Mining Review 7th June 2026

Mining Review 7th June 2026

Orla Mining and Equinox Gold fell on news of a blockade at Orla’s Camino Rojo mine in Mexico. The blockade has now been lifted and work resumed.

The American war on Iran continues to create volatility in the market.

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City Investors Circle Mining Review 7th June 2026

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Orla Mining and Equinox Gold fell on news of a blockade at Orla’s Camino Rojo mine in Mexico. The blockade has now been lifted and work resumed.

This seems to be the result of a long running dispte between Orla and a union at the mine, which has also involved a court case over representation at the mine between two unions.

One hopes the issue will be resolved quickly as it’s now damaging both companies share prices before the business combination.

Pacgold has announced it is to demerge its Queensland assets, including the prospective Alice River gold project, into a new company, Manda.

The company will then focus on the White Dam gold project, where small scale production of around 500 – 600 ounces per month has started, and this will fund exploration to try and extand the resource and life of mine.

Pacgold shareholders will benefit form an in-specie distribution of 1 for 6 shares in Manda.

It would appear however that this benefit is reserved for Australia and New Zealand based shareholders, but not those in the rest of the world. I have asked the company to confirm this, but have not received a reply so far, which augurs badly, in my opinion.

I am going to sell my holding if UK shareholders are excluded from the in-specie distribution on the principle that we are being disadvantaged to the benefit of local shareholders.

Surely ALL shareholders should be treated equally?

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The American war on Iran continues to create volatility in the market, with gold moving further downwards during the constant positive and negative announcements being made by Trump and Iran.

Every sign of peace results in a higher gold price and oil falls, then another announcement reverses everything. This is a real nonsense, a US President should not be behaving like this in my opinion.

Where is the UN?

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Orla Mining Blockade Dispute Over, workers Return

Orla Mining (TSX: OLA)

Reported that the illegal blockade has ended and operations have resumed at its Camino Rojo Mine in Zacatecas, Mexico.

Dialogue continues onsite between management, employees, and the union including the resumption of bonus negotiations.

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Camino Rojo panoramic view, Zacatecas, Mexico – Courtesy of Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$5.43 Billion @ C$15.70
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

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Orla Mining Reports Resumption of Operations at Camino Rojo

Vancouver, BC – June 5, 2026– Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to report that the illegal blockade has ended and operations have resumed at its Camino Rojo Mine in Zacatecas, Mexico.

Dialogue continues onsite between management, employees, and the union including the resumption of bonus negotiations.

Without further interruptions, the Company reiterates its 2026 gold production guidance for Camino Rojo of 110,000 to 120,000 ounces.

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Jason Simpson, President and Chief Executive Officer of Orla Mining said,

“We are pleased to welcome our employees back to work and thank the union and the Mexican Labour Authority for their partnership in resolving the matter.

“We look forward to continuing our dialogue with the employees and union partners to reach a mutually beneficial agreement on the productivity bonus.

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“The Company continues to engage constructively with our employees, and union leadership, with the support of federal labour authorities, and looks forward to providing further updates as the process advances.”

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To read the full news release please click HERE

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To see the latest share price and chart, please click HERE.

To View Orla Mining’s historical news, please click here

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The live gold price can be found HERE

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

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This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

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To read our full terms and conditions, please click HERE

Orla’s Share Price Falls as Mine Blockaded in Worker Dispute

Orla Mining (TSX: OLA)

Reported that an illegal work stoppage and blockade by its unionized workers is underway at the Camino Rojo Mine located in Zacatecas, Mexico.

As a result, operations at the mine have been temporarily halted.

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Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$5.89 Billion @ C$17.03
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

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Orla Mining Reports Illegal Work Stoppage and Blockade at Camino Rojo

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Vancouver, BC – June 1, 2026 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) reports that an illegal work stoppage and blockade by its unionized workers is underway at the Camino Rojo Mine located in Zacatecas, Mexico. As a result, operations at the mine have been temporarily halted.

All the equipment required to maintain the safety of the operation and the environment continues to be operated and monitored.

The work stoppage has not followed the procedures required under Mexican law, including the filing of a strike notice.

The work stoppage and blockade arose in connection with negotiations regarding two separate payments: a worker productivity bonus and a profit-sharing entitlement, known in Mexico as a PTU or Participación de los Trabajadores en las Utilidades.

The Company had previously calculated and paid workers the maximum profit-sharing entitlement stipulated under Mexican law.

While the Company and representatives of the workers’ union negotiated the productivity bonus, members of the unionized workforce objected to the amount paid under the profit-sharing entitlement and initiated the illegal stoppage and blockade.

The Company is engaged in dialogue with the union leadership in an open and constructive manner to have employees return to work and for operations to safely resume as soon as possible.

A meeting of representatives of the Company and the union with the Department of Federal Labour Conciliation is scheduled for Tuesday, June 2, 2026. Given the current duration of the production interruption and the nature of heap leach processing, the Company will assess any potential impact of the work stoppage on its full-year production guidance for Camino Rojo and will provide an update in due course.

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To read the full news release please click HERE

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To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

The live gold price can be found HERE

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Market Review May 2026

Market Review May 2026

The highlighted company is Talisker Resources.

The main news concerns the combination of Equinox Gold and Orla Mining.

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City Investors Circle Market Review May 2026

Market Review May 2026

The highlighted company is Talisker Resources, Canadian company focused on the Bralorne Gold Proejct, a district-scale gold belt in British Columbia.

The company have started the Mustang Mine on a low capex model, and is using ore sorting and producing its first gold and trucking for toll-milling or off-take shipping. The company is now targeting its Olymous Mine at its second mine.

