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Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo, Mexico

High grade intersections outside current resource panels enhances potential VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to provide an exploration update from the Camino Rojo deposit in Zacatecas, Mexico, focusing on Zone 22 extensions of the Sulphides. The presence of high-grade mineralization, along with straightforward metallurgy and polymetallic characteristics, highlights Zone 22's strong potential to enhance the underground resource. The 15,000-metre infill drilling program, launched in early 2025 to target the upper 500 metres of Zone 22, was completed on July 18. Drilling has consistently returned high-grade Au-Ag-Zn mineralization, supporting the June 2025 initial underground Mineral Resource estimate and enhancing the potential for both resource growth and classification upgrades. Given the success to date, the Company has expanded the program by an additional 5,000 metres in 2025, sourced from within the existing 2025 exploration budget. The infill drill results will support an updated underground resource estimate for the Camino Rojo deposit, which is expected to feed into the planned 2026 Preliminary Economic Assessment (PEA). Highlights: High-grade intersections (reported as true widths) outside current resource panels 1: 142.0 g/t AuEq over 1.4 m (Hole CRSX24-36D) 9.8 g/t AuEq over 9.4 m (Hole CRSX25-47B) 9.0 g/t AuEq over 7.9 m (Hole CRSX25-48A) 6.2 g/t AuEq over 9.6 m (Hole CRSX25-50A) 14.2 g/t AuEq over 3.3 m (Hole CRSX25-46C) 4.2 g/t AuEq over 11.4 m (Hole CRSX24-46) 25.9 g/t AuEq over 1.2 m (Hole CRSX24-36D) Increasing resource confidence: Drill spacing was tightened to 30-80 metres within the upper 500 metres of Zone 22, supporting a potential resource classification upgrade planned for 2026 and guiding extension drilling along the main plunge extensions. "The Zone 22 Infill Program has delivered consistent high-grade results, strengthening our resource model and reinforcing Zone 22 as key to Camino Rojo's underground potential. With mineralization still open, we see strong upside for further growth." – Sylvain Guerard, Orla's Senior Vice President, Exploration 2025 Zone 22 Infill Program Highlights and Significance of Results The 2025 Zone 22 program aimed to confirm, upgrade, and extend the continuity of high-grade polymetallic (Au-Ag-Zn-Pb-Cu) mineralization along the down-plunge extension of the Camino Rojo deposit. The 2025 program is focused on tightening drill spacing to enhance resource confidence and better define the geometry of high-grade zones. This campaign builds on the successful 2024 drilling campaign which extended mineralization nearly one kilometre down plunge, and the initial 2025 underground Mineral Resource estimate. (Please see press releases dated December 10, 2024, and June 5, 2025). This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program. The 2024 results had not yet been reported and were not included in the initial underground resource estimate (Figures 1, 2). To date, 15 significant