Orla Mining Ltd. (ORLA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Orla Mining Ltd. (Orla) surge como um participante dinâmico no cenário precioso dos metais, se posicionando estrategicamente através de operações inovadoras de mineração e um modelo de negócios robusto que abrange a exploração de ouro e prata em jurisdições politicamente estáveis ​​no Panamá e no México. Ao alavancar a tecnologia de ponta, práticas sustentáveis ​​e parcerias estratégicas, a Orla criou uma abordagem abrangente que transforma recursos minerais complexos em valiosas oportunidades econômicas, promissores investidores e partes interessadas uma narrativa convincente de crescimento, eficiência e desenvolvimento de recursos responsáveis.

Orla Mining Ltd. (ORLA) - Modelo de negócios: Parcerias -chave

Aliança estratégica com a primeira prata majestosa

Orla Mining Ltd. tem uma aliança estratégica com a primeira prata majestosa para o projeto Cerro Quema no Panamá. A partir de 2024, os detalhes da parceria incluem:

Aspecto da parceria	Detalhes específicos
Localização do projeto	Cerro Quema, Panamá
Estrutura de propriedade	Orla mineração 100% propriedade
Tipo de projeto	Projeto de mineração de ouro e prata

Acordos de joint venture

A Orla Mining mantém acordos de joint venture com contratados de mineração local:

• Empreiteiros de equipamentos de mineração especializados
• Empresas de construção panamânicas e mexicanas locais
• Provedores de serviços de exploração e perfuração

Colaborações de consultoria geológica

As principais parcerias de consultoria geológica incluem:

Empresa de consultoria	Especialização
SRK Consulting	Avaliação de recursos minerais
TETRA TECH	Serviços ambientais e de engenharia

Parcerias do governo

Orla Mining colabora com entidades governamentais em:

• Ministério do Comércio e Indústria do Panamá
• Agências reguladoras de mineração mexicana
• Governos municipais locais em regiões de mineração

Fornecedores de equipamentos e tecnologia

Parcerias estratégicas de tecnologia e equipamentos:

Fornecedor	Tipo de equipamento/tecnologia
Caterpillar Inc.	Máquinas de mineração e equipamentos pesados
Sandvik	Tecnologias de perfuração e exploração
Metso OUTOTEC	Equipamento de processamento mineral

Orla Mining Ltd. (ORLA) - Modelo de negócios: Atividades -chave

Exploração e mineração de ouro e prata

A partir de 2024, a Orla Mining Ltd. se concentra nas atividades de exploração e mineração no Panamá e no México. As reservas minerais totais da empresa, no último relatório financeiro, incluem:

Projeto	Reservas de ouro	Reservas de prata
Cerro Quema (Panamá)	1,1 milhão de onças	2,4 milhões de onças
Camino Rojo (México)	1,5 milhão de onças	7,8 milhões de onças

Desenvolvimento de Recursos no Projeto Cerro Quema

As principais métricas de desenvolvimento para o projeto Cerro Quema incluem:

• Despesas de capital inicial estimadas: US $ 255 milhões
• Produção anual de ouro projetada: 90.000-100.000 onças
• Expectativa de vida da mina: 10 anos

Extração e processamento minerais

Recursos de processamento e métricas de produção:

Parâmetro de processamento	Especificação
Capacidade anual de processamento	3,5 milhões de toneladas por ano
Taxa de recuperação	85,6% para ouro
Nota média	1,2 gramas por tonelada

Pesquisas geológicas e avaliações do local

Investimento anual em Exploração e Atividades Geológicas:

• Orçamento de exploração: US $ 15-20 milhões
• Pedros de perfuração por ano: 50.000-60.000 metros
• Tamanho da equipe geológica: 45 profissionais

Práticas de mineração sustentáveis ​​e gestão ambiental

Métricas de gestão ambiental:

Métrica ambiental	Desempenho
Taxa de reciclagem de água	72%
Alvo de redução de emissão de carbono	25% até 2026
Fundo de Recuperação	US $ 12 milhões alocados