Talisker have a structured plan to raise production over a number of steps in the next five years.

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The main news in May amongst our watchlist companies concerned the combination of Equinox Gold and Orla Mining.

This transaction will create a major Canadian gold mining company, with production of around 1.1 million ounces of gold per annum, with the potential to increase production to around 1.9 million ounces.

The new company, which will be called Equinox Gold, will have mines in Nicaragua, Mexico, the USA, and Canada. Economies of scale should reduce costs.

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Other significant news in the Review included,

G Mining Ventures (TSX: GMIN) reported superb Q1 2026 results.

Mogotes Metals ( TSX: MOG) announced a major gold discovery at Filo Sur, Argentina.

To read the May 2026 Market Review, please click HERE .

To receive future issues of the Market Review and invitations to our free to attend mining presentations, please email andrew@city-investors-circle.com

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Archive of May’s news releases is listed below, click the relevant link to be taken to the full story.

Pacgold Recommences Vertigo Drilling At White Dam

Cabral Gold Results of Infill Drilling at the MG Gold deposit

Barton Gold’s High-Grade Assays Indicate Growth for Tunkillia’s Area 51

Lefroy $3.6 Million Placement For Mt Martin Gold Deposit

G2 Goldfields Announces Filing and Mailing of Meeting Materials

Meeka Metals Commences Ore Development at Judy North

The Big Guns Take Over at Challenger Gold

Mining Review 24th May 2026

Mogotes Metals Announce Major Gold Discovery

Barton Gold Increases Challenger Mineralisation

Altiair Reports High-grade Gold Samples at Soko

Kaiser Reef Union Hill Decline Refurbishment Underway

Westgold Divested Peak Hill to Great Boulder for $58.3m

G Mining Ventures Reports First Quarter 2026 Results

Mining Review 17th May 2026

Catalyst Confirms Potential for Growth at Old Highway

Ora Banda Mining Appoints John Richards as Chairman Elect

Cabral Gold Drills 10.2m @ 8.7 g/t gold at Jerimum Cima

Equinox Gold and Orla Mining Combine to Become a Major Gold Producer

121 Mining Conference London Day 2

121 Mining Conference London Day 1

Mining Review 10th May 2026

Catalyst Extends Gold Mineralisation at Trident

Silver Storm Mobilizes Underground Mine Development Contractors at La Parrilla

G Mining on Track and on Budget for Oko West Construction

Barton Gold’s Tolmer Yields >100,000 g/t Silver Trial Gravity Concentrate

G2 Goldfields Extends High-Grade OKO Resource, Intercepts 84.5m @ 3.0 g/t Au

Mogotes Metals Drilling Finds Large-Scale, Shallow Gold-Copper System

Mining Review 3rd May 2026

Kaiser Reef Doubles Shifts at Maldon

Market Review April 2026 published

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

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To read our full terms and conditions, please click HERE

Mining Review 17th May 2026

Mining Review 17th May 2026

The big news this week was the acquisition of Orla Mining by Equinox Gold, forming the second largest gold mining company in Canada.

London’s first mining conference of 2026 took place, 121 at Hounsditch. Attendance by companies and investors looked lower than in previous years.

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Mining Review 17th May 2026

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Mining Review 17th May 2026

The big news this week was the acquisition of Orla Mining by Equinox Gold, forming the second largest gold mining company in Canada.

London’s first mining conference of 2026 took place, 121 at Hounsditch. Attendance by companies and investors looked lower than in previous years, despite the recent boost in commodity prices nor the mining companies.

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Significant news from our watchlist companies for the last week is listed below, please click on the link to be taken to the full story.

Catalyst Confirmed the Potential for Growth at Old Highway

Ora Banda Mining Appointed John Richards as Chairman Elect

Cabral Gold Drilled 10.2m @ 8.7 g/t gold at Jerimum Cima

Equinox Gold and Orla Mining to Combine to Become a Major Gold Producer

121 Mining Conference London Day 2

121 Mining Conference London Day 1

Mining Review 10th May 2026

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Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices	170526	Weekly % change
Gold price in UK £	3406	-1.59%
Gold in AUD$	6353	-2.29%
Gold	4540	-3.85%
Silver	76	-5.47%
Palladium	1420	-3.73%
Platinum	1971	-2.52%
Rhodium	9900	-1.98%
Copper	6.26	0.32%
Nickel	8.39	-2.21%
Zinc	1.6	2.56%
Tin	24.79	11.02%
Cobalt	25.53	0.00%
Lithium	28211	4.04%
Uranium	86.15	-0.12%
Iron Ore	111	0.91%
Coking Coal	239	-0.42%
Thermal coal	133.5	-0.37%

Click HERE for live Spot Metal Prices

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City Investors Circle is based in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please emailandrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Declaration

The writer may hold shares in some or all of the companies mentioned in this article.

To read our full terms and conditions, please click HERE

Equinox Gold and Orla Mining Combine to Become a Major Gold Producer

Equinox Gold and Orla Mining

Announced that the Companies have entered into a definitive arrangement 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.

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Equinox Gold and Orla Mining Combine to Create North America’s New Senior Gold Producer: Built to Grow, Built to Last

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 assets

VANCOUVER, British Columbia, May 13, 2026 (GLOBE NEWSWIRE) —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.

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The combined company will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ouncesof annual gold production from an internally funded North American growth pipeline.

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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.

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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.

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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.

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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 Reservesⁱⁱⁱ
Peer leading, growth profile to more than 1.9 million ounces annually: Clear path to more than 800,000 ouncesⁱⁱof 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 Mexico
Second 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 upside
Substantial free cash flow generation and robust financial position: Combined free cash flow^ivprofile 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^ivto drive growth and continued shareholder returns
Industry 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 Limited
Balanced 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 optionality
Significant 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 potential.

