Mr. Jason Simpson reports

ORLA CONFIRMS STRONG CARLIN-TYPE GOLD MINERALIZATION AT NORTH BULLION DEPOSIT AND DEFINES NEW DRILL TARGETS ACROSS THE SOUTH RAILROAD PROJECT

Orla Mining Ltd. has provided an update on its exploration at the South Railroad project, including 2023 activities and 2024 work plans. This news release presents the second of two updates and highlights Orla's regional drilling activities at the project.

Highlights:

• Confirmation of strong Carlin-type mineralization at North Bullion sulphide deposit;
• Infill and metallurgical drilling at Jasperoid Wash near-surface oxide deposit;
• Mineralization extensions at North Bullion and Jasperoid Wash deposits;
• Identification of potential deposit extensions and new targets on South Railroad project;
• Extension of key mineralized trend with planned addition of the Pony Creek property through the acquisition of Contact Gold Corp.

"Since our acquisition of the South Railroad project in August, 2022, we've made tremendous progress in our exploration efforts on the South Carlin trend. Recent positive drill results beyond the projected oxide open pits at Pinion and Dark Star deposits reveal significant potential for resource expansion. These new drill results, ongoing target definition efforts and the forthcoming acquisition of the Pony Creek project, scheduled to close in the second quarter, underscore our commitment to exploration and discovery in the region. With expanded 2024 program planned, we aim to drill over 22,000 metres, with the goal of unlocking further value from this exceptional project," said Sylvain Guerard, Orla's senior vice-president, exploration.

North Bullion deposit -- upgrading sulphide resources

Following the positive drill intersections reported outside the projected open pit at South Railroad (see March 7, 2023, news release), Orla is pleased to report strong drill results from the infill drill program at North Bullion.

The North Bullion deposit, located in the northern part of the South Railroad property, approximately 9.5 kilometres north of the Pinion deposit, contains a sulphide inferred mineral resource of 3.72 million tonnes grading 4.49 grams per tonne (g/t) of gold (Au), for a total of 457,000 ounces. The 2023 infill drilling program successfully achieved its objectives in validating historical data for upgrading the mineral resource estimate category from inferred to indicated. Assay results confirmed positive gold values consistent with historical assays, leading to a revision of the geological model and identification of targets for the 2024 drilling extensions of the deposit.

South Railroad satellite deposit drill program

Building on the 2022 exploration program, which concentrated on advancing satellite deposits (see news release dated Feb. 8, 2023), Orla conducted a 2023 drilling campaign focused on testing exploration targets across the South Railroad property. This 2023 program returned encouraging assay results, justifying follow-up exploration drilling in 2024 on the extension of the North Bullion and Jasperoid Wash mineralized zones.

North Bullion extension -- targeting sulphide growth

Infill drilling at North Bullion identified a steep east-northeast-dipping structure controlling sulphide-hosted high-grade gold mineralization. Review of historical geophysical data suggests the structure controlling high-grade gold mineralization continues to the north-northwest of the currently defined North Bullion deposit and may be analogous to the northwest-southeast structural control noted at Nevada Gold Mines' Rain deposit 7.4 kilometres to the north. As a result, drilling is planned in 2024 to test the extension northwest of the deposit.

Jasperoid Wash -- targeting oxide additions

Drilling at the Jasperoid Wash deposit, located approximately six kilometres south of the Pinion deposit, targeted potential shallow gold mineralization along the north extension of the mineralized trend. Selective infill drilling was conducted to confirm the geological model and provide material for metallurgical testing. Results confirmed significant oxide mineralization in and below inferred resource open pits, such as holes JWC23-01 (0.53 g/t Au over 17.7 m) and JWC23-02 (0.85 g/t Au over 44.2 m). Drilling also intercepted shallow, low-grade gold mineralization outside the inferred resource open pits (JWC23-04: 0.23 g/t Au over 21.9 m in oxide).

In 2024, follow-up drilling will aim to increase the oxide resources beyond the currently defined inferred resource open pits. Drilling will target an approximately 200-metre by 300-metre area underlain by favourable siliciclastic host rocks (Pennsylvanian-Permian conglomerate) with a coincident gold-in-soil anomaly, suggesting potential underlying mineralization, to the east of the north-south mineralized zone.

Pod extension -- high-grade silver potential

Drilling in the Pod area targeted the potential northwest extension of the deposit. This recent drilling intercepted high-grade silver mineralization, including RRC23-04: 534 g/t silver (Ag) over 2.1 m, including 1,511 g/t Ag over 0.6 m, and 477 g/t Ag over 3.7 m, including 1,101 g/t Ag over 1.5 m. Follow-up drilling in 2024 is planned to the southwest, near the Bullion Stock, which is interpreted as the potential intrusive source of this distinct style of mineralization.

Two thousand twenty-three exploration drill program

In 2023, Orla's exploration successfully demonstrated mineralization beyond projected open pits, advanced satellite deposits, and identified new target areas. This work significantly enhances the project's geological potential for resource growth and new discoveries. Continuing into 2024, Orla has planned a drill program of approximately 22,800 metres.

