Orla Mining Ltd. (ORLA): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería, Orla Mining Ltd. (ORLA) se encuentra en la encrucijada de complejos desafíos globales y oportunidades estratégicas. Navegando por el intrincado paisaje del sector minero de México, esta compañía con sede en Canadá demuestra una notable resistencia y perspicacia estratégica. Al abordar meticulosamente las dimensiones políticas, económicas, sociológicas, tecnológicas, legales y ambientales, Orla revela un enfoque integral para la extracción de recursos sostenibles que va mucho más allá de los paradigmas mineros tradicionales. Sumérgete en este análisis de mortero convincente para descubrir cómo Orla Mining Ltd. transforma los posibles obstáculos en ventajas estratégicas en un entorno minero global cada vez más complejo.

Orla Mining Ltd. (Orla) - Análisis de mortero: factores políticos

Paisaje político y entorno regulatorio en México

Orla Mining Ltd. opera principalmente en México, con su proyecto de oro y plata de Camino Rojo insignia ubicado en el estado de Zacatecas. A partir de 2024, la compañía debe navegar por un complejo panorama político y regulatorio.

Métrica política	Estado actual
Se requieren permisos de minería	Autorizaciones a nivel federal y estatal
Restricciones de inversión extranjera	La ley minera mexicana permite una propiedad extranjera del 100%
Regulaciones de cumplimiento ambiental	Leyes federales de protección del medio ambiente estrictas

Compromiso gubernamental y cumplimiento regulatorio

La minería de Orla debe mantener el compromiso activo con múltiples autoridades gubernamentales:

• Secretaría de Economía (Secretaría de Economía)
• Ministerio de Medio Ambiente y Recursos Naturales (Semarnat)
• Servicio Geológico Mexicano (SGM)
• Departamentos de minería a nivel estatal

Factores de riesgo político

Los riesgos políticos clave incluyen cambios potenciales en políticas en:

• Impuestos del sector minero
• Regulaciones ambientales
• Políticas de inversión extranjera
• Uso de la tierra y derechos indígenas

Categoría de riesgo político	Nivel de impacto potencial
Cambios fiscales	Alto
Complejidad regulatoria	Medio-alto
Tensiones geopolíticas	Bajo en medio

Requisitos de cumplimiento y permisos

Orla Mining debe obtener continuamente y mantener múltiples permisos, incluidos:

• Evaluación del impacto ambiental (MIA)
• Permisos de cambio de uso de la tierra
• Licencias de extracción de agua
• Concesiones mineras federales

Orla Mining Ltd. (Orla) - Análisis de mortero: factores económicos

Expuesto a los precios fluctuantes de los productos básicos de oro y plata

A partir del cuarto trimestre de 2023, los precios del oro oscilaron entre $ 1,950 y $ 2,089 por onza. Los precios de plata fluctuaron entre $ 22.50 y $ 25.80 por onza. Los ingresos de Orla Mining se correlacionan directamente con estas variaciones de precios de productos básicos.

Producto	Rango de precios (2023)	Estimación de producción anual
Oro	$ 1,950 - $ 2,089/oz	130,000-150,000 oz
Plata	$ 22.50 - $ 25.80/oz	1,500,000-1,800,000 oz

Condiciones económicas en México y los mercados mundiales de inversión minera

El sector minero de México contribuyó con aproximadamente 4.2% al PIB nacional en 2023. La inversión extranjera directa en minería mexicana alcanzó $ 1.2 mil millones durante el mismo período.

Indicador económico	Valor (2023)
Contribución del PIB de minería mexicana	4.2%
Inversión minera extranjera	$ 1.2 mil millones
Inversión minera global	$ 78.4 mil millones

Variaciones del tipo de cambio de divisas

Volatilidad del tipo de cambio: El tipo de cambio CAD/MXN varió entre 16.50 y 17.85 pesos por dólar canadiense en 2023.

