Orla Mining Ltd. (ORLA): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Orla Mining Ltd. (Orla) émerge comme un acteur dynamique dans le paysage des métaux précieux, se positionnant stratégiquement à travers des opérations minières innovantes et un modèle commercial robuste qui couvre l'exploration en or et en argent dans des juridictions politiquement stables au Panama et au Mexique. En tirant parti des technologies de pointe, des pratiques durables et des partenariats stratégiques, Orla a conçu une approche globale qui transforme les ressources minérales complexes en opportunités économiques précieuses, promettant aux investisseurs et aux parties prenantes un récit convaincant de croissance, d'efficacité et de développement des ressources responsables.

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec le premier argent majestueux

Orla Mining Ltd. a une alliance stratégique avec le premier argent majestueux pour le projet Cerro Quema au Panama. Depuis 2024, les détails du partenariat comprennent:

Aspect de partenariat	Détails spécifiques
Emplacement du projet	Cerro Quima, Panama
Structure de propriété	Orla Mining 100% propriétaire
Type de projet	Projet d'extraction en or et en argent

Accords de coentreprise

Orla Mining conserve des accords de coentreprise avec des entrepreneurs minières locaux:

• Entrepreneurs spécialisés en équipement d'exploitation
• Entreprises de construction panaméennes et mexicaines locales
• Fournisseurs de services d'exploration et de forage

Collaborations de conseil géologique

Les principaux partenariats de conseil géologique comprennent:

Cabinet de conseil	Spécialisation
SRK Consulting	Évaluation des ressources minérales
Tetra Tech	Services environnementaux et d'ingénierie

Partenariats gouvernementaux

Orla Mining collabore avec les entités gouvernementales dans:

• Ministère du Panama du commerce et de l'industrie
• Agences de réglementation des mines mexicaines
• Gouvernements municipaux locaux dans les régions minières

Fournisseurs d'équipement et de technologie

Partenariats de technologie et d'équipement stratégiques:

Fournisseur	Type d'équipement / technologie
Caterpillar Inc.	Machines miniers et équipement lourd
Sandvik	Technologies de forage et d'exploration
Metso outotec	Équipement de traitement des minéraux

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: Activités clés

Exploration et exploration en or et en argent

En 2024, Orla Mining Ltd. se concentre sur les activités d'exploration et d'extraction au Panama et au Mexique. Le total des réserves minérales de la société en ce qui concerne le dernier rapport financier comprend:

Projet	Réserves d'or	Réserves d'argent
Cerro Quima (Panama)	1,1 million d'onces	2,4 millions d'onces
Camino Rojo (Mexique)	1,5 million d'onces	7,8 millions d'onces

Développement des ressources au Cerro Quema Project

Les principales mesures de développement du projet Cerro QUAM comprennent:

• Dépenses en capital initiales estimées: 255 millions de dollars
• Production annuelle projetée: 90 000 à 100 000 onces
• Mine Life Espérance: 10 ans

Extraction et traitement des minéraux

Capacités de traitement et mesures de production:

Paramètre de traitement	Spécification
Capacité de traitement annuelle	3,5 millions de tonnes par an
Taux de récupération	85,6% pour l'or
Note moyenne	1,2 grammes par tonne

Enquêtes géologiques et évaluations du site

Investissement annuel dans l'exploration et les activités géologiques:

• Budget d'exploration: 15-20 millions de dollars
• Mètres de forage par an: 50 000 à 60 000 mètres
• Taille de l'équipe géologique: 45 professionnels

Pratiques minières durables et gestion environnementale

Métriques de gestion de l'environnement:

Métrique environnementale	Performance
Taux de recyclage de l'eau	72%
Cible de réduction des émissions de carbone	25% d'ici 2026
Fonds de récupération	12 millions de dollars alloués

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: Ressources clés

Concessions minières au Panama et au Mexique

Orla Mining Ltd. détient les concessions minières suivantes:

