The Globe and Mail reports in its Friday, Jan. 23, edition that National Bank Financial analyst Alex Terentiew, in response to Orla Mining's recent release of an updated feasibility study for the South Railroad project in Nevada alongside its fourth quarter 2025 production results and 2026 guidance, raised his share target to $29 from $27, which maintaining an "outperform" rating. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $26. Mr. Terentiew says in a note: "While the updated P&P reserves came in slightly below the prior estimates, Orla significantly increased both M&I and inferred resources (up 38 per cent and up 41 per cent), with most drilling completed in 2025, including the encouraging results released late last year, excluded, providing upside to future estimates. We are confident the planned 10-year mine life will not only be extended, but the decline in grades starting year six will be deferred as new higher grade tonnes are added to the mine plan. Longer term, a sulphide operation has potential to add substantial value, with drilling to date focused only on the oxides. We currently ascribe no value to the sulphides."