Name of the Project
Camino Rojo gold project.

Location
Zacatecas, Mexico.

Project Owner/s
Canadian gold mining company Orla Mining.

Project Description
A preliminary economic assessment (PEA), released in February 2026, has outlined a pathway to develop an additional, standalone operation at Camino Rojo, beyond the current openpit heap-leach operation.

The PEA proposes an underground mining operation accessed through a single portal and developed through two primary ramps. The mine design incorporates cemented rockfill during preproduction and transitions to paste backfill during steady-state operations to optimise ground support and stope sequencing.

The projected feed considered in the PEA includes measured and indicated mineral resources of 33-million tonnes at 2.80 g/t resulting in an estimated 2.97-million ounces of gold; an inferred mineral resource of 2.8-million tonnes at 2.81 g/t resulting in an estimated 
250 000 oz of gold; and an additional 1.4-million tonnes of diluting material included within mineable shapes.

The process plant is designed for a nominal throughput of 8 000 t/d, with an assumed availability of 92%, and includes crushing, semiautogenous grinding and ball mill grinding, as well as selective flotation circuits designed to produce three saleable concentrates – gold, zinc and pyrite. Average gold recovered in concentrate across all domains is estimated at 87% of the gold contained in the mined ore.

Over the first ten years of the mine life, the average gold and gold equivalent production in concentrate are projected to be 215 000 oz/y and 228 000 oz/y respectively, and the average payable gold and payable gold equivalent are projected to be 190 000 oz/y and 201 000 oz/y respectively.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
The project has robust economics across different gold price scenarios. The project has a pretax net present value (NPV), at a 5% discount rate, of $2.35-billion and an internal rate of return (IRR) of 47.7% at an after tax gold price of $3 100/oz gold. Payback is estimated at 3.2 years after tax. At a $5 000/oz gold price, the PFS estimates an NPV of $3.3-billion and IRR 30.2% after tax.

Capital Expenditure
$608.1-million. The initial capital cost estimate excludes escalation, preconstruction expenditures (including PFS and feasibility study work), permitting and the predevelopment exploration decline. The exploration decline is estimated to cost between $100-million and $150-million over a three-year period and is intended as a staged derisking initiative before a future construction decision.

Planned Start/End Date
Orla aims to advance the project towards a prefeasibility study and complete it during 2027.

Latest Developments
Orla aims to develop an exploration decline to support underground exploration drilling starting as early as 2026, subject to the approval of the environmental assessment permit application submitted in November 2024, and the accompanying change of land use permit. It further intends to implement a staged underground drilling programme advancing alongside ramp development starting in 2027. It also plans to continue the permitting process for the underground operations.

Key Contracts, Suppliers and Consultants
DRA Global, supported by Entech Mining, SLR Consultants and RMS, and Blue Coast Research (PEA).

Contact Details for Project Information
Orla Mining, email info@orlamining.com.