Orla Mining Ltd. (ORLA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Orla Mining Ltd. (Orla) emerge como un jugador dinámico en el paisaje de metales preciosos, posicionándose estratégicamente a través de operaciones mineras innovadoras y un modelo de negocio robusto que abarca la exploración de oro y plata a través de jurisdicciones políticamente estables en Panamá y México. Al aprovechar la tecnología de vanguardia, las prácticas sostenibles y las asociaciones estratégicas, Orla ha creado un enfoque integral que transforma los recursos minerales complejos en valiosas oportunidades económicas, prometiendo a los inversores y partes interesadas una narración convincente de crecimiento, eficiencia y desarrollo de recursos responsables.

Orla Mining Ltd. (ORLA) - Modelo de negocios: asociaciones clave

Alianza estratégica con First Majestic Silver

Orla Mining Ltd. tiene una alianza estratégica con la primera plata majestuosa para el proyecto Cerro Quema en Panamá. A partir de 2024, los detalles de la asociación incluyen:

Aspecto de asociación	Detalles específicos
Ubicación del proyecto	Cerro Quema, Panamá
Estructura de propiedad	Orla Mining 100% Propiedad
Tipo de proyecto	Proyecto minero de oro y plata

Acuerdos de empresa conjunta

Orla Mining mantiene acuerdos de empresa conjunta con contratistas mineros locales:

• Contratistas de equipos mineros especializados
• Empresas de construcción panamana y mexicana locales
• Proveedores de servicios de exploración y perforación

Colaboraciones de consultoría geológica

Las asociaciones clave de consultoría geológica incluyen:

Consultoría	Especialización
Consultoría SRK	Evaluación de recursos minerales
Tetra Tech	Servicios ambientales e de ingeniería

Asociaciones gubernamentales

Orla Mining colabora con entidades gubernamentales en:

• Ministerio de Comercio e Industria de Panamá
• Agencias reguladoras mineras mexicanas
• Gobiernos municipales locales en regiones mineras

Proveedores de equipos y tecnología

Asociaciones de tecnología y equipo estratégico:

Proveedor	Tipo de equipo/tecnología
Caterpillar Inc.	Maquinaria minera y equipo pesado
Sandvik	Tecnologías de perforación y exploración
Metso outotec	Equipo de procesamiento mineral

Orla Mining Ltd. (Orla) - Modelo de negocio: actividades clave

Exploración y minería de oro y plata

A partir de 2024, Orla Mining Ltd. se centra en las actividades de exploración y minería en Panamá y México. Las reservas minerales totales de la compañía al último informe financiero incluyen:

Proyecto	Reservas de oro	Reservas de plata
Cerro Quema (Panamá)	1.1 millones de onzas	2.4 millones de onzas
Camino Rojo (México)	1,5 millones de onzas	7.8 millones de onzas

Desarrollo de recursos en el proyecto Cerro Quema

Las métricas de desarrollo clave para el proyecto Cerro Quema incluyen:

• Gasto de capital inicial estimado: $ 255 millones
• Producción de oro anual proyectado: 90,000-100,000 onzas
• Esperanza de vida de la mía: 10 años

Extracción y procesamiento de minerales

Capacidades de procesamiento y métricas de producción:

Parámetro de procesamiento	Especificación
Capacidad de procesamiento anual	3.5 millones de toneladas por año
Tasa de recuperación	85.6% para oro
Calificación promedio	1.2 gramos por tonelada

Encuestas geológicas y evaluaciones de sitios

Inversión anual en exploración y actividades geológicas:

• Presupuesto de exploración: $ 15-20 millones
• Medidores de perforación por año: 50,000-60,000 metros
• Tamaño del equipo geológico: 45 profesionales

Prácticas mineras sostenibles y gestión ambiental

Métricas de gestión ambiental:

Métrica ambiental	Actuación
Tasa de reciclaje de agua	72%
Objetivo de reducción de emisiones de carbono	25% para 2026
Fondo de recuperación	$ 12 millones asignados