Orla Mining Ltd. (ORLA) - Modelo de negócios: Recursos -chave

Concessões de mineração no Panamá e no México

Orla Mining Ltd. mantém as seguintes concessões de mineração:

Localização	Propriedade	Tamanho (hectares)	Status
Panamá	Projeto Cerro Quema	7,270	Operacional
México	Projeto Camino Rojo	5,400	Exploração avançada

Equipe de engenharia geológica e de mineração experiente

Detalhes do pessoal -chave:

• Jason Simpson - Presidente e CEO
• Kyle Floyd - Diretor de Operações
• 15 geólogos seniores e engenheiros de mineração
• Experiência média da indústria: 18 anos

Equipamentos e tecnologia avançados de mineração

Categoria de equipamento	Quantidade	Valor estimado
Escavadeiras de mineração	6	US $ 24,3 milhões
Caminhões de transporte	12	US $ 18,7 milhões
Equipamento de perfuração	4 conjuntos	US $ 6,5 milhões

Capital financeiro para desenvolvimento de projetos

Recursos Financeiros a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 132,4 milhões
• Total de ativos: US $ 456,7 milhões
• Capital de giro: US $ 98,6 milhões

Reservas minerais

Propriedade	Reservas de ouro	Reservas de prata	Valor estimado
Cerro Quema (Panamá)	321.000 oz	N / D	US $ 612 milhões
Camino Rojo (México)	1,2 milhão de onças	7,4 milhões de onças	US $ 1,8 bilhão

Orla Mining Ltd. (ORLA) - Modelo de negócios: proposições de valor

Produção de ouro e prata de alta qualidade

A Orla Mining Ltd. produziu 106.526 onças equivalentes a ouro em 2023 a partir de sua mina de ouro e prata do Camino Rojo no México. A repartição da produção da empresa inclui:

Metal	Volume de produção	Valor
Ouro	93.537 onças	US $ 180,1 milhões
Prata	493.756 onças	US $ 12,3 milhões

Práticas de mineração sustentáveis ​​e responsáveis

Mineração de Orla demonstra compromisso através de:

• Investimentos de proteção ambiental: US $ 8,2 milhões em 2023
• Orçamento de envolvimento da comunidade: US $ 1,5 milhão
• Zero incidentes ambientais significativos relatados

Ativos estratégicos em jurisdições politicamente estáveis

As operações primárias da Orla Mining estão localizadas em:

• México: Mina Camino Rojo Gold-Silver
• Panamá: Projeto Cerro Quema Gold

Desempenho operacional eficiente

Métrica operacional	2023 desempenho
Custo de sustentação em todos os lugares (AISC)	US $ 1.078 por onça de ouro
Custo em dinheiro	US $ 759 por onça de ouro
Margem operacional	42%

Potencial para um crescimento significativo de recursos minerais

Estimativas de recursos minerais em 31 de dezembro de 2023:

• Camino Rojo: 2,1 milhões de onças de ouro
• Cerro Quema: 1,3 milhão de onças de ouro
• Orçamento de exploração para 2024: US $ 15 milhões

Orla Mining Ltd. (ORLA) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com comerciantes de metal

A Orla Mining Ltd. mantém relações estratégicas de negociação de metais com os principais compradores internacionais. A partir de 2024, a empresa estabeleceu contratos de longo prazo com parceiros de comércio de metais primários.

Comerciante de metal	Duração do contrato	Volume anual estimado
Tecnologias Metalor	Contrato de 5 anos	45.000 onças de ouro
Metais preciosos internacionais	Contrato de 3 anos	35.000 onças de ouro

Comunicação transparente com investidores

Orla Mining Ltd. Prioriza as relações com os investidores por meio de estratégias abrangentes de comunicação.

• Relatórios de ganhos trimestrais
• Reuniões anuais de acionistas
• Webinars de apresentação de investidores
• Contato de relações com investidores diretos

Engajamento com comunidades de mineração locais

A empresa mantém Programas ativos de engajamento comunitário em regiões de operações de mineração.