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Darren 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.”

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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.”

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To read the full news release please click HERE

To see the latest share price and chart, please click HERE.

To View Equinox Gold’s historical news, please click here

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The live gold price can be found HERE

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Equinox Gold and Orla Mining.

.

To read our full terms and conditions, please click HERE

Orla Mining Falls on Union Concerns

Orla Mining (TSX: OLA)

Orla Mining’s share price fell over 9% as concerns about an ongoing union battle at its Camino Rojo mine in Mexico.

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Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$7.55 Billion @ C$22.2
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

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Orla Mining Falls on Union Concerns

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Orla Mining (TSX: OLA) Orla Mining’s share price fell over 9% as concerns about an ongoing union battle at its Camino Rojo mine in Mexico.

It has been alleged by the union that was replaced at the mine by a new union that members of a Sinaloa cartel interfered with the vote taken by mineworkers on which union they wished to have represent them.

Clearly the battle is about money, union fees, probably sizeable over the whole of a mine’s labour force over a longer period of time.

This seems to be an issue that keeps rumbling on, and is becoming a bigger issue.

I recently met with management and they stated it’s a battle between unions not involving the company, so am holding my shares, although I feel that somewhere down the line the company will be asked to pay a fine to resolve the matter.

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To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

The live gold price can be found HERE

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=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Orla Mining Discovers High-Grade Zones at Musselwhite

Orla Mining (TSX: OLA; NYSE: ORLA)

Reported 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 continue as stacked, continuous horizons for at least two kilometres.

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Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$8.34 billion @ C$24.54
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

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Orla Mining Discovers Additional High-Grade Zones at Musselwhite Two Kilometres Down Plunge

April 9, 2026

Stacked Extension Zones Expand Mine Trend by More Than Two Kilometres, Providing Significant Mine Life Extension Potential

Vancouver, BC – April 9, 2026 – 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.

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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 operations
3.5 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 operations

Underground 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)

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Sylvain Guerard, Orla’s Senior Vice President, Exploration said;

“The Musselwhite exploration program continues to exceed expectations.

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“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.

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“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.”

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To read the full news release, please click HERE

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To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

The live gold price can be found HERE

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Market Review March 2026

Market Review March 2026

Has been published. The focus is on the fall in the gold price and subsequent fall in mining stocks as a result.

The highlighted company is Orla Mining.

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City Investors Circle Market Review March 2026

The Market Review for March 2026 has been published.

The focus is on the fall in the gold price and subsequent fall in mining stocks as a result.

The highlighted company is Orla Mining.

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The highlighted company this month is Orla Mining, a TSX listed company with producing gold mines in Canada and Mexico, and a near term development project in Nevada, USA.

Orla is set to produce up to 350,000 ounces of gold in 2026 at an AISC of around US1,750.

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Other significant news in the Review includes,

Orla Mining (TSX: OLA)
Recorded a record US $133 million in free cashflow
Filed an updated technical report for South Railroad

G Mining Ventures (TSX: GMIN)
Reported Increased gold reserves by 221% to 6.52 million ounces.
Shareholder La Mancha exercised its right for additional shares
Reported record full year production and financial results.

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To read the March 2026 Market Review, please click HERE .

To receive future issues of the Market Review and invitations to our free to attend mining presentations, please email andrew@city-investors-circle.com

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Archive of March’s news releases is listed below, click the link to be taken to the full story.

Pacgold Extends St George Gold and Antimony Fence Strike

G Mining Ventures Reports Q4 and Full-Year 2025 Results

Pacgold St George Gold Geochem Extends Fence Strike >30km

Heliostar Acquires The Goldstrike Project and Updated Mineral Resource

West Red Lake Gold Further De-Risks Fork Satellite Deposit

Catalyst Metals Concludes Deal With Star Minerals

Mining Review 22nd March 2026

Meeka Metals Expands Plant to Increase Gold Production

Orla Mining Reports a Record $133m Free Cash Flow

Swiss Mining Conference Day 2

Swiss Mining Conference Day 1

Benz Mining Announce New Ultra High Grade Gold Discovery

Ora Banda Update on Third Party Ore Processing

Barton Gold Begin Tunkillia Phase 2 Resource Upgrade Drilling

Mining Review 15th March 2026

G Mining Ventures 2025 Gold Reserves Increase 221% to 6.52 Moz

Cabral Gold Drills 9.5m @ 87.4 g/t Gold at Jerimum Cima

Ora Banda Drilling Discovers New Sapphire Trend

Ora Banda Grows Round Dam MRE Ten Times

G Mining Investor La Mancha Exercises Right For Additional Shares

Westgold Post Record Half-Year Results

Mining Review 8th March 2026

Caprice Resources Defines New Targets at Vadrians

Catalyst Metals Posts Strong Half Year Results

Ora Banda Reports Record Half Year Results

Fuerte Metals Awards Contract for the Coffee Gold Project’s Northern Access

Orla Mining Files Updated Technical Report for South Railroad

Market Review For February 2026 Published

Mining Review 1st March 2026

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+++++++

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

.

To read our full terms and conditions, please click HERE

Orla Mining Reports a Record $133m Free Cash Flow

Orla Mining (TSX: OLA)

Announced record results for the fourth quarter and year ended December 31, 2025.

Q4 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.

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Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$6.5 billion @ C$19.83
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

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Company generates record $133 million in free cash flow to support self-funded growth model

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Vancouver, BC – March 19, 2026– 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)

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Fourth Quarter 2025 Summary

Fourth 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 share
Adjusted 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 News

In 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.

