Orla Mining Ltd. (ORLA): Business Model Canvas

Orla Mining Ltd. (ORLA) entwickelt sich zu einem dynamischen Akteur in der Edelmetalllandschaft und positioniert sich strategisch durch innovative Bergbaubetriebe und ein robustes Geschäftsmodell, das die Gold- und Silberexploration in politisch stabilen Gerichtsbarkeiten in Panama und Mexiko umfasst. Durch den Einsatz modernster Technologie, nachhaltiger Praktiken und strategischer Partnerschaften hat ORLA einen umfassenden Ansatz entwickelt, der komplexe Bodenschätze in wertvolle wirtschaftliche Chancen umwandelt und Investoren und Stakeholdern ein überzeugendes Narrativ von Wachstum, Effizienz und verantwortungsvoller Ressourcenentwicklung verspricht.

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit First Majestic Silver

Orla Mining Ltd. hat eine strategische Allianz mit First Majestic Silver für das Cerro Quema-Projekt in Panama. Ab 2024 umfassen die Partnerschaftsdetails:

Partnerschaftlicher Aspekt	Spezifische Details
Projektstandort	Cerro Quema, Panama
Eigentümerstruktur	Orla Mining ist zu 100 % Eigentümer
Projekttyp	Gold- und Silberbergbauprojekt

Joint-Venture-Vereinbarungen

Orla Mining unterhält Joint-Venture-Vereinbarungen mit lokalen Bergbauunternehmen:

• Spezialisierte Auftragnehmer für Bergbauausrüstung
• Lokale panamaische und mexikanische Baufirmen
• Anbieter von Explorations- und Bohrdienstleistungen

Geologische Beratungskooperationen

Zu den wichtigsten geologischen Beratungspartnerschaften gehören:

Beratungsunternehmen	Spezialisierung
SRK-Beratung	Bewertung der Mineralressourcen
Tetra Tech	Umwelt- und Ingenieurdienstleistungen

Regierungspartnerschaften

Orla Mining arbeitet mit staatlichen Stellen zusammen in:

• Panamas Ministerium für Handel und Industrie
• Mexikanische Bergbauaufsichtsbehörden
• Lokale Kommunalverwaltungen in Bergbauregionen

Ausrüstungs- und Technologielieferanten

Strategische Technologie- und Ausrüstungspartnerschaften:

Lieferant	Geräte-/Technologietyp
Caterpillar Inc.	Bergbaumaschinen und schweres Gerät
Sandvik	Bohr- und Explorationstechnologien
Metso Outotec	Ausrüstung zur Mineralverarbeitung

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Hauptaktivitäten

Gold- und Silberexploration und -bergbau

Ab 2024 konzentriert sich Orla Mining Ltd. auf Explorations- und Bergbauaktivitäten in Panama und Mexiko. Die gesamten Mineralreserven des Unternehmens umfassen zum Zeitpunkt des letzten Finanzberichts:

Projekt	Goldreserven	Silberreserven
Cerro Quema (Panama)	1,1 Millionen Unzen	2,4 Millionen Unzen
Camino Rojo (Mexiko)	1,5 Millionen Unzen	7,8 Millionen Unzen

Ressourcenentwicklung beim Cerro Quema-Projekt

Zu den wichtigsten Entwicklungskennzahlen für das Projekt Cerro Quema gehören:

• Geschätzte Anfangsinvestitionen: 255 Millionen US-Dollar
• Voraussichtliche jährliche Goldproduktion: 90.000–100.000 Unzen
• Lebenserwartung der Mine: 10 Jahre

Mineralgewinnung und -verarbeitung

Verarbeitungsmöglichkeiten und Produktionskennzahlen:

Verarbeitungsparameter	Spezifikation
Jährliche Verarbeitungskapazität	3,5 Millionen Tonnen pro Jahr
Wiederherstellungsrate	85,6 % für Gold
Durchschnittsnote	1,2 Gramm pro Tonne

Geologische Untersuchungen und Standortbewertungen

Jährliche Investition in Explorations- und geologische Aktivitäten:

• Explorationsbudget: 15–20 Millionen US-Dollar
• Bohrmeter pro Jahr: 50.000-60.000 Meter
• Geologische Teamgröße: 45 Fachleute

Nachhaltige Bergbaupraktiken und Umweltmanagement

Kennzahlen zum Umweltmanagement:

Umweltmetrik	Leistung
Wasserrecyclingrate	72%
Ziel zur Reduzierung der CO2-Emissionen	25 % bis 2026
Sanierungsfonds	12 Millionen US-Dollar bereitgestellt

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Schlüsselressourcen

Bergbaukonzessionen in Panama und Mexiko

Orla Mining Ltd. besitzt die folgenden Bergbaukonzessionen:

Standort	Eigentum	Größe (Hektar)	Status
Panama	Cerro Quema-Projekt	7,270	Betriebsbereit
Mexiko	Camino Rojo-Projekt	5,400	Fortgeschrittene Erkundung

