Slide 1: The Emerging Producer of Choice
THE EMERGING PRODUCER OF CHOICE Even better tomorrow TSX:OLA NYSE:ORLA | MARCH 2026
Slide 2: Cautionary disclaimers
F OR WA RD L O OK IN G STATE M E N TS AR E M A D E IN T HI S P RE SE N TAT IO N Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including the provision
Slide 3: Cautionary disclaimers
A DD IT I ON AL NO T ES Cautionary disclaimers CAUTIO NARY NO TE TO U.S. READERS This do cumen t and shall not constitu te an offer to sell or a solicitatio n o f an offe r to buy any securities in the Un ited Sta tes or in any oth er jurisdiction, and no secu ritie s may be offered or sold withou t
Slide 4: Cautionary disclaimers
A DD IT I ON AL NO T ES Cautionary disclaimers TECHNICAL INFORMATION The scie ntific and technical information in this pre sen tation has bee n reviewed and app roved by Mr. J. And rew Cormier, P. Eng., Chief Op erating Office r of the Company, and Mr. Sylvain Gu erard, P Ge o., Sen ior Vice Pre sid
Slide 5: Proven strategy, depth of assets, reputable partners
C ON T IN U E D GR O WTH & VAL U E C R E ATIO N Proven Depth of Reputable strategy + assets + partners
Slide 6: Converting resources into value for stakeholders
PRO VEN STRATEGY Converting resources into value for stakeholders Established track record of development and operating success • Producing gold and generating cash • Developing low complexity oxide projects • Advancing larger scale sulphide assets • Exploring large prospective land packages • Pursu
Slide 7: Enhanced North American presence
Canada Enhanced Musselwhite1 Ontario, Canada North American RESERVES 1.5 Moz Au presence RESOURCE S ( M& I) 1 2.4 Moz Au South Railroad1 USA Camino Rojo1 LAND P ACK AGE Nevada, US Zacatecas, Mexico 65,000 ha RESERVES RESERVES 1.5 Moz Au 760 koz Au RESOURCE S ( M& I) 1 RESOURCE S ( M& I) 2.5 Moz Au 5
Slide 8: Strong financial and shareholder foundation
C AP ITA L S T RU CT U RE S U PP OR TE D B Y RE PU TAB L E PA RT N ER S Strong financial and shareholder foundation Capital Structure Top Shareholders Basic / (Part. Diluted) Share Price1 C$/sh $18.46 Fairfax 31.8M 9.4% / (19.7%) Shares Issued & Outstanding2 M 340.1 Fidelity 41.1M 12.1% Market Capit
Slide 9: Each with a track record of success
A N EX P ER IE N CE D T E A M Each with a track record of success MANAGEMENT BOARD Jason Etienne Chuck David Elizabeth Simpson Morin Jeannes Stephens McGregor PRESIDENT, CFO CHAIRMAN DIRECTOR DIRECTOR CEO, DIRECTOR Director Wheaton Former Vice Director Kinross, Precious Metals, Pan President Goldcor
Slide 10: Another year of production guidance achieved
S UC CE S SF U L I NT E GR AT I ON O F M U SS E LW HI TE IN 2 0 2 5 Another year of production guidance achieved 2025 • Acquisition and integration of Musselwhite mine • Notice of Intent received for South Railroad project • +$50m committed in exploration across portfolio • Increased shareholder liq
Slide 11: Maintaining our strong momentum
O PE RAT IN G HI GH LI GH T S Maintaining our strong momentum Q4 19koz 95koz 76koz Total Gold Produced oz Q4 2025 95,405 FY 2025 300,620 CAMINO ROJO TOTAL GOLD PRODUCTION MUSSELWHITE Total Gold Sold oz 92,889 297,013 FY 97koz 301koz 204koz Musselwhite, Canada CAMINO ROJO TOTAL GOLD PRODUCTION MUSSEL
Slide 12: Strengthening balance sheet
Strengthening balance sheet CASH BALANCE DEBT PLANNED ANNUAL DIVIDENDS $421M $385M ~$20M AT DEC 31/ 2025 (TERM LOAN, RCF and CONVERT, DEC/31/25) QUARTERLY DIVIDEND INITIATED ($0.015) Q1’26 PAYMENTS $35M $20M Contingent +$90M Debt repayment MSW deal payment Income tax payments 12
Slide 13: First full-year of production at Musselwhite
