Orla Mining Ltd. (ORLA): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploitation minière, Orla Mining Ltd. (ORLA) se tient au carrefour des défis mondiaux complexes et des opportunités stratégiques. En naviguant dans le paysage complexe du secteur minier du Mexique, cette entreprise canadienne démontre une résilience remarquable et un sens stratégique. En abordant méticuleusement les dimensions politiques, économiques, sociologiques, technologiques, juridiques et environnementales, Orla révèle une approche globale de l'extraction des ressources durables qui va bien au-delà des paradigmes miniers traditionnels. Dive dans cette analyse convaincante du pilon pour découvrir comment Orla Mining Ltd. transforme les obstacles potentiels en avantages stratégiques dans un environnement minière mondial de plus en plus complexe.

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs politiques

Paysage politique et environnement réglementaire au Mexique

Orla Mining Ltd. opère principalement au Mexique, avec son projet phare de Camino Rojo Gold and Silver situé dans l'État de Zacatecas. Depuis 2024, la société doit naviguer dans un paysage politique et réglementaire complexe.

Métrique politique	État actuel
Permis d'exploitation requis	Autorisations au niveau fédéral et des États
Restrictions d'investissement étranger	La loi minière mexicaine autorise la propriété à 100% étrangère
Règlement sur la conformité environnementale	Lois fédérales de protection de l'environnement strictes

Engagement du gouvernement et conformité réglementaire

Orla Mining doit maintenir un engagement actif avec plusieurs autorités gouvernementales:

• Secrétariat de l'économie (Secrétaría de Economía)
• Ministère de l'environnement et des ressources naturelles (Semarnat)
• Mexican Geological Survey (SGM)
• Services miniers au niveau de l'État

Facteurs de risque politiques

Les risques politiques clés comprennent des changements de politique potentiels dans:

• Taxation du secteur minier
• Règlements environnementaux
• Politiques d'investissement étranger
• Utilisation des terres et droits autochtones

Catégorie de risque politique	Niveau d'impact potentiel
Modifications fiscales	Haut
Complexité réglementaire	Moyen-élevé
Tensions géopolitiques	À faible médium

Exigences de conformité et d'autorisation

Orla Mining doit obtenir et maintenir en continu plusieurs permis, notamment:

• Évaluation de l'impact environnemental (MIA)
• Permis de changement d'utilisation des terres
• Licences d'extraction de l'eau
• Concessions d'extraction fédérales

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs économiques

Exposés à la fluctuation des prix des produits d'or et d'argent

Au quatrième trimestre 2023, les prix de l'or variaient entre 1 950 $ et 2 089 $ l'once. Les prix de l'argent ont fluctué entre 22,50 $ et 25,80 $ l'once. Les revenus d'Orla Mining sont directement en corrélation avec ces variations de prix des matières premières.

Marchandise	Gamme de prix (2023)	Estimation de production annuelle
Or	1 950 $ - 2 089 $ / oz	130 000 à 150 000 oz
Argent	22,50 $ - 25,80 $ / oz	1 500 000 à 1 800 000 oz

Conditions économiques au Mexique et marchés mondiaux d'investissement minière

Le secteur minier du Mexique a contribué environ 4,2% au PIB national en 2023. L'investissement direct étranger dans l'exploitation minière mexicaine a atteint 1,2 milliard de dollars au cours de la même période.

Indicateur économique	Valeur (2023)
Contribution du PIB des mines mexicaines	4.2%
Investissement minière étrangère	1,2 milliard de dollars
Investissement minière mondial	78,4 milliards de dollars

Variations de taux de change

Volatilité du taux de change: Le taux de change CAD / MXN variait entre 16,50 et 17,85 pesos par dollar canadien en 2023.