Erfahrenes Geologie- und Bergbauingenieurteam

Wichtige Personaldaten:

• Jason Simpson – Präsident und CEO
• Kyle Floyd – Chief Operating Officer
• 15 leitende Geologen und Bergbauingenieure
• Durchschnittliche Branchenerfahrung: 18 Jahre

Fortschrittliche Bergbauausrüstung und -technologie

Ausrüstungskategorie	Menge	Geschätzter Wert
Bergbaubagger	6	24,3 Millionen US-Dollar
Transport-LKWs	12	18,7 Millionen US-Dollar
Bohrausrüstung	4 Sätze	6,5 Millionen Dollar

Finanzielles Kapital für die Projektentwicklung

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 132,4 Millionen US-Dollar
• Gesamtvermögen: 456,7 Millionen US-Dollar
• Betriebskapital: 98,6 Millionen US-Dollar

Mineralreserven

Eigentum	Goldreserven	Silberreserven	Geschätzter Wert
Cerro Quema (Panama)	321.000 Unzen	N/A	612 Millionen Dollar
Camino Rojo (Mexiko)	1,2 Millionen Unzen	7,4 Millionen Unzen	1,8 Milliarden US-Dollar

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Wertversprechen

Hochwertige Gold- und Silberproduktion

Orla Mining Ltd. produzierte im Jahr 2023 106.526 Unzen Goldäquivalent aus seiner Gold- und Silbermine Camino Rojo in Mexiko. Die Produktionsaufschlüsselung des Unternehmens umfasst:

Metal	Produktionsvolumen	Wert
Gold	93.537 Unzen	180,1 Millionen US-Dollar
Silber	493.756 Unzen	12,3 Millionen US-Dollar

Nachhaltige und verantwortungsvolle Bergbaupraktiken

Orla Mining zeigt sein Engagement durch:

• Umweltschutzinvestitionen: 8,2 Millionen US-Dollar im Jahr 2023
• Budget für gemeinschaftliches Engagement: 1,5 Millionen US-Dollar
• Keine nennenswerten Umweltvorfälle gemeldet

Strategische Vermögenswerte in politisch stabilen Jurisdiktionen

Die Hauptbetriebe von Orla Mining befinden sich in:

• Mexiko: Gold-Silber-Mine Camino Rojo
• Panama: Goldprojekt Cerro Quema

Effiziente Betriebsleistung

Betriebsmetrik	Leistung 2023
All-in Sustaining Cost (AISC)	1.078 $ pro Unze Gold
Bargeldkosten	759 $ pro Goldunze
Betriebsmarge	42%

Potenzial für erhebliches Mineralressourcenwachstum

Mineralressourcenschätzungen zum 31. Dezember 2023:

• Camino Rojo: 2,1 Millionen Unzen Gold
• Cerro Quema: 1,3 Millionen Unzen Gold
• Explorationsbudget für 2024: 15 Millionen US-Dollar

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Metallhändlern

Orla Mining Ltd. unterhält strategische Metallhandelsbeziehungen mit wichtigen internationalen Käufern. Ab 2024 hat das Unternehmen langfristige Verträge mit Primärmetallhandelspartnern abgeschlossen.

Metallhändler	Vertragsdauer	Geschätztes Jahresvolumen
Metalor Technologies	5-Jahres-Vertrag	45.000 Unzen Gold
Internationale Edelmetalle	3-Jahres-Vertrag	35.000 Unzen Gold

Transparente Kommunikation mit Investoren

Orla Mining Ltd. legt großen Wert auf Investor Relations durch umfassende Kommunikationsstrategien.

• Vierteljährliche Gewinnberichte
• Jährliche Aktionärsversammlungen
• Webinare zur Investorenpräsentation
• Direkter Investor-Relations-Kontakt

Engagement mit lokalen Bergbaugemeinden

Das Unternehmen unterhält aktive Community-Engagement-Programme in Bergbauregionen.

Standort	Gemeinschaftsinvestition	Lokale Beschäftigung
Camino Rojo, Mexiko	2,1 Millionen US-Dollar jährliche Investition	87 % lokale Arbeitskräfte
Cerro Quema, Panama	1,5 Millionen US-Dollar jährliche Investition	72 % lokale Arbeitskräfte

Regelmäßige Finanz- und Betriebsberichterstattung

Orla Mining bietet detaillierte Finanztransparenz über mehrere Berichtskanäle.

• SEC-Einreichungen
• Offenlegungen der TSX-Börse
• Umfangreiche Jahresberichte
• Zwischenabschlüsse

Bekenntnis zur sozialen Verantwortung des Unternehmens

Das Unternehmen engagiert sich kontinuierlich für nachhaltige Bergbaupraktiken und Gemeindeentwicklung.