Pareja	Tasa mínima	Tasa máxima	Tasa promedio
CAD/MXN	16.50	17.85	17.22

Tendencias económicas globales y riesgos de recesión

Tendencias de inversión del sector minero global:

• Inversiones mineras globales totales: $ 78.4 mil millones en 2023
• Crecimiento del sector minero proyectado: 3.2% anual
• Impacto potencial en la recesión: reducción estimada de 1.5-2.5% en las inversiones mineras

Métrica económica	Valor 2023	Impacto proyectado
Inversiones mineras globales	$ 78.4 mil millones	3.2% de crecimiento
Impacto potencial en la recesión	-1.5% a -2.5%	Reducción de la inversión

Orla Mining Ltd. (Orla) - Análisis de mortero: factores sociales

Enfoque sociológico en las relaciones comunitarias y la licencia social para operar

Orla Mining Ltd. opera principalmente en México, específicamente en el proyecto Camino Rojo Gold-Silver en Zacatecas. A partir de 2024, la compañía ha invertido $ 8.2 millones en programas de desarrollo comunitario.

Métrica de compromiso de la comunidad	2023 datos
Inversión comunitaria local	$8,200,000
Tasa de empleo local	67.3%
Programas de capacitación comunitaria	12 programas distintos
Presupuesto anual de responsabilidad social	$ 3.6 millones

Empleo local y desarrollo económico

En 2023, Orla Mining empleó a 423 trabajadores locales en sus operaciones mexicanas, lo que representa el 67.3% de la fuerza laboral total.

• Creación de empleo local directo: 423 puestos
• Impacto económico indirecto: estimado $ 14.7 millones anuales
• Salario promedio de trabajadores locales: $ 42,500 por año

Gestión de tensión social

Orla Mining ha implementado estrategias de mitigación integrales, con $ 1.2 millones asignadas a evaluaciones de impacto ambiental y social en 2023.

Métrica de mitigación de tensión social	2023 datos
Evaluaciones de impacto ambiental	3 estudios completos
Reuniones de consulta comunitaria	24 reuniones
Tasa de resolución de quejas	92.5%

Programas de responsabilidad social corporativa

Orla Mining invirtió $ 3.6 millones en iniciativas de responsabilidad social dirigidas a la educación, la salud y el desarrollo de la infraestructura en 2023.

• Apoyo educativo: $ 1.2 millones
• Iniciativas de atención médica: $ 850,000
• Desarrollo de infraestructura: $ 1.55 millones

Orla Mining Ltd. (Orla) - Análisis de mortero: factores tecnológicos

Tecnologías avanzadas de exploración y minería

Orla Mining Ltd. utiliza el software Maptek Vulcan 3D Mine Planning, que cuesta aproximadamente $ 45,000 por licencia anual. La compañía ha invertido $ 2.3 millones en tecnologías de perforación avanzadas, incluidas las plataformas de perforación subterráneas Sandvik DD422I con un precio de $ 850,000 cada una.

Tipo de tecnología	Inversión ($)	Año de implementación
Software de mapeo geológico 3D	1,250,000	2023
Equipo de perforación autónomo	3,500,000	2022
Tecnologías de teledetección	1,750,000	2023

Tecnologías digitales para la eficiencia operativa

Orla Mining implementó SAP HANA Enterprise Resource Planning System, que cuesta $ 1.8 millones, para mejorar el seguimiento operativo. La compañía implementó sensores IoT en su proyecto Camino Rojo, con una inversión de $ 675,000 para el monitoreo de equipos en tiempo real.

Mapeo geológico y exploración mineral

Utilizando el software de mapeo Geocom Geocom Leica, Orla Mining gastó $ 620,000 en tecnologías avanzadas de estudio geológico. La compañía emplea sistemas de mapeo LiDAR a base de drones, con cada unidad de drones que cuesta aproximadamente $ 85,000.

Tecnología de exploración	Nivel de precisión	Costo ($)
Mapeo de drones lidar	0.05m precisión	425,000
Sistemas de imágenes espectrales	Resolución de 0.1m	950,000
Equipo de encuesta geofísica	Alta precisión	1,200,000

Tecnologías mineras sostenibles

Orla Mining invirtió $ 4.2 millones en tecnologías mineras sostenibles, incluidos sistemas de reciclaje de agua y equipos de procesamiento de eficiencia energética. La compañía implementó equipos auxiliares con energía solar con una inversión inicial de $ 1.5 millones.

