Orla Mining Ltd. (ORLA): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da mineração, a Orla Mining Ltd. (ORLA) fica na encruzilhada de complexos desafios globais e oportunidades estratégicas. Navegando pelo intrincado cenário do setor de mineração do México, esta empresa canadense demonstra notável resiliência e perspicácia estratégica. Ao abordar meticulosamente as dimensões políticas, econômicas, sociológicas, tecnológicas, legais e ambientais, Orla revela uma abordagem abrangente para a extração sustentável de recursos que vai muito além dos paradigmas tradicionais de mineração. Mergulhe nessa análise atraente para descobrir como a Orla Mining Ltd. transforma possíveis obstáculos em vantagens estratégicas em um ambiente de mineração global cada vez mais complexo.

Orla Mining Ltd. (Orla) - Análise de Pestle: Fatores Políticos

Cenário político e ambiente regulatório no México

O Orla Mining Ltd. opera principalmente no México, com seu principal projeto Camino Rojo Gold e Silver, localizado no estado de Zacatecas. A partir de 2024, a empresa deve navegar por um cenário político e regulatório complexo.

Métrica política	Status atual
Permissões de mineração necessárias	Autorizações de nível federal e estadual
Restrições de investimento estrangeiro	A lei de mineração mexicana permite 100% de propriedade estrangeira
Regulamentos de conformidade ambiental	Leis estritas de proteção ambiental federal

Engajamento do governo e conformidade regulatória

A mineração da ORLA deve manter o envolvimento ativo com várias autoridades governamentais:

• Secretaria da Economia (Secretaría de Economía)
• Ministério do Meio Ambiente e Recursos Naturais (Semarnat)
• Pesquisa geológica mexicana (SGM)
• Departamentos de mineração em nível estadual

Fatores de risco políticos

Os principais riscos políticos incluem possíveis mudanças políticas em:

• Tributação do setor de mineração
• Regulamentos ambientais
• Políticas de investimento estrangeiro
• Uso da terra e direitos indígenas

Categoria de risco político	Nível de impacto potencial
Mudanças de tributação	Alto
Complexidade regulatória	Médio-alto
Tensões geopolíticas	Baixo médio

Requisitos de conformidade e permissão

A mineração de Orla deve obter continuamente e manter várias licenças, incluindo:

• Avaliação de Impacto Ambiental (MIA)
• Permissões de mudança de uso da terra
• Licenças de extração de água
• Concessões federais de mineração

Orla Mining Ltd. (ORLA) - Análise de Pestle: Fatores econômicos

Exposto a preços flutuantes de commodities de ouro e prata

A partir do quarto trimestre de 2023, os preços do ouro variaram entre US $ 1.950 e US $ 2.089 por onça. Os preços da prata flutuaram entre US $ 22,50 e US $ 25,80 por onça. A receita da Orla Mining se correlaciona diretamente com essas variações de preços de commodities.

Mercadoria	Faixa de preço (2023)	Estimativa de produção anual
Ouro	$ 1.950 - US $ 2.089/oz	130.000-150.000 onças
Prata	$ 22,50 - $ 25,80/oz	1.500.000-1.800.000 onças

Condições econômicas no México e nos mercados globais de investimento em mineração

O setor de mineração do México contribuiu com aproximadamente 4,2% para o PIB nacional em 2023. O investimento direto estrangeiro na mineração mexicana atingiu US $ 1,2 bilhão durante o mesmo período.

Indicador econômico	Valor (2023)
Contribuição do PIB de mineração mexicana	4.2%
Investimento de mineração estrangeira	US $ 1,2 bilhão
Investimento global de mineração	US $ 78,4 bilhões

Variações de taxa de câmbio

Volatilidade da taxa de câmbio: A taxa de câmbio CAD/MXN variou entre 16,50 e 17,85 pesos por dólar canadense em 2023.