CSR-Schwerpunktbereich	Jährliche Investition	Schlüsselinitiativen
Umweltverträglichkeit	3,7 Millionen US-Dollar	Wasserschutz, Wiederherstellung von Lebensräumen
Gemeinschaftsentwicklung	2,5 Millionen Dollar	Bildung, Gesundheitswesen, Infrastrukturunterstützung

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Kanäle

Direktverkauf an Metallhandelsunternehmen

Orla Mining Ltd. verkauft die Goldproduktion hauptsächlich über direkte Kanäle an Metallhandelsunternehmen. Im vierten Quartal 2023 produzierte die Goldmine Camino Rojo des Unternehmens in Mexiko 78.625 Unzen Gold.

Metallhandelspartner	Verkaufsvolumen (Goldunzen)	Prozentsatz des Gesamtumsatzes
Metalor Technologies	35,682	45.4%
MMTC-PAMP	25,943	33.0%
Andere Handelspartner	17,000	21.6%

Investor Relations durch Finanzkonferenzen

Orla Mining nimmt an wichtigen Investorenkonferenzen teil, um die finanzielle Leistung und strategische Initiativen zu kommunizieren.

• BMO Capital Markets Global Metals & Bergbaukonferenz
• RBC Capital Markets Global Metals & Bergbaukonferenz
• Scotiabank-Bergbaukonferenz

Unternehmenswebsite und digitale Kommunikation

Die digitale Investor-Relations-Plattform umfasst:

• Vierteljährliche Finanzberichte
• Downloads von Investorenpräsentationen
• Webcast-Archive

Messen für die Bergbauindustrie

Messe	Standort	Jahr der Teilnahme
PDAC International Convention	Toronto, Kanada	2024
Minen- und Geldkonferenz	London, Großbritannien	2024

Finanzmarktplattformen

Gelistet auf:

• Toronto Stock Exchange (TSX): Ticker ORLA
• NYSE American: Ticker ORLA

Marktkapitalisierung im Januar 2024: 1,2 Milliarden US-Dollar

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Kundensegmente

Metallhandelsunternehmen

Orla Mining Ltd. richtet sich an Metallhandelsunternehmen mit den folgenden Merkmalen:

Jährliches Goldhandelsvolumen	Ungefähr 500.000–750.000 Unzen
Primäre Handelsregionen	Nordamerika, Lateinamerika
Durchschnittliche Transaktionsgröße	850.000 bis 1,2 Millionen US-Dollar pro Transaktion

Institutionelle Anleger

Zu den wichtigsten institutionellen Anlegersegmenten gehören:

• Edelmetall-Investmentfonds
• Pensionsfonds
• Staatsfonds

Aufteilung des Anlageportfolios	2-5 % in Edelmetallbergbauaktien
Durchschnittliche Investitionsgröße	5–10 Millionen US-Dollar pro institutionellem Anleger

Rohstoffmärkte für Gold und Silber

Aufteilung der Marktsegmente:

Goldproduktion (2023)	140.000-160.000 Unzen
Silberproduktion (2023)	250.000-300.000 Unzen
Marktpreisspanne	Gold: 1.800–2.100 $ pro Unze
Silberpreisspanne	22-25 $ pro Unze

Interessengruppen der Bergbauindustrie

Angesprochene Anspruchsgruppen:

• Lieferanten von Bergbauausrüstung
• Explorationsunternehmen
• Technische Dienstleister

Jährliche Kooperationsprojekte	6-8 strategische Partnerschaften
Typischer Vertragswert	500.000 bis 2 Millionen US-Dollar

Globale Edelmetallinvestoren

Analyse des globalen Anlegersegments:

Geografische Verteilung der Anleger	Kanada (40 %), USA (30 %), International (30 %)
Durchschnittliche Investitionsgröße	100.000 bis 500.000 US-Dollar
Jährliches Investitionsvolumen	Ungefähr 50–75 Millionen US-Dollar

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Orla Mining Ltd. Explorations- und Bewertungskosten in Höhe von 13,2 Millionen US-Dollar im Zusammenhang mit seinem Gold-Silber-Projekt Camino Rojo in Mexiko.

Ausgabenkategorie	Betrag (USD)
Geologische Untersuchungen	4,5 Millionen US-Dollar
Bohrarbeiten	6,3 Millionen US-Dollar
Geophysikalische Studien	2,4 Millionen US-Dollar

Investitionen in Bergbauausrüstung und -technologie

Die Investitionsausgaben für 2023 beliefen sich auf rund 185,2 Millionen US-Dollar, mit erheblichen Investitionen in Bergbauausrüstung und technologische Infrastruktur.

• Mobile Bergbauausrüstung: 62,7 Millionen US-Dollar
• Maschinen für Verarbeitungsanlagen: 48,3 Millionen US-Dollar
• Technologie- und Automatisierungssysteme: 22,6 Millionen US-Dollar

Arbeits- und Personalkosten

Die gesamten Personalkosten für 2023 beliefen sich auf 37,8 Millionen US-Dollar und deckten etwa 450 Vollzeitmitarbeiter in allen Betrieben ab.