• Eficiencia del sistema de reciclaje de agua: 78%
• Reducción de energía a través de la tecnología: 22%
• Reducción de emisiones de carbono: 35%

Orla Mining Ltd. (ORLA) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras mexicanas y los estándares internacionales

Orla Mining Ltd. sostiene 100% de propiedad legal del proyecto Camino ROJO óxido de oro en Silver en Zacatecas, México. La compañía opera bajo la Ley de Minería mexicana No. 1702, que requiere documentación legal y cumplimiento legal específico.

Requisito legal	Estado de cumplimiento	Documentación
Concesión minera	Totalmente cumplido	Título No. 244707
Permiso ambiental	Activo	Resolución Semarnat 2021
Licencia operativa	Aprobado	Secretaría de Economía Permiso

Permitir procesos para la exploración y extracción de minerales

Orla Mining ha navegado con éxito los procesos de permisos complejos, con 3 Permisos de exploración activa y 1 permiso de extracción para el proyecto Camino ROJO.

Tipo de permiso	Número de permisos	Período de validez
Permisos de exploración	3	2022-2026
Permiso de extracción	1	2023-2033

Cumplimiento ambiental y operativo

Orla Mining se adhiere a ISO 14001: 2015 Estándares de gestión ambiental y mantiene una documentación integral de cumplimiento.

• Evaluaciones anuales de impacto ambiental completado
• Protocolos de gestión de residuos en su lugar
• Auditorías ambientales de terceros regulares realizadas

Desafíos legales y derechos de uso de la tierra

La empresa tiene $ 2.5 millones asignado para posibles contingencias legales relacionadas con el uso de la tierra y los derechos mineros.

Categoría de riesgo legal	Presupuesto de mitigación	Probabilidad de riesgo
Disputas de uso del suelo	$ 1.2 millones	Bajo (8%)
Desafíos de derechos mineros	$ 1.3 millones	Medio (15%)

Orla Mining Ltd. (Orla) - Análisis de mortero: factores ambientales

Comprometido con prácticas mineras sostenibles y protección del medio ambiente

Orla Mining Ltd. informó un total de $ 5.2 millones invertidos en medidas de protección del medio ambiente en 2023. La tasa de cumplimiento ambiental de la compañía es de 98.7% en sus operaciones mineras en México.

Categoría de inversión ambiental	Monto invertido (USD)
Restauración ecológica	$ 1.8 millones
Reducción de emisiones de carbono	$ 1.5 millones
Conservación del agua	$ 1.2 millones
Gestión de residuos	$ 0.7 millones

Estrategias de gestión del agua y conservación

Orla Mining implementó técnicas de reciclaje de agua que reducen el consumo de agua dulce en un 42% en la mina Camino Rojo óxido en Zacatecas, México. Las métricas de uso de agua para 2023 demuestran:

Métrica de gestión del agua	Cantidad
Consumo total de agua	1,2 millones de metros cúbicos
Porcentaje de agua reciclada	62%
Reducción de agua dulce	42%

Reducción de la huella de carbono

Los datos de emisiones de carbono para las operaciones de Orla Mining en 2023 muestran:

• Emisiones totales de CO2: 45,000 toneladas métricas
• Intensidad de carbono: 0.12 toneladas métricas CO2 por tonelada procesada de mineral
• Uso de energía renovable: 25% del consumo total de energía

Rehabilitación y recuperación del sitio

Orla Mining asignó $ 2.3 millones para la rehabilitación de tierras en 2023, cubriendo 87 hectáreas de sitios mineros. Los esfuerzos de recuperación incluyen:

Actividad de recuperación	Área cubierta (hectáreas)
Restauración de la capa superior del suelo	42
Replantación de vegetación nativa	35
Control de erosión	10

Cumplimiento regulatorio ambiental

Métricas de cumplimiento:

• Cumplimiento de las regulaciones ambientales mexicanas: 100%
• Normas ambientales internacionales Adherencia: 99.5%
• Pases de auditoría ambiental: 3 de 3 realizados en 2023

Orla Mining Ltd. (ORLA) - PESTLE Analysis: Social factors

Social factors for Orla Mining Ltd. present a dual reality: strong, measurable success in local economic development at the operating asset, Camino Rojo, but a significant, escalating risk in labor relations and a complete loss of social license (social license to operate) at the former development asset, Cerro Quema.

