Orla Mining Ltd.

Equinox Gold and Orla completed their combination on 31 July 2026, creating a producer of about 1.1 million ounces of gold a year. Ross Beaty stepped down as chairman in favour of Chuck Jeannes, CEO Darren Hall will retire, and Orla's shares are to be delisted.

business combination

The British Columbia court granted the final order for the Equinox Gold arrangement, under which each Orla share becomes one Equinox share plus US$0.0001 in cash. Closing was set for about 31 July 2026, after which Orla would be delisted from Toronto and NYSE American and cease reporting.

business combination

Mailed the circular for a 22 July 2026 vote on being acquired by Equinox Gold under an arrangement agreement signed 12 May 2026, with the board recommending it unanimously. This is the first of these filings to reach the record; the agreement itself is not among the cached documents.

business combination

Surface directional drilling showed the Lynx and PQ zones at Musselwhite continue as two stacked, continuous horizons for at least two kilometres down-plunge, with 4.7 metres at 11.92 grams of gold a tonne 1.4 kilometres out and 3.5 metres at 5.11 grams at 1.6 kilometres, and new shallow mineralisation at Camp Bay near existing infrastructure. The mineralised system is broader and more continuous than the company understood when it bought the mine.

drilling result

Mexico's environment ministry approved the environmental impact assessment for Camino Rojo, which with the earlier land-use change gives Orla every permit needed to mine out the rest of the oxide pit including the Fresnillo layback area, and to sink an exploration portal and decline towards the underground sulphide project from as early as the second half of 2026. The approval carries customary conditions. The updated technical report was filed the same day.

resource reserve update

A preliminary economic assessment set out a standalone underground mine beneath the Camino Rojo pit with its own crushing, grinding and flotation plant selling concentrate: US$1.3 billion present value at a 5% discount and a 30% return at US$3,100 gold, averaging 215,000 ounces a year over ten years at all-in sustaining costs of US$1,304 an ounce. It is an early-stage study - a pre-feasibility study is planned for 2027, after an exploration decline and more drilling - but it would be roughly twice the output of the oxide operation it sits under.

resource reserve update

The optimised feasibility study on South Railroad returned a US$783 million present value at a 5% discount and a 48% return at US$3,100 gold, for US$395 million of initial capital, averaging 130,000 ounces a year over the first five years at all-in sustaining costs of US$1,485 an ounce. The board approved pre-construction spending and, subject to permits, construction itself, to be funded from cash flow and cash on hand - no financing needed. It would be Orla's third mine and take group output near 500,000 ounces a year. The federal record of decision was targeted for mid-2026.

resource reserve update

Drilling extended the Musselwhite mine trend to a full two kilometres down-plunge of current workings, with 5.0 metres at 5.57 grams of gold a tonne at that distance, while holes in the Redwings, Lynx, West Limb and PQE zones returned 9.0 metres at 22.1 grams and 15.0 metres at 10.1 grams. A shallow satellite hole cut 1.2 metres at 43.8 grams. This is the extension the acquisition case rested on, now confirmed twice.

drilling result

Declared its first dividend, a quarterly US$0.015 a share (US$0.06 a year) payable from February 2026, and adopted it as a standing policy - four years after first gold and while committing to build South Railroad out of cash flow.

dividend declaration

An 18,000 metre program at South Carlin found oxide gold 100 to 130 metres outside the feasibility pit shells at both Pinion, 67.1 metres at 1.06 grams a tonne, and Dark Star, 22.6 metres at 5.65 grams including 5 metres at 15.1, and confirmed oxide over 1.5 kilometres of strike at the Spike satellite. South Railroad was in final permitting with an optimised feasibility study due in early 2026, construction from mid-2026 and first gold in 2028.

drilling result

Seven months after buying Musselwhite, drilling confirmed the mine trend continues 1.6 kilometres along strike from current workings, with 4.1 metres at 15.1 grams of gold a tonne and visible gold, and favourable geology for another 400 metres - the two-kilometre extension the US$25 million program was designed to test. Holes in active mining areas returned 10.1 metres at 27.2 grams and 15.7 metres at 6.89 grams, and surface drilling within 10 kilometres of the mill found open-pit satellite targets.