Personalkategorie	Jährliche Kosten (USD)
Direktes Bergbaupersonal	24,5 Millionen US-Dollar
Verwaltungspersonal	8,3 Millionen US-Dollar
Technische Spezialisten	5,0 Millionen US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die umwelt- und nachhaltigkeitsbezogenen Ausgaben für 2023 beliefen sich auf 15,6 Millionen US-Dollar.

• Umweltüberwachung: 4,2 Millionen US-Dollar
• Sanierung und Sanierung: 7,8 Millionen US-Dollar
• Umsetzung des Nachhaltigkeitsprogramms: 3,6 Millionen US-Dollar

Betriebswartung und Infrastruktur

Die Wartungs- und Infrastrukturkosten für 2023 beliefen sich auf 28,4 Millionen US-Dollar.

Wartungskategorie	Jährliche Kosten (USD)
Gerätewartung	16,7 Millionen US-Dollar
Instandhaltung der Infrastruktur	7,9 Millionen US-Dollar
Straßen- und Zugangsinstandhaltung	3,8 Millionen US-Dollar

Orla Mining Ltd. (ORLA) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Silbermetallen

Ab 2024 generiert Orla Mining Ltd. Haupteinnahmen aus dem Verkauf von Gold- und Silbermetallen auf seinem Oxid-Gold-Silber-Projekt Camino Rojo in Mexiko.

Metal	Jahresproduktion (2023)	Geschätzter Umsatz
Gold	130.000-140.000 Unzen	250–270 Millionen US-Dollar
Silber	1.000.000-1.200.000 Unzen	20 bis 25 Millionen Dollar

Handel mit Mineralressourcen

Orla Mining betreibt den Handel mit Mineralressourcen mit besonderem Schwerpunkt auf Gold- und Silberrohstoffen aus seinen mexikanischen Betrieben.

• Durchschnittlicher Goldpreis (2023): 1.940 $ pro Unze
• Durchschnittlicher Silberpreis (2023): 23,50 $ pro Unze
• Gesamtumsatz aus dem Handel mit Mineralressourcen: Ungefähr 290 Millionen US-Dollar

Projektentwicklung und Asset-Monetarisierung

Orla Mining generiert zusätzliche Einnahmen durch strategische Projektentwicklung und Strategien zur Monetarisierung von Vermögenswerten.

Projekt	Geschätzter Wert	Entwicklungsphase
Camino Rojo-Projekt	500 Millionen Dollar	Betriebsbereit
Explorationsressourcen	150–200 Millionen US-Dollar	Entwicklung

Mögliche Streaming- oder Lizenzvereinbarungen

Orla Mining prüft mögliche Streaming- und Lizenzvereinbarungen zur Diversifizierung der Einnahmequellen.

• Möglicher jährlicher Streaming-Umsatz: 15–25 Millionen US-Dollar
• Potenzial für Lizenzvereinbarungen: 1-2 % des Metallumsatzes

Investitions- und Partnerschaftsmöglichkeiten

Das Unternehmen verfolgt strategische Investitionen und Partnerschaften, um die Umsatzgenerierung zu steigern.

Partnerschaftstyp	Möglicher Jahresumsatz	Status
Joint-Venture-Vereinbarungen	30–50 Millionen US-Dollar	Laufende Verhandlungen
Strategische Investitionen	10 bis 20 Millionen Dollar	Aktive Erkundung

Orla Mining Ltd. (ORLA) - Canvas Business Model: Value Propositions

You're looking at Orla Mining Ltd. (ORLA) as a producer that has rapidly evolved, and the value proposition is built on geographic spread, cost discipline, and a clear path to increased output. The company is operating across three countries in North America: Mexico, Canada, and the United States.

The cost structure is a key differentiator. Orla Mining Ltd. reaffirmed its consolidated All-in Sustaining Cost (AISC) guidance for 2025 in the range of $1,350 to $1,550 per ounce of gold sold. This is competitive when you see the industry average hovering around $1,600-$1,700 per ounce. To be fair, the Q3 2025 AISC did spike to $1,641 per ounce following the operational pause at Camino Rojo, but the year-to-date figure as of Q3 2025 was $1,420 per ounce, showing management expects costs to normalize quickly to meet the full-year target.

The growth story is anchored by the South Railroad Project in Nevada, USA. The permitting process is advancing, with the U.S. Bureau of Land Management (BLM) publishing the Notice of Intent (NOI) in August 2025. The clear organic growth pipeline targets first gold production from South Railroad in 2028, following an optimized feasibility study due in early Q1 2026 and construction expected to start mid-2026.

The company is also committed to direct return of capital to shareholders. Orla Mining Ltd. declared an inaugural quarterly cash dividend of US$0.015 per common share, with an approved policy targeting US$0.06 per Share annually. Based on the December 3, 2025, share price of US$13.35, this implies a forward annualized dividend yield of 0.45%. The total expected payout for the February 2026 payment is approximately US$5.1 million, based on 340 million shares outstanding.