You can't just buy a social license; you have to earn it with consistent, tangible benefits. The numbers at Camino Rojo show a clear effort to do that, but the labor dispute in Mexico and the political fallout in Panama demonstrate how quickly social risk can turn into a major operational and legal cost.

Sociological

Orla Mining's primary operational focus, the Camino Rojo Oxide Gold Mine in Zacatecas, Mexico, is actively mitigating local social risk through direct economic contribution. This strategy is a vital buffer against the inevitable scrutiny that large-scale mining operations face.

The company has made measurable progress in local employment, reporting that 58% of all direct site employees were hired from local communities in 2024. This is a strong, deliberate increase from the 49% reported in 2023, showing a commitment to local talent development. Plus, the company spent US$9.6 million on goods and services through local suppliers in 2024, directly injecting capital into the host community's economic ecosystem.

Here's the quick math on community impact in 2024:

• Direct local employment rose by 9 percentage points year-over-year.
• Local procurement of goods and services totaled US$9.6 million.
• Total community investments (including infrastructure and economic development) were US$1.624 million in 2024.

Local hiring and spending are a clear, measurable defense against social license risk.

Labor Relations and Union Risk in Mexico

Despite the positive community investment figures, the labor environment at the Camino Rojo mine is a critical near-term risk. While the company's 2023 reporting noted a successfully reached collective bargaining agreement and no labor-related incidents, the situation has dramatically deteriorated in 2024 and 2025.

The United Steelworkers (USW) and the Mexican union Los Mineros filed a complaint under the Canada-United States-Mexico Agreement (CUSMA) Rapid Response Labour Mechanism (RRM) in late 2024. The complaint alleges continuous and systematic denial of workers' rights to freedom of association and collective bargaining at Camino Rojo. Allegations include company pressure to join a pro-employer union, intimidation, and violent threats against Los Mineros members and leaders. The dispute is now moving to an international arbitration panel in 2025, which translates directly into a serious reputational and legal liability risk for the company.

Camino Rojo Social and Labor Risk Indicators (2024 Data)

Indicator	2024 Value	Strategic Implication
Direct Employees from Local Communities	58% (up from 49% in 2023)	Strong, proactive social license builder.
Local Procurement Spending	US$9.6 million	Direct, quantifiable economic benefit to host region.
Significant Community Disputes	0.00	Formal disputes causing production disruption remain low.
Labor Dispute Status (2025)	CUSMA RRM complaint moving to international arbitration	Major, escalating legal and reputational risk.

Cerro Quema Concession Cancellation: The Social License Loss

The situation in Panama serves as a concrete example of how social and political factors can completely de-risk an asset. The Panamanian government rejected Orla Mining's request for permit extensions for the three mining concessions comprising the Cerro Quema Project in December 2023.

The core catalyst was widespread, massive community opposition and environmental activist groups protesting against mining across the country. This public pressure led the National Assembly of Panama to pass Law 407, which instituted a moratorium on all new mining concessions and extensions. The government then went further, declaring the area a reserve area, effectively canceling the concessions altogether. Orla Mining had invested over US$120 million in the project to date, and is now exploring legal remedies, including international arbitration under the Panama-Canada free trade agreement, to protect its investment.

The loss of the Cerro Quema asset is a defintely clear lesson in the power of social and environmental activism to override economic potential, regardless of past investment.

Orla Mining Ltd. (ORLA) - PESTLE Analysis: Technological factors

You're looking at a mining company, so you know technology is the core risk mitigator and the primary growth driver. For Orla Mining Ltd., the technology story in 2025 is about using advanced monitoring to prevent catastrophe and using deep drilling to unlock a new decade of reserves. They're not just digging; they're using data and precision drilling to redefine their asset base. The key takeaway is that their investment in geotechnical systems paid off defintely, and their aggressive exploration programs are yielding high-grade results that will fundamentally change their resource profile.

