Chief Operating Officer Andrew Cormier reported that in the fourth quarter Musselwhite mined 371,000 tons and processed 361,000 tons at a mill grade of 6.77 grams per tonne gold, with recoveries of 95.65%, producing nearly 76,000 ounces of gold. Cormier said the mill benefited from improved access to higher-grade areas in the second half of the year, including PQ Deeps and Red Wings, driving processed grades to about 6.8 g/t in the quarter. He added that main ramp development was extended to a new level in ...

Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 oz of gold at a realized price of $4,025/oz, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536/oz of gold sold, respectively [16] - The company recorded a net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] Business Line Data and Key Metrics Changes - Musselwhite Mine produced nearly 76,000 oz of gold in Q4, with a mill grade of 6.77 g/t Au and a gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 oz of gold in Q4, with a strip ratio of 1.52 due to a pit wall event [7][8] - The company achieved six consecutive months of consistent ore production at Musselwhite, averaging approximately 3,800 tpd [9] Market Data and Key Metrics Changes - The company anticipates annual production to exceed 220,000 oz over the first 10 years, effectively doubling current output [10] - The South Railroad Project is expected to deliver an average output of 103,000 oz of gold annually over the first five years at an all-in sustaining cost of approximately $1,485/oz [11] Company Strategy and Development Direction - The company is focused on diversifying its operations and advancing growth opportunities in Canada, the United States, and Mexico [3] - Plans include construction at South Carlin, continued exploration at Musselwhite, and advancing the Camino Rojo underground project [30] - The company aims to balance strategic growth initiatives, exploration for new discoveries, deleveraging, and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational momentum and a clear path to continued production expansion, forecasting 340,000-360,000 oz for 2026 [30] - The approval of the environmental impact statement at Camino Rojo is seen as a significant milestone for future operations [10] Other Important Information - The company announced its first quarterly dividend in December 2025, reflecting a disciplined approach to capital allocation [18] - Exploration and project development costs for Q4 were $43.9 million, with a cash balance of $421 million at the end of December 2025 [17] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management clarified that the mine plan for 2026 will not change due to the permit, as guidance had already assumed its receipt [33][34] Question: Key development milestones for South Railroad - Management indicated that detailed engineering and procurement are underway, with updates expected throughout the year [35][36] Question: Capital expenditure budget for 2026 and its contingencies - The $200 million budget for South Railroad is contingent on the receipt of the Record of Decision, with potential adjustments based on timing [41] Question: Cost of mining in deeper areas at Musselwhite and lateral drilling - Management acknowledged that costs increase with depth but are planning improvements to material handling systems to mitigate this [42][43]

Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 ounces of gold at a realized price of $4,025 per ounce, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536 per ounce of gold sold, respectively [16] - The company recorded net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] - Cash flow from operating activities before changes in non-cash working capital was $165 million, with free cash flow for the quarter of $133 million [16] Business Line Data and Key Metrics Changes - Musselwhite mine produced nearly 76,000 ounces of gold in Q4, with a mill grade of 6.77 grams per ton and gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 ounces of gold in Q4, with a higher strip ratio of 1.52 due to a pit wall event [7] Market Data and Key Metrics Changes - The company expects annual production to exceed 220,000 ounces over the first 10 years, effectively doubling current output [10] - The average output for the South Railroad project is projected at 103,000 ounces of gold annually over the first five years at an all-in sustaining cost of approximately $1,485 per ounce [11] Company Strategy and Development Direction - The company is focused on expanding production capacity and diversifying its operations, with significant investments in the South Railroad and Camino Rojo projects [5][12] - The approval of the environmental impact statement at Camino Rojo allows for further development, including underground exploration [10][11] - The company aims to maintain a disciplined capital allocation approach, balancing growth initiatives and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record-breaking year in 2026, forecasting production of 340,000-360,000 ounces at an all-in sustaining cost of $1,550-$1,750 per ounce [30] - The company highlighted operational resilience and advancements in growing the business throughout 2025 [30] Other Important Information - The company has a strong cash position of $421 million at the end of December 2025, positioning it well to fund development projects [17] - A $6.6 million partnership with Newmont and First Nations LP was announced to support local workforce development [26] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management clarified that the mine plan for 2026 will not change due to the permit, as guidance already accounted for its receipt [33][34] Question: Key development milestones for South Railroad - Management discussed ongoing engineering procurement and preparations for field mobilization, with updates expected throughout the year [35][36] Question: Capital expenditure budget for 2026 and its contingencies - Management indicated that the $200 million budget for South Railroad is contingent on the receipt of the Record of Decision, with potential adjustments based on timing [41] Question: Cost of mining in deeper areas at Musselwhite and horizontal drilling - Management acknowledged increased costs for deeper mining but emphasized plans to improve material handling systems to mitigate these costs [42][43]

Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 ounces of gold at a realized price of $4,025 per ounce, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536 per ounce of gold sold, respectively [16] - The company recorded net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] - Cash flow from operating activities before changes in non-cash working capital was $165 million, with free cash flow for the quarter of $133 million [16] - The cash balance at the end of December 2025 was $421 million, with total liquidity of $481 million [17] Business Line Data and Key Metrics Changes - Musselwhite mine produced nearly 76,000 ounces of gold in Q4, with a mill grade of 6.77 grams per ton and gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 ounces of gold in Q4, with a strip ratio of 1.52 due to a pit wall event [8] - The company achieved six consecutive months of consistent ore production at Musselwhite, averaging approximately 3,800 tons per day [10] Market Data and Key Metrics Changes - The company is targeting annual production to exceed 220,000 ounces over the first 10 years at Camino Rojo, effectively doubling current output [11] - The South Railroad project is expected to drive annual production towards 500,000 ounces per year [13] Company Strategy and Development Direction - The company is focused on diversifying its operations and advancing growth opportunities in Canada, the United States, and Mexico [3] - Plans include field mobilization in Nevada and advancing the underground project at Camino Rojo [5] - The company aims to maintain a disciplined capital allocation approach, balancing growth initiatives and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record-breaking year in 2026, forecasting production of 340,000-360,000 ounces at an all-in sustaining cost of $1,550-$1,750 per ounce [28] - The company highlighted operational resilience and significant advancements in growing the business throughout 2025 [29] Other Important Information - The company announced a $6.6 million partnership with Newmont and First Nations LP for local workforce development [25] - The Mexican authorities approved the environmental impact statement at Camino Rojo, allowing for further development [11] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management confirmed that the mine plan for 2026 will not change due to the permit, as guidance had already assumed its receipt [31] Question: Key development milestones for South Railroad - Management indicated that updates on engineering procurement and field mobilization will be provided throughout the year, with a Record of Decision expected in Q3 [34] Question: Capital expenditure budget for South Carlin - Management stated that the $200 million budget for South Railroad is contingent on the Record of Decision, with potential adjustments based on timing [39] Question: Cost of mining deeper areas at Musselwhite - Management acknowledged that costs increase with depth but plans to study material handling improvements to mitigate these costs [40] Question: Discoveries and lateral drilling at Musselwhite - Management confirmed ongoing discoveries of satellite lenses and emphasized the potential for increased gold production without immediate material handling improvements [41]

Core Viewpoint - Orla Mining Ltd. (ORLA) has experienced a 22% decline in stock price over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a minor difference between opening and closing prices, with a long lower wick suggesting that the stock has found support after a downtrend [4][5]. - This pattern signals that bears may have lost control, indicating a potential trend reversal if buying interest continues [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for ORLA, with the consensus EPS estimate increasing by 4.5% over the last 30 days, indicating analysts' optimism about the company's future earnings [7][8]. - ORLA holds a Zacks Rank of 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Q4 FOURTH QUARTER 2025 UPDATE Strong quarter, pivotal year Musselwhite – Oct. 2025 FOR WA RD LO OK IN G STATE ME N TS AR E MA D E IN THI S P RE SE N TATIO N Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including the provisions for "safe harbor" under the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements ...