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– Jason Simpson, President and Chief Executive Officer of Orla commented;

“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.

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“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.

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“In Nevada, we are preparing for a mid-year construction start, marking the next step in unlocking value from our third mine.

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“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.”

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To read the full news release, please click HERE

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To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

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.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Mining Review 8th March 2026

Mining Review 8th March 2026

Catalyst Metals and Ora Banda Mining posted strong H1 results.

Fuerte Metals and Orla Mining advanced their development projects.

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Heliostar

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Mining Review 8th March 2026

Mining Review 8th March 2026

Catalyst Metals and Ora Banda Mining posted strong H1 results.

Fuerte Metals and Orla Mining advanced their development projects.

Gold stocks in my portfolio were mainly down as a result of the 2% fall in price of the gold. I am not taking any action, as Charlie Munger once said, “time in the market beats timing the market”.

In my experience that is mainly the case, over time the markets rise, and I have never been good at trying to time trades so sitting and holding is my preferred method of increasing my portfolio value.

+++++++

The price of gold fell in US dollar terms, but the UK pound price actually increased as a result of a fall in the value of the pound versus the dollar.

This highlights the store of value offered by gold to investors in a country such as the UK where the government is felt to be running the economy down, and in a way negative to growth and business entrepreneurship.

Silver and palladium took huge hits, dropping 9.95% and 12.16% respectively.

n general this was another week of precious metals volatility, despite the US and Israeli attacks on Iran continuing, and the price of oil rising fast.

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Caprice Resources Defined a New Targets at Vadrians

Catalyst Metals Posted Strong Half Year Results

Ora Banda Mining Reported Record Half Year Results

Fuerte Metals Awarded a Contract for the Coffee Gold Project’s Northern Access

Orla Mining Filed an Updated Technical Report for South Railroad

Market Review For February 2026 Published

Mining Review 1st March 2026

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Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices	Price	Weekly % change
Gold price in UK £	£3857	0.52%
Gold in AUD$	A$7357	-0.81%
Gold	5172	-2.01%
Silver	84.34	-9.95%
Palladium	1611	-12.16%
Platinum	2145	-8.06%
Rhodium	11600	3.34%
Copper	5.76	-3.68%
Nickel	7.93	-3.06%
Zinc	1.5	-2.60%
Tin	22.64	-0.75%
Cobalt	25.53	0.00%
Lithium	22107	3.22%
Uranium	86.15	-3.15%
Iron Ore	101	2.02%
Coking Coal	230	-6.50%
Thermal coal	136	16.24%

Click HERE for live Spot Metal Prices

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.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in some of the companies mentioned.

.

To read our full terms and conditions, please click HERE

Orla Mining Files Updated Technical Report for South Railroad

Orla Mining (TSX: OLA; NYSE: ORLA)

Announced that the Company has filed an updated independent technical report for South Railroad prepared in accordance with National Instrument 43-101.

The South Railroad Gold Project is located in Nevada, USA, and forms a part of the Company’s larger South Carlin Complex land package on the prolific Carlin Trend.

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Orla Mining

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	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$10 billion @ C$29.67
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

Orla Mining Files Updated Technical Report for South Railroad Gold Project, in Nevada

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Vancouver, BC – March 2, 2026 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that the Company has filed an updated independent technical report for South Railroad (the “South Railroad Technical Report”), which was prepared in accordance with National Instrument (“NI”) 43-101.

The South Railroad Gold Project (“South Railroad” or the “Project”) is 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.

The South Railroad Technical Report now includes a construction-ready feasibility study backed by advanced engineering and expanded metallurgical testing. Key enhancements include a two-stage crushing circuit for improved recoveries and a comprehensive execution plan to support the project’s transition into development.

The detailed technical report is now available on SEDAR+ and EDGAR under the Company’s profile at www.sedarplus.ca and www.sec.gov, respectively. The technical report is now also available on Orla’s website at www.orlamining.com.

Orla is currently transitioning to the execution phase, focusing on detailed engineering, construction readiness, and long-lead procurement. Full construction is expected to commence in mid-2026, pending the receipt of final project permits. The development is expected to be funded through operating cash flow and cash on hand. For further details, please refer to the summary highlights in the January 15, 2026, news release.

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To read the full news release, please click HERE

.+++++++

To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Mining Review 22nd February 2026

Mining Review 22nd February 2026

Catalyst Metals, Minerals 260, and West Red Lake Gold mines all released strong drill results.

Orla Mining released a positive PEA for the Camino Rojo underground.

.

Drill core from recent drilling – Credits West Red Lake Gold Mines

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City Investors Circle Mining Review 22nd February 2026

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Catalyst Metals, Minerals 260, and West Red Lake Gold Mines all released strong drill results.

Orla Mining released a positive PEA for the Camino Rojo underground.

+++++++

The price of gold fluctuated around the $5,000 level all week, ending strongly as the likelihood of the US attacking Iran increased as the US was confirmed at considering a “limited first strike” to pursuade the Iranians to make a deal.

Silver and palladium also had a good week, but platinum reversed on higher inventory news.