Pit wall event at Camino Rojo (July 2025) was managed without injury or equipment damage due to proactive geotechnical monitoring systems

The pit wall event at Camino Rojo Oxide Mine on July 23, 2025, was a critical test of Orla's risk management technology, and the systems performed exactly as they should. The uncontrolled material movement on the temporary north wall was detected early by proactive geotechnical monitoring systems (like radar and prisms), allowing personnel to evacuate safely. This technology prevented what could have been a catastrophic safety incident, resulting in zero injuries and zero equipment damage. That's a huge win for operational safety.

The technical response, supported by third-party consultants, involves a significant engineering effort. To stabilize the area and safely resume mining, a 50-80 metre pushback of the north wall is required. This pushback will remove approximately 9.0 Mt (million tonnes) of predominantly oxidized material grading 0.74 g/t Au (grams per tonne gold), which will be processed via the heap leach. The technological solution here is the re-design and continuous monitoring of the slope, which is a non-negotiable cost of doing business in open-pit mining.

Here's the quick math on the direct 2025 impact from the re-sequencing:

Metric	Original 2025 Guidance	Revised 2025 Guidance (Post-Event)	Impact
Consolidated Gold Production	280,000-300,000 oz	265,000-285,000 oz	5% Reduction (at midpoint)
All-in Sustaining Cost (AISC)	$1,300/oz-$1,500/oz	$1,350/oz-$1,550/oz	$50/oz Increase (at midpoint)

South Railroad project feasibility update includes a shift to owner-operated crushing and mining for better recovery and de-risking

The South Railroad project in Nevada is moving forward with a key technological and operational shift. The updated Feasibility Study (FS), expected in the fourth quarter of 2025, will reflect a '2025 constructable plan' that incorporates owner-operated crushing and mining. This shift is fundamentally a de-risking strategy, moving away from contractor reliance to gain tighter control over the process, which is expected to enhance gold recovery rates and improve heap leach performance. This is a common move to capture more margin and control quality.

The project is advancing through the US permitting process, with the U.S. Bureau of Land Management (BLM) publishing the Notice of Intent (NOI) in August 2025 to start the National Environmental Policy Act (NEPA) review. Detailed project engineering has already begun, and the company is starting to order long-lead equipment in 2025 to de-risk the development timeline ahead of final permits, which are anticipated in 2026. The goal is to fast-track to first gold production, currently targeted for early 2028, with a potential acceleration to late 2027 if permitting goes smoothly.

Aggressive exploration at Musselwhite is leveraging technology to define a potential two-kilometer extension of the main gold trend

Orla is using sophisticated deep directional drilling-a modern exploration technology-to unlock the long-term potential of the Musselwhite Mine in Ontario. Following the February 2025 acquisition, the company launched an aggressive $25 million two-year exploration program. The technology allows them to target the down-plunge extension of the main gold trend from the surface, which is more cost-effective and faster than drilling from deep underground infrastructure.

The 2025 program is substantial, including 11,000 metres of deep directional surface drilling and 38,000 metres of underground drilling. This aggressive campaign is already paying dividends, confirming a potential two-kilometre extension of the mine's main gold trend beyond current resources.

Key high-grade gold intersections reported in Q3 2025 highlight the success of this technological targeting:

• Deep directional drilling intersected 4.1 metres at 15.1 g/t Au (grams per tonne gold) 1.6 kilometres along strike.
• Underground drilling returned 10.1 metres at 27.2 g/t Au in active mining areas.

This is genuinely high-grade gold, and the technology is proving the geological continuity needed to extend the mine life well beyond 2030.