Par de moeda	Taxa mínima	Taxa máxima	Taxa média
CAD/MXN	16.50	17.85	17.22

Tendências econômicas globais e riscos de recessão

Tendências de investimento do setor de mineração global:

• Total Global Mining Investments: US $ 78,4 bilhões em 2023
• Crescimento do setor de mineração projetado: 3,2% anualmente
• Impacto potencial de recessão: estimado 1,5-2,5% Redução nos investimentos em mineração

Métrica econômica	2023 valor	Impacto projetado
Investimentos globais de mineração	US $ 78,4 bilhões	3,2% de crescimento
Impacto potencial de recessão	-1,5% a -2,5%	Redução de investimentos

Orla Mining Ltd. (ORLA) - Análise de Pestle: Fatores sociais

Foco sociológico nas relações comunitárias e licença social para operar

O Orla Mining Ltd. opera principalmente no México, especificamente no projeto Camino Rojo Gold-Silver em Zacatecas. Em 2024, a empresa investiu US $ 8,2 milhões em programas de desenvolvimento comunitário.

Métrica de engajamento da comunidade	2023 dados
Investimento comunitário local	$8,200,000
Taxa de emprego local	67.3%
Programas de treinamento comunitário	12 programas distintos
Orçamento anual de responsabilidade social	US $ 3,6 milhões

Emprego local e desenvolvimento econômico

Em 2023, a Orla Mining empregou 423 trabalhadores locais em suas operações mexicanas, representando 67,3% da força de trabalho total.

• Criação local direta de emprego: 423 posições
• Impacto econômico indireto: estimado US $ 14,7 milhões anualmente
• Salário médio do trabalhador local: US $ 42.500 por ano

Gerenciamento de tensão social

A Orla Mining implementou estratégias abrangentes de mitigação, com US $ 1,2 milhão alocados às avaliações de impacto ambiental e social em 2023.

Mitraca de mitigação de tensão social	2023 dados
Avaliações de impacto ambiental	3 estudos abrangentes
Reuniões de consulta da comunidade	24 reuniões
Taxa de resolução de queixas	92.5%

Programas de responsabilidade social corporativa

A Orla Mining investiu US $ 3,6 milhões em iniciativas de responsabilidade social direcionadas ao desenvolvimento de educação, saúde e infraestrutura em 2023.

• Apoio à educação: US $ 1,2 milhão
• Iniciativas de saúde: US $ 850.000
• Desenvolvimento de infraestrutura: US $ 1,55 milhão

Orla Mining Ltd. (ORLA) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de exploração e mineração

A Orla Mining Ltd. utiliza o software de planejamento de minas Maptek Vulcan 3D, que custa aproximadamente US $ 45.000 por licença anual. A empresa investiu US $ 2,3 milhões em tecnologias avançadas de perfuração, incluindo as plataformas de perfuração Sandvik DD422i Underground, ao preço de US $ 850.000 cada.

Tipo de tecnologia	Investimento ($)	Ano de implementação
Software de mapeamento geológico 3D	1,250,000	2023
Equipamento de perfuração autônomo	3,500,000	2022
Tecnologias de sensoriamento remoto	1,750,000	2023

Tecnologias digitais para eficiência operacional

O Orla Mining implantou o SAP HANA Enterprise Resource Planning System, custando US $ 1,8 milhão, para melhorar o rastreamento operacional. A empresa implementou sensores de IoT em seu projeto Camino Rojo, com um investimento de US $ 675.000 para o monitoramento de equipamentos em tempo real.

Mapeamento geológico e exploração mineral

Utilizando o software de mapeamento geológico da Leica Geocom, a Orla Mining gastou US $ 620.000 em tecnologias avançadas de pesquisa geológica. A empresa emprega sistemas de mapeamento de LiDAR com sede em drones, com cada unidade de drones custando aproximadamente US $ 85.000.

Tecnologia de exploração	Nível de precisão	Custo ($)
Mapeamento de drones LIDAR	Precisão de 0,05m	425,000
Sistemas de imagem espectrais	Resolução de 0,1M	950,000
Equipamento de pesquisa geofísica	Alta precisão	1,200,000

Tecnologias de mineração sustentáveis

A Orla Mining investiu US $ 4,2 milhões em tecnologias de mineração sustentável, incluindo sistemas de reciclagem de água e equipamentos de processamento com eficiência energética. A empresa implementou equipamentos auxiliares movidos a energia solar com um investimento inicial de US $ 1,5 milhão.

