related to ongoing underground mine development and paste backfill infrastructure, with an additional $30.0 million allocated for closure and rehabilitation costs.Table 4: Sustaining Capital Cost Summary (excl. value added tax)Sustaining Capital CostsValues ($M)Processing Plant64.5Paste Plant71.1Tailing Storage Facility9.2Mine Development344.2Total Sustaining Capital Cost489.0Closure and Rehabilitation30.0Operating Costs OverviewOperating costs were estimated by DRA (process, infrastructure), SLR (tailings storage facility, paste backfill plant) and Entech (mining).Mining costs are based on contractor rates derived from comparable underground operations and are applied to scheduled production physicals from detailed mine planning models.Processing and paste plant operating costs were developed using industry standard unit rates applicable to precious metals processing plants. Quantities and cost inputs were developed from multiple sources, including:Metallurgical test work results;Supplier quotations;Energy pricing assumptions provided by Orla;DRA and SLR benchmark and historical cost data; andFirst-principles calculations for key consumables, including grinding media and reagents.Labour costs were estimated using existing Camino Rojo workforce data and industry labour surveys. Processing labour cost assumptions reflect a primarily national and local workforce, while mining labour cost assumptions include a limited number of expatriate roles during early operations to support training and ramp up, and then a transition to a national and local workforce.Operating cost estimates are consistent with an AACE Class 4 level of accuracy, with an expected range of ±30–40%.These cost assumptions underpin the projected LOM AISC of $1,339/oz Au payable, supporting the Project's strong margin profile across all evaluated gold price scenarios.Table 5: Operating Cost SummaryOperating CostLOM Costs($M)LOM Costs ($/t Processed)LOM Costs ($/oz Au Payable)Processing Plant417.611.23169Paste Plant226.46.0991TSF19.00.518UG Mining1,767.147.51713G&A202.05.4382Total Operating Costs2,632.270.771,062Freight and TC/RC438.011.77177By-product Credits(425.4)(11.44)(172)Total Cash Costs2,644.871.101,067Royalties153.44.1262Sustaining Capital489.013.15197Closure Cost30.00.8112AISC3,317.289.181,339Next Steps:Advance the Project towards a PFS, targeted for completion during 2027.Develop an exploration decline to support underground exploration drilling commencing as early as 2026, subject to the approval of the environmental assessment permit application (Manifestación de Impacto Ambiental, "MIA") submitted in November 2024, and the accompanying change of land use permit (Cambio de Uso de Suelo, "CUS")Implement a staged underground drilling program advancing alongside ramp development commencing in 2027. Build geotechnical, metallurgical, and resource confidence ahead of a construction decision.Continue permitting process for the underground operations (baseline data collection and studies)Mineral Resource SummaryThe Mineral Resources Estimate shown here has an effective date of September 30, 2025. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources.Table 6: MCR Mineral Resources OperationResource TypeCategoryKtAverage GradeContained MetalNSR Cut-Off Grade ($/t)Gold (g/t)Silver (g/t)Zn (ppm)*AuEq (g/t)000 oz Au000 oz Agmillion lb Zn000 oz AuEqOpen PitHeap LeachMeasured2,7680.7916.21-0.85711,442-768.44Indicated37,3090.6913.10-0.7482315,708-893M&I40,0770.6913.31-0.7589317,151-969Inferred1,5230.7412.26-0.8036600-39MillMeasured0--------14.06Indicated2,2130.858.913,9470.94606341967M&I2,2130.858.913,9470.94606341967Inferred710.858.692,9510.9522002TotalMeasured2,7680.7916.21-0.85711,4420768.44 to 14.06Indicated39,5220.6912.862210.7688316,34219960M&I42,2900.7013.082070.7695317,785191,036Inferred1,5940.7412.101310.8038620041UndergroundProjectHeap LeachMeasured0--------57 to 66 Indicated3,2982.5412.23-2.662691,297-282M&I3,2982.5412.23-2.662691,297-282Inferred1982.3914.62-2.531593-16MillMeasured0--------63 to 72Indicated45,9652.5311.283,7832.73,74516,6743833,985M&I45,9652.5311.283,7832.73,74516,6743833,985Inferred3,9742.5110.956,6132.823211,39858360TotalMeasured0--------57 to 72Indicated49,2632.5311.353,5302.694,01417,9713834,267M&I49,2632.5311.353,5302.694,01417,9713834,267Inferred4,1722.5011.126,2992.803361,49158376Stockpiles**Measured5880.3420.25-0.346383-6 (0.21 g/t Au)Indicated0--------M&I5880.3420.25-0.346383-6Inferred0--------Total5880.3420.25-0.346383-6TotalMeasured3,3550.7116.91-0.76771,825-828.44 to 72Indicated88,7851.7112.022,0571.834,89734,3134025,227M&I92,1411.6812.201,9821.794,97436,1384025,309Inferred5,7662.0211.394,5942.253742,11158417Notes:1. Definitions from the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources & Mineral Reserves adopted by the CIM Council on May 10, 2014 (the "CIM Definition Standards") were followed for estimating Mineral Resources.2. Mineral Resources are estimated in the optimized pit shell at a net smelter return ("NSR") cut-off value of $8.44/t for leach material and $14.06/t for Mill material, while the underground reporting shapes are using a NSR cut-off value for long-hole stoping of $57/t for heap leach material and $63/t for mill material were applied. For cut-and-fill mining, NSR cut-off values of $66/t for heap leach material and $72/t for mill material were used.3. Mineral Resources are estimated using a long-term price of $2,800 per ounce for gold, $33 per ounce for silver, and $1.25 per pound for zinc, with an US$:C$ exchange rate of 1:1.34.4. Stockpiles are using a cut-off grade of 0.21 g/t Au based on a long-term price of $2,300 per ounce gold, with an US$:C$ exchange rate of 1:1.34.5. Bulk density varies from 2.40 t/m3 to 2.67 t/m3 for the mineralization and estimation domains and 2.0 t/m3 for the overburden.6. Metallurgical recoveries vary according to geometallurgical domains and process type (Leach or Mill) and are either a constant or formula based. Heap leach recoveries range from 40% to 70% for gold and 11% to 34% for silver. For mill flotation concentrate, recoveries range from 80% to 89% for gold, 52% to 86% for silver, and 87% to 90% for zinc; zinc recovery is assumed to be 0% for the Transition and S1a_CAR geometallurgical domains.7. The NSR is calculated by material type with the following formulas:Heap Leach Material NSR ($/t) = (Au grade (g/t) x (((2,800-1.69) x Au recovery Heap Leach x 0.999 x (1-0.03)) / 31.103477)) + (Ag grade (g/t) x (((33-1.69) x Ag recovery Heap Leach x 0.98 x (1-0.03)) / 31.103477))Mill Material NSR ($/t) = (Au NSP ($/g Au) x Au grade (g/t)) + (Ag NSP ($/g Ag) x Ag grade (g/t)) + (Zn NSP ($/g Zn) x Zn grade (ppm))8. The gold equivalent (AuEq) by material types are calculated with the following formulas, including the recoveries in Item 5:Heap Leach Material AuEq = Au grade (g/t) + (Ag NSP ($/g) / Au NSP ($/g) x Ag grade (g/t)).Mill Material AuEq = Au grade (g/t) + (Ag NSP ($/g) / Au NSP ($/g) x Ag grade (g/t)) + ((Zn NSP ($/lb) x 2,204.62 / 100 / Au NSP ($/g)) x Zn grade (ppm) / 10,000)).9. Mineral Resources are constrained by an optimized resource pit shell and underground resource panels with a minimum mining width of 2 m for long-hole stoping and 5 m for cut-and-fill.10. Mineral Resources are inclusive of Mineral Reserves.11. Numbers may not add due to rounding.12. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.* Zinc is only considered in the Mill scenario, and its grade is averaged over the final total numbers.** AuEq depends on net smelter price ("NSP") parameters that vary by geometallurigcal domain, which cannot be defined for stockpiled material. Instead of a calculated AuEq value, the stockpiles use the Au value for the AuEq, which does not include the contribution from Ag.Significant Upside Growth Opportunities for Discoveries and Mine Life ExtensionsSince 2020, Orla has completed more than 110,000 metres of near mine drilling at Camino Rojo, advancing the project from a large open pit concept to a targeted underground development supported by 4 Moz Au in Measured and Indicated Mineral Resources. Drilling oriented in the opposite azimuth to historical campaigns generated a critical complementary dataset that strengthened the geological and resource models, delineated higher-grade zones, extended mineralization at depth, and ultimately led to the discovery of Zone 22.The updated Mineral Resource includes 331 koz of gold in the Measured and Indicated category and 110 koz of gold in the Inferred category (382 koz AuEq and 135 koz AuEq, respectively) within Zone 22. This represents 8.2% of the Measured and Indicated category and 32.7% of the Inferred category of the global Mineral Resources, indicating that the mineralized system remains open at depth and highlighting the potential for further expansion. Recent deeper drilling confirms that the Zone 22 system, located entirely below the Caracol Formation, continues into limestone hosted polymetallic (Au-Ag-Zn ± Cu ± Pb) mineralization, with the deposit remaining open at depth and along strike. Selective deeper exploration and planned underground definition drilling aim to further refine mineralization definition and increase confidence (derisking) in potential economic zones. In parallel, targeted drilling will be considered with the goal of extending and growing the deposit, while regional targets across the property continue to return encouraging results. Orla's disciplined exploration strategy supports a robust underground Project and underscores the expansion potential of Camino Rojo.Development Phase Drilling to Advance and Derisk the Underground ProjectCurrently, the planned drilling for 2026 aims to collect geotechnical, hydrological, and metallurgical data supporting technical studies and underground design. Following expected permit approval in 2026, ramp development will be paired with a staged underground definition drilling program to progressively derisk the Project.Definition drilling, planned for H2 2027, will target 15–25 metre spacing from footwall drill bays to upgrade resources to Measured Mineral Resources category, refine geometallurgical domains, define mineralization boundaries, and support bulk sampling. This phased approach will strengthen the geological model and increase resource confidence ahead of full underground mining.Data Verification & QA/QCMarie-Christine Gosselin, P.Geo., Senior Resource Geologist at SLR Consulting (Canada) Ltd and the Qualified Person for the Camino Rojo Mineral Resource estimate, visited the site from January 22 to 25, 2024. During the visit, collar locations were verified, along with core storage, security, and sampling procedures. Core from both mineralized and unmineralized zones was examined. The database was reviewed and considered suitable for Mineral Resource estimation. Sampling and assay data from the drill core are monitored through a quality assurance–quality control ("QA/QC") program designed to follow industry best practices.Technical ReportAdditional supporting details regarding the information in this news release will be included in the Technical Report. The Technical Report will be prepared in accordance with NI 43-101 and filed on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively, within 45 days of this news release. It will include further details on qualifications, assumptions, exclusions and risks that relate to the details of this news release, including the underground PEA as a separate, walled-off development option, Mineral Resource estimate (open pit and underground) and Mineral Reserve estimate for the current open pit Camino Rojo operations. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.Qualified Persons StatementThe scientific and technical information in this news release related to the Study were provided, reviewed and approved by the authors listed in Table 7, who are Qualified Persons as defined under NI 43-101.All other scientific and technical information in this news release was also reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are Qualified Persons as defined under NI 43-101.Table 7: Camino Rojo PEA Qualified PersonQP NameCompanyQualificationMain Area of ResponsibilityAndrew BoushyDRA Americas Inc. (DRA)P.Eng.Lead author, infrastructure, costing (except mining) and economic analysisMarie-Christine GosselinSLR Consulting (Canada) Ltd. (SLR)P.Geo.Mineral ResourcesAndrew KellyBlue Coast Research Ltd (BCR)P.Eng.Metallurgical testingDavid FrostDRA Americas Inc. (DRA)FAusIMMRecovery methods – Process plantPatrick McCannEntech Mining Ltd. (Entech)P.Eng.Mining methods and mining costsJames (Jim) TheriaultSLR Consulting (Canada) Ltd. (SLR)P.Eng.TSF, waste and water managementLuis VasquezSLR Consulting (Canada) Ltd. (SLR)P.Eng.Environmental, permitting, and socialFrank PalkovitsRMS, part of SLR Consulting (Canada) Ltd. (SLR)P.Eng.Paste backfill plantCautionary Statement Regarding the PEAThe reader is advised that the PEA summarized in this news release is only a conceptual study of the potential viability of the Project, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report.In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of and have been classified in accordance with CIM's "Definition Standards for Mineral Resources and Reserves". Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of an economic analysis, except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.About Orla Mining Ltd.Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine and the potential underground Project. The property covers over 139,000 hectares which contains a large oxide and sulphide Mineral Resource; (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced close to 6 million ounces of gold, with a long history of resource growth and conversion; and (3) South Railroad (South Carlin Complex), in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. Other than the new technical report for South Railroad, which will be available by March 2, 2026, and for Camino Rojo which will be available within 45 days of this news release, the technical reports for the Company's material projects are available on Orla's website at www.orlamining.com, and on SEDAR+ and EDGAR under the Company's profile at www.sedarplus.ca and www.sec.gov, respectively.AppendixCamino Rojo PEA Process Flowsheet Camino Rojo PEA Underground LOM
UnitsTotalY-2Y-1Y1Y2 Y3Y4Y5Y6Y7Y8Y9Y10Y11Y12Y13Y14Y15Y16Y17Y18-20
Total Projected Plant FeedMt37.2
2.92.62.92.92.92.92.93.12.82.92.41.91.71.10.70.30.0
Gold Gradeg/t2.70
2.482.612.672.462.772.802.752.652.732.662.772.822.772.992.842.882.22
Silver Gradeg/t11.5
11.513.212.711.911.710.912.111.312.211.710.79.310.110.88.26.59.2
Zinc Grade%0.39
0.370.400.380.370.360.350.380.380.420.390.470.430.430.400.340.260.31
-
-----------------
Contained GoldK oz3,223
23322224923126026325926724324821517415410968272
Contained SilverK oz13,705
1,0811,1211,1801,1181,1011,0251,1331,1371,0901,094832572560395197617
Contained ZincM lbs319.2
24.123.524.024.123.222.524.526.025.924.724.918.016.49.95.61.70.2
Contained Gold EquivalentK oz3,423
24823626424727527727428425926423018416411672282
Recovered GoldK oz2,796
2041902162022262292262312102131851501339560232
Recovered SilverK oz10,231
823798865849828763862849811813625424412305152486
Recovered ZincM lbs127.5
8.06.47.28.07.57.08.210.99.710.614.510.38.95.83.80.80.1
Recovered Gold EquivalentK oz2,969
21720222921623924024024522422719815914110163242
Payable GoldK oz2,478
1811671911802012022012051861891641331188553211
Payable SilverK oz8,404
676653711698681627709697664667513349338252125395
Payable ZincM lbs91.9
5.84.65.25.85.45.05.97.97.07.610.47.46.44.22.70.60.0
Payable Gold EquivalentK oz2,615
1921772021902112122112161972001751401248956221
Total Cash Cost*$ M2,645--17618020520420420820920718719316314213094764720
Cash Cost$/oz Au1,067--9701,0761,0721,1371,0161,0261,0411,0131,0011,0209891,0721,1071,1141,4372,26314,828
Initial Capital$ M608143465
Sustaining Capital$ M489--46404141372933464632272018131172
Other Costs$ M153--111012111212121312121087531030
All-In Sustaining Costs*$ M3,317--23323025825625424925426624423620017115511390552330All-In Sustaining Costs$/oz Au1,339--1,2881,3751,3511,4261,2631,2291,2671,2991,3091,2521,2141,2871,3211,3351,6972,65616,597-*Costs includes by-product creditsForward-looking StatementsThis news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the Project, including the potential extension of operations at Camino Rojo and creation of a multi-decade mining complex, growth potential and the timing of a PFS; Mineral Reserve and Mineral Resource estimates; development of the Project, including an exploration ramp and the cost and timing thereof; permitting approvals; the results of the PEA, including projected NPV, IRR, production, processing, grades, recovery, revenue, costs, taxes, sensitivities, cash flows, mine life, payback periods, the concentrate market and other similar information; exploration strategy and goals; metal prices, including gold, silver and zinc; and the Company's goals and strategies. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future prices of gold, silver and zinc; anticipated costs and the Company's ability to fund the development of the Project and its other programs; the PEA; the Company's ability to carry on exploration, development, and mining activities; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; the discovery of Mineral Resources and Mineral Reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for Camino Rojo and the exploration ramp; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of Mineral Resources and Mineral Reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; tailings risks; reclamation costs; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on www.sedarplus.ca and www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Non-GAAP MeasuresThe Company has included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and readers should not consider these non-GAAP measures in isolation or as a substitute for measures of performance prepared in accordance with GAAP. As the Project is not in production, it does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.All-In Sustaining CostThe Company has provided AISC performance measures that reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated November 14, 2018. Orla believes that this measure is useful to market participants in assessing operating performance and the Company's ability to generate cash flow from operating activities.Cash CostsThe Company calculated total cash costs as the sum of operating costs, royalty costs, production taxes, refining and shipping costs, net of by-product silver credits. Cash costs per ounce is calculated by taking total cash costs and dividing such amount by payable gold ounces. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.Sustaining CapitalSustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.Cautionary Note to U.S. ReadersThis news release has been prepared in accordance with Canadian standards for the reporting of Mineral Resource and Mineral Reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral Reserve", "Inferred Mineral Resources", "Indicated Mineral Resources", "Measured Mineral Resources" and "Mineral Resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the CIM Definition Standards. The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC's disclosure rules for domestic United State issuers (the "SEC Rules"), including the requirements of the SEC in Regulation S-K Subpart 1300 under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the MJDS, the Company is not required to provide disclosure on its mineral properties under the SEC Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, Mineral Reserve and Mineral Resource information and other technical information contained or incorporated by reference herein or documents incorporated by reference may not be comparable to similar information disclosed by United States companies subject to the SEC's reporting and disclosure requirements for domestic United States issuers.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty of Measured Mineral Resources, Indicated Mineral Resources or Inferred Mineral Resources, these Mineral Resources may never be upgraded to Proven Mineral Reserves and Probable Mineral Reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of the Company's Measured Mineral Resources, Indicated Mineral Resources or Inferred Mineral Resources constitute or will be converted into Mineral Reserves or are or will be economically or legally mineable. ____________________1 See "Table 2: PEA Economic Sensitivity Analysis" for additional information.2 AISC is a non-GAAP measure. The Project does not currently have operations and therefore does not have historical equivalent measures to compare to and cannot perform a reconciliation of this non-GAAP financial performance measure. See "Non-GAAP Measures" below.3 See the notes to table 2 below. 4 Sustaining capital is a-GAAP measures. The Project does not currently have operations and therefore does not have historical equivalent measures to compare to and cannot perform a reconciliation of this non-GAAP financial performance measure. See "Non-GAAP Measures" below.
SOURCE Orla Mining Ltd.
Original: Orla Mining Announces Positive Preliminary Economic Assessment for the Camino Rojo Underground Project
CA Market News
4月前
Gold Demand Shatters Records as Producers Post Historic ResultsFebruary 17, 2026 11:34 AM
PR Newswire (US)
Issued on behalf of GoldHaven Resources Corp. VANCOUVER, BC, Feb. 17, 2026 /PRNewswire/ -- USANewsGroup.com News Commentary – Gold is trading above US$5,000 per ounce in February 2026, holding at levels that would have seemed implausible a year ago. Fibonacci analysis now projects a base case of US$6,100, with Wells Fargo raising its forecast to US$6,100 to US$6,300 and JPMorgan targeting US$6,300[1]. The supply side of the equation is equally significant: S&P Global confirmed a 10 million metric tonne copper supply deficit by 2040, with demand projected to reach 42 million metric tonnes as AI infrastructure and defense spending accelerate faster than new mines can be permitted[2]. Against that backdrop, GoldHaven Resources (CSE: GOH), Orla Mining (TSX: OLA), Lundin Gold (TSX: LUG), TRX Gold (TSX: TRX), and Aya Gold & Silver (TSX: AYA) are advancing gold assets across the Americas, Africa, and Morocco.
Gold's bull market has been building for over a year. Prices rose approximately 70% in 2025, the strongest annual performance since the 1970s, underpinned by central bank purchases of roughly 850 tonnes and Q4 2025 retail ETF inflows exceeding 280 tonnes[3]. Global gold demand exceeded 5,000 tonnes for the first time in history last year, lifting the total value of consumption to US$555 billion, a 45% increase year over year[4]. For producers, record gold prices are translating directly into expanded margins, increased dividends, and accelerated exploration budgets. For explorers, the math is straightforward: every confirmed ounce in the ground is worth significantly more today than it was twelve months ago.GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) has confirmed gold mineralization in bedrock at its Copeçal West Target in Brazil, with the first-ever drilling at the high-priority zone returning 39 meters at 0.11 g/t gold from 58 meters depth in unweathered rock. That interval, from hole COPE-PDH-008, included 3 meters grading 0.30 g/t gold and represents the first confirmation that the broad surface gold anomaly at Copeçal is sourced from a mineralized system in fresh bedrock beneath a thick saprolite layer that had previously masked the geology below. All four holes drilled at the Western Target intersected anomalous gold. Hole COPE-PDH-006 returned 7 meters at 0.46 g/t gold, including 1 meter at 1.21 g/t. Hole COPE-PDH-007 cut 28 meters at 0.14 g/t gold with a 1-meter intercept grading 1.04 g/t. Hole COPE-PDH-005 hit 30 meters at 0.16 g/t gold from surface, including 22 meters at 0.20 g/t. The consistency of anomalous gold across all four holes validates the company's exploration model and provides a strong foundation for follow-up drilling designed to vector toward higher-grade zones at depth and along strike."These latest drill results represent a major milestone for the Copeçal Project," stated Robert Birmingham, CEO of GoldHaven. "For the first time, we have confirmed gold anomalism in fresh bedrock beneath the thick saprolite profile that previously masked the system. Importantly, these are the first holes ever drilled at the Western Target, and the results provide strong confidence that the robust surface geochemical anomaly is sourced from an underlying mineralized system."The Copeçal Gold Project sits within the Alta Floresta Mineral Province, a Paleoproterozoic belt in Brazil's Juruena Gold Province where GoldHaven Resources holds 3,681 hectares. The region is recognized for hosting multiple gold and copper occurrences, and the company previously completed its inaugural diamond drilling program at Copeçal's East Target, where nine holes totaling 1,085.7 meters discovered bornite, suggesting potential for a substantial gold-copper system.Beyond Brazil, GoldHaven Resources has confirmed anomalous tungsten mineralization at its Magno Property in British Columbia, where the 2025 surface program returned bonanza silver grades up to 2,370 grams per tonne and tungsten values reaching 6,550 ppm across multiple skarn zones. The company also confirmed high-grade copper at its Three Guardsmen Project, with surface sampling returning up to 15.85% copper. GoldHaven now controls 133,186 hectares across proven mining jurisdictions, with all projects supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources at: https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/ In other industry developments and happenings in the market include: Orla Mining (TSX: OLA) (NYSE: ORLA) has achieved record quarterly production in Q4 2025, propelling the company above the 300,000-ounce threshold for the first time in its history. The company produced 300,620 ounces of gold for the full year, exceeding revised annual guidance. The Musselwhite mine contributed 203,856 attributable ounces, surpassing the top end of its guidance range."Thanks to the effort and dedication of our people across the business, we successfully exceeded our annual production guidance, delivering more than 300,000 ounces for the first time in our history," said Jason Simpson, President and Chief Executive Officer of Orla Mining.Looking ahead, the company has issued 2026 production guidance of 340,000 to 360,000 ounces of gold at all-in sustaining costs of $1,550 to $1,750 per ounce sold. Orla Mining also announced an inaugural quarterly dividend of US$0.015 per share, reflecting growing confidence in sustained cash flow generation.Lundin Gold (TSX: LUG) has provided 2026 production guidance of 475,000 to 525,000 ounces of gold from its Fruta del Norte mine in Ecuador, with mill throughput increasing to 5,500 tonnes per day. Cash operating costs are projected at $900 to $960 per ounce, with all-in sustaining costs of $1,110 to $1,170 per ounce sold."2026 marks an important step forward for Lundin Gold as we continue to unlock the full potential of Fruta del Norte and its extensions," said Jamie Beck, President and CEO of Lundin Gold. "With increased throughput to 5,500 tonnes per day, sustained free cash flow generation, and the largest exploration program in our history, we are positioning the Company for long-term growth."The company is launching an $85 million exploration campaign, its largest to date, with 133,000 metres of drilling planned for 2026. Lundin Gold will continue paying quarterly dividends of $0.30 per share alongside a variable dividend based on at least 50% of normalized free cash flow. TRX Gold (TSX: TRX) (NYSE American: TRX) has reported record first quarter 2026 results from its Buckreef Gold Mine in Tanzania, pouring 6,597 ounces of gold and selling 6,492 ounces at an average realized price of $3,860 per ounce. The quarter generated revenue of $25.1 million, gross profit of $14.2 million representing a 57% margin, and EBITDA of $13.2 million at a 53% margin."In Q1, we once again delivered record results, in line with guidance shared last quarter, pouring a record 6,597 ounces of gold and selling 6,492 ounces of gold at an average realized price of $3,860 per ounce, generating revenue of $25.1 million," said Stephen Mullowney, CEO of TRX Gold.The company is advancing a processing plant expansion from 2,000 tonnes per day to over 3,000 tonnes per day, which is expected to boost annual production beyond 62,000 ounces based on a recent PEA. The ROM stockpile grew from 15,162 ounces of contained gold in August 2025 to 22,891 ounces post-Q1 2026. Aya Gold & Silver (TSX: AYA) has provided its 2026 outlook and strategic priorities, targeting production of 6.2 to 6.8 million silver-equivalent ounces across its operations in Morocco. The Zgounder mine is expected to produce 5.2 to 5.8 million ounces of silver at an average cash cost of $21.50 per ounce. Planned capital expenditures total $36 million with an additional $60 million allocated to exploration."2025 was a pivotal year for Aya, marked by the successful completion of key milestones across production, development, and exploration, positioning the company to deliver record financial results," said Benoit La Salle, President & CEO of Aya Gold & Silver.The company is executing a 230,000-metre drilling program in 2026, including 200,000 metres at the Boumadine project for resource conversion. Aya Gold & Silver enters the year with a robust balance sheet and a supportive market environment for precious metals, focusing on disciplined execution to deliver strong margins and advance long-term value creation.Article Source: https://usanewsgroup.com/goh-profile/ CONTACT:
USA NEWS GROUP
info @acblanke1 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.financemagnates.com/trending/why-gold-is-surging-and-why-analyst-predicts-7300-price-in-2026/https://press.spglobal.com/2026-01-08-Substantial-Shortfall-in-Copper-Supply-Widens-as-the-Race-for-AI-and-Growing-Defense-Spending-Add-to-Accelerating-Demand,-New-S-P-Global-Study-Findshttps://www.ubp.com/en/news-insights/newsroom/gold-s-bull-market-is-set-to-continue-into-2026-investment-outlook-2026https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025Logo : https://mma.prnewswire.com/media/2838876/5801143/USA_News_Group_Logo.jpg
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Original: Gold Demand Shatters Records as Producers Post Historic Results
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