Advancing a Preliminary Economic Assessment (PEA) for the Camino Rojo Underground and Zone 22 to upgrade polymetallic resources

The technological focus at Camino Rojo is shifting underground to fully define its polymetallic (multiple metals) potential. The June 2025 initial underground Mineral Resource Estimate confirmed a substantial resource base, and the current drilling is all about upgrading the confidence level of those tonnes. The target is the high-grade Zone 22, the vertical and down-plunge continuation of the sulphide mineralization.

The company expanded its infill drilling program in 2025 to a total of 20,000 metres to tighten drill spacing to between 30-80 metres in the upper 500 metres of Zone 22. This precision drilling is the technical workhorse for resource conversion. The results will feed directly into the planned 2026 Preliminary Economic Assessment (PEA), which will provide the first formal economic analysis of the underground project.

The Measured and Indicated Mineral Resource at Camino Rojo Underground, which includes Zone 22, is significant:

• Total Measured & Indicated Resource: 50.1 Mt (million tonnes)
• Average Gold Equivalent Grade (AuEq): 2.58 g/t AuEq
• Contained Metal (AuEq): 4.16 Moz AuEq (Million Ounces Gold Equivalent)
• Contained Zinc (Zn): 278 Mlbs (Million Pounds)

The next concrete step is to complete the 2025 drilling program and use the data to support the 2026 PEA, which will be the technical blueprint for the next phase of growth.

Orla Mining Ltd. (ORLA) - PESTLE Analysis: Legal factors

The legal landscape for Orla Mining Ltd. (ORLA) in 2025 is dominated by two major, high-stakes regulatory environments: the complete loss of the Cerro Quema project in Panama and the critical permitting path for the long-term future of the Camino Rojo mine in Mexico. The Panama arbitration is a long shot, but it's the only play to recover sunk capital.

The Panamanian government retroactively canceled the three Cerro Quema mining concessions in late 2023/early 2024.

The political and legal stability risk in Panama materialized fully in late 2023. The Ministry of Commerce and Industry (MICI) issued three resolutions on December 15, 2023, which rejected the requests for extension on the three mining concessions for the Cerro Quema Project. The resolutions also retroactively declared the concessions canceled and designated the area as a reserve area under the Panamanian mining code, which prohibits future exploration or extraction. MICI rejected the Company's requests for reconsideration on March 11, 2024. This action followed the National Assembly of Panama passing Law 407 on November 3, 2023, which instituted a moratorium on all metal mining concessions.

Orla Mining is pursuing international arbitration against Panama under the Canada-Panama Free Trade Agreement to protect its US$120 million historical investment.

To protect its capital, Orla Mining filed a Request for Arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement (FTA) in July 2024. The Company's claim alleges breaches of the FTA's provisions, including fair and equitable treatment and expropriation. This move is a necessary, albeit lengthy, process to recover value from a project where Orla had invested over US$120 million historically. The preliminary estimate for the total monetary damages Orla is claiming is US$400 million, plus pre-award and post-award interest, a significant figure that reflects the project's lost future value.

Here's the quick math on the claim:

Legal Action	Jurisdiction	Basis for Claim	Claimed Amount (2024)
International Arbitration (Request Filed July 2024)	Canada-Panama FTA	Expropriation, Breach of Fair and Equitable Treatment	US$400 million (Preliminary Estimate)
Historical Investment (Sunk Cost)	Panama (Cerro Quema)	Capital invested prior to cancellation	US$120 million

Permitting for the Camino Rojo pit layback and potential underground CIL plant remains a key regulatory hurdle in Mexico.

The operational and regulatory focus has shifted entirely to the Camino Rojo Oxide Gold Mine in Zacatecas, Mexico. While the Company is operating the open pit, the long-term expansion into the sulphide resource requires significant permitting. Specifically, the permits for the underground drift and the potential Carbon-in-Leach (CIL) processing plant are the next major regulatory hurdle. As of November 2025, permit engagement is ongoing with Mexican authorities, but the final approval is contingent on providing additional geotechnical and hydrogeologic data to address environmental mitigation concerns. The path forward for the underground CIL project hinges on securing this permit, which will unlock the large sulphide resource and extend the mine life well beyond the current oxide pit plan.

Compliance with new, company-wide environmental management standards (water, biodiversity, etc.) is now a formal legal commitment.