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News from our other tier 1 and 2 watchlist companies is pasted below, click on the link to be taken to the full story.Archives

Orla Mining Released a Positive Camino Rojo Underground PEA

West Red Lake Gold Mines Intercepted 84.3 g/t Au over 1m at Rowan

Catalyst Metals Reports High-Grade Gold At Old Highway

Horizon Minerals Halted for “Significant Capital Raise”

Kaiser Reef Outlined a Strategic Plan For Henty and Maldon Gold Mines

Minerals 260 Reported a 7m @ 12.7 g/t Au Intersect at Bullabulling

Mining Review 15th February 2026

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+++++++

Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices	220226	% change
Gold price in UK £	3788	2.49%
Gold in AUD$	7190	0.35%
Gold	5027	-0.32%
Silver	81	4.35%
Palladium	1827	7.22%
Platinum	2058	-0.91%
Rhodium	10900	1.40%
Copper	5.75	-0.86%
Nickel	7.84	1.69%
Zinc	1.52	0.00%
Tin	20.7	-8.12%
Cobalt	25.53	0.00%
Lithium	19479	0.10%
Uranium	88.8	-0.22%
Iron Ore	95.6	-1.44%
Coking Coal	247	0.82%
Thermal coal	121	2.54%


Metal ETFs	Price	% change
GLD	468.62	1.21%
GDX	106	1.92%
GDXJ	142	4.41%
Sil	108	5.88%
SILJ	36	5.88%
GOEX (PCX)	99.52	3.42%
URA	54	3.85%
COPX	89	1.14%
XGD:AX	20371	0.35%
HUI	893	2.53%

Click HERE for live Spot Metal Prices

+++++++

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in some of the companies mentioned.

.

To read our full terms and conditions, please click HERE

Orla Mining Release Positive Camino Rojo Underground PEA

Orla Mining (TSX: OLA)

Announced positive results of a Preliminary Economic Assessment for the underground project at its Camino Rojo Mine 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.

.

Orla Mining heap leach pad, Solution pond, and Merrill-Crowe plant – Credits Orla Mining Ltd.

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/

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	Orla Mining	TSX : OLA
Stage	Development
Metals	Gold
Market cap	C$6.67 billion @ C$22.58
Location	Mexico + Nevada + Canada
Website	www.orlamining.com

/

.

Orla Mining Release Positive Camino Rojo Underground PEA

.

Vancouver, BC – February 19, 2026 – 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 Highlights

Underground 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).
- NPV_5% 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”)³in 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.

.

–Jason Simpson, Orla’s Chief Executive Officer said’,

“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.”

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To read the full news release, please click HERE

.+++++++

To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Orla Mining Achieves Record Quarterly Production of Gold

Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an operational update for the fourth quarter and year ended December 31, 2025, as well as 2026 guidance.

Orla exceeded its revised annual consolidated production guidance of 265,000 to 285,000 ounces of gold producing 300,620 oz in 2025.

.

Orla Mining

.

	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$6.67 billion @ C$22.58
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

.

Orla Mining Achieves Record Quarterly Production Propelling Company Above 300,000 Ounces for 2025, setting up a Catalyst-Rich 2026

Vancouver, BC – January 20, 2026 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an operational update for the fourth quarter and year ended December 31, 2025, as well as 2026 guidance.

Orla exceeded its revised annual consolidated production guidance of 265,000 to 285,000 ounces of gold producing 300,620 oz in 2025.

The Company anticipates full year 2025 all-in sustaining (“AISC”)¹ to be within the revised guidance range of $1,350-$1,550 /oz.

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(All amounts expressed in millions of US dollars, as at December 31, 2025, and are unaudited)

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Fourth Quarter and Full Year Operational Update

Total Gold Production & Sales	Q4 2025	FY 2025²	FY 2025 Revised Guidance
Total Gold Produced	oz	95,405	300,620	265,000 – 285,000
Total Gold Sold	oz	92,889	297,013

Musselwhite, Canada
Ore Milled	tonnes	361,407	1,089,896
Milled Ore Gold Head Grade	g/t	6.77	6.04
Gold Produced	oz	75,818	203,856²	170,000 – 180,000²
Gold Sold	oz	73,910	198,970

Camino Rojo, Mexico
Ore Stacked	tonnes	1,862,807	8,938,173
Stacked Ore Gold Grade	g/t	0.47	0.54
Gold Produced	oz	19,587	96,764	95,000 – 105,000
Gold Sold	oz	18,979	98,043

– Jason Simpson, President and Chief Executive Officer, Orla Mining;

“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.

“The strength of our diversified portfolio was clearly demonstrated in the second half of 2025, driven by outstanding execution by our operations teams in Mexico and Canada.

“Despite short-term challenges at Camino Rojo, the operation has fully rebounded, and Musselwhite’s exceptional production performance in our first ten months of ownership propelled us to record annual production.

“Our 2026 guidance reflects strong gold production and sustained investment to accelerate growth at Musselwhite, South Carlin, and Camino Rojo.

“Together, these priorities position us to deliver long-term value through disciplined execution of a high-quality pipeline of opportunities.”

.

Musselwhite Operations

During 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 was 95.65% resulting in gold production of 75,818 ounces.

Camino Rojo Operations

During the quarter, Camino Rojo mined over 1.7 million tonnes of ore and nearly 2.7 million tonnes of waste, for an implied strip ratio of 1.52. A total of 1.86 million tonnes of ore were stacked at an average grade of 0.47 g/t gold equating to an average daily stacking rate of about 20.2 thousand tonnes.

Our Camino Rojo team in Mexico responded rapidly and safely to the July pit wall event, mitigating the impact by processing stockpiled material while the north wall was re-established. With overburden removal now complete and mining returned to the main portion of the deposit, Camino Rojo is well positioned to deliver consistent performance in 2026. Camino Rojo produced 96,764 ounces of gold in 2025, in line with the revised annual guidance.

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To read the full news release, please click HERE

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To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

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.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Orla Confirms 2 Km Gold Trend Extension at Musselwhite

Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an update on continued exploration success at the Musselwhite Mine, with drilling confirming high grade gold mineralization extends two kilometers beyond current underground operations.