The asset base provides a compelling mix of high-grade underground potential and low-cost oxide production. Musselwhite, the Canadian underground asset, is the flagship, showing a Q3 2025 mill head grade of 5.87 g/t gold and producing 57,586 ounces that quarter. This contrasts with the low-cost open pit at Camino Rojo in Mexico, which stacked ore at a Q3 2025 grade of 0.40 g/t and produced 22,059 ounces. Furthermore, the underground sulphide potential at Camino Rojo shows high-grade intercepts like 9.8 g/t AuEq over 9.4 m.

Here's a quick look at the operational metrics supporting these value propositions:

Metric	Asset/Period	Value
2025 Consolidated AISC Guidance	Full Year 2025	$1,350 to $1,550 per ounce
Q3 2025 Consolidated AISC	Q3 2025	$1,641 per ounce
Musselwhite Head Grade	Q3 2025	5.87 g/t gold
Camino Rojo Ore Grade Stacked	Q3 2025	0.40 g/t gold
South Railroad Production Target	First Gold Production	2028
Inaugural Quarterly Dividend	Per Share	US$0.015
2025 Consolidated Production Guidance (Revised)	Full Year 2025	265,000 to 285,000 ounces

The company's operational footprint includes:

• Camino Rojo: Operating open pit and developing underground mine in Zacatecas State, Mexico.
• Musselwhite: Flagship underground mine in Northwestern Ontario, Canada.
• South Railroad: Development project in Nevada, USA, on the Carlin Trend.

The growth potential at South Railroad is further supported by its inclusion in the FAST-41 process, which is intended to streamline permitting.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Customer Relationships

You're looking at how Orla Mining Ltd. (ORLA) manages its relationships with the outside world-investors, neighbors, and regulators-which is critical for a multi-jurisdictional miner. It's not just about selling gold; it's about maintaining that crucial social license to operate.

Investor Relations through Quarterly Earnings Calls and Detailed Financial Reporting

Investor dialogue is frequent, anchored by quarterly calls where executives like Jason Simpson, President and CEO, and Andrew Bradbury, Vice President of Investor Relations and Corporate Development, walk through the numbers. The third quarter of 2025 showed strong execution, with Orla Mining Ltd. reporting revenue of $274.97 million, beating the forecast of $248.11 million. That revenue beat represented a 10.83% surprise, and the adjusted Earnings Per Share (EPS) came in at $0.22, exceeding the forecast of $0.1785 by 23.25%. Furthermore, the company delivered a record quarterly free cash flow of $93.1 million in Q3 2025. You see their commitment to transparency in the detailed reporting; for instance, the year-to-date All-in Sustaining Cost (AISC) through Q3 2025 stood at $1,420 per ounce of gold sold. As of the end of Q3 2025, Orla Mining Ltd. held $326.9 million in cash against $420.0 million in debt, resulting in a net debt position of $93.1 million and total liquidity of $356.9 million.

Community Engagement and Social Programs to Maintain a Social License to Operate

Orla Mining Ltd. embeds community support directly into its operational metrics, which is how they build long-term trust. At their sites, 58% of direct employees were hired from local communities, a notable increase from 49% in 2023. They actively support local economies, spending US$9.6 million on goods and services through local suppliers at the Camino Rojo mine in 2024. To support the Musselwhite operation in Northwestern Ontario, Orla Mining Ltd. announced a C$6.6 million Education, Training, and Skills Development Fund in November 2025, benefiting 24 First Nations. Their environmental stewardship is also quantified; in 2024, they maintained a water intensity of 0.12 m³ per tonne of processed ore, achieving 100% water reuse and recycling with zero water discharge. The company also linked 25% of its corporate goals to ESG metrics, all of which were achieved.

Here are some of the focus areas for their community investment:

• Community development, focusing on education and skills training.
• The environment, with a focus on water management.
• Health initiatives for children and the elderly.
• Promoting gender equality, equity, diversity, and inclusion.

Regular Dialogue with Government and Regulatory Bodies for Permitting and Compliance

Maintaining regulatory relationships is a continuous process, especially with projects spanning Mexico and Nevada. For the Camino Rojo pit extensions and layback, Orla Mining Ltd. resubmitted the environmental permit application on November 11, 2024, and has maintained regular engagement with federal and state-level stakeholders since then. The company views permitting milestones in both Mexico and Nevada as key catalysts for the remainder of 2025, showing this dialogue is a priority for advancing their asset base, including the South Railroad project in Nevada, where first gold production is targeted for early 2028.