Paire de devises	Taux minimum	Taux maximal	Taux moyen
CAD / MXN	16.50	17.85	17.22

Tendances économiques mondiales et risques de récession

Tendances d'investissement du secteur minier mondial:

• Investissements totaux mondiaux mondiaux: 78,4 milliards de dollars en 2023
• Croissance du secteur minier prévu: 3,2% par an
• Impact potentiel de la récession: réduction estimée de 1,5 à 2,5% des investissements miniers

Métrique économique	Valeur 2023	Impact projeté
Investissements minières mondiaux	78,4 milliards de dollars	Croissance de 3,2%
Impact potentiel de la récession	-1,5% à -2,5%	Réduction des investissements

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs sociaux

Focus sociologique sur les relations communautaires et la licence sociale pour opérer

Orla Mining Ltd. opère principalement au Mexique, en particulier dans le projet Camino Rojo Gold-Silver à Zacatecas. En 2024, la société a investi 8,2 millions de dollars dans des programmes de développement communautaire.

Métrique de l'engagement communautaire	2023 données
Investissement communautaire local	$8,200,000
Taux d'emploi local	67.3%
Programmes de formation communautaire	12 programmes distincts
Budget annuel de responsabilité sociale	3,6 millions de dollars

Emploi local et développement économique

En 2023, Orla Mining a employé 423 travailleurs locaux dans ses opérations mexicaines, représentant 67,3% de la main-d'œuvre totale.

• Création d'emplois locale directe: 423 postes
• Impact économique indirect: estimé 14,7 millions de dollars par an
• Salaire moyen des travailleurs locaux: 42 500 $ par an

Gestion sociale des tensions

Orla Mining a mis en œuvre des stratégies d'atténuation complètes, avec 1,2 million de dollars alloués aux évaluations de l'impact environnemental et social en 2023.

Métrique d'atténuation de la tension sociale	2023 données
Évaluations d'impact environnemental	3 études complètes
Réunions de consultation communautaire	24 réunions
Taux de résolution des griefs	92.5%

Programmes de responsabilité sociale des entreprises

Orla Mining a investi 3,6 millions de dollars dans les initiatives de responsabilité sociale ciblant l'éducation, les soins de santé et le développement des infrastructures en 2023.

• Soutien en éducation: 1,2 million de dollars
• Initiatives de soins de santé: 850 000 $
• Développement des infrastructures: 1,55 million de dollars

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs technologiques

Exploration avancée et technologies minières

Orla Mining Ltd. utilise le logiciel Maptek Vulcan 3D Mine Planning, qui coûte environ 45 000 $ par licence annuelle. La société a investi 2,3 millions de dollars dans des technologies de forage avancées, dont Sandvik DD422I, des plates-formes souterraines au prix de 850 000 $ chacune.

Type de technologie	Investissement ($)	Année de mise en œuvre
Logiciel de cartographie géologique 3D	1,250,000	2023
Équipement de forage autonome	3,500,000	2022
Technologies de télédétection	1,750,000	2023

Technologies numériques pour l'efficacité opérationnelle

Orla Mining a déployé SAP HANA Enterprise Resource Planning System, coûtant 1,8 million de dollars, pour améliorer le suivi opérationnel. La société a mis en œuvre des capteurs IoT dans son projet Camino Rojo, avec un investissement de 675 000 $ pour la surveillance des équipements en temps réel.

Cartographie géologique et exploration minérale

En utilisant le logiciel de cartographie géologique de Leica GeoCom, Orla Mining a dépensé 620 000 $ pour les technologies avancées de l'enquête géologique. L'entreprise utilise des systèmes de cartographie LiDAR à base de drones, chaque unité de drones coûtant environ 85 000 $.

Technologie d'exploration	Niveau de précision	Coût ($)
Mappage de drones lidar	Précision de 0,05 m	425,000
Systèmes d'imagerie spectrale	Résolution de 0,1 m	950,000
Équipement d'enquête géophysique	Haute précision	1,200,000

Technologies minières durables

Orla Mining a investi 4,2 millions de dollars dans les technologies minières durables, y compris les systèmes de recyclage de l'eau et les équipements de transformation économes en énergie. La société a mis en place un équipement auxiliaire à énergie solaire avec un investissement initial de 1,5 million de dollars.

