Orla Mining Ltd. provided an update on its exploration activities at the Camino Rojo Sulphides in the second half of 2023. 2023 Exploration Highlights: Camino Rojo Sulphides (Mexico): In 2023, Orla undertook a 37,677-metre drill program, strategically focusing on infilling higher-grade parts of the Camino Rojo Sulphides deposit to support a potential underground Mineral Resource estimate. The primary objective was to enhance the understanding of geological controls of the deposit while extending selected drill holes to explore for sulphide mineralization beyond the current open pit Mineral Resource boundaries, referred to as the Camino Rojo Extension.

Orla previously presented results from 15 of 56 drill holes in the 2023 Sulphide drill program (June 22, 2023) and this news release presents results from an additional 23 drill holes. Results from the remaining 18 drill holes will be shared in the coming weeks. Overall, infill drilling of the Camino Rojo Sulphides has consistently yielded long intercepts (>30 metres down holes) of greater than 2.0 grams of gold per tonne (g/t Au).

These significant drill results align with previous work, reinforcing the potential for an underground mining scenario. Recent drilling has returned notable high-grade intercepts exceeding 10 g/t Au over core lengths ranging from 0.7 metres to 3.0 metres. These high-grade intersections are part of wider intervals of greater than 2.0 g/t Au over tens of metres.

The presence of high-grade gold results highlights the opportunity to enhance value through the potential implementation of more selective and targeted underground mining techniques. This most recent drilling campaign, part of Orla south-oriented drill hole programs, has continued to reduce overall drillhole spacing to approximately 25-30 metres within part of the Camino Rojo Sulphides. (Historical north-oriented drill holes had approximately 50-metre spacing).

The 2023 drilling efforts consistently intercepted extensive zones (>30 metres down-hole drill length) of higher-grade gold mineralization (>2 g/t Au), often including zones of >3 g/t Au over tens of metres, with more narrow intervals of 0.7-3.0 metres of >10g/t. Assay results from 19 of the 23 drillholes reported in this news release have returned 27 significant mineralized drill intercepts with a grade-by-thickness factor greater than 50 g/t Au by metre (g/t m), including 11 intercepts with grade-by-thickness factor greater than 100 g/t Au by metre. The newly acquired drill data significantly improves our understanding of the location and continuity of structures controlling higher grade gold mineralization, providing more precise insights compared to what was achievable with historical drilling results. All metres reported above are down-hole intervals, with true width estimates ranging from 60-98% of the reported interval for all composites >5 grade-by-thickness factor (Au g/t m).

A standard sampling length of 1.5m is used with a minimum of 0.5m when required based on geologic contacts. All drill core is HQ diameter. The reported composites were not subject to capping however a preliminary analysis suggests that only 4 out of 4,111 samples from the reported holes exceeded the potential capping level of 27.0 g/t. These samples averaged 43.6 g/t gold (max.

69.1 g/t). Orla believes that applying a top cut would have a negligible effect on overall grades. Composites for the sulphide drilling were calculated using 1 g/t Au cut-off grade and maximum 6 metres consecutive waste.

2024 Plans: Camino Rojo Sulphides (Mexico): The final assay results from the 2023 Sulphide Infill and Extension drilling programs, comprising 18 drill holes, are anticipated to be released in the coming weeks. The successful completion of the 2023 Sulphide infill drill program marks a significant milestone. Looking ahead to 2024, the Company remains committed to near-mine exploration, now shifting its primary focus towards evaluating the extensive potential of the open Camino Rojo deposit, extending into the promising Camino Rojo Extension beneath the current Sulphide mineral resource.

To achieve this objective, Orla plans to execute an aggressive 30,000-metre drill program in 2024. Building upon insights gained from the 2023 drilling efforts and historical work, this program aims to further investigate the exciting potential beneath the existing mineral resource. Quality Assurance /Quality Control ?

2023 Drill Program: All gold results at Camino Rojo were obtained by ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analyzed for multi-elements, including silver, copper, lead and zinc using a four-acid digestion with ICP-AES finish (ME-ICP61) method at ALS Laboratories in Canada. If samples were returned with gold values in excess of 10 ppm or base metal values in excess of 1% by ICP analysis, samples are re-run with gold (Au-GRA21) by fire assay and gravimetric finish or base metal by (OG62) four acid overlimit methods.

Drill program design, Quality Assurance/Quality Control and interpretation of results were performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards were inserted at a frequency of one in every 50 samples, and blanks were inserted at a frequency of one in every 50 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. ALS Minerals and ALS Laboratories are 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 Camino Rojo. Historical drill results at Camino Rojo were completed by Goldcorp. Inc., a prior owner of the project.

The Company's independent qualified person, Independent Mining Consultants Inc. was of the opinion that the drilling and sampling procedures for Camino Rojo drill samples by Goldcorp (and prior to its acquisition by Goldcorp, Canplats Resources Corporation) were reasonable and adequate for the purposes of the Camino Rojo Report, and that the Goldcorp QA/QC program met or exceeded industry standards.