The Company’s recent aggressive, multifaceted drilling campaign has delivered consistent high-grade results across all priority zones, strengthening confidence in significant resource growth potential and extended mine life.

.

Musselwhite Gold Mine – Credits Orla Mining

.

	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$6.58 billion @ C$19.39
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

Orla Confirms Two-Kilometre Gold Trend Extension at Musselwhite

High grade drilling results strengthen confidence in significant resource growth and mine life extension

.

Vancouver, BC – December 18, 2025 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on continued exploration success at the Musselwhite Mine, with drilling confirming high grade gold mineralization extends two kilometers beyond current underground operations.

Since the October 6 update, announcing initial discovery of the mine trend extension, the Company’s aggressive, multifaceted drilling campaign has delivered consistent high-grade results across all priority zones, strengthening confidence in significant resource growth potential and extended mine life.

New Exploration Highlights:

Continued Mine Trend Extensions Confirmation: Significant gold mineralization intersected two kilometres down plunge of current operations, returning 5.0 metres at 5.57 g/t Au incl. 1.0 m at 8.79 g/t Au (25-NSD03-002W).
Additional underground resource growth: Multiple high-grade underground intersections from the Redwings, Lynx, West Limb and PQE Zones continue to support production and growth, including 9.0 metres at 22.1 g/t Au (25-LNX-009) and 15.0 metres at 10.1 g/t Au (25-LNX-041).
Continued near-mine satellite drilling success: Shallow high-grade mineralization confirmed at near-mine satellite targets, including 1.2 metres at 43.8 g/t Au incl. 0.4 m at 129 g/t Au (25-KAZ-007).

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Deep Directional Drilling Confirms Two-Kilometre Mine Trend Extension, Potential Upper and Lower Zones

The 2025–2026 deep directional surface drill program is targeting the northwest down-plunge extension of the Mine Trend, testing approximately one to two kilometres beyond current operations through a planned 30-hole program. To date, 11,744 metres have been completed, with assay results received from eight holes. Planned drill metres have increased from 11,000 metres to approximately 12,500 metres by year-end 2025. This news release reports results from four additional holes completed since the October 6, 2025, results press release.

.

Sylvain Guerard, Orla’s Senior Vice President, Exploration said:

“Since our October 2025 update, the Musselwhite exploration program has continued delivering a steady stream of high-grade intercepts across all priority zones.

“These results strengthen confidence in resource growth and the outlook for extended mine life. We will carry the momentum with all priority exploration programs initiated in 2025 continuing through 2026.”

.

To read the full news release, please click HERE

.=======

To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Mining Review 7th December 2025

Mining Review 7th December 2025

A long week of conferences in London as Mining Week 2025 closed on Friday.

I had a few good meetings and a few potential new investments to consider.

.

Mines and Money

.

City Investors Circle Mining Review 7th December 2025

A long week of conferences in London as Mining Week 2025 closed on Friday, after having three conferences in six days.

The week started with the Northern Miner Symposium (it sounds so much more sophisticated than conference does it not?) at the 121 venue at Houndsditch.

The event is a lot smaller than 121, and set on a different floor. There were around 20 companies exhibiting, so not a great deal of choice, and upon reviewing the list I was in two minds whether to attend at all.

I settled for arranging a few meetings after lunch on the final day, so I arrived just before lunch and then had a full afternoon.

Gunnison Copper enter the hall of infamy for keeping me waiting outside their booth whilst the previous meeting carried on. Meetings were only 15 minutes long, so after waiting for five minutes where I could clearly be seen, I left so as not to waste any more time. If they had a good meeting in progress, at least say so, I wouldn’t have minded.

——-

On the first day of Mines and Money I had a private investor annual lunch to attend, so my first experience was on day 2. Registration was easy, and no queues as it was the second day.

My impression is that it was smaller than last year. I had arranged a good number of meetings to comply with the five meeting free entry rule, although in all honesty there were few companies in the show that got my interest. I am selective these days, there’s no point in wasting everyone’s time if a company’s story doesn’t fit my investment criteria.

I had a few good meetings and a few potential new investments to consider, Dakota Gold being the standout for me. It has an experienced successful CEO, Rob Quartermain, is located in a tier 1 jurisdiction, the USA, is a former producing gold mine steeped in history and production, is well funded and backed by institutions of the highest calibre.

I am reviewing the other companies I engaged with, and may add one or two to the watchlist. Dakota Gold is going on the Tier 3 watchlist as production is some three years away as it currently stands.

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A list of all the significant news releases from our watchlist companies last week is below, please click on the link to be taken to the full story.

Orla Mining Announced a Dividend and Quarterly Dividend Program

Caprice Resources began Air Core Drilling at The Island Gold Project

Mines and Money London 2025

Orla Mining Discovered a High-Grade Oxide Gold at South Carlin

Barton Gold Reported Broad, High-Grade Assays at ‘S1’ Pit Area

Northern Miner London Symposium

Market Review November 2025 Published

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Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices	Price	Weekly % change
Gold price in UK £	3152	1.32%
Gold in AUD$	6340	0.62%
Gold	4199	-1.29%
Silver	58.49	11.96%
Palladium	1441	-4.25%
Platinum	1650	0.86%
Rhodium	7950	-0.63%
Copper	5.41	5.66%
Nickel	6.68	-0.60%
Zinc	1.46	15.87%
Tin	15.93	0.06%
Cobalt	22.7	43.94%
Lithium	12801	24.12%
Uranium	76	-3.97%
Iron Ore	103.2	-1.71%
Coking Coal	206	7.29%
Thermal coal	108	0.00%

Click HERE for live Spot Metal Prices

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.