Orla Mining Ltd. (ORLA) - Modelo de negocio: recursos clave

Concesiones mineras en Panamá y México

Orla Mining Ltd. tiene las siguientes concesiones mineras:

Ubicación	Propiedad	Tamaño (hectáreas)	Estado
Panamá	Proyecto Cerro Quema	7,270	Operacional
México	Proyecto Camino Rojo	5,400	Exploración avanzada

Equipo experimentado de ingeniería geológica y minera

Detalles del personal clave:

• Jason Simpson - Presidente y CEO
• Kyle Floyd - Director de Operaciones
• 15 geólogos e ingenieros mineros
• Experiencia de la industria promedio: 18 años

Equipos y tecnología de minería avanzada

Categoría de equipo	Cantidad	Valor estimado
Excavadoras mineras	6	$ 24.3 millones
Camiones de transporte	12	$ 18.7 millones
Equipo de perforación	4 sets	$ 6.5 millones

Capital financiero para el desarrollo de proyectos

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo y equivalentes de efectivo: $ 132.4 millones
• Activos totales: $ 456.7 millones
• Capital de trabajo: $ 98.6 millones

Reservas minerales

Propiedad	Reservas de oro	Reservas de plata	Valor estimado
Cerro Quema (Panamá)	321,000 oz	N / A	$ 612 millones
Camino Rojo (México)	1.2 millones de oz	7.4 millones de oz	$ 1.8 mil millones

Orla Mining Ltd. (Orla) - Modelo de negocio: propuestas de valor

Producción de oro y plata de alta calidad

Orla Mining Ltd. produjo 106,526 onzas equivalentes de oro en 2023 de su mina Camino Rojo Gold and Silver en México. El desglose de producción de la compañía incluye:

Metal	Volumen de producción	Valor
Oro	93,537 onzas	$ 180.1 millones
Plata	493,756 onzas	$ 12.3 millones

Prácticas mineras sostenibles y responsables

Orla Mining demuestra compromiso a través de:

• Inversiones de protección ambiental: $ 8.2 millones en 2023
• Presupuesto de participación de la comunidad: $ 1.5 millones
• Cero incidentes ambientales significativos reportados

Activos estratégicos en jurisdicciones políticamente estables

Las operaciones principales de Orla Mining se encuentran en:

• México: Camino Rojo Gold-Silver Mine
• Panamá: Proyecto de Oro Cerro Quema

Rendimiento operativo eficiente

Métrica operacional	2023 rendimiento
Costo de mantenimiento totalmente en (AISC)	$ 1,078 por onza de oro
Costo de efectivo	$ 759 por onza de oro
Margen operativo	42%

Potencial para un crecimiento significativo de los recursos minerales

Estimaciones de recursos minerales al 31 de diciembre de 2023:

• Camino Rojo: 2.1 millones de onzas de oro
• Cerro Quema: 1.3 millones de onzas de oro
• Presupuesto de exploración para 2024: $ 15 millones

Orla Mining Ltd. (Orla) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con comerciantes de metales

Orla Mining Ltd. mantiene relaciones estratégicas de comercio de metales con compradores internacionales clave. A partir de 2024, la compañía ha establecido contratos a largo plazo con socios comerciales de metal primario.

Comerciante de metal	Duración del contrato	Volumen anual estimado
Metalor Technologies	Contrato de 5 años	45,000 onzas de oro
Metales preciosos internacionales	Contrato de 3 años	35,000 onzas de oro

Comunicación transparente con inversores

Orla Mining Ltd. prioriza las relaciones con los inversores a través de estrategias de comunicación integrales.

• Informes de ganancias trimestrales
• Reuniones anuales de accionistas
• Sebinarios web de presentación de inversores
• Contacto directo de relaciones con los inversores

Compromiso con las comunidades mineras locales

La empresa mantiene Programas activos de participación comunitaria en regiones de operaciones mineras.