The planned 2024 exploration program includes 4,400 metres of drilling to extend mineralization at the Pinion and Dark Star deposits, 6,400 metres of drilling to test extensions and grow satellite deposit resources, and 12,000 metres to drill test exploration targets on the South Railroad and Pony Creek properties.

Expanding projected oxide open pits

Building on the near-deposit exploration in 2023, the company is looking to extend mineralization and expand gold resources and reserves at Pinion and Dark Star.

At Dark Star, Orla will follow up on high-grade oxide drill results obtained outside the projected open pit, such as the recent intercept of 36.6 m at 3.53 g/t Au, including 19.8 m at 5.23 g/t Au (oxide; see news release dated March 7, 2024). The 2024 drilling program will target the potential extension of oxide gold mineralization while also testing for high-grade sulphide mineralization. This will involve exploring down-dip and the northern extensions of key structures hosting high-grade mineralization, as well as assessing the continuity of gold mineralization between Dark Star's northern and southern pits.

At the Pinion deposit, Orla will focus on the southeast extension area where recent drilling revealed continuous mineralization, including 112.7 m at 0.72 g/t Au in oxide (news release dated March 7, 2024), aiming to increase ounces and upgrade blocks from inferred to indicated resource category.

Advancing satellite mineralized zones

Orla will target the extension of mineral resources at satellite deposits in 2024, including extending sulphide mineralization at North Bullion and targeting shallow oxide mineralization at Jasperoid Wash on the South Railroad property. Following Orla's proposed acquisition of Contact Gold in the second quarter of 2024, drilling on Pony Creek will focus on extending oxide mineralization at the Stallion and Appaloosa mineralized zones.

New exploration targets

In 2024, Orla will drill test new exploration targets across the South Railroad and Pony Creek properties. The focus will be on Carlin-type oxide-hosted gold mineralization in the southern part of South Railroad and northern part of Pony Creek, where strong gold-in-soil anomalies remain untested. In the northern part of South Railroad, corresponding to the original Railroad district area, Orla will target potential skarn-hosted Au(-Ag-Cu (copper)) mineralization supported by magnetic anomalies near the margins of the granodioritic Bullion stock.

Two thousand twenty-four exploration budget

To enhance continued exploration efforts at the extended South Railroad project, Orla intends to increase the exploration budget by $3-million, subject to closing of the Contact Gold acquisition. This additional expenditure will increase the total 2024 exploration spend at South Railroad to $13-million.

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 for the company, who is the qualified person as defined under the definitions of National Instrument 43-101.

To verify the information related to the 2023 drilling programs at the South Railroad 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 (QA/QC) results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation, and significant assay interval calculations.

Quality assurance/quality control -- 2023 drill program

All gold results at South Railroad were obtained by fire assay fusion and optical emission finish (FAPB30-ICP) at American Assay Laboratories in Sparks, Nev., United States. Overlimit gold assays were determined using fire assay fusion with gravimetric finish (GRAVAu-30). Gold cyanide extraction was determined using a two-hour cyanide leach (AuCN30). All other elements were determined by four-acid and boric-acid dissolution with ICP-OES (inductively coupled plasma optical emission spectrometry) plus MS (mass spectrometry) method (ICP-2AM50). Quality assurance/quality control and interpretation of results were performed by qualified persons employing a quality assurance/quality control program consistent with National Instrument 43-101 and industry best practices. Certified reference materials (standards), blanks or rig duplicates were inserted approximately every 10th sample for quality assurance/quality control purposes by the company. American Assay Laboratories is 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 South Railroad.

For additional information on the company's previously reported drill results, see the company's press releases dated Feb. 8, 2023, and March 7, 2024. For additional information on South Railroad, see the technical report entitled "South Railroad project, Form 43-101F1 technical report feasibility study, Elko county, Nevada," dated March 23, 2022, which is available on Orla's website, and on SEDAR+ and EDGAR under the company's profile.

About Orla Mining Ltd.

Orla Mining's corporate strategy is to acquire, develop and operate mineral properties where the company's expertise can substantially increase stakeholder value. The company has two material gold projects: (1) Camino Rojo, located in Zacatecas state, Mexico; and (2) South Railroad, located in Nevada, United States. Orla Mining is operating the Camino Rojo oxide gold mine, a gold and silver open-pit and heap leach mine. Orla Mining is also developing the South Railroad project, a feasibility-stage, open-pit, heap leach gold project located on the Carlin trend in Nevada. The property is 100 per cent owned by Orla Mining and covers over 160,000 hectares, which contain a large oxide and sulphide mineral resource. Orla Mining also owns 100 per cent of Cerro Quema located in Panama, which includes a prefeasibility-stage, open-pit, heap leach gold project and a copper-gold sulphide resource. The technical reports for the company's material projects are available on Orla Mining's website and on SEDAR+ and EDGAR under the company's profile.

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