drilling result

The 15,000 metre Zone 22 infill program finished in July and was extended by another 5,000 metres out of the existing budget after hitting high grade outside the resource panels - 9.8 grams of gold-equivalent over 9.4 metres, 9.0 grams over 7.9 metres, 6.2 grams over 9.6 metres, with narrow intervals to 142 grams. The results feed an updated underground resource and the 2026 economic assessment.

drilling result

A first underground resource for Camino Rojo put 50.1 million tonnes measured and indicated at 2.45 grams of gold, 10.6 grams of silver and 0.25% zinc a tonne - 3.95 million gold ounces, 4.16 million gold-equivalent - plus 5.6 million tonnes inferred for 0.40 million ounces. That is a far larger and higher-grade body than the oxide heap-leach mine above it, which was built on 1.59 million contained ounces at 0.73 grams. Zone 22 contributes only 7% of the indicated figure so far, with drilling still running.

resource reserve update

The formal acquisition report for Musselwhite, completed 28 February 2025, sets out how the US$810 million was paid: a US$250 million credit facility from Scotiabank, BMO, CIBC and ING - the existing US$150 million revolver plus a new US$100 million three-year term loan - a US$360 million gold pre-payment facility, and US$200 million of senior unsecured convertible notes. So most of the price is gold delivered forward and debt, not bank credit alone, and the company that was debt free in October 2024 took on well over half a billion dollars of obligations in four months.

business combination

Orla launched a US$25 million 2025 drilling program at Musselwhite, including 10,000 metres of directional drilling from surface, the first surface program since 2020. It aims to prove a potential two to three kilometre extension of the mine trend and push mine life well beyond 2030.

drilling progress report

Completed the Musselwhite purchase, turning a single-mine producer into a two-mine intermediate with assets in Mexico and Canada and a project in Nevada. Management named Prem Watsa of Fairfax and Pierre Lassonde, who funded part of the price through convertible notes, and committed to keeping Musselwhite's existing First Nations and supplier agreements.

business combination

Drilling at the South Carlin Complex hit high-grade oxide inside and beyond the feasibility pits - 34.7 metres at 2.68 grams a tonne at Dark Star, 55.2 metres at 1.04 grams at Pinion, 65.5 metres at 1.16 grams at Bowl - and returned mineralisation from North Bullion and skarn targets to the north. Orla set a US$15 million 2025 program, secured water rights and advanced permitting, with a fresh resource, reserve and technical report due in the second half of 2025.

drilling result

2024 production was a record 136,748 ounces, inside a range twice raised and 19% above the midpoint of the original 110,000 to 120,000, with all-in sustaining costs at the low end of US$800 to US$900 an ounce. The mine stacked 7.2 million tonnes at 0.88 grams a tonne, up from 0.79 in 2023, at 19,055 tonnes a day; fourth-quarter output fell to 26,531 ounces as stacked grade rose but the strip ratio jumped to 1.54.

production update

Zone 22, as the Camino Rojo extension is now called, has been traced 800 metres beyond the open-pit resource and is still open down-plunge and along strike, with 31.5 grams of gold-equivalent over 2.7 metres and 11.2 grams over 4.5 metres among the results of a 32,000-metre year. A separate copper-gold-silver event was identified, with copper up to 4.95%. A first underground resource for the sulphides, taking in part of Zone 22, was promised for early 2025 to support an economic study.

drilling result

Agreed to buy the Musselwhite underground gold mine in Ontario from Newmont for US$810 million cash plus up to US$40 million tied to the gold price - the biggest step in the company's history and its first underground operation. Musselwhite has run over 25 years and produced nearly 6 million ounces, and at end-2023 held 1.5 million ounces of reserves in 7.4 million tonnes at 6.23 grams a tonne, a seven-year life at about 202,000 ounces a year and all-in sustaining costs of US$1,269 an ounce - far above Camino Rojo's. It more than doubles Orla's output to over 300,000 ounces. The price is funded with cash, the undrawn facility, new debt, a gold pre-pay and convertible notes from existing cornerstone investors, with no upfront share issue.

business combination

Repaid the remaining US$58.4 million drawn on its revolving credit facility after quarter end, leaving it debt free with about US$120 million of cash, only in its third year of operations. The US$150 million facility stays in place and available until it expires on August 28, 2027.