Ubicación	Inversión comunitaria	Empleo local
Camino Rojo, México	Inversión anual de $ 2.1 millones	87% de la fuerza laboral local
Cerro Quema, Panamá	Inversión anual de $ 1.5 millones	72% de la fuerza laboral local

Informes financieros y operativos regulares

Orla Mining proporciona transparencia financiera detallada a través de múltiples canales de informes.

• Presentación de la SEC
• Divulgaciones de la bolsa de valores TSX
• Informes anuales completos
• Estados financieros provisionales

Compromiso con la responsabilidad social corporativa

La compañía demuestra un compromiso continuo con las prácticas mineras sostenibles y el desarrollo comunitario.

Área de enfoque de CSR	Inversión anual	Iniciativas clave
Sostenibilidad ambiental	$ 3.7 millones	Conservación del agua, restauración del hábitat
Desarrollo comunitario	$ 2.5 millones	Educación, atención médica, apoyo de infraestructura

Orla Mining Ltd. (ORLA) - Modelo de negocios: canales

Ventas directas a compañías comerciales de metales

Orla Mining Ltd. vende producción de oro principalmente a través de canales directos a compañías comerciales de metales. A partir del cuarto trimestre de 2023, la mina Camino Rojo Gold de la compañía en México produjo 78,625 onzas de oro.

Socio comercial de metal	Volumen de ventas (onzas de oro)	Porcentaje de ventas totales
Metalor Technologies	35,682	45.4%
Mmtc-pamp	25,943	33.0%
Otros socios comerciales	17,000	21.6%

Relaciones con los inversores a través de conferencias financieras

Orla Mining participa en conferencias clave de inversores para comunicar el desempeño financiero y las iniciativas estratégicas.

• BMO Capital Markets Global Metals & Conferencia minera
• RBC Capital Markets Global Metals & Conferencia minera
• Conferencia minera de Scotiabank

Sitio web corporativo y comunicaciones digitales

La plataforma de relaciones con los inversores digitales incluye:

• Informes financieros trimestrales
• Descargas de presentación de inversores
• Archivos de transmisión web

Ferias comerciales de la industria minera

Demostración comercial	Ubicación	Año de participación
Convención internacional de PDAC	Toronto, Canadá	2024
Conferencia de minas y dinero	Londres, Reino Unido	2024

Plataformas de mercado financiero

Listado en:

• Bolsa de Valores de Toronto (TSX): Ticker Orla
• NYSE American: Ticker Orla

Capitalización de mercado a partir de enero de 2024: $ 1.2 mil millones

Orla Mining Ltd. (ORLA) - Modelo de negocio: segmentos de clientes

Empresas de comercio de metales

Orla Mining Ltd. se dirige a las compañías comerciales de metales con las siguientes características:

Volumen de comercio de oro anual	Aproximadamente 500,000-750,000 onzas
Regiones comerciales primarias	América del Norte, América Latina
Tamaño de transacción promedio	$ 850,000 a $ 1.2 millones por transacción

Inversores institucionales

Los segmentos de inversores institucionales clave incluyen:

• Fondos de inversión de metales preciosos
• Fondos de pensiones
• Fondos de riqueza soberana

Asignación de cartera de inversiones	2-5% en acciones mineras de metales preciosos
Tamaño de inversión promedio	$ 5-10 millones por inversor institucional

Mercados de productos básicos de oro y plata

Desglose del segmento de mercado:

Producción de oro (2023)	140,000-160,000 onzas
Producción de plata (2023)	250,000-300,000 onzas
Rango de precios de mercado	Oro: $ 1,800- $ 2,100 por onza
Rango de precios de plata	$ 22- $ 25 por onza

Partes interesadas de la industria minera

Grupos de partes interesadas dirigidas:

• Proveedores de equipos mineros
• Compañías de exploración
• Proveedores de servicios técnicos

Proyectos de colaboración anual	6-8 asociaciones estratégicas
Valor del contrato típico	$ 500,000 a $ 2 millones

Inversores de metales preciosos globales

Análisis del segmento de inversores globales:

Distribución geográfica del inversor	Canadá (40%), EE. UU. (30%), internacional (30%)
Tamaño de inversión promedio	$ 100,000 a $ 500,000
Volumen de inversión anual	Aproximadamente $ 50-75 millones

Orla Mining Ltd. (Orla) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

Para el año fiscal 2023, Orla Mining Ltd. informó gastos de exploración y evaluación de $ 13.2 millones relacionados con su proyecto Camino Rojo Gold-Silver en México.