F IR S T FU L L - Y EA R O F P RO DU CT IO N AT M US S ELW H IT E Continuing to grow and scale 2026 PRODUCTION AND COST GUIDANCE 340-360 koz $1,550-$1,750 /oz AISC2 1 PLANNED DIVIDENDS INVESTMENT INTO EXPLORATION, CAPITAL & PROJECT DEVELOPMENT ~$20 million +$450 million quarterly dividend initiated
Slide 14: Catalyst-rich 2026
Catalyst-rich 2026 SOUTH CARLIN COMPLEX MUSSELWHITE CAMINO ROJO +Project Permitting +Operating Strength +Oxide Operation +Construction +Grow Reserves +Sulphide Development +Add Mine Life 14
Slide 15: Self-funded growth
2 0 2 6 E XP L OR AT IO N A ND D EV E L OP M E NT Self-funded growth + $450 million (capital, exploration, & project development) MUSSELWHITE (CANADA) CAMINO ROJO (MEXICO) SOUTH CARLIN (USA) $175 million $40 million $215 million (capex) (capex) (capex) includes capitalized exploration includes capit
Slide 16: Musselwhite
Musselwhite LONG-TENURED UNDERGROUND MINING OPERATION 230-240 koz $1,650-1,850/oz Opportunities 2026 PRODUCTION GUIDANCE 2026 AISC2 GUIDANCE3 to extend mine life 1. Camino Rojo and Musselwhite production based on 2026 production guidance range. See the Company’s press release for January 20, 2026 fo
Slide 17: More than 6 Moz produced to date
M U S SE LW HI TE - O NTAR IO , CA NA D A More than 6 Moz produced to date • Opapimiskan Lake, Ontario • Located c.500 km north of Thunder Bay – Northwestern Ontario, Canada • In operation since 1997 • Produced 6 Moz in 28-year history • One of the first mines in Canada to enter into a comprehensive
Slide 18: Growth for longer
M U S SE LW HI TE – O PP OR TU NI T IE S Growth for longer 2 km extension 0.5 Mtpa EXCESS MILL CAPACITY FROM CURRENT RESOURCE Mine expansion opportunities 18
Slide 19: Musselwhite exceeding targets
S T RAT E GI C IM PR OV E M E NT Musselwhite exceeding targets 180 Day Moving Average Milled Tonnes 4,500 Orla completes 0.5 Mtpa 4,000 acquisition of the Musselwhite Gold Mine AVAILABLE MILL CAPACITY 3,500 ~1.0 Mtpa 1.5 Mtpa 3,000 CURRENT UTILIZATION NAMEPLATE Fleet modernization 2,500 for consiste
Slide 20: Confirmed 2 km extension potential
S IG NI F IC AN T OP P ORT U NI TY F O R RE SO UR CE GR OW T H Confirmed 2 km extension potential Long Section – Looking West 20
Slide 21: Underground Resource Growth
R EI NF O RC IN G C ON TI NU IT Y A ND I DE N TI F YI NG E X T EN SI ON S Underground Resource Growth 2025 • 32,131 m drilled • High-grade intersections in active mining areas support ongoing resource replacement and expansion efforts: • Including 15.0 metres at 10.1 g/t Au, 9.0 metres at 22.1 g/t A
Slide 22: Two-kilometre extension via initial drilling
M U S SE LW HI TE – I NV ES T M E NT I N E XP L OR AT I ON TO E X TE N D M IN E L IF E AN D F IL L T H E M I L L Two-kilometre extension via initial drilling Mine Trend Extension Confirmed • 12,553 m drilled in 2025. • 15,600 m drilling planned in 2026 (3 rigs) • 2 km Mine Trend extension confirmed
Slide 23: Satellite Opportunities Proximal to Mill
A DVAN CI NG N EA R - M I L L M IN ER A LI Z ED Z O NE S A ND E X PL O RI NG N EW S OU RC ES O F M I L L F E ED Satellite Opportunities Proximal to Mill 2025 Exploration Highlights: • 6, 558 m drilled • Encouraging early-stage shallow intersections: • 1.2 m @ 43.8 g/t Au, incl. 0.4 m @ 129 g/t Au (K
Slide 24: Committed to the future
Committed to the future Well-regarded operating team at Musselwhite • Orla to reinforce and complement Musselwhite team Strong community relations • Orla to honour all commitments, obligations and agreements with First Nations Investing in the long-term • Clear focus on extending mine life • Committ
Slide 25: South Carlin Complex
South Carlin Complex SOUTH RAILROAD OXIDE PROJECT + DISTRICT SCALE POTENTIAL + Tangible 10 yrs 130 koz $1,485 /oz exploration MINE LIFE ANNUAL PRODUCTION YR 1-5 YR 1-5 AISC1 upside 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