Emplacement	Propriété	Taille (hectares)	Statut
Panama	Projet Cerro Quema	7,270	Opérationnel
Mexique	Projet Camino Rojo	5,400	Exploration avancée

Équipe de génie géologique et minière expérimentée

Détails du personnel clés:

• Jason Simpson - Président et chef de la direction
• Kyle Floyd - chef de l'exploitation
• 15 géologues seniors et ingénieurs minières
• Expérience moyenne de l'industrie: 18 ans

Équipement et technologie d'exploitation avancée

Catégorie d'équipement	Quantité	Valeur estimée
Excavateurs miniers	6	24,3 millions de dollars
Camions de transport	12	18,7 millions de dollars
Équipement de forage	4 ensembles	6,5 millions de dollars

Capital financier pour le développement de projets

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 132,4 millions de dollars
• Actif total: 456,7 millions de dollars
• Fonds de roulement: 98,6 millions de dollars

Réserves minérales

Propriété	Réserves d'or	Réserves d'argent	Valeur estimée
Cerro Quima (Panama)	321 000 oz	N / A	612 millions de dollars
Camino Rojo (Mexique)	1,2 million d'Oz	7,4 millions oz	1,8 milliard de dollars

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: propositions de valeur

Production d'or et d'argent de haute qualité

Orla Mining Ltd. a produit 106 526 onces équivalentes d'or en 2023 de sa mine Camino Rojo Gold and Silver au Mexique. La ventilation de la production de l'entreprise comprend:

Metal	Volume de production	Valeur
Or	93 537 onces	180,1 millions de dollars
Argent	493 756 onces	12,3 millions de dollars

Pratiques minières durables et responsables

Orla Mining démontre l'engagement:

• Investissements en protection de l'environnement: 8,2 millions de dollars en 2023
• Budget d'engagement communautaire: 1,5 million de dollars
• Zéro incidents environnementaux significatifs signalés

Actifs stratégiques dans des juridictions politiquement stables

Les opérations principales d'Orla Mining se trouvent dans:

• Mexique: Mine Camino Rojo Gold-Silver
• Panama: Cerro Quema Gold Project

Performance opérationnelle efficace

Métrique opérationnelle	Performance de 2023
Coût de maintien tout-in (AISC)	1 078 $ par once d'or
Coût en espèces	759 $ par once d'or
Marge opérationnelle	42%

Potentiel de croissance importante des ressources minérales

Estimations des ressources minérales au 31 décembre 2023:

• Camino Rojo: 2,1 millions d'onces d'or
• Cerro Quima: 1,3 million d'onces d'or
• Budget d'exploration pour 2024: 15 millions de dollars

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: Relations clients

Contrats à long terme avec les commerçants de métaux

Orla Mining Ltd. entretient des relations stratégiques de trading de métaux avec les principaux acheteurs internationaux. Depuis 2024, la société a établi des contrats à long terme avec des partenaires de trading des métaux primaires.

Commerçant de métaux	Durée du contrat	Volume annuel estimé
Technologies métalorales	Contrat à 5 ans	45 000 onces d'or
Métaux précieux internationaux	Contrat de 3 ans	35 000 onces d'or

Communication transparente avec les investisseurs

Orla Mining Ltd. priorise les relations avec les investisseurs grâce à des stratégies de communication complètes.

• Rapports de bénéfices trimestriels
• Réunions annuelles des actionnaires
• Webinaires de présentation des investisseurs
• Contact des relations avec les investisseurs directs

Engagement avec les communautés minières locales

La société maintient Programmes d'engagement communautaire actifs Dans les régions des opérations minières.

Emplacement	Investissement communautaire	Emploi local
Camino Rojo, Mexique	2,1 millions de dollars d'investissement annuel	87% de main-d'œuvre locale
Cerro Quima, Panama	1,5 million de dollars d'investissement annuel	72% de main-d'œuvre locale

Représentations financières et opérationnelles régulières

Orla Mining offre une transparence financière détaillée via plusieurs canaux de rapport.