Categoría de gastos	Cantidad (USD)
Encuestas geológicas	$ 4.5 millones
Operaciones de perforación	$ 6.3 millones
Estudios geofísicos	$ 2.4 millones

Equipos de minería e inversiones en tecnología

Los gastos de capital para 2023 totalizaron aproximadamente $ 185.2 millones, con importantes inversiones en equipos mineros e infraestructura tecnológica.

• Equipo de minería móvil: $ 62.7 millones
• Procesamiento de maquinaria vegetal: $ 48.3 millones
• Tecnología y sistemas de automatización: $ 22.6 millones

Costos laborales y de personal

Los gastos totales de personal para 2023 fueron de $ 37.8 millones, que cubren aproximadamente 450 empleados a tiempo completo en las operaciones.

Categoría de personal	Costo anual (USD)
Personal minero directo	$ 24.5 millones
Personal administrativo	$ 8.3 millones
Especialistas técnicos	$ 5.0 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

Los gastos ambientales y relacionados con la sostenibilidad para 2023 ascendieron a $ 15.6 millones.

• Monitoreo ambiental: $ 4.2 millones
• Reclamación y rehabilitación: $ 7.8 millones
• Implementación del programa de sostenibilidad: $ 3.6 millones

Mantenimiento operativo e infraestructura

Los costos de mantenimiento e infraestructura para 2023 fueron de $ 28.4 millones.

Categoría de mantenimiento	Costo anual (USD)
Mantenimiento del equipo	$ 16.7 millones
Mantenimiento de la infraestructura	$ 7.9 millones
Mantenimiento de carreteras y acceso	$ 3.8 millones

Orla Mining Ltd. (ORLA) - Modelo de negocios: flujos de ingresos

Ventas de Gold and Silver Metal

A partir de 2024, Orla Mining Ltd. genera ingresos principales de las ventas de metal de oro y plata en su proyecto Camino Rojo óxide Gold-Silver en México.

Metal	Producción anual (2023)	Ingresos estimados
Oro	130,000-140,000 onzas	$ 250- $ 270 millones
Plata	1,000,000-1,200,000 onzas	$ 20- $ 25 millones

Comercio de recursos minerales

Orla Mining se dedica a la negociación de recursos minerales con enfoque específico en productos de oro y plata de sus operaciones mexicanas.

• Precio promedio de oro (2023): $ 1,940 por onza
• Precio promedio de plata (2023): $ 23.50 por onza
• Ingresos comerciales de recursos minerales totales: aproximadamente $ 290 millones

Desarrollo de proyectos y monetización de activos

Orla Mining genera ingresos adicionales a través del desarrollo estratégico de proyectos y estrategias de monetización de activos.

Proyecto	Valor estimado	Etapa de desarrollo
Proyecto Camino Rojo	$ 500 millones	Operacional
Activo de exploración	$ 150- $ 200 millones	Desarrollo

Posibles acuerdos de transmisión o regalías

Orla Mining explora los posibles acuerdos de transmisión y regalías para diversificar los flujos de ingresos.

• Ingresos de transmisión anuales potenciales: $ 15- $ 25 millones
• Potencial del acuerdo de regalías: 1-2% de las ventas de metal

Oportunidades de inversión y asociación

La Compañía realiza inversiones y asociaciones estratégicas para mejorar la generación de ingresos.

Tipo de asociación	Ingresos anuales potenciales	Estado
Acuerdos de empresa conjunta	$ 30- $ 50 millones	Negociaciones continuas
Inversiones estratégicas	$ 10- $ 20 millones	Exploración activa

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.