Mr. Jason Simpson

ORLA MINING REPORTS SECOND QUARTER 2023 RESULTS

Orla Mining Ltd. has released the results for the second quarter ended June 30, 2023 (all amounts expressed in U.S. dollars unless otherwise stated).

Second Quarter 2023 Highlights:

• Gold production was 29,058 ounces and gold sold was 29,773 ounces (pre-released, July 12, 2023). Year to date gold production is 54,968 ounces. The Company remains on track to meet 2023 annual gold production guidance of 100,000 to 110,000 ounces.
• All-in sustaining costs ("AISC")1 of $698 per ounce of gold sold during the second quarter 2023. Year to date AISC is $696 per ounce of gold. AISC guidance for the full year 2023 has been reduced to a range of $700 to $800 per ounce of gold sold from the original guidance of $750 to $850 per ounce.
• Adjusted earnings1 for the second quarter was $14.0 million or $0.05 per share.
• Net income for the second quarter was $12.8 million or $0.04 per share which included $7.2 million in expensed exploration and development costs.
• Cash flow from operating activities before changes in non-cash working capital during the second quarter was $22.4.
• At June 30, 2023, the Company had a cash balance of $114.5 million, an increase of $30.7 million during the quarter, and a net debt1 balance of $20.4 million.
• Advancement of exploration activities across the portfolio which continued to generate strong results, most notably at Camino Rojo where significant results have been returned from infill drilling of the Sulphides mineral resource, on extension of the Sulphides mineralization, and in the regional exploration program where the first visible gold outside of the Camino Rojo deposit was encountered.
• During the quarter, Agnico Eagle partially exercised its top-up right for proceeds of C$25 million.

"Orla endeavours to be a predictable and consistent gold producer and cash generator. Camino Rojo's operational performance supports these objectives and we are on target to deliver on our 2023 plan," said Jason Simpson, President and Chief Executive Officer of Orla. "Our exploration efforts also continue to generate positive returns and we remain committed to a systematic approach to unlocking value."

1 Cash cost, AISC, adjusted earnings and net debt are non-GAAP measures.

Financial and Operations Summary

Camino Rojo achieved quarterly gold production of 29,058 ounces of gold in the second quarter 2023 with an average ore stacking rate of 19,669 tonnes per day. The average mining rate during the second quarter was 34,583 tonnes per day with a strip ratio of 0.61. The average grade of ore processed during the second quarter was 0.77 g/t gold, in line with plan. Mined ore tonnes continue to reconcile well to the block model and process recoveries to date are in line with the metallurgical recovery model.

Gold sold during the second quarter 2023 totaled 29,773 ounces.

Second quarter cash costs and AISC totaled $485 and $698 per ounce of gold sold, respectively. The lower AISC is mainly attributed to lower waste tonnes mined. The lower waste tonnes mined during the quarter was due to limited access to certain areas of the pit as the Company await permits from the Secretariat of Environment and Natural Resources (known by its Spanish acronym, "SEMARNAT"). The permitting process in Mexico, including for amendments of existing permits, has become protracted and timing uncertain. The Company does not expect the delay in obtaining the permits to have any impact on 2023 annual production guidance. However, the Company expects waste tonnes to remain below average for the remainder of 2023, resulting in lower mining costs for the year and favorably impacting 2023 AISC.

Sustaining capital during the second quarter of 2023 was $2.1 million. Sustaining capital covered items such as the construction of a dome over the ore stockpile for dust control, the construction of water wells and IT network infrastructure, as well as drilling and evaluation work related to the layback area of approximately $0.7 million.

Guidance Update

The Company is revising its AISC guidance for 2023, reducing the range to $700 to $800 per ounce of gold sold from its original guidance of $750 to $850 per ounce. The reduced cost guidance is mainly driven by lower waste tonnes mined during the first half of 2023 which is expected to continue for the remainder of the year due to limited access to certain areas of the pit as the Company await permits from SEMARNAT. This has resulted in lower than planned strip ratio and directly reducing the Company's expected mining cost for 2023.

The Company remains on track to achieve its gold production guidance of 100,000 to 110,000 ounces for 2023.

Agnico-Eagle Exercises Top-Up Right

As announced on May 11, 2023, Agnico Eagle partially exercised its top-up right and subscribed for 3,987,241 common shares of the Company (the "Common Shares") at a price of C$6.27 per Common Share, for total gross proceeds of C$25 million.

Financial Statements

Orla's unaudited financial statements and management's discussion and analysis for the quarter ended June 30, 2023, will be available on the Company's website, and under the Company's profiles on SEDAR+ and EDGAR.

Qualified Persons Statement

The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects.

Second Quarter 2023 Conference Call

Orla will host a conference call on Friday, August 4, 2023, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the second quarter 2023:

Dial-In Numbers / Webcast:

• Conference ID: 5844017
• Toll Free: 1 (888) 550-5302
• Toll: 1 (646) 960-0685

About Orla Mining Ltd.

Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material gold projects: (1) Camino Rojo, located in Zacatecas State, Mexico, (2) South Railroad, located in Nevada, United States, and (3) Cerro Quema, located in Los Santos Province, Panama. Orla is operating the Camino Rojo Oxide Gold Mine, a gold and silver open-pit and heap leach mine. The property is 100% owned by Orla and covers over 160,000 hectares which contains a large oxide and sulphide mineral resource. Orla also owns 100% of the South Railroad Project, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. Orla also owns 100% of Cerro Quema located in Panama which includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets. The technical reports for the Company's material projects are available on Orla's website, and on SEDAR+ and EDGAR under the Company's profile.

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