Slide 26: South Railroad
South Railroad R E A D Y TO G O : L E S S T H A N 2 4 M O N T H S T O F I R S T P O U R Solid execution Line of sight Upside opportunities plan to construction for additional growth
Slide 27: Feasibility study highlights
F E AS IB I LI T Y SU M M A RY Feasibility study highlights 2,459 koz Au M&I 104,000 1,012 koz 10 Years oz/yr Q4 2027 Au Inferred 1,072 koz (Active Mining Period) (LOM Avg.) Contingent on permitting RESOURCES1 TOTAL RECOVERED MINE LIFE PRODUCTION FIRST PRODUCTION $1,207 $1,505 $783 M 48.0% $395 M /o
Slide 28: Clear development pathway in Nevada
S OU T H RA IL R OA D Clear development pathway in Nevada $1.7B $395 Commissioning (H2 2027) Operations (2028) NPV (5%) INITIAL CAPITAL CONSTRUCTION (2026-2027) 95% 130 DETAILED ENGINEERING & PROCURMENT IRR KOZPA (yr 1-5) PERMITTING $4,500 $1,485 EIS development and consultation GOLD PRICE AISC1 (YR
Slide 29: Turning opportunity into reality
S OU T H CA RL I N CO M P LE X - O PP OR TU NI T IE S Turning opportunity into reality Optimized Project FS Execution DELIVERED LINE OF SIGHT TO PERMITS District-wide exploration potential 29
Slide 30: Optimized feasibility study delivered
S OU T H RA IL RO AD , N EVAD A Optimized feasibility study delivered Feasibility Study Summary 1 Total Ore Mined / Ore to Leach Pad M tonnes 66.6 Strip Ratio w:o 4.0 Gold Grade (Average) g/t 0.71 Contained Gold ounces 1,516,332 Recovered Gold ounces 1,072,306 Mine Life years 10.0 Average Annual Gol
Slide 31: Significant resource growth opportunities
S OU T H CA RL I N CO M P LE X Significant resource growth opportunities Second largest contiguous land package on the Carlin Trend – 25,000 hectares Target rich environment • 30-km strike length Multiple zones and styles of mineralization 2025 Highlights: 18,184 m drilled Projected Open Pits Remain
Slide 32: 2026 exploration outlook
S OU T H CA RL I N CO M P LE X – P RO SP E CT I VE L A ND PAC K AG E 2026 exploration outlook 2026 Exploration Program • 18,000 m drilling planned • Focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash • Support R&R growth • Assess opportunities to extend mine life • Advance oxi
Slide 33: Camino Rojo
Camino Rojo FOUNDAT IONAL OXI DE OPERATION + SULPHIDE UNDERGROUND GROWT H 110-120 koz $1,150-1,250/oz Underground 2026 PRODUCTION GUIDANCE1 2026 AISC2 GUIDANCE1 phase 2 PEA COMPLETED 1. Camino Rojo and Musselwhite production based on 2026 production guidance range. See the Company’s press release fo
Slide 34: Camino Rojo
Camino Rojo A M U LT I - D E C A D E C O M P L E X Foundational oxide Underground Exploration upside via operation project advancing Zone 22 discovery
Slide 35: Key permitting milestone at Camino Rojo
C AM IN O RO J O UN DE RG RO UN D Key permitting milestone at Camino Rojo Mexican Federal Environmental Approval: • Environmental Impact Statement (Manifestación de Impacto Ambiental) and Change of Land Use authorization Oxide Mine Expansion: • Full permitting secured for the remainder of the oxide
Slide 36: The cornerstone of Orla
C AM IN O RO J O – Z A CAT E CA S , M E XI CO The cornerstone of Orla Advancing underground phase 228koz $1.3B NPV AuEq $3100/oz 2026 PEA 4.3 Moz AUEQ MEASURED & INDICATED RESOURCE + Zone 22 upside MULTIPLE HIGH-GRADE INTERSECTIONS OUTSIDE Longitudinal Section Looking NW CURRENT RESOURCE PANELS 36
Slide 37: Preliminary economic assessment highlights
C AM IN O RO J O UN DE RG RO UN D Preliminary economic assessment highlights 4,267koz 376koz 2,965koz 17 Years 228,000oz/yr Au M&I Au Inferred AuEq (Active Mining Period) AuEq (Yrs 1-10 Avg.) RESOURCES1 TOTAL RECOVERED MINE LIFE PRODUCTION $608M $1.3B 30% $1,067/oz Au $1,339/oz Au $3,100/oz Au Price
