Past year: ▼ 11%(12.54 – 29.50 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2026drilling result▲ GoodMajor
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.
19 Mar 2026resource reserve update▲ GoodMajor
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.
18 Mar 2026resource reserve update● Neutral
The SLR technical report on Camino Rojo, effective 30 September 2025, carrying the underground preliminary economic assessment announced in February.
2 Mar 2026resource reserve update● Neutral
The South Railroad technical report itself, effective 30 September 2025 and issued 27 February 2026, supporting the feasibility study announced in January.
2 Mar 2026resource reserve update● Neutral
Filed the construction-ready technical report for South Railroad behind the January feasibility study, with a two-stage crushing circuit and a full execution plan. Construction remains due mid-2026 subject to final permits, funded from operating cash flow and cash on hand.
20 Feb 2026resource reserve update▲ GoodMajor
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.
15 Jan 2026resource reserve update▲ GoodMajor
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.
18 Dec 2025drilling result▲ GoodMajor
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.
2 Dec 2025drilling result▲ GoodMajor
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.
6 Oct 2025drilling result▲ GoodMajor
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.
7 Aug 2025drilling result▲ GoodMajor
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.
18 July 2025resource reserve update● Neutral
Filed the technical report carrying the June underground resource. A 15,000 metre program to upgrade and extend the top of Zone 22 was about 90% done, an economic assessment is planned for 2026, and an exploration drift to get underground access could start as early as 2026.
5 June 2025resource reserve update▲ GoodMajor
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.
1 Apr 2025drilling progress report▲ GoodMajor
Launched a US$25 million drilling program at Musselwhite within weeks of taking it over, including the first drilling from surface since 2020, to test whether the mine trend really continues two to three kilometres past the current reserves. The mine has produced nearly 6 million ounces in 28 years and holds 1.5 million ounces of reserves; the point of the spend is to extend a seven-year life.
25 Feb 2025drilling result▲ GoodMajor
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.
20 Dec 2024resource reserve update● Neutral
Filed the circular and the independent technical report on Musselwhite for a 21 January 2025 shareholder vote on the acquisition and on a concurrent private placement that helps pay for it.
10 Dec 2024drilling result▲ GoodMajor
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.
31 Oct 2024drilling result▲ Good
More oxide gold outside the planned pits at Pinion and Dark Star - 37.6 metres at 1.15 grams a tonne, 45.7 metres at 0.67 grams, 13.7 metres at 1.82 grams - with higher-grade sulphide also being hit. Pony Creek has been merged into the property, now called the South Carlin Complex: about 25,000 hectares over 30 kilometres of the Carlin trend. Federal and state permitting was moving towards a notice of intent in early 2025.
4 Apr 2024drilling result▲ GoodMajor
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.
7 Mar 2024drilling result▲ GoodMajor
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.
22 Feb 2024drilling result▲ GoodMajor
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.
7 Feb 2024drilling result▲ GoodMajor
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.
25 Jan 2024drilling result▲ GoodMajor
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.
22 June 2023drilling result▲ GoodMajor
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.
31 Jan 2023drilling result▲ GoodMajor
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.
13 Sept 2022drilling progress report▲ GoodMajor
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.
21 Jan 2022resource reserve update● Neutral
Filed the Cerro Quema technical report incorporating the Caballito resource announced in December. The release also discloses a correction: the mixed-material category in the oxide project's indicated and inferred resources had been misstated in the September 2021 report. Reserves and the pre-feasibility economics are unaffected.
20 Jan 2022resource reserve update● Neutral
The updated Cerro Quema pre-feasibility technical report, effective 18 January 2022, which adds the Caballito copper-gold resource to the Panama asset.
6 Dec 2021resource reserve update▲ GoodMajor
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.
28 July 2021resource reserve update▲ GoodMajor
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.