Localização	Investimento comunitário	Emprego local
Camino Rojo, México	Investimento anual de US $ 2,1 milhões	87% da força de trabalho local
Cerro Quema, Panamá	Investimento anual de US $ 1,5 milhão	72% da força de trabalho local

Relatórios financeiros e operacionais regulares

A mineração ORLA fornece transparência financeira detalhada por meio de vários canais de relatórios.

• Registros da SEC
• Divisão de bolsas de valores TSX
• Relatórios anuais abrangentes
• Demonstrações financeiras intermediárias

Compromisso com a responsabilidade social corporativa

A empresa demonstra compromisso contínuo com práticas de mineração sustentável e desenvolvimento da comunidade.

Área de foco na RSE	Investimento anual	Iniciativas -chave
Sustentabilidade Ambiental	US $ 3,7 milhões	Conservação de água, restauração de habitat
Desenvolvimento comunitário	US $ 2,5 milhões	Educação, assistência médica, suporte de infraestrutura

Orla Mining Ltd. (ORLA) - Modelo de negócios: canais

Vendas diretas para empresas de comércio de metal

A Orla Mining Ltd. vende a produção de ouro principalmente por meio de canais diretos para empresas de comércio de metais. A partir do quarto trimestre de 2023, a mina de ouro Camino Rojo da empresa no México produziu 78.625 onças de ouro.

Parceiro de comércio de metal	Volume de vendas (onças de ouro)	Porcentagem de vendas totais
Tecnologias Metalor	35,682	45.4%
MMTC-PAMP	25,943	33.0%
Outros parceiros comerciais	17,000	21.6%

Relações com investidores por meio de conferências financeiras

A Orla Mining participa de conferências importantes para investidores para comunicar o desempenho financeiro e as iniciativas estratégicas.

• BMO Capital Markets Global Metals & Conferência de Mineração
• RBC Capital Markets Global Metals & Conferência de Mineração
• Conferência de Mineração do Scotiabank

Site corporativo e comunicações digitais

A plataforma de relações com investidores digitais inclui:

• Relatórios financeiros trimestrais
• Downloads de apresentação do investidor
• Arquivos de webcast

Feiras de comércio da indústria de mineração

Feira de feira	Localização	Ano de participação
Convenção Internacional do PDAC	Toronto, Canadá	2024
Conferência de Minas e Dinheiro	Londres, Reino Unido	2024

Plataformas de mercado financeiro

Listado em:

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

Capitalização de mercado em janeiro de 2024: US $ 1,2 bilhão

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

Empresas de comércio de metal

Orla Mining Ltd. tem como alvo as empresas de comércio de metal com as seguintes características:

Volume anual de negociação de ouro	Aproximadamente 500.000-750.000 onças
Regiões de negociação primárias	América do Norte, América Latina
Tamanho médio da transação	US $ 850.000 a US $ 1,2 milhão por transação

Investidores institucionais

Os principais segmentos de investidores institucionais incluem:

• Fundos de investimento de metais preciosos
• Fundos de pensão
• Fundos soberanos de riqueza

Alocação de portfólio de investimentos	2-5% em estoques de mineração de metais preciosos
Tamanho médio de investimento	US $ 5 a 10 milhões por investidor institucional

Mercados de commodities de ouro e prata

Redução do segmento de mercado:

Produção de ouro (2023)	140.000-160.000 onças
Produção de prata (2023)	250.000-300.000 onças
Faixa de preço de mercado	Ouro: US $ 1.800- $ 2.100 por onça
Faixa de preço de prata	US $ 22 a US $ 25 por onça

Partes interessadas da indústria de mineração

Grupos de partes interessadas direcionadas:

• Fornecedores de equipamentos de mineração
• Empresas de exploração
• Provedores de serviços técnicos

Projetos anuais de colaboração	6-8 parcerias estratégicas
Valor típico do contrato	US $ 500.000 a US $ 2 milhões

Investidores globais de metais preciosos

Análise global de segmento de investidores:

Distribuição geográfica do investidor	Canadá (40%), EUA (30%), Internacional (30%)
Tamanho médio de investimento	US $ 100.000 a US $ 500.000
Volume anual de investimento	Aproximadamente US $ 50-75 milhões

Orla Mining Ltd. (ORLA) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

Para o ano fiscal de 2023, a Orla Mining Ltd. relatou despesas de exploração e avaliação de US $ 13,2 milhões relacionadas ao seu projeto Camino Rojo Gold-Silver no México.