Slide 38: Beginning to unlock underground
C AM IN O RO J O UN DE RG RO UN D – P EA Beginning to unlock underground Camino Rojo Underground Annual Gold Production (AuEq koz) $3.3B $1.3B 217 229 13 216 239 13 240 12 240 14 245 15 224 227 14 13 202 14 198 NPV (5%) NPV (5%) 12 13 13 159 61% 30% 9 141 8 216 226 229 226 231 101 210 213 204 202 IR
Slide 39: Next development steps
C AM IN O RO J O UN DE RG RO UN D Next development steps ✓ PFS Targeted for 2027 with permitting to follow ✓ Develop exploration decline, commence as early as H2-2026 ✓ Implement staged underground drilling program ✓ Establish Geotech, metallurgical, and resource confidence ✓ Continue permitting pro
Slide 40: Zone 22 – extension of Camino
C AM IN O RO J O – Z ON E 2 2 Zone 22 – extension of Camino Camino Rojo Zone 22 Extension: • Drilled ~1km below Caracol in 2024 • ~20,000 m Infill drilling program completed in 2025 • Remains open at depth and down-plunge • New Cu-Au-Ag–rich trend intersected 2025 drill results: • High-grade mineral
Slide 41: Large regional package with upside potential
C AM IN O RO J O – 1 4 0 K HE CTA RE S Large regional package with upside potential 2026 program of 4,400 m for regional exploration • Targeting new oxide discoveries • Along the Mine Trend • Other regional targets Guanamero Target, ~7km NE of Camino Rojo • 1.3 m at 61.2 g/t Au – visible gold (Hole
Slide 42: Emerging as an intermediate producer
M A R KE T P OS IT I ON - C OM P L E M E NTAR Y P O RT FO L IO Emerging as an intermediate producer Camino Rojo Camino Rojo underground (Open Pit) 110-120 koz/year + Musselwhite expansion Current Operations Musselwhite (Underground) 230-240 koz/year South Railroad addition South Railroad ~130 Upcomi
Slide 43: Proven strategy, depth of assets, reputable partners
S U MM A RY – IN V E ST ME N T TH E SI S Proven Depth of Reputable strategy + assets + partners
Slide 44: A model for industry leading growth
PRO VEN STRATEGY A model for industry leading growth Established track record of development and operating success • Producing gold and generating cash • Developing low complexity oxides projects • Advancing larger scale sulphide assets • Exploring large prospective land packages • Pursuing quality
Slide 45: Enhanced North American presence
Canada Enhanced Musselwhite1 Ontario, Canada North American RESERVES 1.5 Moz Au presence RESOURCE S ( M& I) 1 2.4 Moz Au South Railroad1 USA Camino Rojo1 LAND P ACK AGE Nevada, US Zacatecas, Mexico 65,000 ha RESERVES RESERVES 1.5 Moz Au 760 koz Au RESOURCE S ( M& I) 1 RESOURCE S ( M& I) 2.5 Moz Au 5
Slide 46: The emerging gold producer of choice.
The emerging gold producer of choice.
Slide 47: 2026 guidance
S T RO NG G OL D P RO DU CT IO N 2026 guidance FY H1 H2 Gold Production Koz 340 - 360 150 - 160 190 - 200 Camino Rojo Koz 110 - 120 40 - 450 70 - 75 Musselwhite Koz 230 - 240 110 - 115 120 - 125 Total Cash Cost (net of by-product)1,2,3 US$/oz Au sold $1,000 - $1,200 $1,150 - $1,250 $1,000 - $1,100 C
Slide 48: 2026 guidance
A GG RE S SI VE RE IN VE S T M E NT I NT O T H E BU S IN ES S 2026 guidance Capital Expenditures1 US$m $430 Camino Rojo Sustaining US$m $35 Non-sustaining / Capital projects and exploration US$m $5 Musselwhite Sustaining US$m $120 Non-sustaining / Development and exploration US$m $55 South Carlin Co
Slide 49: 2026 guidance
G RO W T H AN D EX P L OR AT IO N, C OR P G& A 2026 guidance Exploration & Project Development Expenses US$m $40 Camino Rojo – exploration expense $5 Musselwhite – exploration expense $5 South Carlin Complex – exploration expense $15 South Carlin Complex – project development $15 Corporate G&A US$m
Slide 50: Strong financial finish to 2025