debt financing

Regional drilling at South Railroad confirmed Carlin-style gold in the North Bullion sulphide deposit, 51.8 metres at 3.24 grams a tonne and 42.7 metres at 3.96 grams, and extended mineralisation at Jasperoid Wash. Orla planned over 22,000 metres of drilling in 2024, up sharply, with Pony Creek to be folded in on completion of the Contact Gold deal.

drilling result

First substantial drill results from the Nevada ground bought with Gold Standard: oxide gold outside the projected open pits at Pinion, 0.72 grams a tonne over 112.7 metres, and at Dark Star, 3.53 grams over 36.6 metres including 19.8 metres at 5.23. Infill holes confirmed the modelled grade, with 2.20 grams over 163.1 metres. Orla drilled 14,695 metres at South Railroad in 2023.

drilling result

Four holes for 2,607 metres found the new polymetallic sulphide style 450 metres down-plunge of the existing resource, returning 4.86 grams of gold, 43.6 grams of silver, 1.27% zinc and 0.44% lead over 11.7 metres, and 10.3 grams of gold with 3.81% zinc over 5.6 metres. The Camino Rojo system is bigger than the resource envelope drawn around it, and now carries base metals as well as gold.

drilling result

The last 14 holes of the 2023 sulphide infill program closed it out strongly - 138.6 metres at 3.21 grams of gold a tonne, 43.0 metres at 4.12 grams including 11.5 metres at 10.0, 20.5 metres at 5.30 grams. Holes pushed below the Caracol formation also hit a new style of polymetallic massive sulphide replacement mineralisation, results for which were still to come.

drilling result

A 37,677 metre program in 2023 concentrated on infilling the higher-grade core of the Camino Rojo sulphides to support a possible underground resource, and returned intersections such as 2.94 grams of gold a tonne over 66.5 metres and 2.22 grams over 96.5 metres, with narrow shoots above 10 grams. Results from 38 of 56 holes had been released, the rest to follow.

drilling result

Beat guidance again with 121,877 ounces of gold in 2023, a record 34,484 in the fourth quarter, against a range already raised to 110,000 to 120,000. Camino Rojo stacked 7.0 million tonnes at 0.79 grams a tonne, running at 19,194 tonnes a day, above the 18,000 tonne design. Debt fell US$58.9 million over the year to US$88.4 million, the last US$22.8 million instalment to Fresnillo under the layback agreement was paid, and with US$96.6 million of cash the company was in a small net cash position.

production update

Replaced its US$100 million term loan and US$50 million revolver with a single US$150 million revolving facility from Scotiabank, Bank of Montreal and CIBC, running four years to August 2027 with everything due at maturity. Pricing moved to term SOFR plus 2.50% to 3.75% depending on leverage, 25 basis points cheaper at the bottom of the range, and the standby fee on the undrawn part came down. A stated ability to go to US$200 million is not committed money - it needs further binding commitments.

debt financing

Infill drilling tightened to 25 to 30 metre spacing across the Camino Rojo sulphides and held the grade - 2.87 grams of gold a tonne over 93.0 metres in CRSX22-11, 3.26 grams over 56.9 metres in CRSX22-12A - work aimed at supporting an underground resource. Deeper holes confirmed a different, polymetallic style of massive sulphide below the main zone, with CRSX23-15C returning 5.90 grams gold-equivalent over 8.5 metres carrying silver, zinc and copper as well as gold.

drilling result

Drilling into the sulphide body under the Camino Rojo oxide pit kept returning grade over real width - 4.66 grams of gold a tonne over 64.0 metres in CRSX22-09B, 2.76 grams over 79.0 metres in CRSX22-09A, 1.92 grams over 87.0 metres in CRSX22-10A. Separately, gold was found below the base of the current resource, including 4.02 grams of gold and 1.5% zinc over 22.9 metres in CRSX22-07, so the deposit is open at depth, and a first regional hole 7 kilometres north-east at Guanamero was encouraging.

drilling result

Camino Rojo produced 109,596 ounces of gold in 2022, the high end of guidance raised from 90,000-100,000 to 100,000-110,000 ounces, including a record 32,017 ounces in Q4. Orla ended 2022 with US$96.6 million of cash after the third US$15 million Fresnillo payment and a first US$5.6 million debt repayment. 2023 guidance was 100,000-110,000 ounces at US$750-850 AISC.

