Orla Mining Files Updated Technical Report for South Railroad Gold Project in Nevada

The most recent news (March 02, 2026) confirms the filing of an updated technical report for the South Railroad Gold Project in Nevada. This follows the January 15, 2026, announcement of feasibility study results. Key highlights include: - The project is "construction-ready" with a two-stage crushing circuit designed to improve gold recoveries. - Full construction is slated to begin in mid-2026, pending final permits (BLM Record of Decision). - The project boasts an after-tax NPV5% of $783 million and a 48% IRR at a $3,100/oz gold price. - Initial capital costs are estimated at $395 million, to be funded via cash on hand and operating cash flow.

The news is Routine - Positive. While the feasibility results are robust, they are in line with the detailed disclosure provided in January 2026. The filing of the technical report is a regulatory requirement that confirms the previously stated economics. - Operational Impact: The transition to an owner-operator model and the addition of a crushing circuit are strategic improvements over the 2020 plan, aimed at de-risking the heap leach performance. - Financial Impact: The ability to self-fund a $395M build from internal cash flow (bolstered by record production at Musselwhite and Camino Rojo) significantly reduces dilution risk for shareholders. - Strategic Impact: South Railroad is the "third pillar" that moves Orla toward a 500,000 oz/year production profile, diversifying its jurisdictional risk across Canada, Mexico, and the USA.

Orla Mining is an intermediate gold producer. Its flagship was the Camino Rojo oxide mine in Mexico, but the 2025 acquisition of the Musselwhite Mine in Ontario from Newmont has transformed the company. Musselwhite is now the primary production driver (200k+ oz/year). The South Railroad Project in Nevada is the next major development asset, expected to produce ~130k oz/year starting in 2028.