Mr. Jason Simpson reports

ORLA MINING CONCLUDES 2023 CAMINO ROJO SULPHIDES INFILL PROGRAM WITH STRONG RESULTS

Orla Mining Ltd. has provided an update on its exploration activities at Camino Rojo, concluding the year on a positive note.

2023 Camino Rojo (Mexico) highlights

Orla's 2023 Camino Rojo drill program consisted of 37,677 metres of drilling across 56 drill holes:

• Sulphide infill program -- This release includes the results of the remaining unreported 14 drill holes completed as part of the 52-drill-hole, 35,070-metre infill program and builds on the results previously reported on June 22, 2023, and Jan. 25, 2024. The infill drilling in 2023 was to refine the geometry and extent of higher-grade components of the Camino Rojo sulphide deposit.
• Camino Rojo extension -- Selected drill holes also explored the area beneath the sulphide infill area, investigating mineralization beyond the current open-pit mineral resource boundaries, known as the Camino Rojo extension. Initial drill results beneath the Caracol formation have revealed a new style of polymetallic massive sulphide replacement mineralization within limestone-rich formations. Initial results are expected to be released in the coming weeks.

"We're excited by the outcomes of Orla's Camino Rojo sulphide infill drill program. The results contribute to refining our understanding of the deposit's higher-grade zones to inform future development planning. The discovery of a new mineralization style beneath the Caracol formation adds a compelling new dimension to our exploration efforts in 2024," said Sylvain Guerard, Orla's senior vice-president, exploration.

Momentum building for 2024

Over three distinct campaigns covering a total of 50,924 drill metres, the Camino Rojo infill drill program has consistently yielded impressive results, setting the stage for an exciting year ahead. These results include numerous intercepts of greater than two grams of gold per tonne over tens of metres (core length), resulting in grade-by-thickness factors exceeding 50 g/t gold per metre. The results also showed narrower intervals of 0.5 metre to 11.5 metres of gold intersections exceeding 10 g/t Au. Full drill results are available in an attached table.

Combining Orla's drill holes, oriented from north to south, and historical drill holes oriented in the opposite direction, has decreased drill spacing to approximately 25 metres to 30 metres within the higher grade of Camino Rojo. The combined drilling has significantly improved the understanding of the primary controls on gold mineralization. This approach has also contributed to refining the geometry and size of higher-grade zones within the extensive mineralized envelope of the sulphide deposit.

A preliminary underground resource estimate on Camino Rojo is eagerly anticipated to be completed in the second half of 2024. Metallurgy evaluation on the recent phase of Camino Rojo infill drilling is expected to continue throughout 2024.

Camino Rojo extension program -- strategic exploration for the future

As part of the 2023 infill program, Orla extended selected drill holes into the deeper stratigraphy beneath the Caracol formation, the primary host of existing resources. A down-plunge drill section was also executed to explore the extension of gold mineralization into lower stratigraphy, referred to as the Camino Rojo extension. Drilling beneath the Caracol formation unveiled a new style of polymetallic massive sulphide replacement mineralization within limestone-rich formations. Results from the Camino Rojo extension program are expected to be detailed in an upcoming news release.

In 2024, Orla is set to extensively explore the Camino Rojo region while maintaining a steadfast commitment to near-mine exploration. As part of the near-mine exploration, the 2024 focus shifts to the promising Camino Rojo extension, with a 30,000-metre drill program designed to test and expand the potential of the still-open mineralization at the expansive Camino Rojo deposit.

Qualified person statement

The scientific and technical information in this news release has been reviewed and approved by Sylvain Guerard, PGeo, senior vice-president of exploration, who is the qualified person as defined under the definitions of National Instrument 43-101.

To verify the information related to the 2022 and 2023 drilling programs at the Camino Rojo property, Mr. Guerard has: visited the property in the past year; discussed logging, sampling and sample shipping processes with responsible site staff; discussed and reviewed assay and quality assurance/quality control results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation as well as significant assay interval calculations.

Quality assurance/quality control -- 2023 drill program

All gold results at Camino Rojo were obtained by ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analyzed for multielements, including silver, copper, lead and zinc, using a four-acid digestion with ICP-AES finish (ME-ICP61) at ALS Laboratories in Canada. If samples were returned with gold values in excess of 10 parts per million or base metal values in excess of 1 per cent by ICP analysis, samples are rerun with gold (Au-GRA21) by fire assay and gravimetric finish, or base metals (OG62) by four-acid overlimit methods. Drill program design, quality assurance/quality control and interpretation of results were performed by qualified persons employing a quality assurance/quality control program consistent with NI 43-101 and industry best practices. Standards were inserted at a frequency of one in every 50 samples, and blanks were inserted at a frequency of one in every 50 samples for quality assurance/quality control purposes by the company as well as the laboratory. ALS Minerals and ALS Laboratories are independent of Orla. There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data at Camino Rojo.

Historical drill results at Camino Rojo were completed by Goldcorp Inc., a prior owner of the project. The company's independent qualified person, Independent Mining Consultants Inc., was of the opinion that the drilling and sampling procedures for Camino Rojo drill samples by Goldcorp (and prior to its acquisition by Goldcorp, Canplats Resources Corp.) were reasonable and adequate for the purposes of the Camino Rojo report, and that the Goldcorp quality assurance/quality control program met or exceeded industry standards.

All metres reported in this news release are down-hole intervals, with true width estimates ranging from 60 per cent to 98 per cent of the reported interval for all composites with greater than five grade-by-thickness factor (see an attached table for estimated true widths of individual composites). A standard sampling length of 1.5 metres is used with a minimum of 0.5 metre when required based on geological contacts. All drill core is HQ diameter. The reported composites were not subject to capping; however, a preliminary analysis suggests that only eight out of 3,802 samples from the reported holes exceeded the potential capping level of 27 g/t. These samples averaged 40.8 g/t gold (maximum of 61.2 g/t). Orla believes that applying a top cut would have a negligible effect on overall grades. Composites for the sulphide drilling were calculated using a one g/t Au cut-off grade and maximum six metres consecutive waste.

About Orla Mining Ltd.

Orla is operating the Camino Rojo oxide gold mine, a gold and silver open-pit and heap-leach mine located in Zacatecas state, Mexico. The property is 100 per cent owned by Orla and covers over 160,000 hectares. Orla also owns 100 per cent of Cerro Quema, located in Panama, which includes a gold production scenario and various exploration targets. Cerro Quema is a proposed open-pit mine and gold heap-leach operation. Orla also owns 100 per cent of the South Railroad project, a feasibility-stage, open-pit, heap-leach project located on the Carlin trend in Nevada.

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