mineralized intersections have been identified outside the current resource panels, each with a grade-by-thickness factor exceeding 30 g/t AuEq•m. Estimated true widths range from 1.2 to 11.9 metres including narrower intervals (0.4 to 1.8 metres true width) of elevated gold grades of 10.3 to 142.0 g/t and zinc values ranging from 5.07% to 18.65%. Additionally, four composites, ranging from 18.0 to 25.0 g/t AuEq•m, are located within the current resource panels, while four additional composites are found outside the current resource. See Figures 3 to 6 and Table 1 for the drill intersection highlights. The infill program continues to confirm the presence of high-grade polymetallic mineralized zones with both steep and gently dipping (flat) geometries. Zone 22: The Vertical and Down-plunge Continuation of the Camino Rojo Deposit The Camino Rojo deposit comprises three continuous zones with distinct characteristics: The Camino Rojo Oxide Deposit ("Camino Rojo Oxides"), hosted by the Caracol formation, The Camino Rojo Sulphide Deposit, the sulphide continuation of the Camino Rojo Oxides, also hosted by the Caracol formation ("Camino Rojo Sulphides" or "Sulphides"); and Zone 22, an extension of the Sulphides, hosted by the limestone-rich Indidura, Cuesta del Cura, La Peña, and Cupido formations. Zone 22, the vertical and down-plunge extension of the Camino Rojo Sulphides, extends through multiple limestone-rich formations and remains open at depth (Figures 3, 4). Mineralization has been identified across all drilled units, with current drilling defining a zone 500 metres along strike, a horizontal thickness of 200 to 400 metres and extending from 700 to 1,300 metres in vertical depth below surface. Exploration Planning – Increasing Metres & Exploration Drift Proposed Supported by strong results, total drilling is now expected to reach approximately 20,000 metres by year-end, exceeding the original 2025 plan of 15,000 metres. Two drill rigs will continue operating through year-end, targeting further infill and extension of Zone 22 (Figure 4). The drill program is planned to continue into 2026, progressively infilling down-plunge mineralized trends – one Au-Ag-Zn and the other Au-Ag-Cu – while increasing confidence in the existing resource. As part of future planning, an exploration drift is proposed to enable tighter-spaced underground drilling to further refine resource definition. Technical work is ongoing to support the transition to advanced studies. Permitting and early-stage development planning are underway, with drift construction potentially beginning in 2026, subject to permit approval. Table 1: Drill Intersection Detailed Highlights 2 Additional Technical Information All mineralized interval lengths reported are down-hole intervals, with true width estimates ranging from 45-97% for the reported interval for all composites >3 (see Appendix table 1) or >1.5 (see Appendix table 2) grade-by-thickness factor (AuEq g/t*m). See Table 1 in the Appendix of this news release for estimated true widths of individual composites. A standard sampling length of 1.5 metres is used