Slide 1: Q1 Exceeding expectations
FIRST QUARTER 2026 Q1 Exceeding expectations Musselwhite – Oct. 2025
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: Integrated & Performing, Advancing & Delivering, Developing & Growing
OPERATIONS EXPLORATION & DEVELOPMENT PIPELINE Integrated & Advancing & Developing & Performing Delivering Growing
Slide 6: Maintaining our strong momentum
O PE RAT IN G HI GH LI GH T S Maintaining our strong momentum Q1 2026 FY 2025 18koz 81koz 63koz Total Gold Produced oz 81,206 300,620 Q1 CAMINO ROJO TOTAL GOLD PRODUCTION MUSSELWHITE Total Gold Sold oz 81,540 297,013 Musselwhite, Canada Ore Milled Tonnes 332,822 1,089,896 TOTAL GOLD PRODUCTION (Koz)
Slide 7: 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 Nameplate capacity 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
Slide 8: 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 $3.3B $1.3B (AuEq koz) NPV (5%) NPV (5%) 240 245 239 240 229 227 13 12 14 15 224 217 216 13 14 13 202 13 14 198 61% 30% 12 13 159 IRR IRR 9 141 8 $5,000 $3,100 216 226 229 226 231
Slide 9: Production and growth pathway in Mexico
C AM IN O RO J O UN DE RG RO UN D Production and growth pathway in Mexico Q1 Mexican Federal Environmental Approvals: • Environmental Impact Statement (Manifestación de Impacto Ambiental) and Change of Land Use authorization • Oxide Mine Expansion: – Full permitting secured for the remainder of the
Slide 10: 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 11: Momentum built on fiscal discipline
Q 1 F IN AN CI A L H IG HL I GH TS Momentum built on fiscal discipline $75.4m $134.7m $103.5m $1,251/ 81koz $378.9m $62.9m $0.22 /sh $0.39 /sh $0.30 /sh GOLD SOLD REVENUE1 NET INCOME ADJUSTED EARNINGS 1 OPERATING CASH FLOW 2 FREE CASH FLOW 2 $1,668 CASH COSTS / AISC1 • Annoucement of the inaugural •
Slide 12: Strengthening balance sheet
Q 1: S T RO NG , S TA BL E , A ND S CA L A BL E Strengthening balance sheet DEBT CASH BALANCE PLANNED ANNUAL DIVIDENDS $427M $331M ~$20M (TERM LOAN, RCF and CONVERTIBLE NOTES at at MAR/31/26 MAR/31/26) QUARTERLY DIVIDEND INITIATED ($0.015) NET CHANGE IN CASH – Q1 (US$m) $343 ($111) ($56) ($20) $421
Slide 13: Two-kilometre extension via initial drilling
M U S SE LW HI TE , C AN AD A Two-kilometre extension via initial drilling Mine Trend Extension Confirmed 2 km Mine Trend extension confirmed with extended geology and Au mineralization: • 4.1 metres at 15.1 g/t Au with visible gold (at 1.6 km) • 5.0 metres at 5.57 g/t Au incl. 1.0 m @ 8.79 g/t Au (
Slide 14: Satellite opportunities proximal to mill
M U S SE LW HI TE , C AN AD A Satellite opportunities proximal to mill Q1 2026 • 2,652 m drilled • Camp Bay drilling confirmed and extended historical results with broad shallow intersections: • 37.4 m @ 1.84 g/t Au from 8 m downhole • 31.4 m @ 1.11 g/t Au from 37.4 m downhole • 23.3 m @ 1.13 g/t Au
Slide 15: Drilling support underground development
C AM IN O RO J O - M E X IC O Drilling support underground development Q1 2026 Updated Underground Mineral Resource (Feb 2026) – 4 Moz Au at 2.53 g/t Au M&I 1,962 m completed, 1 rig – Support planned PFS with material for metallurgical, geotechnical, and 15
Slide 16: Near-pit extensions and discoveries
S OU T H CA RL I N CO M P LE X - N EVAD A Near-pit extensions and discoveries 2026 Program 18,000 m drilling planned to start in Q2 • Focus on potential pit extensions at Pinion, Dark Star and Jasperoid Wash • Advance oxide targets and mineralized zones, including Firebox and Spike Bright Star (no
Slide 17: People & Sustainability
People & Sustainability EN GAGE MENT & INV EST MENT ACR OSS P O RT F O L I O , D E L I V E R I N G B E N E F I T S RE CENT HIGHL IGHT S: Musselwhite • Updated Indigenous Procurement Strategy and advanced the Musselwhite Academy Camino Rojo • Advanced the Pro-ABC conservation and sustainable liveliho
Slide 18: Continuing to grow and scale
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 +$450 million quarterly dividend initiated
Slide 19: Catalyst-rich 2026
Catalyst-rich 2026 SOUTH CARLIN COMPLEX MUSSELWHITE CAMINO ROJO ✓ Updated Feasibility ✓ Prove Exploration ✓ PEA Underground Study Thesis (+2Km) ✓ Permitting Approval +Project Permitting +Operating Strength +Oxide Operation +Construction +Grow R&R +Sulphide Development 19 +Add Mine Life
Slide 20: Proven strategy + Depth of assets + Reputable partners
C ON T IN U E D GR O WTH & VAL U E C R E ATIO N Proven strategy + Depth of assets + Reputable partners
Slide 21: 2026 guidance
S T RO NG G OL D P RO DU CT IO N 2026 guidance FY H1 H2 Gold Production Koz 340 - 360 150 - 160 190 - 200 Camino Rojo Koz 110 - 120 40 - 45 70 - 75 Musselwhite Koz 230 - 240 110 - 115 120 - 125 Total Cash Cost (net of by-product)1,2,3 US$/oz Au sold $1,000 - $1,200 $1,150 - $1,250 $1,000 - $1,100 Ca
Slide 22: 2026 guidance
A GG RE S SI VE RE IN VE S T M E NT I NT O T H E BU S IN ES S 2026 guidance Capital Expenditures1 US$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 $55 South Carlin Co
Slide 23: 2026 guidance
G RO W T H AN D EX P L OR AT IO N, C OR P G& A 2026 guidance Exploration & Project Development Expenses US$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 24: 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 25: 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