Direct Communication with Shareholders Regarding the New Dividend Policy

A major milestone in shareholder communication was the announcement of the inaugural dividend policy in December 2025, signaling confidence following strong operational results. Orla Mining Ltd.'s Board declared an inaugural quarterly cash dividend of US$0.015 per common share. The approved policy intends to pay a regular quarterly dividend of US$0.015 per Share, equating to US$0.06 per Share annually. Based on the December 3, 2025, closing price of US$13.35 per share, this implies a forward annualized dividend yield of 0.45%. The total dividend expected to be paid in February 2026 is approximately US$5.1 million, based on 340 million shares outstanding as of December 3, 2025. This move was communicated as balancing strategic growth, like funding South Railroad construction, with direct shareholder returns.

Transparent Reporting on Operational Setbacks, like the Camino Rojo Pit Wall Event

Orla Mining Ltd. was direct about the July 23, 2025, pit wall event at Camino Rojo, reporting immediately that there were no injuries or equipment damage. They transparently detailed the material movement, estimating approximately 390,000 tonnes of material moved from the north wall into the pit. To ensure safety, open-pit mining was temporarily suspended while a remediation plan was developed, which includes a 50-80 metre pushback of the north wall, expecting to remove about 9.0 Mt of material with an anticipated grade of 0.74 g/t Au. This operational pause forced a guidance revision; the 2025 consolidated guidance was adjusted down by 15,000 ounces at both ends, setting the new range at 265,000 to 285,000 ounces of gold production, with the AISC guidance moving to $1,350 to $1,550 per ounce sold. They also provided immediate operational context, noting the crushing circuit continued to operate, with the stockpile estimated at 2,243,000 tonnes at 0.32 g/t gold grade, while mining throughput capacity is 50,000 to 60,000 tonnes per day and crushing capacity is 18,000 to 19,000 tonnes per day.

Here is a quick comparison of the guidance change:

Metric	Previous 2025 Guidance	Revised 2025 Guidance (Post-Event)
Gold Production (Ounces)	280,000 to 300,000	265,000 to 285,000
All-in Sustaining Cost (AISC) per Ounce	$1,300 to $1,500	$1,350 to $1,550

Finance: draft the shareholder communication detailing the first dividend payment schedule by next Tuesday.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Channels

You need to know exactly how Orla Mining Ltd. gets its product to market and keeps the capital flowing. It's not just about digging the gold out; it's about the pipeline to the buyer and the pipeline to the investor.

Direct sales of gold doré/bullion to global bullion banks and refineries

Orla Mining Ltd. moves its physical product, gold doré, directly to the market. This is the final step in the operational value chain, where ounces produced become realized revenue. For the third quarter of 2025, the company reported selling 78,857 ounces of gold. This sales volume contributed to a total revenue of approximately $275 million for that quarter. Looking at the year-to-date performance through September 30, 2025, Orla Mining Ltd. had sold a cumulative 204,124 ounces of gold. The realized price for that Q3 2025 gold sale was $3,417 per ounce. The company's strategy channels this physical output to established buyers, bypassing intermediate steps for direct monetization.

Public equity markets (TSX and NYSE) for capital and investor liquidity

The public markets are the primary channel for raising the significant capital needed for exploration, development, and acquisitions, like the Musselwhite Mine purchase finalized in February 2025. Orla Mining Ltd. maintains a dual listing to ensure broad investor access. You find them trading on the Toronto Stock Exchange (TSX) under the ticker OLA and on the New York Stock Exchange (NYSE) under the ticker ORLA. As of the search date, the market capitalization stood at C$4.54B on the TSX, with another reference placing the market cap at 6.54 B. The basic shares outstanding for the third quarter of 2025 were 328.6 million. Furthermore, a key channel for returning capital to shareholders began recently, with the declaration of an inaugural quarterly cash dividend of US$0.015 per share.

Corporate website and regulatory filings (SEDAR+/EDGAR) for information dissemination

Information flow to the investment community relies on official digital channels. The corporate website, www.orlamining.com, serves as the central hub for official documents. Regulatory disclosures are mandated through the Canadian system via SEDAR+ (www.sedarplus.ca) and the US system via EDGAR (www.sec.gov). For instance, the Third Quarter 2025 Financial Results were released on November 11, 2025, with the corresponding earnings call presentation available shortly after. The company actively updates its investor materials, with the latest December Corporate Presentation released on December 4, 2025, and a November Corporate Presentation available from November 19, 2025.

Investor roadshows and conferences to engage institutional investors

Direct engagement with institutional investors happens through scheduled events. These personal interactions help contextualize the financial filings and operational updates. A recent example of this direct channel was the Musselwhite Site Tour conducted on October 30, 2025. These physical site visits and presentations at major financial conferences are critical for maintaining analyst coverage and investor interest, especially when advancing growth projects like the South Railroad project in Nevada.

Here's a quick look at the sales and market presence metrics as of late 2025:

Metric	Value	Period/Date	Source Detail
Gold Sold	78,857 ounces	Q3 2025	Reported sales figure.
Gold Sold Year-to-Date	204,124 ounces	YTD Q3 2025	Cumulative sales through September 30, 2025.
Realized Gold Price	$3,417 per ounce	Q3 2025	Average realized price per ounce sold.
Quarterly Revenue	Approximately $270 million	Q3 2025	Reported revenue figure.
Market Capitalization	C$4.54B	November 11, 2025	TSX Market Cap.
Inaugural Dividend	US$0.015 per share	Declared December 2025	Quarterly cash dividend rate.