with a minimum of 0.5 metres when required based on geological contacts. Drill core is mainly HQ diameter, with reduction to NQ where necessary due to drilling depth. The reported composites were not subject to "capping" of high grades. Orla believes that applying a top cut would have a negligible effect on overall grades. Composites for the sulphide drilling were calculated using 2.0 g/t AuEq cut-off grade and maximum 3 metres consecutive waste. Qualified Persons Statement The scientific and technical information in this news release has been reviewed and approved by Mr. Sylvain Guerard, P Geo., SVP Exploration of the Company, who is the Qualified Person as defined under the definitions of National Instrument 43-101 ("NI 43-101"). To verify the information related to the 2025 drilling program at the Camino Rojo property, Mr. Guerard has visited the property this year; discussed logging, sampling, and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. Quality Assurance / Quality Control – 2025 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 analysed 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. For additional information on the Company's previously reported drill results, see the Camino Rojo Report and the Company's press releases dated February 4, 2021 (Orla Mining Provides Exploration Update), September 12, 2022 (Orla Mining Advances Exploration & Growth Pipeline), January 31, 2023 (Orla Mining Continues to Intersect Wide, Higher-Grade Sulphide Zones and Expose Deeper Potential at Camino Rojo, Mexico), February 7, 2024 (Orla Mining Concludes 2023 Camino Rojo Sulphides Infill Program with Strong Results), June 26, 2024 (Orla Mining Reports Positive Drilling Intersections and Metallurgical Results at Camino Rojo Sulphide Extensions) and December, 10, 2024 (Orla Expands High-Grade Mineralization 800 Metres Beyond Current Resource in Extension Drilling at Camino Rojo, Mexico). For additional information on the Company's QAQC program, including drilling and sampling procedures, see the Company's technical report entitled "NI 43-101 Technical Report Camino Rojo Project, Zacatecas, Mexico" with an effective date of March 31, 2025 (the "Camino Rojo Report"), which is available on SEDAR+ and EDGAR under the Company's profile at and respectively. Gold Equivalent Calculations The following metal prices in USD were used for the gold metal equivalent calculations: $1,750/oz gold, $21/oz silver, $0.90/lb lead, $1.20/lb zinc, and $3.50/lb copper. Metal recoveries on the Sulphide extension, based on the total recovery for the sulphide portion of the existing resource estimate, were 86% for gold, 76% for silver, 60% for lead, and 64% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for copper. Metal recoveries on Zone 22, based on a preliminary metallurgical study, were 88% for gold and 92% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for silver, 85% for lead and 85% for copper. The following equations were used to calculate gold equivalence: Camino Rojo Sulphide AuEq = Au (g/t) + [Ag (g/t) * 0.0106] + [Pb (%) * 0.2460] + [Zn (%) * 0.3499] + [Cu (%) * 1.3555] Camino Rojo Zone 22 AuEq = Au (g/t) + [Ag (g/t) * 0.0116] + [Pb (%) * 0.3406] + [Zn (%) * 0.4916] + [Cu (%) * 1.3247] Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for the recoveries used above. About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the results of the Company's exploration drilling program at Camino Rojo, including potential resource growth and enhancement, increased resource confidence, classification upgrades, and potential mineralization; additional drilling planned at Camino Rojo in 2025; the publication and timing of a PEA on the Sulphides; construction of an exploration drift and the timing thereof; receipt of applicable permits; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; the Company's ability to successfully integrate the Musselwhite Mine; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Appendix: Drill Results Table 1: Camino Rojo Sulphide Extension Composite Drill Results (Composites 2g/t AuEq cog) HOLE-ID From (m) Core Length (m) Estimated True Width (m) Au g/t Ag g/t Zn % Cu % Pb % AuEq g/t (Au+Ag+Cu +Pb+Zn) AuEq GXM Including 5.0g/t AuEq COG Including 10g/t AuEq HG Litho CRSX24-36D 1014.90 2.1 1.24 21.08 115.4 5.82 0.13 1.17 25.85 54.29 1.6m @ 34.27g/t AuEq (28.26g/t Au, 128.3g/t Ag, 0.09% Cu, 1.56% Pb, 7.88% Zn) 1.6m @ 34.27g/t AuEq (28.26g/t Au, 128.3g/t Ag, 0.09% Cu, 1.56% Pb, 7.88% Zn) Cuesta de Cura CRSX24-36D 1083.00 1.5 1.43 1.90 4.2 0.09 0.02 <0.005 2.01 3.02 Cuesta de Cura CRSX24-36D 1106.70 0.5 0.48 4.77 34.3 1.79 0.12 0.03 6.22 3.11 Cuesta de Cura CRSX24-36D 1125.50 1.3 1.19 1.63 13.1 4.32 0.30 <0.005 4.30 5.38 Cuesta de Cura CRSX24-36D 1178.20 5.0 4.73 3.75 31.4 0.25 0.75 0.01 5.23 25.90 0.8m @ 18.01g/t AuEq (17g/t Au, 17.5g/t Ag, 0.16% Cu, 0.03% Pb, 1.19% Zn) 0.8m @ 18.01g/t AuEq (17g/t Au, 17.5g/t Ag, 0.16% Cu, 0.03% Pb, 1.19% Zn) La Peña CRSX24-36D 1346.00 1.5 1.45 142.00 2.6 0.02 <0.005 <0.005 142.04 213.06 1.5m @ 142.04g/t AuEq (142g/t Au, 2.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.02% Zn) 1.5m @ 142.04g/t AuEq (142g/t Au, 2.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.02% Zn) La Peña CRSX24-36D 1390.20 0.8 0.78 4.82 2.7 1.89 0.08 <0.005 5.89 4.71 Cupido CRSX24-36D 1534.50 1.5 1.46 2.73 0.7 <0.005 0.01 <0.005 2.76 4.14 Cupido CRSX24-41A 1438.10 0.5 0.37 0.99 229.0 4.72 0.03 4.86 7.67 3.83 Cupido CRSX24-41A 1453.00 2.5 1.81 0.29 56.4 1.48 0.02 1.29 2.14 5.24 Cupido CRSX24-41A 1549.65 0.5 0.38 6.24 95.9 3.29 0.34 0.13 9.46 4.73 Cupido CRSX24-42B 1515.10 0.5 0.42 11.50 10.7 5.07 0.07 0.01 14.21 7.10 0.5m @ 14.21g/t AuEq (11.5g/t Au, 10.7g/t Ag, 0.07% Cu, 0.01% Pb, 5.07% Zn) Cupido CRSX24-42B 1528.20 3.1 2.63 3.37 27.3 0.26 0.15 0.06 4.04 12.73 1.1m @ 6.85g/t AuEq (6.03g/t Au, 47.3g/t Ag, 0.18% Cu, 0.02% Pb, 0.06% Zn) Cupido CRSX24-44A 1379.50 3.7 3.17 0.74 21.2 0.63 0.98 <0.005 2.59 9.46 Cupido CRSX24-44A 1396.00 1.5 1.14 0.90 22.0 0.04 0.84 <0.005 2.29 3.44 Cupido CRSX24-45A 997.00 1.5 1.33 3.85 3.9 0.44 0.04 <0.005 4.16 6.24 Cuesta de Cura CRSX24-45A 1034.85 1.7 1.51 2.16 33.7 0.75 0.24 0.11 3.27 5.56 Cuesta de Cura CRSX24-45A 1091.50 1.5 1.07 3.99 10.8 0.03 0.01 0.02 