City Investors Circle is based in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

To read our full terms and conditions, please click HERE

Orla Mining Discovers High-Grade Oxide Gold at South Carlin

Orla Mining (TSX: OLA; NYSE: ORLA)

Announced results from its 2025 exploration program at the South Carlin Complex in Nevada.

The 18,000-metre drilling campaign delivered significant oxide intercepts outside current pit designs and advanced multiple satellite targets, reinforcing resource growth potential.

Credits – Orla Mining Ltd.

.

,

	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$6.34 billion @ C$18.64
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

.

Vancouver, BC – December 2, 2025 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce results from its 2025 exploration program at the South Carlin Complex (“South Carlin”) in Nevada.

The 18,000-metre drilling campaign delivered significant oxide intercepts outside current pit designs and advanced multiple satellite targets, reinforcing resource growth potential across the Company’s extensive land package along the prolific Carlin Trend ahead of planned 2028 production.

Orla is advancing the South Railroad Project (“South Railroad”, or the “Project”), located within the large South Carlin Complex. South Railroad is in final permitting, with an optimized feasibility study due early in the first quarter 2026, construction is expected to begin mid-2026, and first production in 2028.

.

2025 Exploration Highlights:

Significant Open Pit Expansion Potential Confirmed

Drilling intersected significant oxide mineralization 100-130 metres beyond current feasibility pit shells at both Pinion and Dark Star deposits:
- Pinion: 67.1 metres at 1.06 g/t Au (oxide), including 36.6 metres at 1.68 g/t Au in hole PR25-05 and 32 metres at 0.94 g/t Au (oxide) in hole PR25-02 demonstrating mineralization extends across the Bullion Fault structure.
- Dark Star: 22.6 metres at 5.65 g/t Au (oxide), including 5 metres at 15.1 g/t Au (DS25-03) confirming high-grade oxide continuity between the north and south pit shells.

.

Satellite Discoveries Advancing

Spike Target: Oxide gold confirmed over 1.5 kilometres strike length, 600 metres south of POD-Sweet Hollow, with intercepts including 38.1 metres at 0.80 g/t Au (RR25-05) and 21.3 metres at 0.76 g/t Au (RR25-06).
- Firebox Target: First hole returned24.4 metres at 1.08 g/t Au (PR25-09, prelim. Fire Assay), confirming an exciting new target 500 metres from Pinion.

.

Sylvain Guerard, Senior Vice President, Exploration commented,

“The South Carlin Complex is advancing rapidly and remains early in its exploration life.

“These results provide a strong foundation for resource growth that we expect to capture in future studies, and position South Railroad as a cornerstone asset on the Carlin Trend.”–

.

South Carlin Complex –District-Scale Opportunity and Just Getting Started

Orla is advancing South Railroad toward production with an optimized feasibility study to be released early in the first quarter 2026 and final construction permits expected in the second quarter 2026.

Full construction is anticipated to begin mid-2026. The 2025 exploration results provide additional upside that may be incorporated into future resource updates and mine planning.

The South Carlin Complex hosts reserves and resources of 1.604 Moz and 1.753 Moz respectively with a projected eight year mine life based on the 2022 Feasibility Study.

Since acquisition, Orla has completed 57,800 metres of drilling in 266 holes, systematically building geological understanding and confirming district-scale potential.

.

To read the full news release, please click HERE

.=======

To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Orla Mining.

.

To read our full terms and conditions, please click HERE

Market Review November 2025 Published

Market Review November 2025 Published

The City Investors Circle 135th Monthly Review has been published for November 2025.

The highlighted company is Endeavour Silver. Other companies mentioned include Orla Mining and Equinox Gold.

.

,

City Investors Circle Market Review November 2025 Published

The City Investors Circle 135th Monthly Review has been published for November 2025.

The highlighted company is Endeavour Silver.

Other companies mentioned include Orla Mining and Equinox Gold.

The main topic is the nominal all-time high price of silver, and the root causes.

After a brief wobble of the gold and silver prices they have bounced back and producing miners remain around recent highs.

——-

To read the November 2025 Market Review, please click HERE .

To receive future issues of the Market Review and invitations to our free to attend mining presentations, please email andrew@city-investors-circle.com

.

——-

Archive of November’s news releases is listed below, click the link to be taken to the full story.

Silver Price Hits An All-Time High

West Red Lake Gold Mines Drills at Fork

Kaiser Reef to Commence Union Hill Waste Dump Drilling

Barton Gold Tunkillia Upgrade Drilling Completed

Heliostar Drills 83.2m Grading 17.35 g/t Gold from 76m

Horizon Minerals Gold Mining Update

Mining Review 23rd November 2025

Mining Conference Week 1 Reviewed

Swiss Mining Conference

121 Mining Conference London

Colonial Coal Continues Talks With Interested Parties

Pacgold White Lion Drilling Intersects Gold Mineralisation

Orla Mining Generates $93 Million FCF in Q3

Omai Gold Drills 20.33 g/t Au over 5.3m and 2.72 g/t Au

Mining Review 16th November 2025

G Mining Ventures Reports Strong Q3 2025 Results

Catalyst Settles Legal Case For The Tandarra Gold Project

Lefroy to Commence Lucky Strike Gold Production

Capricorn Grows Mt Gibson Underground Resource

Meeka Metals Reports 8m @ 14.8g/t Au at Turnberry South

Pacgold launches restart of White Dam Gold Mine

Mining Review 8th November 2025

West Red Lake Gold Confirms High-Grade Gold in Lower Austin

Equinox Gold Delivers Record Q3 Production and Revenue

Wesdome Intersects New Zone at Kiena’s Dubuisson Deposit

Horizon Minerals Notice Of Share Consolidation

Omai Gold Drills 20.33 g/t Au over 5.3m at Wenot

Western Gold Grade Control Supports Mine Decision

New Murchison Gold Complete Strong Production Ramp Up

Mining Review 2nd November 2025

Market Review September 2025

.