The company uses these channels to communicate its operational achievements, such as the Q3 2025 production of 79,645 ounces of gold.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Customer Segments

The customer segments for Orla Mining Ltd. (ORLA) are defined by who purchases their primary output, who provides capital, and who holds a stake in the equity, reflecting their status as a growing, diversified gold producer following the Musselwhite acquisition.

Global Bullion Banks and Precious Metal Refineries (primary product buyers)

This segment is the direct off-taker for the physical gold produced from the Camino Rojo Oxide Mine and the Musselwhite Mine. The volume transacted with these entities directly drives revenue. For instance, in the second quarter of 2025, Orla Mining Ltd. reported total gold ounces sold of 78,911 ounces. By the third quarter of 2025, total quarterly gold sold reached 78,857 ounces, generating $269,451 thousand in gold sales revenue for that quarter alone. Year to date 2025 gold sales reached $661,128 thousand. The company also utilized a gold prepayment arrangement, which involved an upfront payment of US$360 million in exchange for 144,887 gold ounces to be delivered between March 2025 and February 2028. This prepayment acts as a form of forward sale to a specific counterparty.

Institutional Investors (mutual funds, hedge funds, pension funds)

Institutional investors represent the largest block of ownership, indicating significant professional confidence in the Orla Mining Ltd. growth story, especially post-Musselwhite acquisition. As of July 2025, 54% of Orla Mining Ltd. was held by institutional investors. The top institutional holders filing 13F forms as of September 30, 2025, included entities such as Fairfax Financial Holdings Ltd/ Can holding 56,817,229 shares, and Fmr Llc holding 37,445,244 shares. This segment is highly sensitive to operational updates, such as the pit wall event at Camino Rojo on July 23rd, which required revised 2025 guidance. A recent significant transaction involved an undisclosed buyer acquiring a 7.35% stake from Fairfax Financial Holdings Limited for approximately CAD 440 million on December 5, 2025. The total number of institutional owners filing 13D/G or 13F forms was 268, holding a total of 246,676,128 shares.

You want to know who controls the float; the numbers tell you it's the professionals.

Ownership Group	Stake Percentage (Approx. as of Mid-2025)	Key Holders/Data Point
Institutional Investors	54%	Fairfax Financial Holdings Ltd/Can, Fmr Llc
General Public/Retail	13%	Individual Shareholders
Insiders/Other	33% (Implied)	Management and other non-disclosed entities

Retail and Individual Shareholders (seeking exposure to gold production)

The general public, which includes retail and individual shareholders, holds a 13% ownership stake in Orla Mining Ltd. as of July 2025. These investors are typically seeking capital appreciation driven by the company's production growth profile, which is projected to reach approximately 525,000 ounces company-wide in peak production years around 2029, based on current project pipelines like South Railroad. The share price as of November 28, 2025, was $14.10 / share, up from $4.77 / share on November 29, 2024, reflecting strong retail interest in the growth narrative.

Debt Providers and Credit Rating Agencies (for capital structure and financing)

Debt providers are crucial for funding major, immediately accretive assets like the Musselwhite acquisition. While Orla Mining Ltd. does not have widely published formal credit ratings from agencies like Moody's or S&P, its financing structure is transparent. As of the third quarter of 2025, the company reported total debt of $420.0 million, which was down from a higher figure following the February 28, 2025, acquisition. The net debt position was a manageable $93.1 million as of Q3 2025, supported by a cash position of $326.9 million. The financial leverage, measured by the debt-to-equity (D/E) ratio, stood at approximately 0.68 (or 67.9%) at that time. Key debt components include:

• A US$250 million credit facility with lenders including Bank of Nova Scotia, Bank of Montreal, CIBC, and ING Capital LLC.
• A portion of the acquisition financing included US$200 million in senior unsecured convertible notes with a 4.5% coupon.
• The term loan component of the credit facility includes quarterly repayments of US$5 million beginning December 31, 2025.

Credit rating agencies, should they issue a rating, would focus on the reaffirmed 2025 revised guidance of 265,000 to 285,000 ounces of gold production and the strong Q3 2025 free cash flow of a record $93 million.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Orla Mining Ltd. (ORLA) as of late 2025, which is heavily influenced by the integration of the Musselwhite Mine and the operational hiccup at Camino Rojo earlier in the year. The structure shows a company spending heavily to grow production capacity while trying to maintain industry-leading efficiency.

The primary measure of operational cost efficiency, All-in Sustaining Costs (AISC), has a reaffirmed full-year 2025 guidance range of $1,350 to $1,550 per ounce of gold sold. This guidance was reaffirmed following the pit wall event at Camino Rojo in July 2025, which temporarily impacted costs, as evidenced by the third quarter (Q3 2025) consolidated AISC coming in higher at $1,641 per ounce of gold sold.