4.15 6.22 Cuesta de Cura CRSX24-45A 1100.50 1.5 1.07 2.75 0.3 0.01 0.01 <0.005 2.77 4.15 Cuesta de Cura CRSX24-45A 1119.85 2.2 1.91 3.73 110.5 2.69 0.17 0.12 6.61 14.20 2.2m @ 6.61g/t AuEq (3.73g/t Au, 110.5g/t Ag, 0.17% Cu, 0.12% Pb, 2.69% Zn) Cuesta de Cura CRSX24-45A 1138.50 1.5 1.07 6.52 9.0 <0.005 0.02 0.02 6.66 9.99 1.5m @ 6.66g/t AuEq (6.52g/t Au, 9g/t Ag, 0.02% Cu, 0.02% Pb, <0.005% Zn) La Peña CRSX25-46 956.95 0.8 0.59 18.45 77.0 8.14 0.25 0.11 23.71 17.78 0.8m @ 23.71g/t AuEq (18.45g/t Au, 77g/t Ag, 0.25% Cu, 0.11% Pb, 8.14% Zn) 0.8m @ 23.71g/t AuEq (18.45g/t Au, 77g/t Ag, 0.25% Cu, 0.11% Pb, 8.14% Zn) Cuesta de Cura CRSX25-46 987.35 1.1 0.85 4.90 31.2 2.52 0.19 0.02 6.75 7.43 0.6m @ 10.72g/t AuEq (7.91g/t Au, 26.6g/t Ag, 0.09% Cu, 0.03% Pb, 4.83% Zn) Cuesta de Cura CRSX25-46 1012.05 1.2 1.03 1.77 30.3 2.41 0.61 <0.005 4.12 4.94 Cuesta de Cura CRSX25-46 1039.80 14.7 11.41 3.00 15.0 0.55 0.26 <0.005 3.80 55.84 4.2m @ 7.17g/t AuEq (6.39g/t Au, 18.4g/t Ag, 0.34% Cu, <0.005% Pb, 0.24% Zn) 1039.8 - 1044.25 Cuesta de Cura 1044.25 - 1045.6 FG Intrusives - hdb-bi-pl 1045.6 - 1054.5 Cuesta de Cura CRSX25-46 1068.40 4.3 3.31 6.56 22.8 6.46 0.14 0.09 10.21 43.39 4.2m @ 10.21g/t AuEq (6.56g/t Au, 22.8g/t Ag, 0.14% Cu, 0.09% Pb, 6.46% Zn) 1.6m @ 21.27g/t AuEq (13.6g/t Au, 37.9g/t Ag, 0.11% Cu, 0.18% Pb, 14.3% Zn) Cuesta de Cura CRSX25-46A 913.00 1.5 1.32 2.61 0.9 0.15 <0.005 <0.005 2.70 4.05 Indidura CRSX25-46A 917.60 4.8 3.53 0.90 7.2 2.25 0.05 0.02 2.16 10.27 0.5m @ 10.7g/t AuEq (1.08g/t Au, 20.8g/t Ag, 0.15% Cu, 0.04% Pb, 18.65% Zn) Indidura CRSX25-46A 938.80 7.7 6.74 1.43 27.3 0.77 0.10 0.04 2.28 17.56 Cuesta de Cura CRSX25-46A 951.00 6.4 4.79 2.35 14.6 1.52 0.04 0.02 3.32 21.27 1.5m @ 5.67g/t AuEq (3.76g/t Au, 8.6g/t Ag, 0.01% Cu, 0.02% Pb, 3.65% Zn) 0.5m @ 11.85g/t AuEq (8.74g/t Au, 108g/t Ag, 0.31% Cu, 0.06% Pb, 2.92% Zn) Cuesta de Cura CRSX25-46A 985.10 0.6 0.45 21.50 28.2 7.70 0.16 0.04 25.84 15.51 0.6m @ 25.84g/t AuEq (21.5g/t Au, 28.2g/t Ag, 0.16% Cu, 0.04% Pb, 7.7% Zn) 0.6m @ 25.84g/t AuEq (21.5g/t Au, 28.2g/t Ag, 0.16% Cu, 0.04% Pb, 7.7% Zn) Cuesta de Cura CRSX25-46A 991.20 3.6 2.70 2.80 11.3 2.05 0.06 0.01 4.02 14.49 1m @ 9.69g/t AuEq (7.97g/t Au, 21.3g/t Ag, 0.15% Cu, 0.01% Pb, 2.58% Zn) 0.5m @ 12.18g/t AuEq (10.25g/t Au, 32.7g/t Ag, 0.25% Cu, 0.02% Pb, 2.46% Zn) Cuesta de Cura CRSX25-46A 1012.60 0.5 0.37 35.50 29.4 0.03 0.21 0.01 36.14 18.07 0.5m @ 36.14g/t AuEq (35.5g/t Au, 29.4g/t Ag, 0.21% Cu, 0.01% Pb, 0.03% Zn) 0.5m @ 36.14g/t AuEq (35.5g/t Au, 29.4g/t Ag, 0.21% Cu, 0.01% Pb, 0.03% Zn) Cuesta de Cura CRSX25-46A 1032.60 3.4 2.55 1.97 3.9 3.21 0.03 0.01 3.63 12.33 0.5m @ 13.17g/t AuEq (2.64g/t Au, 6.5g/t Ag, 0.1% Cu, 0.01% Pb, 21% Zn) Cuesta de Cura CRSX25-46A 1054.65 1.8 1.57 16.85 2.1 <0.005 0.08 <0.005 16.99 30.58 1.8m @ 16.99g/t AuEq (16.85g/t Au, 2.1g/t Ag, 0.08% Cu, <0.005% Pb, <0.005% Zn) 0.6m @ 36.5g/t AuEq (36.4g/t Au, 2.6g/t Ag, 0.05% Cu, <0.005% Pb, <0.005% Zn) Cuesta de Cura CRSX25-46B 911.45 4.3 3.14 0.97 41.7 0.99 0.17 0.07 2.19 9.41 911.45 - 913.15 Cuesta de Cura 913.15 - 914.75 FG Intrusives - hdb-bi-pl 914.75 - 915.75 Cuesta de Cura