Orla Mining Discovers Additional High-Grade Zones at Musselwhite Two Kilometres Down Plunge

• On 2026‑04‑09 Orla announced new directional surface drilling results at Musselwhite that confirm stacked Lynx and PQ Extension zones extending ≥ 2 km down‑plunge from current operations.
• Highlight intercepts include:
• 4.7 m @ 11.9 g/t Au (incl. 0.8 m @ 29.3 g/t) – 1.4 km from the mine face.
• 3.5 m @ 5.1 g/t Au (incl. 0.6 m @ 21.8 g/t).
• Underground drilling returned multiple high‑grade intersections, e.g., 11.5 m @ 11.0 g/t Au and 4.0 m @ 29.7 g/t Au.
• Near‑mine surface program at Camp Bay identified broad shallow mineralisation (e.g., 37.4 m @ 1.84 g/t Au).
• Program progress: 17,668 m of deep directional drilling completed to date; 14,427 m underground drilling; 7,400 m planned near‑mine surface work with 2,652 m already done.
• Outlook: aim for 200 m section spacing on the Mine Trend extension by year‑end 2026 and continue infill/step‑out drilling to support a resource update.

• Positive catalyst: The new high‑grade, deep extensions materially improve reserve replacement potential and extend the life of the Musselwhite underground mine.
• Scale: Intercepts are well above typical incremental drill results for Orla; they confirm a ≥ 2 km trend extension that could add several hundred thousand ounces to reserves.
• Market reaction expectation: Given the recent price rally (from $22‑$23 in early March 2026 to $24.56 on 9 Apr), the market is already pricing some upside, but the depth and grade of these results exceed prior expectations, justifying a Material – Positive rating rather than routine.
• Alignment with guidance: The news supports Orla’s 2026 resource‑growth targets and its plan to achieve 200 m section spacing, reinforcing confidence in meeting or exceeding the upcoming year‑end resource update.

Orla Mining Ltd. is a mid‑tier gold producer with three core assets:
- Musselwhite (Ontario, Canada): Underground operation producing ~200 koz Au annually; now showing ≥ 2 km down‑plunge extensions.
- Camino Rojo (Zacatecas, Mexico): Oxide open‑pit mine with an underground expansion project (PEA completed in Feb 2026).
- South Railroad (Nevada, USA): Development‑stage heap‑leach project slated for construction start in 2026.

Musselwhite is the flagship due to its high grades, low operating costs, and now demonstrated potential for significant reserve growth.