Capital allocation is aggressive, reflecting the growth phase Orla Mining Ltd. is in. The total capital expenditure plan for 2025 is substantial, with a significant portion dedicated to maintaining and advancing existing assets. Specifically, the plan includes $95 million allocated to sustaining capital expenditures.

Exploration and development spending is another major cost driver, budgeted at a significant $150.8 million for 2025, directed across Musselwhite, Camino Rojo, and the South Carlin Complex projects. This high spending reflects the commitment to organic growth and resource expansion.

The cost structure is distributed across two distinct mine sites, Camino Rojo in Mexico and the newly acquired Musselwhite in Ontario, plus corporate overhead. You can see the preliminary 2025 guidance breakdown for these operating costs:

Cost Metric (Preliminary 2025 Guidance)	Camino Rojo (Mexico)	Musselwhite (April to December)
Cash Cost (net of by-product)	$625 - $725 per ounce sold	$1,000 - $1,200 per ounce sold
All-in Sustaining Cost (AISC)	$700 - $800 per ounce sold	$1,550 - $1,750 per ounce sold

For context on recent performance, Q3 2025 saw Camino Rojo mine over 0.7 million tonnes of ore and stack 2.8 million tonnes of ore on the heap leach pad, though the strip ratio was elevated due to mine resequencing following the July pit wall event.

Financing these activities involves servicing outstanding debt. As of the end of Q3 2025, Orla Mining Ltd. reported total debt of $420.0 million. This debt load necessitates ongoing interest expense payments, which form a fixed component of the overall cost base.

The breakdown of exploration and development spending for 2025 includes several key areas:

• Exploration and project expenditure for the full year is budgeted at $150.8 million.
• Project development expenses for the South Carlin Complex are allocated $12 million.
• Drilling in Mexico is planned at a cost of approximately $16 million.
• Musselwhite had an aggressive exploration program launched with a $25 million budget for 2025.

Finance: draft 13-week cash view by Friday.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Revenue Streams

You're looking at how Orla Mining Ltd. actually brings in the money right now, late in 2025. It's a mix of current production sales and structured financing that affects the top line.

Primary revenue from the sale of gold ounces is the bread and butter. For the third quarter ending September 30, 2025, Orla Mining Ltd. generated total revenue of $275.0 million. This revenue came from selling a quarterly record of 78,857 ounces of gold across its operations, which now include the Musselwhite Mine and the Camino Rojo Oxide Mine. For context, the year-to-date sales through Q3 2025 reached 204,124 ounces. The realized price per ounce in Q3 2025, when factoring in the prepayment, was $3,417 per ounce. Excluding that prepayment impact, the average realized price was $3,508 per ounce for the quarter.

The revenue from a gold prepayment agreement is a key element affecting the reported realized price. During the third quarter of 2025, Orla Mining Ltd. delivered just over 12,000 ounces toward this prepayment, which was priced at an average of $2,912 per ounce. This structure provides upfront capital, but it means a portion of future sales is already accounted for at a fixed, often lower, price. The total commitment under this agreement is a significant future delivery schedule, though the exact total ounces for the entire term aren't always detailed in the quarterly reports.

Here's a quick look at the key Q3 2025 operational metrics that drive that revenue:

Metric	Musselwhite Contribution	Camino Rojo Contribution	Consolidated Total
Gold Produced (ounces)	57,586	22,059	79,645
Gold Sold (ounces)	56,897	21,961	78,857
Revenue (Millions USD)	Included in Total		$275.0
All-in Sustaining Cost (AISC) per ounce	Not Separated		$1,641

By-product silver sales provide important secondary revenue and cost mitigation, particularly at the Camino Rojo operation in Mexico. While specific silver revenue figures aren't always broken out separately, the presence of silver contributes to the overall economics. Silver credits derived from processing at Camino Rojo help to reduce the consolidated cash costs, which for Q3 2025 were $1,200 per ounce of gold sold.

Looking ahead, potential future revenue from the South Railroad Project in Nevada is the next major growth pillar. Orla Mining Ltd. is advancing this project toward first production targeted for 2028. This project is in the final permitting stages, with an optimized feasibility study due early in the first quarter of 2026, and construction anticipated to start mid-2026. The resource base underpinning this future revenue is substantial, as the South Carlin Complex, which includes South Railroad, hosts:

• Proven Reserves of 333 koz gold.
• Probable Reserves of 1,271 koz gold.
• Total Reserves of 1.604 Moz gold.
• Total Resources of 1.753 Moz gold.

The 2022 Feasibility Study projected an eight-year mine life based on those initial figures. The 2025 exploration success is expected to support reserve growth incorporated into future studies.

Finance: draft the 2026 capital expenditure forecast incorporating long-lead equipment orders by Friday.