CRSX25-46B 917.80 1.8 1.31 1.82 11.6 0.95 0.31 <0.005 2.83 5.09 Cuesta de Cura CRSX25-46B 947.10 7.4 5.27 3.28 15.5 2.16 0.08 0.01 4.63 34.02 2.3m @ 12.18g/t AuEq (9.18g/t Au, 20.7g/t Ag, 0.08% Cu, 0.02% Pb, 5.39% Zn) 0.5m @ 31.87g/t AuEq (25.3g/t Au, 48.3g/t Ag, 0.17% Cu, 0.04% Pb, 11.75% Zn) 0.5m @ 24.05g/t AuEq (16.85g/t Au, 46.1g/t Ag, 0.2% Cu, 0.05% Pb, 13% Zn) Cuesta de Cura CRSX25-46B 957.70 0.5 0.36 3.55 38.8 4.35 0.11 0.04 6.29 3.15 Cuesta de Cura CRSX25-46B 983.60 5.6 4.03 1.76 26.1 0.79 0.11 0.02 2.60 14.56 1.2m @ 6.84g/t AuEq (4.65g/t Au, 40.9g/t Ag, 0.21% Cu, 0.03% Pb, 2.89% Zn) Cuesta de Cura CRSX25-46B 1005.85 1.6 1.44 1.71 18.5 0.03 0.14 0.02 2.13 3.52 Cuesta de Cura CRSX25-46B 1021.90 1.6 1.40 2.86 0.8 0.13 0.04 <0.005 2.99 4.78 Cuesta de Cura CRSX25-46B 1027.50 1.5 1.31 2.19 3.5 0.89 0.03 <0.005 2.71 4.07 Cuesta de Cura CRSX25-46B 1045.50 2.2 1.56 8.84 3.5 5.92 0.03 <0.005 11.83 25.44 1.1m @ 21.2g/t AuEq (15.13g/t Au, 6.8g/t Ag, 0.06% Cu, <0.005% Pb, 12.02% Zn) 1.1m @ 21.2g/t AuEq (15.13g/t Au, 6.8g/t Ag, 0.06% Cu, <0.005% Pb, 12.02% Zn) Cuesta de Cura CRSX25-46C 970.50 1.5 1.31 10.45 3.1 0.21 0.01 0.01 10.61 15.91 1.5m @ 10.61g/t AuEq (10.45g/t Au, 3.1g/t Ag, 0.01% Cu, 0.01% Pb, 0.21% Zn) 1.5m @ 10.61g/t AuEq (10.45g/t Au, 3.1g/t Ag, 0.01% Cu, 0.01% Pb, 0.21% Zn) Cuesta de Cura CRSX25-46C 984.00 1.8 1.36 3.85 7.8 2.87 0.01 0.01 5.37 9.66 1.8m @ 5.37g/t AuEq (3.85g/t Au, 7.8g/t Ag, 0.01% Cu, 0.01% Pb, 2.87% Zn) 0.5m @ 12.35g/t AuEq (9.43g/t Au, 16.3g/t Ag, 0.03% Cu, 0.02% Pb, 5.45% Zn) Cuesta de Cura CRSX25-46C 998.00 1.5 1.31 1.16 17.7 1.25 0.04 0.04 2.05 3.07 Cuesta de Cura CRSX25-46C 1026.65 4.4 3.31 9.06 62.1 8.28 0.22 0.17 14.20 62.47 3.8m @ 15.83g/t AuEq (10.59g/t Au, 64.2g/t Ag, 0.24% Cu, 0.18% Pb, 8.38% Zn) 2.4m @ 19.2g/t AuEq (13.01g/t Au, 81.2g/t Ag, 0.31% Cu, 0.24% Pb, 9.68% Zn) Cuesta de Cura CRSX25-47 1059.00 2.5 1.90 3.13 4.8 0.12 0.07 <0.005 3.34 8.35 1059 - 1059.8 Porph Intrusives - hdb-bi-pl 1059.8 - 1061.5 Cuesta de Cura CRSX25-47A 757.90 0.5 0.41 6.59 35.2 0.35 0.02 0.35 7.31 3.65 Indidura CRSX25-47A 987.40 6.1 4.88 7.50 5.2 0.36 0.07 <0.005 7.83 47.74 4.6m @ 9.57g/t AuEq (9.19g/t Au, 6.6g/t Ag, 0.09% Cu, <0.005% Pb, 0.39% Zn) 1.1m @ 10.48g/t AuEq (9.06g/t Au, 23.8g/t Ag, 0.35% Cu, <0.005% Pb, 1.38% Zn) 1.5m @ 21.06g/t AuEq (21g/t Au, 1.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.07% Zn) 987.4 - 988.35 FG Intrusives - hdb-bi-pl 988.35 - 993.5 Cuesta de Cura CRSX25-47A 1019.60 0.5 0.41 12.60 36.4 4.18 0.14 0.03 15.28 7.64 0.5m @ 15.28g/t AuEq (12.6g/t Au, 36.4g/t Ag, 0.14% Cu, 0.03% Pb, 4.18% Zn) 0.5m @ 15.28g/t AuEq (12.6g/t Au, 36.4g/t Ag, 0.14% Cu, 0.03% Pb, 4.18% Zn) Cuesta de Cura CRSX25-47A 1050.80 0.5 0.40 8.81 19.3 1.11 0.13 0.02 9.76 4.88 Cuesta de Cura CRSX25-47B 901.25 1.5 1.07 3.44 24.5 1.23 0.05 0.55 4.58 6.87 Indidura CRSX25-47B 1065.00 3.3 2.96 2.33 16.1 0.98 0.02 0.10 3.07 10.12 Cuesta de Cura CRSX25-47B 1071.50 10.5 9.43 9.42 15.6 0.35 0.03 0.05 9.83 103.22 9.1m @ 11.01g/t AuEq (10.6g/t Au, 17.1g/t Ag, 0.03% Cu, 0.05% Pb, 0.33% Zn) 1m @ 72.62g/t AuEq (72.3g/t Au, 4.2g/t Ag, 0.04% Cu, <0.005% Pb, 0.45% Zn) Cuesta