production update

First real exploration season as a producer, across 200,000 hectares in three countries, with the budget raised mid-year. Second-phase drilling into the Camino Rojo sulphide body below the oxide pit returned 2.56 grams of gold a tonne over 41.5 metres in hole CRSX22-06 and 3.08 grams over 52.5 metres in CRSX22-08A, and two holes at La Pelona in Panama cut broad low-grade oxide - 0.27 grams over 113.7 metres and 0.46 grams over 104.8 metres.

drilling progress report

Closed the Gold Standard Ventures purchase; its holders took 0.1193 Orla shares plus C$0.0001 each, so their equity rolled into Orla stock rather than being cashed out, and Gold Standard was delisted from Toronto and NYSE American and wound down as a reporting issuer. Orla now holds South Railroad and Lewis in Nevada alongside Camino Rojo and Cerro Quema.

business combination

Agreed to buy Gold Standard Ventures for 0.1193 Orla shares plus a token C$0.0001 per share, about C$0.655 a share or C$242 million and a 35% premium, in the company's first move outside Mexico and Panama. The prize is South Railroad, a feasibility-stage open-pit heap leach project on Nevada's Carlin trend that Orla describes as the same shape as Camino Rojo, plus the Lewis ground on the Battle Mountain trend. Permitting at South Railroad was still under way.

business combination

Declared commercial production at Camino Rojo from 1 April 2022, after sustaining throughput above 75% of the 18,000 tonne a day design and completing all major construction. Orla went from explorer to producer in three years.

production update

Ramp-up was tracking plan: January stacking averaged 15,210 tonnes a day, 84.5% of the 18,000 tonne nameplate, against 9,955 for 2021, and recoveries matched the model. Gold poured was 2,422 ounces in 2021 and 6,263 in January; mined grade fell to 0.56 g/t from 0.71, and stacked grade to 0.71 from 0.74.

production update

Poured first gold at Camino Rojo on 13 December 2021, on schedule: three bars weighing 1,278 ounces holding about 770 ounces of gold and 510 of silver. Orla permitted, financed and built its first mine in under two years, through the pandemic, and became a producer.

production update

A first resource for the Caballito copper-gold deposit, a kilometre from the Cerro Quema oxide pits, put 31.95 million tonnes indicated at 0.96% copper-equivalent (0.83% copper, 0.31 grams gold, 2.2 grams silver a tonne) for 676 million pounds of copper-equivalent, plus 22.57 million tonnes inferred at 0.85% for 425 million pounds. It outcrops, runs 800 metres along strike and 400 metres deep at 50 to 150 metres thick, and is open in both directions - a different kind of asset from the oxide gold the company was built around.

resource reserve update

A pre-feasibility study on the Cerro Quema oxide project in Panama outlined a second heap-leach mine on the same pattern as Camino Rojo: 21.7 million tonnes at 0.80 grams of gold a tonne, 562,000 contained ounces, 489,000 recovered at an 87% recovery over six years, about 81,000 ounces a year. It needs US$164 million of initial capital for a US$176 million after-tax present value and a 38% return at US$1,600 gold. No construction decision was taken.

resource reserve update

Raised US$35 million by issuing 9,085,263 shares at C$4.75 to fund construction at Camino Rojo, work at Cerro Quema and studies on the Camino Rojo sulphide deposit. The buyers included Pierre Lassonde, Agnico Eagle and Trinity Capital Partners - money from established mining investors rather than a discounted market placement.

capital raising announcement

An updated feasibility study on Camino Rojo, already under construction, lifted contained gold reserves 54% and added 3.5 years of mine life: 67.4 million tonnes of ore at 0.73 grams of gold and 14.5 grams of silver a tonne, 1.59 million contained gold ounces, of which 980,000 are expected to be recovered at a 62% heap-leach recovery over 10.4 years. That is about 94,000 ounces a year for US$134 million of initial capital, at cash costs of US$490 and all-in sustaining costs of US$543 an ounce - a US$452 million after-tax net present value at a 5% discount and 62% return using US$1,600 gold.

resource reserve update