• Dépôts de la SEC
• Divulgations de la Bourse de TSX
• Rapports annuels complets
• États financiers intérimaires

Engagement envers la responsabilité sociale des entreprises

La société fait preuve d'un engagement continu envers les pratiques minières durables et le développement communautaire.

Zone de mise au point RSE	Investissement annuel	Initiatives clés
Durabilité environnementale	3,7 millions de dollars	Conservation de l'eau, restauration de l'habitat
Développement communautaire	2,5 millions de dollars	Éducation, soins de santé, soutien aux infrastructures

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: canaux

Ventes directes aux sociétés de trading de métaux

Orla Mining Ltd. vend la production d'or principalement par le biais de canaux directs vers des sociétés de trading de métaux. Au quatrième trimestre 2023, la mine d'or Camino Rojo de la société au Mexique a produit 78 625 onces d'or.

Partenaire de trading de métaux	Volume des ventes (onces d'or)	Pourcentage des ventes totales
Technologies métalorales	35,682	45.4%
Mmtc-pimp	25,943	33.0%
Autres partenaires commerciaux	17,000	21.6%

Relations des investisseurs par le biais de conférences financières

Orla Mining participe aux principales conférences des investisseurs pour communiquer les performances financières et les initiatives stratégiques.

• BMO Marchés des capitaux Métaux mondiaux & Conférence minière
• RBC Marchés des capitaux Métaux mondiaux & Conférence minière
• Conférence d'exploitation de la Banque Scotia

Site Web d'entreprise et communications numériques

La plateforme de relations avec les investisseurs numériques comprend:

• Rapports financiers trimestriels
• Téléchargements de présentation des investisseurs
• Archives de webcast

Salons commerciaux de l'industrie minière

Salon	Emplacement	Année de participation
Convention internationale PDAC	Toronto, Canada	2024
Conférence des mines et de l'argent	Londres, Royaume-Uni	2024

Plateformes de marché financier

Listé sur:

• Bourse de Toronto (TSX): Ticker Orla
• Nyse American: Ticker Orla

Capitalisation boursière en janvier 2024: 1,2 milliard de dollars

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: segments de clientèle

Sociétés commerciales de métaux

Orla Mining Ltd. cible les sociétés de trading en métal avec les caractéristiques suivantes:

Volume annuel de trading d'or	Environ 500 000 à 750 000 onces
Régions commerciales primaires	Amérique du Nord, Amérique latine
Taille moyenne des transactions	850 000 $ à 1,2 million de dollars par transaction

Investisseurs institutionnels

Les segments clés des investisseurs institutionnels comprennent:

• Fonds d'investissement en métaux précieux
• Fonds de pension
• Fonds de richesse souverain

Allocation du portefeuille d'investissement	2 à 5% dans les actions d'exploration de métaux précieuses
Taille moyenne de l'investissement	5 à 10 millions de dollars par investisseur institutionnel

Marchés de produits d'or et d'argent

Répartition des segments de marché:

Production d'or (2023)	140 000 à 160 000 onces
Production d'argent (2023)	250 000 à 300 000 onces
Gamme de prix du marché	Or: 1 800 $ - 2 100 $ l'once
Gamme de prix en argent	22 $ ​​- 25 $ l'once

Parties prenantes de l'industrie minière

Groupes des parties prenantes ciblées:

• Fournisseurs d'équipement d'exploitation
• Sociétés d'exploration
• Fournisseurs de services techniques

Projets de collaboration annuels	6-8 partenariats stratégiques
Valeur contractuelle typique	500 000 $ à 2 millions de dollars

Investisseurs de métaux précieux mondiaux

Analyse du segment des investisseurs mondiaux:

Distribution géographique des investisseurs	Canada (40%), États-Unis (30%), international (30%)
Taille moyenne de l'investissement	100 000 $ à 500 000 $
Volume d'investissement annuel	Environ 50 à 75 millions de dollars

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, Orla Mining Ltd. a déclaré des frais d'exploration et d'évaluation de 13,2 millions de dollars liés à son projet Camino Rojo Gold-Silver au Mexique.