de Cura CRSX25-47B 1103.60 3.6 3.18 0.91 126.1 0.20 0.25 0.17 2.86 10.14 Cuesta de Cura CRSX25-47B 1111.80 1.7 1.19 8.82 3.6 0.07 0.07 <0.005 8.99 15.29 1.7m @ 8.99g/t AuEq (8.82g/t Au, 3.6g/t Ag, 0.07% Cu, <0.005% Pb, 0.07% Zn) Cuesta de Cura CRSX25-47C 1072.90 0.5 0.46 18.95 57.6 1.27 0.13 0.09 20.44 10.22 0.5m @ 20.44g/t AuEq (18.95g/t Au, 57.6g/t Ag, 0.13% Cu, 0.09% Pb, 1.26% Zn) 0.5m @ 20.44g/t AuEq (18.95g/t Au, 57.6g/t Ag, 0.13% Cu, 0.09% Pb, 1.26% Zn) Cuesta de Cura CRSX25-47C 1113.50 1.5 1.38 2.49 3.2 0.13 0.04 0.01 2.65 3.97 Cuesta de Cura CRSX25-47C 1183.80 1.5 1.33 2.10 14.5 0.81 0.23 0.08 2.99 4.34 La Peña CRSX25-48A 801.30 1.7 1.32 1.43 25.7 0.50 0.03 0.74 2.26 3.84 Indidura CRSX25-48A 838.75 3.3 2.56 2.17 10.0 2.40 0.07 0.01 3.56 11.75 Cuesta de Cura CRSX25-48A 852.60 1.4 1.09 3.04 1.9 0.77 0.02 <0.005 3.46 4.84 Cuesta de Cura CRSX25-48A 885.30 1.4 1.13 10.55 6.4 5.91 0.06 0.01 13.61 19.06 1.4m @ 13.61g/t AuEq (10.55g/t Au, 6.4g/t Ag, 0.06% Cu, 0.01% Pb, 5.91% Zn) 0.7m @ 20.98g/t AuEq (20.6g/t Au, 4.8g/t Ag, 0.05% Cu, 0.02% Pb, 0.51% Zn) Cuesta de Cura CRSX25-48A 930.45 0.6 0.49 15.30 25.9 2.90 0.13 0.05 17.22 10.33 0.6m @ 17.22g/t AuEq (15.3g/t Au, 25.9g/t Ag, 0.13% Cu, 0.05% Pb, 2.9% Zn) 0.6m @ 17.22g/t AuEq (15.3g/t Au, 25.9g/t Ag, 0.13% Cu, 0.05% Pb, 2.9% Zn) Cuesta de Cura CRSX25-48A 993.50 4.1 3.24 1.60 9.8 0.71 0.03 0.01 2.11 8.75 Cuesta de Cura CRSX25-48A 1001.20 1.0 0.82 4.76 19.9 0.22 0.04 0.02 5.15 5.41 Cuesta de Cura CRSX25-48A 1029.90 0.8 0.62 8.80 1.1 0.51 0.01 <0.005 9.08 7.27 Cuesta de Cura CRSX25-48A 1073.50 0.8 0.62 1.72 9.9 4.58 0.05 <0.005 4.15 3.32 Cuesta de Cura CRSX25-48A 1079.00 9.7 7.86 1.10 3.7 3.12 0.03 <0.005 2.71 26.19 1.1m @ 10.35g/t AuEq (3.61g/t Au, 5.1g/t Ag, 0.07% Cu, 0.01% Pb, 13.4% Zn) 1.1m @ 10.35g/t AuEq (3.61g/t Au, 5.1g/t Ag, 0.07% Cu, 0.01% Pb, 13.4% Zn) Cuesta de Cura CRSX25-48B 895.30 0.5 0.23 8.63 24.7 1.63 0.14 0.02 9.91 4.95 Indidura CRSX25-48B 935.50 1.5 1.39 2.90 28.5 0.07 0.19 0.01 3.51 5.27 FG Intrusives - hdb-bi-pl CRSX25-48B 965.70 1.6 1.49 2.03 11.1 1.75 0.04 0.02 3.08 4.93 Cuesta de Cura CRSX25-48B 984.35 0.6 0.29 2.86 25.5 3.83 0.05 0.02 5.11 3.32 Cuesta de Cura CRSX25-48B 1022.45 4.1 1.87 2.00 7.2 1.62 0.04 0.01 2.93 12.18 0.5m @ 13.83g/t AuEq (10.3g/t Au, 23.4g/t Ag, 0.1% Cu, 0.02% Pb, 6.33% Zn) 0.5m @ 13.83g/t AuEq (10.3g/t Au, 23.4g/t Ag, 0.1% Cu, 0.02% Pb, 6.33% Zn) Cuesta de Cura CRSX25-48C 810.00 5.0 4.35 4.30 34.3 0.38 0.09 0.10 5.04 25.22 5m @ 5.04g/t AuEq (4.3g/t Au, 34.3g/t Ag, 0.09% Cu, 0.1% Pb, 0.38% Zn) Porph Intrusives - hdb-bi-pl CRSX25-48C 820.00 3.0 2.61 5.58 12.5 0.57 0.04 0.02 6.06 18.19 0.6m @ 15.27g/t AuEq (14.45g/t Au, 39.5g/t Ag, 0.08% Cu, 0.07% Pb, 0.46% Zn) 0.6m @ 15.27g/t AuEq (14.45g/t Au, 39.5g/t Ag, 0.08% Cu, 0.07% Pb, 0.46% Zn) 820 - 820.58 Porph Intrusives - hdb-bi-pl 820.58 - 823 Indidura CRSX25-48C 829.00 1.5 1.31 1.95 3.0 0.06 0.01 0.01 2.02 3.04 Indidura CRSX25-48D 826.30 1.7 1.53 1.43 5.6 1.29 0.04 <0.005 2.18 3.71 FG Intrusives - hdb-bi-pl CRSX25-48D 842.70 9.4 8.51 1.37 15.5 1.11 0.08 0.02 2.21 20.87 Indidura CRSX25-48D 856.80 13.2 11.87 2.20 7.2 0.98 0.05 