• Eficiência do sistema de reciclagem de água: 78%
• Redução de energia através da tecnologia: 22%
• Redução de emissão de carbono: 35%

Orla Mining Ltd. (ORLA) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos de mineração mexicanos e padrões internacionais

Orla Mining Ltd. mantém 100% de propriedade legal do projeto Camino Rojo Oxide Gold-Silver em Zacatecas, México. A Companhia opera sob a Lei de Mineração Mexicana nº 1702, que requer documentação e conformidade legais específicas.

Requisito legal	Status de conformidade	Documentação
Concessão de mineração	Totalmente compatível	Título nº 244707
Permissão Ambiental	Ativo	Semarnat Resolução 2021
Licença operacional	Aprovado	Secretaría de Economía permitir

Processos de permissão para exploração e extração minerais

A mineração de Orla navegou com sucesso processos de permissão complexos, com 3 licenças de exploração ativa e 1 Permissão de extração Para o projeto Camino Rojo.

Tipo de permissão	Número de licenças	Período de validade
Permissões de exploração	3	2022-2026
Permissão de extração	1	2023-2033

Conformidade ambiental e operacional

Mineração de orla adere a ISO 14001: 2015 Padrões de gestão ambiental e mantém documentação abrangente de conformidade.

• Avaliações anuais de impacto ambiental concluídas
• Protocolos de gerenciamento de resíduos no lugar
• Auditorias ambientais regulares de terceiros realizados

Desafios legais e direitos de uso da terra

A empresa possui US $ 2,5 milhões alocado para possíveis contingências legais relacionadas ao uso da terra e direitos de mineração.

Categoria de risco legal	Orçamento de mitigação	Probabilidade de risco
Disputas de uso da terra	US $ 1,2 milhão	Baixo (8%)
Desafios dos direitos de mineração	US $ 1,3 milhão	Médio (15%)

Orla Mining Ltd. (ORLA) - Análise de Pestle: Fatores Ambientais

Comprometido com práticas sustentáveis ​​de mineração e proteção ambiental

A Orla Mining Ltd. relatou um total de US $ 5,2 milhões investidos em medidas de proteção ambiental em 2023. A taxa de conformidade ambiental da empresa é de 98,7% em suas operações de mineração no México.

Categoria de investimento ambiental	Valor investido (USD)
Restauração ecológica	US $ 1,8 milhão
Redução de emissão de carbono	US $ 1,5 milhão
Conservação de água	US $ 1,2 milhão
Gerenciamento de resíduos	US $ 0,7 milhão

Estratégias de gerenciamento e conservação de água

A ORLA Mining implementou técnicas de reciclagem de água que reduzem o consumo de água doce em 42% na mina de óxido de Camino Rojo em Zacatecas, no México. As métricas de uso de água para 2023 demonstram:

Métrica de gerenciamento de água	Quantidade
Consumo total de água	1,2 milhão de metros cúbicos
Porcentagem de água reciclada	62%
Redução de água doce	42%

Redução da pegada de carbono

Dados de emissões de carbono para operações da Orla Mining em 2023 mostram:

• Emissões totais de CO2: 45.000 toneladas métricas
• Intensidade do carbono: 0,12 toneladas métricas CO2 por tonelada processada de minério
• Uso de energia renovável: 25% do consumo total de energia

Reabilitação e recuperação do local

A mineração da ORLA alocou US $ 2,3 milhões para reabilitação de terras em 2023, cobrindo 87 hectares de locais de mineração. Os esforços de recuperação incluem:

Atividade de recuperação	Área coberta (hectares)
Restauração superficial	42
Replante de vegetação nativa	35
Controle de erosão	10

Conformidade regulatória ambiental

Métricas de conformidade:

• Regulamentos ambientais mexicanos Conformidade: 100%
• Normas ambientais internacionais ADENÇÃO: 99,5%
• Auditoria ambiental passes: 3 de 3 conduzidos em 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.