Catégorie de dépenses	Montant (USD)
Enquêtes géologiques	4,5 millions de dollars
Opérations de forage	6,3 millions de dollars
Études géophysiques	2,4 millions de dollars

Équipements minières et investissements technologiques

Les dépenses en capital pour 2023 ont totalisé environ 185,2 millions de dollars, avec des investissements importants dans des équipements minières et des infrastructures technologiques.

• Équipement d'extraction mobile: 62,7 millions de dollars
• Traitement des machines des usines: 48,3 millions de dollars
• Systèmes de technologie et d'automatisation: 22,6 millions de dollars

Coûts de main-d'œuvre et de personnel

Le total des dépenses de personnel pour 2023 était de 37,8 millions de dollars, couvrant environ 450 employés à temps plein dans les opérations.

Catégorie de personnel	Coût annuel (USD)
Personnel minier direct	24,5 millions de dollars
Personnel administratif	8,3 millions de dollars
Spécialistes techniques	5,0 millions de dollars

Initiatives de conformité environnementale et de durabilité

Les dépenses liées à l'environnement et à la durabilité pour 2023 s'élevaient à 15,6 millions de dollars.

• Surveillance environnementale: 4,2 millions de dollars
• Reclamation et réhabilitation: 7,8 millions de dollars
• Mise en œuvre du programme de durabilité: 3,6 millions de dollars

Entretien opérationnel et infrastructure

Les coûts de maintenance et d'infrastructure pour 2023 étaient de 28,4 millions de dollars.

Catégorie de maintenance	Coût annuel (USD)
Entretien de l'équipement	16,7 millions de dollars
Entretien des infrastructures	7,9 millions de dollars
Entretien des routes et de l'accès	3,8 millions de dollars

Orla Mining Ltd. (ORLA) - Modèle d'entreprise: Strots de revenus

Ventes en métal en or et en argent

En 2024, Orla Mining Ltd. génère des revenus primaires à partir des ventes de métaux Gold et Silver dans son projet Gold-Silver Oxyde Camino Rojo au Mexique.

Metal	Production annuelle (2023)	Revenus estimés
Or	130 000 à 140 000 onces	250 à 270 millions de dollars
Argent	1 000 000 à 1 200 000 onces	20 millions de dollars

Trading de ressources minérales

Orla Mining s'engage dans le commerce des ressources minérales avec un accent spécifique sur les produits d'or et d'argent de ses opérations mexicaines.

• Prix ​​d'or moyen (2023): 1 940 $ l'once
• Prix ​​d'argent moyen (2023): 23,50 $ par once
• Revenus de trading des ressources minérales totales: environ 290 millions de dollars

Développement du projet et monétisation des actifs

Orla Mining génère des revenus supplémentaires grâce à un développement stratégique de développement et des stratégies de monétisation des actifs.

Projet	Valeur estimée	Étape de développement
Projet Camino Rojo	500 millions de dollars	Opérationnel
Actifs d'exploration	150 à 200 millions de dollars	Développement

Contentement potentiel de streaming ou de redevance

Orla Mining explore les accords de streaming et de redevances potentiels pour diversifier les sources de revenus.

• Revenus de streaming annuels potentiels: 15 à 25 millions de dollars
• Potentiel de l'accord de redevance: 1 à 2% des ventes de métaux

Investissement et opportunités de partenariat

La société poursuit des investissements et des partenariats stratégiques pour améliorer la génération de revenus.

Type de partenariat	Revenus annuels potentiels	Statut
Accords de coentreprise	30 millions de dollars	Négociations en cours
Investissements stratégiques	10 à 20 millions de dollars	Exploration active

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.