Beyond country-specific permits, Orla Mining has formalized its Environmental, Social, and Governance (ESG) commitments into company-wide legal standards. In 2024, the Company introduced four new environmental management standards, which are now embedded in site-level accountability. This proactive move helps manage regulatory risk by ensuring compliance is built into the operational framework, not just treated as a separate legal requirement. What this estimate hides is the rising global pressure on mining companies to prove environmental stewardship, making these internal standards defintely a legal compliance buffer.

The new standards strengthen legal compliance in key areas:

• Water Management: Formalizing water use, recycling, and discharge protocols.
• Biodiversity: Establishing clear plans to monitor and protect local ecosystems.
• Air Emissions and Noise: Setting measurable limits and controls for site operations.
• Hazardous Materials: Ensuring responsible handling, storage, and disposal of all regulated substances.

Orla Mining Ltd. (ORLA) - PESTLE Analysis: Environmental factors

Orla Mining Ltd. (ORLA) has established a strong environmental performance profile at its flagship Camino Rojo operation, significantly reducing operational risk and enhancing its social license to operate. This focus on efficiency, particularly in water and carbon management, gives them a competitive edge in an increasingly scrutinized sector.

Camino Rojo achieved an industry-leading GHG emissions intensity of 0.24 tonnes of CO2 equivalent per ounce of gold produced (Scope 1 and 2).

The company's commitment to low-carbon operations is clear, with Camino Rojo reporting a Scope 1 and 2 Greenhouse Gas (GHG) emissions intensity of just 0.24 tonnes of CO2 equivalent per ounce of gold produced for the 2025 fiscal year. This figure is defintely a benchmark for open-pit heap leach operations, showing a real commitment to energy efficiency and lower-emission practices.

This low intensity helps mitigate the rising financial risk associated with potential carbon pricing mechanisms or increased investor pressure on climate-related disclosures. Honestly, a low-carbon footprint translates directly into lower long-term operating costs.

Water management at Camino Rojo is highly efficient, with 100% of water reused and recycled and zero water discharge.

Water stewardship is a critical factor in Mexico, and Orla Mining's performance is exceptional. The Camino Rojo operation has achieved 100% of water reused and recycled within the mine site, meaning they have a closed-loop system.

Plus, the facility maintains a policy of zero water discharge, which drastically reduces the environmental and legal risks associated with water contamination in local watersheds. This level of efficiency is a major de-risking factor for the project's long-term viability.

Environmental Metric (2025 FY)	Camino Rojo Performance	Risk Mitigation/Benefit
GHG Emissions Intensity (Scope 1 & 2)	0.24 t CO2e/oz gold	Mitigates future carbon tax/pricing risk.
Water Reuse & Recycling Rate	100%	Reduces reliance on external water sources.
Water Discharge Policy	Zero discharge	Eliminates water contamination legal risk.

The July 2025 pit wall event at Camino Rojo was confirmed to have caused no environmental impacts.

In July 2025, a pit wall instability event occurred at Camino Rojo. While any such incident draws immediate regulatory and community attention, the company quickly confirmed that the event caused no environmental impacts. This rapid, transparent communication and the lack of environmental damage helped contain potential reputational and regulatory fallout.

The swift containment and clear reporting demonstrated the effectiveness of their operational controls and emergency response protocols, which is a key signal to investors about management quality.

New corporate environmental management standards were introduced in 2024, covering water, biodiversity, air, and hazardous materials.

To further formalize their environmental commitment, Orla Mining introduced new corporate environmental management standards in 2024. These standards create a more robust framework (a set of rules, not a 'robust framework'!) for all current and future projects, including the South Railroad project in Nevada.

The standards focus on four key areas:

• Improve water use efficiency and quality.
• Protect local biodiversity and ecosystems.
• Control air emissions and dust management.
• Safe handling and disposal of hazardous materials.

Their environmental metrics are strong, which helps manage regulatory scrutiny.

Next Step: Review the upcoming South Railroad feasibility study update for the new owner-operated cost structure and its impact on the consolidated AISC forecast for 2026.