Q 4 F IN AN CI A L H IG HL I GH TS Strong financial finish to 2025 $79.2m $143.1m $165.4m $1,093 / 93koz $378.5m $0.23 /sh $0.42 /sh $0.49 /sh 2 $133m $1,536 GOLD SOLD REVENUE 1 NET INCOME ADJUSTED EARNINGS 1 OPERATING CASH FLOW FREE CASH FLOW 2 CASH COSTS / AISC1 • Annoucement of the inaugural • Se
Slide 51: Two-kilometre extension via initial drilling
M U S SE LW HI TE – I NV ES T M E NT I N E XP L OR AT I ON TO E X TE N D M IN E L IF E AN D F IL L T H E M I L L Two-kilometre extension via initial drilling Mine Trend Extension Confirmed • 12,553 m drilled in 2025. • 15,600 m drilling planned in 2026 (3 rigs) • 2 km Mine Trend extension confirmed
Slide 52: Emerging underground potential
C AM IN O RO J O – I NI TI A L U ND ER GR OU ND M IN ER A L R ES O UR CE Emerging underground potential Initial underground resource estimate for Camino Rojo: BLOCK MODEL CLASSIFICATION • Measured and indicated: 3.95 Moz Au, 4.16 Moz AuEq – 50.1 Mt at 2.45 g/t Au and 2.58 g/t AuEq • Inferred: 0.40 M
Slide 53: Defining a large underground resource
C AM IN O RO J O – E XP L OR AT I ON & D EV E L OP M E NT O F C AM IN O RO J O SU L PH ID E Defining a large underground resource Large historical sulphide mineral endowment Four-year sulphide drill program (2020-2024) • 85,000 metres • Presence of higher-grade zones over bulk mineable widths New di
Slide 54: Current life of mine plan
C AM IN O RO J O – 2 0 2 5 TE C HN IC AL RE P OR T SU M M A RY Current life of mine plan Technical Report Summary1 (Q2 2025-2031) Total Ore Mined M tonnes 34.6 Strip Ratio w:o 1.47 Total Ore Stacked M tonnes 37.9 Average Gold Grade (Ore Stacked) g/t 0.70 Contained Gold2 koz 854 Recovered Gold2 koz 5
Slide 55: Musselwhite Mineral Reserves and Resources
M U S SE LW HI TE - O NTAR IO , CA NA D A Musselwhite Mineral Reserves and Resources Mineral Reserve Estimate (includes stockpiles) Mineral Resource Estimate TONNE S ( Mt ) GO LD (g/t ) GO LD (Koz) TONNE S ( Mt ) GO LD (g/t) GO LD (Koz) Proven 4.25 5.76 788 Measured 2.32 4.02 299 Probable 4.47 4.64
Slide 56: Camino Rojo Mineral Reserves
C AM IN O RO J O - M E X IC O Camino Rojo Mineral Reserves Mineral Reserves Notes: Mineral Reserve Estimate (includes stockpiles) 1. The Mineral Reserve estimate for Camino Rojo has an effective date of December 31, 2025. 2. 2. Stephen Ling, P.Eng., Director, Technical Services of the Company, is th
Slide 57: Camino Rojo Mineral Resources
C AM IN O RO J O - M E X IC O Camino Rojo Mineral Resources Average G ra de Contained Metal Resource NSR Cut-Of f Operation Category Kt Type Grade ($/t) Gold (g/t) Silver (g/t) Zn (ppm)* AuEq (g/t) 000 oz Au 000 oz Ag million lb Zn 000 oz AuEq Measured 2,768 0.79 16.21 - 0.85 71 1,442 - 76 Indicated
Slide 58: Camino Rojo Mineral Resources
C AM IN O RO J O - M E X IC O Camino Rojo Mineral Resources Notes: 1. Marie-Christine Gosselin, P.Geo. of SLR Consulting (Canada) Ltd. (“S LR”), is t he QP responsible f or the Mineral Resource estimate f or Camino Rojo. 2. The effect ive date of the open pit Mineral Resource (predominantly oxide) i
Slide 59: South Carlin Mineral Reserves and Resources
S OU T H CA RL I N CO M P LE X South Carlin Mineral Reserves and Resources Mineral Reserve Estimate Mineral Resource Estimate TONNE S GO LD SILVER GO LD SILVER TONNE S GO LD SILVER GO LD SILVER (000 ’S) (G /T) (G /T) (KOZ) (KOZ) (000 ’S) (G /T) (G /T) (KOZ) (KOZ) Proven 10,585 1.04 6.6 354 445 Measu
Slide 60: Non-GAAP Measures
N OT E S Non-GAAP Measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”). These are common perform
Slide 61: Non-GAAP Measures
N OT E S Non-GAAP Measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (“GAAP”). These non-GAAP measures are common performance measures in the gold mining industry,