Core Insights - The Driehaus strategy identifies strong momentum stocks based on the principle of "buy high and sell higher," which has proven successful for Richard Driehaus [2] - Top momentum picks identified using this strategy include Strategic Education, Inc. (STRA), TechnipFMC plc (FTI), and Orla Mining Ltd. (ORLA) [2] Strategy Overview - The Driehaus strategy emphasizes investing in stocks that are increasing in price rather than those in decline, focusing on strong earnings growth and positive price momentum [3][5] - Key criteria for this strategy include the percentage of the 50-day moving average and positive relative strength, indicating an uptrend [4] Screening Parameters - Stocks selected must have a Zacks Rank of 1 (Strong Buy) and a Momentum Score of A or B, which historically provide the best upside potential [6][7] - Additional parameters include: - Last 5-year average EPS growth rates above 2% [8] - Trailing 12-month EPS growth greater than 0 and above industry median [8] - Last four-quarter average EPS surprise greater than 5% [8] - Positive percentage change in the 50-day moving average and relative strength over 4 weeks [8] Selected Stocks - A Driehaus momentum screen narrowed down 7,743 stocks to 14, with STRA, FTI, and ORLA highlighted as top picks [9] - STRA has a 19.9% average earnings surprise over the last four quarters and a Momentum Score of A [10] - FTI has a 15.9% earnings surprise and a Momentum Score of A [11] - ORLA has a 9% earnings surprise and a Momentum Score of B [12]

Company Overview - Orla Mining Ltd. (NYSE:ORLA) is engaged in the development, acquisition, and exploration of mineral properties, focusing on copper, gold, zinc, silver, and lead deposits. The company owns 100% interests in the Camino Rojo project and is involved in the acquisition of the Musselwhite Gold Mine project. Founded in 2007, Orla Mining is based in Vancouver, Canada [4]. Analyst Ratings and Price Targets - CIBC analyst Cosmos Chiu raised the price target for Orla Mining Ltd. from C$27 to C$32 while maintaining an Outperformer rating, following an upward revision of gold price outlook to $6,000 per ounce in 2026 and $6,500 in 2027 [1]. - BMO Capital also increased its price target for Orla Mining from C$22 to C$30, with a Buy rating, indicating a potential upside of 27% from current levels, which aligns with a median Wall Street analyst upside of 24.26% based on 10 analysts covering the stock [3]. Market Outlook - The major demand drivers for the precious metals sector in 2025 are expected to continue into 2026, supporting the positive outlook for Orla Mining and the broader sector [1].

Core Viewpoint - Orla Mining Ltd. (ORLA) has seen a 9.9% increase in share price over the past four weeks, closing at $16.1, with analysts suggesting a potential upside to a mean price target of $21.25, indicating a 32% increase from the current price [1]. Price Targets and Analyst Consensus - The average of 10 short-term price targets ranges from a low of $15.00 to a high of $26.28, with a standard deviation of $3.47, indicating variability in estimates; the lowest target suggests a 6.8% decline, while the highest indicates a 63.2% upside [2]. - A low standard deviation among price targets suggests strong agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9]. Earnings Estimates and Analyst Optimism - Analysts have shown increasing optimism about ORLA's earnings prospects, as indicated by a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [11]. - The Zacks Consensus Estimate for the current year has risen by 22.1% over the past month, with three estimates increasing and no negative revisions [12]. - ORLA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential upside [13]. Caution on Price Targets - While the consensus price target is a commonly referenced metric, it is often criticized for being misleading; empirical research indicates that price targets rarely predict actual stock price movements accurately [7]. - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]. - Investors are advised to treat price targets with skepticism and not rely solely on them for investment decisions [10].

Core Viewpoint - Orla Mining Ltd. (ORLA) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - For the fiscal year ending December 2025, Orla Mining is expected to earn $0.87 per share, with a 25.9% increase in the Zacks Consensus Estimate over the past three months [8]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that impact stock prices [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Orla Mining to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns [10].