Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company's Long-Term Commitment to Camino Rojo

The most recent news (March 18, 2026) confirms that Orla Mining has received Environmental Impact Assessment (MIA) approval from Mexico's SEMARNAT for the Camino Rojo Mine. This permit is critical as it allows the company to mine the remainder of the oxide open-pit (including the layback area) and authorizes the construction of an underground exploration decline. This follows the February 19, 2026, announcement of a positive Preliminary Economic Assessment (PEA) for the Camino Rojo Underground Project, which outlined a 17-year mine life producing 215,000 ounces of gold annually for the first 10 years with an after-tax NPV5% of $1.275 billion (at $3,100/oz gold).

The impact is Material - Positive. - Regulatory De-risking: The MIA approval resolves a long-standing permitting overhang regarding the pit layback, which is essential for maintaining the production profile of the existing oxide operation. - Growth Pipeline: Authorization for the underground decline allows Orla to transition from a single-asset oxide producer to a multi-decade complex. The PEA economics are robust, showing a 30.2% IRR at $3,100 gold, and significantly higher (45.2% IRR) at $4,000 gold. - Operational Continuity: The approval ensures no gap in mining the oxide ore, while simultaneously allowing the start of underground exploration in H2 2026. - Strategic Alignment: This news validates management's ability to navigate the Mexican regulatory environment, which had been a point of concern for investors following previous delays.

Orla Mining is an intermediate gold producer with three core pillars: - Camino Rojo (Mexico): Flagship oxide heap leach mine and a massive sulphide underground resource. - Musselwhite (Canada): High-grade underground mine acquired from Newmont in early 2025. - South Railroad (Nevada): A feasibility-stage open-pit heap leach project moving toward construction.