Mr. Andrew Cormier reports

ORLA MINING PROVIDES THIRD QUARTER 2023 OPERATIONAL RESULTS AND INCREASES 2023 ANNUAL GOLD PRODUCTION GUIDANCE

Orla Mining Ltd. has provided an interim operational update for the third quarter ended Sept. 30, 2023.

During the third quarter of 2023, the Camino Rojo oxide mine produced and sold 32,425 and 31,060 ounces of gold, respectively. Year to date, Camino Rojo has been performing better than planned, and as a result, the company is increasing full-year gold production guidance to 110,000 to 120,000 ounces, from its initial guidance of 100,000 to 110,000 ounces.

As at Sept. 30, 2023, Orla had a cash position of $132.7-million (U.S.) and $36.7-million (U.S.) undrawn on its revolving credit facility, for total liquidity of $169.4-million (U.S.). Subsequent to quarter-end, Orla repaid $25-million (U.S.) toward its revolving credit facility, reducing the balance outstanding under the facility to $88.4-million (U.S.).

Third quarter 2023 conference call

Orla will host a conference call on Tuesday, Nov. 14, 2023, at 10 a.m. ET to provide a corporate update following the release of its financial and operating results for the third quarter of 2023.

Dial-in numbers/webcast

Conference ID:  5844017

Toll-free:  1-888-550-5302

Toll:  1-646-960-0685

Webcast:  visit the company's website

Qualified person statement

The scientific and technical information in this news release was reviewed and approved by J. Andrew Cormier, PEng, chief operating officer of the company, who is the qualified person as defined under National Instrument 43-101 standards.

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: (i) Camino Rojo, located in Zacatecas state, Mexico; (ii) South Railroad, located in Nevada, United States; and (iii) 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 per cent owned by Orla and covers over 160,000 hectares which contain a large oxide and sulphide mineral resource. Orla also owns 100 per cent of Cerro Quema in Panama, which includes: a prefeasibility-stage, open-pit, heap-leach gold project; a copper-gold sulphide resource; and various exploration targets. Orla also owns 100 per cent of the South Railroad project, a feasibility-stage, open-pit, heap-leach gold project located on the Carlin trend in Nevada.

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