——-

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

.

To read our full terms and conditions, please click HERE

Orla Mining Generates $93 Million FCF in Q3

Orla Mining (TSX: OLA; NYSE: ORLA)

Announced the results for the third quarter September 30, 2025.

Orla generated $93 million in free cash flow.

.

Orla Mining

.

	Orla Mining	TSX : OLA
	Stage	Development
	Metals	Gold
	Market cap	C$5.78 billion @ C$17.01
	Location	Mexico + Nevada + Canada
	Website	www.orlamining.com

.

Orla Mining generates record $93 million in free cash flow for quarter

Vancouver, BC – November 11, 2025 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) today announces the results for the third quarter September 30, 2025.

(All amounts expressed in U.S. dollars unless otherwise stated)

Third Quarter 2025 Summary

Third quarter gold production of 79,645 ounces and total quarterly gold sold of 78,857 ounces, generating $275.0 million in revenue.
Third quarter all-in sustaining cost¹ (“AISC”) was $1,641 per ounce of gold sold. Year to date AISC of $1,420 per ounce of gold sold.
Net income for the third quarter was $49.3 million or $0.15 per share
Adjusted earnings¹ for the third quarter were $73.0 million or $0.22 per share.
Cash flow from operating activities before changes in non-cash working capital during the third quarter was $113.1 million.
Exploration and project expenditure¹ was $38.8 million during the quarter, of which $12.8 million was expensed and $26.0 million was capitalized.
Musselwhite initial exploration results confirm a potential two-kilometre extension of the mine’s main gold trend indicating substantial potential to extend mine life and increase production.
The Company experienced a pit wall event at Camino Rojo on July 23^rd resulting in an operational pause and mine resequencing. The stabilization plan is currently on track and Orla reaffirms its revised production and cost guidance of 265,000 to 285,000 ounces of gold production and AISC of $1,350 to $1,550 per ounces of gold sold.
The Company ended the quarter with $326.9 million in cash and $420.0 million in debt, resulting in $93.1 million in net debt¹ and $356.9 million in liquidity¹.

.

– Jason Simpson, President and Chief Executive Officer of Orla

“Orla delivered strong results in the third quarter, achieving a record $93 million in free cash flow¹ and strengthening our balance sheet.

“This performance positions the Company to self-fund the next stage of growth at South Railroad, consider return of capital initiatives, and underscores the quality of our assets and execution.

“While the quarter also brought its challenges, I’m proud of our team’s resilience and focus in navigating them. As we move toward year-end, we remain committed to finishing strong, targeting the upper end of our production guidance, and advancing our key growth projects — further reinforcing Orla’s standing as the emerging producer of choice.”

.

To read the full news release, please click HERE

.=======

To view Orla Mining’s share latest price and chart, please click HERE

To View Orla Mining’s historical news, please click here

.

The live gold price can be found HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

Mining Review 7th June 2026

City Investors Circle Mining Review 7th June 2026

Orla Mining Blockade Dispute Over, workers Return

Orla Mining Reports Resumption of Operations at Camino Rojo

Jason Simpson, President and Chief Executive Officer of Orla Mining said,

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Orla Mining.

Orla’s Share Price Falls as Mine Blockaded in Worker Dispute

Orla Mining Reports Illegal Work Stoppage and Blockade at Camino Rojo

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Orla Mining.

Market Review May 2026

City Investors Circle Market Review May 2026

Other significant news in the Review included,

G Mining Ventures (TSX: GMIN) reported superb Q1 2026 results.

This website is not sponsored, we are truly independent, and will always remain so.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

Mining Review 17th May 2026

Mining Review 17th May 2026

Market Data

Weekly Price Changes

(US$ unless stated)

+++++++

This website is not sponsored, we are truly independent, and will always remain so.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Equinox Gold and Orla Mining Combine to Become a Major Gold Producer

Equinox Gold and Orla Mining Combine to Create North America’s New Senior Gold Producer: Built to Grow, Built to Last

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 assets

Strategic Rationale of the Transaction The combination of Equinox and Orla creates:

Darren Hall, Chief Executive Officer of Equinox, stated:

Jason Simpson, President and Chief Executive Officer of Orla, stated:

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Equinox Gold and Orla Mining.

Orla Mining Falls on Union Concerns

Orla Mining Falls on Union Concerns

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Orla Mining.

Orla Mining Discovers High-Grade Zones at Musselwhite

Orla Mining Discovers Additional High-Grade Zones at Musselwhite Two Kilometres Down Plunge

.

.

Sylvain Guerard, Orla’s Senior Vice President, Exploration said;

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Orla Mining.

Market Review March 2026

Other significant news in the Review includes,

This website is not sponsored, we are truly independent, and will always remain so.

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

Orla Mining Reports a Record $133m Free Cash Flow

Company generates record $133 million in free cash flow to support self-funded growth model

Fourth Quarter 2025 Summary

Other Recent News

– Jason Simpson, President and Chief Executive Officer of Orla commented;

This website is not sponsored, we are truly independent, and will always remain so

These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.

Disclosure

At the time of writing the author holds shares in Orla Mining.

Mining Review 8th March 2026

Strategic Rationale of the Transaction
The combination of Equinox and Orla creates: