Orla Mining (OLA) investor relations material

Executive summary

• Annual gold production more than doubled in 2025 to 300,620 oz, driven by the Musselwhite acquisition and operational excellence, with record gold prices and strong contributions from Camino Rojo, supporting robust cash flow and a self-funded growth model.

• Musselwhite Mine exceeded expectations, achieving six months of uninterrupted ore supply, highest throughput since 2012, and significant resource expansion, while Camino Rojo overcame a pit wall event, exceeded initial guidance, and advanced underground development.

• Major growth projects advanced: South Railroad in Nevada reached feasibility and permitting milestones, Camino Rojo underground released a positive PEA and secured key permits, and South Carlin Complex received significant capital allocation.

• Inaugural quarterly dividend of $0.015/share was announced and paid in February 2026, reflecting confidence in cash flow and balance sheet strength.

• Ended 2025 with $420.8 million in cash, $480.8 million in liquidity, and a net cash position of $35.8 million.

Financial highlights

• Q4 2025 revenue reached $378.5 million, with gold production of 95,405 oz and gold sold of 92,889 oz.

• Q4 net income was $79.2 million ($0.23/share); adjusted earnings were $143.1 million ($0.42/share); Q4 free cash flow was $133.4 million.

• Full-year revenue was $1,057.9 million; net income $106.9 million; adjusted earnings $318.9 million.

• Q4 cash costs and AISC were $1,093/oz and $1,536/oz, respectively; full-year AISC was $1,458/oz.

• Year-end debt was $385 million, with $30 million repaid on the revolving credit facility post-quarter.

Outlook and guidance

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

• Capital expenditures for 2026 projected at $430 million, including $215 million for South Carlin Complex and $175 million for Musselwhite.

• Exploration and project development expenses for 2026 set at $40 million for Camino Rojo, $5 million each for Musselwhite and South Carlin, and $15 million for South Carlin project development.

• South Railroad construction to begin after mid-2026 Record of Decision, targeting first gold in 2028.

• Camino Rojo mine plan unchanged for 2026; focus remains on oxide mining and underground portal preparation.