Orla Mining on the Rise: From Vision to Action

Canada-based Orla Mining is transitioning from a single-asset developer into a multi-asset producer, underpinned by a US$10 billion market cap and a diversifying North American portfolio. While Mexico remains the company's operational heart, current regulatory shifts have encouraged a broader regional focus.

Ten years ago, Orla Mining began with a clear vision: to establish a gold company capable of thriving in the next bull market. Starting with less than US$5 million in capital and two unpermitted projects, the company has since transformed into a major industry player with nearly US$500 million in cash and a US$10 billion market cap. This evolution from a single-asset developer to a multi-asset producer is defined by a commitment to Mexico, strategic international expansion, and a disciplined approach to mining.

The Mexican Foundation and Future Growth

Mexico remains the engine room and cultural heart of Orla Mining. The Camino Rojo project in Zacatecas, which was the company's first undeveloped asset, is now at a significant inflection point. While it currently stands as the company's smallest operating mine, Orla Mining has laid out a two-phase plan to extend its life for decades.

The next chapter for Orla Mining in Mexico consists of two distinct operational phases. The first phase focuses on the expansion of the existing open-pit to ensure continued operations through the end of the decade. This extension provides the necessary time to permit and develop the second phase, which involves the underground portion of the project. The company recently announced a positive Preliminary Economic Assessment (PEA) for the Camino Rojo Underground Project, which could extend the mine's life by another 20 years.

Jason Simpson, CEO, Orla Mining emphasizes that this long-term view is central to their strategy: "Our underground Phase 2 is the plan for the end of the decade, so that we can be in Mexico for multiple decades going forward,” he said further noting the robustness of the expansion, stating the PEA outlines a very robust project at any commodity price that you select.

Despite this commitment, the company has voiced concerns regarding the current regulatory climate in Mexico. Due to delays in permitting and legal uncertainties, Orla currently operates only one drill in Mexico, compared to 10 in Canada and five in Nevada. Simpson warns of the long-term consequences of these hurdles: "If you starve or create uncertainty in the first part of our ecosystem in the mining industry, you are creating a problem 10 years from now,” he said.

Global Diversification and Operational Excellence

To mitigate risk and drive growth, Orla Mining has diversified its portfolio across three nations. "Diversity reduces risk, which actually adds value. Spread across three nations, as we move through challenges in Mexico, we have opportunities in Nevada and Canada,” Simpson noted.

In terms of global diversification, the company’s portfolio is currently spread across North America to reduce risk and capture new opportunities. In Canada, Orla Mining has established its largest operating asset through the acquisition of the Musselwhite mine. In the United States, the South Railroad project in Nevada is currently under development, with construction slated to continue through 2026 to become the company’s third operating mine.

Regarding production targets, the company is aiming for a midpoint of 350,000oz of gold for 2026, with a long-term goal of reaching 1Moz/y by the end of the decade.

A Philosophy of Responsibility

Orla Mining’s strategy is underpinned by the belief that mining must benefit the societies in which it operates. "Our industry must benefit society. We spend globally, but we invest locally,” Simpson added. In Mexico, 100% of the workforce at Camino Rojo consists of Mexican nationals, reflecting a belief in local talent and capability.

This commitment to responsibility is tracked through an ESG Scorecard, which highlights the company's operational safety and social license. Since 2022, Orla Mining has maintained a record of zero fatalities across its operations. While the Lost Time Injury Frequency Rate (LTIRF) for all assets saw a slight increase to 2.59 in 2024, up from 1.49 in the preceding two years, the company has successfully avoided any significant environmental incidents or community disputes that could disrupt production. At Camino Rojo specifically, the LTIRF was recorded at 3.94 for 2024.

Environmental metrics show a freshwater use intensity of 0.12m³/t of processed ore in 2024, a decrease from 0.15m³/t in previous years. Scope 1 and 2 GHG emissions were 32,221t CO2e in 2024, a slight increase from the 23,350t CO2e registered in 2023 due to increased activity.

Simpson takes great pride in this local integration: "The capability, the talent, the creativity, and the wonderful people of Mexico can support their mineral endowments individually and not necessarily through expat support,” he noted.