Categoria de despesa	Quantidade (USD)
Pesquisas geológicas	US $ 4,5 milhões
Operações de perfuração	US $ 6,3 milhões
Estudos geofísicos	US $ 2,4 milhões

Equipamentos de mineração e investimentos em tecnologia

As despesas de capital para 2023 totalizaram aproximadamente US $ 185,2 milhões, com investimentos significativos em equipamentos de mineração e infraestrutura tecnológica.

• Equipamento de mineração móvel: US $ 62,7 milhões
• Processando máquinas de plantas: US $ 48,3 milhões
• Sistemas de tecnologia e automação: US $ 22,6 milhões

Custos de mão -de -obra e pessoal

As despesas totais de pessoal para 2023 foram de US $ 37,8 milhões, cobrindo aproximadamente 450 funcionários em período integral nas operações.

Categoria de pessoal	Custo anual (USD)
Pessoal de mineração direta	US $ 24,5 milhões
Equipe administrativo	US $ 8,3 milhões
Especialistas técnicos	US $ 5,0 milhões

Iniciativas de conformidade ambiental e sustentabilidade

As despesas ambientais e relacionadas à sustentabilidade em 2023 totalizaram US $ 15,6 milhões.

• Monitoramento ambiental: US $ 4,2 milhões
• Recuperação e reabilitação: US $ 7,8 milhões
• Implementação do Programa de Sustentabilidade: US $ 3,6 milhões

Manutenção operacional e infraestrutura

Os custos de manutenção e infraestrutura para 2023 foram de US $ 28,4 milhões.

Categoria de manutenção	Custo anual (USD)
Manutenção do equipamento	US $ 16,7 milhões
Uportagem de infraestrutura	US $ 7,9 milhões
Manutenção de estrada e acesso	US $ 3,8 milhões

Orla Mining Ltd. (ORLA) - Modelo de negócios: fluxos de receita

Vendas de ouro e metal de prata

A partir de 2024, a Orla Mining Ltd. gera receita primária a partir de vendas de ouro e metal de prata em seu projeto Camino Rojo Oxide Gold-Silver no México.

Metal	Produção anual (2023)	Receita estimada
Ouro	130.000-140.000 onças	US $ 250 a US $ 270 milhões
Prata	1.000.000 1.200.000 onças	US $ 20 a US $ 25 milhões

Negociação de recursos minerais

A mineração da Orla se envolve no comércio de recursos minerais, com foco específico em commodities de ouro e prata de suas operações mexicanas.

• Preço médio de ouro (2023): US $ 1.940 por onça
• Preço médio de prata (2023): US $ 23,50 por onça
• Receita total de negociação de recursos minerais: aproximadamente US $ 290 milhões

Desenvolvimento de projetos e monetização de ativos

A mineração da ORLA gera receita adicional por meio de estratégias estratégicas de desenvolvimento de projetos e estratégias de monetização de ativos.

Projeto	Valor estimado	Estágio de desenvolvimento
Projeto Camino Rojo	US $ 500 milhões	Operacional
Ativos de exploração	US $ 150 a US $ 200 milhões	Desenvolvimento

Acordos de streaming ou royalties em potencial

A Orla Mining explora possíveis acordos de streaming e royalties para diversificar os fluxos de receita.

• Receita de streaming anual potencial: US $ 15 a US $ 25 milhões
• Potencial do Contrato de Royalties: 1-2% das vendas de metal

Oportunidades de investimento e parceria

A empresa busca investimentos e parcerias estratégicas para aprimorar a geração de receita.

Tipo de parceria	Receita anual potencial	Status
Acordos de joint venture	US $ 30 a US $ 50 milhões	Negociações em andamento
Investimentos estratégicos	US $ 10 a US $ 20 milhões	Exploração ativa

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.