• Efficacité du système de recyclage de l'eau: 78%
• Réduction d'énergie par la technologie: 22%
• Réduction des émissions de carbone: 35%

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations minières mexicaines et aux normes internationales

Orla Mining Ltd. détient 100% de propriété juridique du projet Camino Rojo Oxyde Gold-Silver à Zacatecas, au Mexique. La société opère en vertu de la loi minieuse mexicaine n ° 1702, qui nécessite une documentation juridique et une conformité spécifiques.

Exigence légale	Statut de conformité	Documentation
Concession minière	Pleinement conforme	Titre n ° 244707
Permis environnemental	Actif	Semarnat Résolution 2021
Licence opérationnelle	Approuvé	Secrétaría de Economía Permis

Autorisation des processus d'exploration et d'extraction minéraux

Orla Mining a réussi à naviguer des processus de permis complexes, avec 3 Permis d'exploration active et 1 permis d'extraction pour le projet Camino Rojo.

Type de permis	Nombre de permis	Période de validité
Permis d'exploration	3	2022-2026
Permis d'extraction	1	2023-2033

Conformité environnementale et opérationnelle

Orla Mining adhère à ISO 14001: Normes de gestion de l'environnement 2015 et maintient une documentation complète de conformité.

• Évaluations annuelles de l'impact environnemental terminées
• Protocoles de gestion des déchets en place
• Audits environnementaux réguliers réalisés

Défis juridiques et droits d'utilisation des terres

La société a 2,5 millions de dollars alloué aux éventualités juridiques potentielles liées à l'utilisation des terres et aux droits minières.

Catégorie de risque juridique	Budget d'atténuation	Probabilité de risque
Conflits d'utilisation des terres	1,2 million de dollars	Faible (8%)
Défis de droits minières	1,3 million de dollars	Moyen (15%)

Orla Mining Ltd. (ORLA) - Analyse du pilon: facteurs environnementaux

Attaché aux pratiques minières durables et à la protection de l'environnement

Orla Mining Ltd. a déclaré un total de 5,2 millions de dollars investi dans des mesures de protection de l'environnement en 2023. Le taux de conformité environnementale de la société s'élève à 98,7% dans ses opérations minières au Mexique.

Catégorie d'investissement environnemental	Montant investi (USD)
Restauration écologique	1,8 million de dollars
Réduction des émissions de carbone	1,5 million de dollars
Conservation de l'eau	1,2 million de dollars
Gestion des déchets	0,7 million de dollars

Gestion de l'eau et stratégies de conservation

Orla Mining a mis en œuvre des techniques de recyclage de l'eau qui réduisent la consommation d'eau douce de 42% à la mine d'oxyde de Camino Rojo à Zacatecas, au Mexique. Les mesures d'utilisation de l'eau pour 2023 démontrent:

Métrique de gestion de l'eau	Quantité
Consommation totale d'eau	1,2 million de mètres cubes
Pourcentage d'eau recyclé	62%
Réduction de l'eau douce	42%

Réduction de l'empreinte carbone

Les données sur les émissions de carbone pour les opérations d'Orla Mining en 2023 montrent:

• Émissions totales de CO2: 45 000 tonnes métriques
• Intensité du carbone: 0,12 tonnes métriques CO2 par tonne de minerai transformé
• Utilisation d'énergie renouvelable: 25% de la consommation totale d'énergie

Réhabilitation et remise en état du site

Orla Mining a alloué 2,3 millions de dollars à la réadaptation des terres en 2023, couvrant 87 hectares de sites miniers. Les efforts de reclamation comprennent:

Activité de récupération	Zone couverte (hectares)
Restauration de terre végétale	42
Replantation de végétation indigène	35
Contrôle de l'érosion	10

Conformité réglementaire environnementale

Mesures de conformité:

• Conformité des réglementations environnementales mexicaines: 100%
• Adhésion aux normes environnementales internationales: 99,5%
• Laissez-passer d'audit environnemental: 3 sur 3 menés 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.