Orla Mining Ltd. is a gold-focused mining company engaged in the acquisition, exploration, development, and operation of mineral properties. The company specializes in gold projects, with additional exposure to silver, and operates in key mining jurisdictions, including Mexico, Canada, and the United States. Orla’s portfolio includes producing mines, development-stage projects, and exploration assets, positioning it as a growth-oriented player in the precious metals sector.

Orla Mining Ltd. generates revenue primarily through the sale of gold and silver produced from its operating mines. The company’s sole producing asset, the Camino Rojo Oxide Mine in Mexico, contributes the entirety of its current revenue stream. Gold and silver are sold to bullion banks, refiners, and traders under long-term or spot contracts, with pricing typically based on prevailing market rates at the time of sale. Future revenue growth is expected to come from the development of additional projects, including the Camino Rojo Sulphides, Musselwhite Mine, and South Railroad Project.

The company operates through the following segments:

• Producing Mines: This segment encompasses the Camino Rojo Oxide Mine in Zacatecas, Mexico, which achieved commercial production in April 2022. The mine utilizes heap leach processing to extract gold and silver from oxide ore, with production sold to global bullion markets. This segment represents Orla’s sole revenue-generating asset as of the reporting period.

• Development Projects: This segment includes the Camino Rojo Sulphides project in Mexico, the Musselwhite Mine in Ontario, Canada, and the South Railroad Project in Nevada, United States. These projects are in various stages of development, ranging from feasibility studies to permitting and construction planning. The segment focuses on advancing these assets toward production to expand Orla’s operational footprint and revenue base.

• Exploration Assets: This segment comprises early-stage mineral properties, including the Lewis Project in Nevada and the Pony Creek property, which was acquired through the 2024 acquisition of Contact Gold Corp. These assets are targeted for exploration to identify and delineate new mineral resources, supporting the company’s long-term growth pipeline.

Orla Mining Ltd. operates in the highly competitive gold mining industry, where it competes with both large-scale producers and junior exploration companies. Key competitors include Newmont Corporation, Barrick Gold Corporation, and Agnico Eagle Mines Limited, as well as smaller developers with assets in similar jurisdictions. Orla’s competitive advantages lie in its focus on high-quality, low-cost assets in politically stable regions, such as Mexico and the United States. The company’s Camino Rojo Oxide Mine benefits from low operating costs and a long mine life, while its development projects, particularly South Railroad, are situated in prolific mining districts like Nevada’s Carlin trend. Orla’s strategic acquisitions, such as the 2025 purchase of the Musselwhite Mine, further strengthen its portfolio by adding producing assets with upside potential.

Orla Mining Ltd. serves global bullion markets, selling its gold and silver production to refiners, traders, and financial institutions. The company’s primary customers include bullion banks and precious metals refiners, which process and distribute its output to industrial users, investors, and central banks. Specific customer names are not disclosed, but the company’s sales are conducted through standard industry channels, including long-term contracts and spot market transactions.