0.01 2.83 37.37 1m @ 11.35g/t AuEq (9.41g/t Au, 35.7g/t Ag, 0.32% Cu, 0.01% Pb, 2.24% Zn) 1m @ 11.35g/t AuEq (9.41g/t Au, 35.7g/t Ag, 0.32% Cu, 0.01% Pb, 2.24% Zn) Indidura CRSX25-49 1092.50 1.5 1.19 2.89 0.3 0.01 <0.005 <0.005 2.90 4.35 Cuesta de Cura CRSX25-49 1173.15 0.5 0.39 4.46 5.9 3.15 0.04 0.01 6.13 3.06 La Peña CRSX25-49 1195.65 0.5 0.42 17.85 22.9 13.35 0.16 0.02 24.89 12.45 0.5m @ 24.89g/t AuEq (17.85g/t Au, 22.9g/t Ag, 0.16% Cu, 0.02% Pb, 13.35% Zn) 0.5m @ 24.89g/t AuEq (17.85g/t Au, 22.9g/t Ag, 0.16% Cu, 0.02% Pb, 13.35% Zn) La Peña CRSX25-49 1266.20 1.3 1.02 1.00 37.4 0.05 1.10 <0.005 2.91 3.78 La Peña CRSX25-49A 1056.85 1.0 0.76 9.76 71.0 4.42 0.08 0.27 12.95 12.95 1m @ 12.95g/t AuEq (9.76g/t Au, 71g/t Ag, 0.08% Cu, 0.27% Pb, 4.42% Zn) 1m @ 12.95g/t AuEq (9.76g/t Au, 71g/t Ag, 0.08% Cu, 0.27% Pb, 4.42% Zn) Cuesta de Cura CRSX25-49A 1073.40 0.5 0.47 5.91 18.7 3.88 0.03 0.03 8.09 4.45 Cuesta de Cura CRSX25-49A 1106.00 11.0 9.45 2.83 17.0 0.38 0.41 <0.005 3.76 41.40 3.7m @ 5.29g/t AuEq (4.06g/t Au, 18.6g/t Ag, 0.48% Cu, <0.005% Pb, 0.77% Zn) Cuesta de Cura CRSX25-49A 1148.45 1.7 1.46 0.90 34.4 0.03 0.62 <0.005 2.14 3.64 Cuesta de Cura CRSX25-49A 1153.90 13.6 11.63 2.73 24.9 0.33 0.42 0.01 3.73 50.58 1m @ 23.25g/t AuEq (21.5g/t Au, 50.4g/t Ag, 0.21% Cu, 0.1% Pb, 1.73% Zn) 1m @ 23.25g/t AuEq (21.5g/t Au, 50.4g/t Ag, 0.21% Cu, 0.1% Pb, 1.73% Zn) Cuesta de Cura CRSX25-49A 1188.05 1.3 1.00 2.64 6.2 1.39 0.05 0.01 3.46 4.50 Cuesta de Cura CRSX25-49A 1241.65 0.5 0.39 4.97 41.5 7.72 0.09 0.04 9.38 4.69 La Peña CRSX25-49A 1253.00 1.5 1.16 21.00 44.3 0.23 0.18 0.20 21.93 32.90 1.5m @ 21.93g/t AuEq (21g/t Au, 44.3g/t Ag, 0.18% Cu, 0.2% Pb, 0.23% Zn) 1.5m @ 21.93g/t AuEq (21g/t Au, 44.3g/t Ag, 0.18% Cu, 0.2% Pb, 0.23% Zn) La Peña CRSX25-49B 948.25 1.0 0.70 0.34 54.6 4.65 0.09 0.10 3.42 3.25 Cuesta de Cura CRSX25-49B 1018.25 1.5 1.12 13.97 167.9 5.97 0.11 2.37 19.79 29.69 1.5m @ 19.79g/t AuEq (13.97g/t Au, 167.9g/t Ag, 0.11% Cu, 2.37% Pb, 5.97% Zn) 1.5m @ 19.79g/t AuEq (13.97g/t Au, 167.9g/t Ag, 0.11% Cu, 2.37% Pb, 5.97% Zn) Cuesta de Cura CRSX25-49B 1076.00 2.8 2.14 1.04 12.4 2.30 0.10 0.02 2.46 7.01 Cuesta de Cura CRSX25-49B 1149.00 1.5 1.29 2.08 5.3 0.08 0.02 0.01 2.20 3.30 FG Intrusives - hdb-bi-pl CRSX25-49B 1153.60 0.9 0.73 9.18 5.0 0.87 0.04 0.02 9.73 8.27 0.9m @ 9.73g/t AuEq (9.18g/t Au, 5g/t Ag, 0.04% Cu, 0.02% Pb, 0.87% Zn) Cuesta de Cura CRSX25-49B 1167.00 1.8 1.51 2.06 6.3 0.24 0.07 <0.005 2.34 4.10 Cuesta de Cura CRSX25-50A 754.55 1.5 1.20 3.62 12.3 1.23 0.02 0.01 4.40 6.37 Indidura CRSX25-50A 776.30 0.7 0.58 5.51 60.6 2.29 0.17 0.05 7.58 5.31 Indidura CRSX25-50A 817.85 1.4 1.12 5.78 3.4 0.18 0.04 <0.005 5.96 8.04 1.4m @ 5.96g/t AuEq (5.78g/t Au, 3.4g/t Ag, 0.04% Cu, <0.005% Pb, 0.18% Zn) 817.85 - 819.15 FG Intrusives - hdb-bi-pl 819.15 - 819.2 Indidura CRSX25-50A 834.00 4.5 3.74 1.86 7.5 0.26 0.02 0.02 2.10 9.47 834 - 835.15 Indidura 835.15 - 838.5 FG Intrusives - hdb-bi-pl CRSX25-50A 843.45 11.6 9.61 4.77 17.0 2.20 0.12 0.01 6.21 71.70 7m @ 7.29g/t AuEq (6.23g/t Au, 14g/t Ag, 0.09% Cu, 0.01% Pb, 1.58% Zn) 1.5m @ 12.05g/t AuEq (9.05g/t Au, 29.1g/t Ag, 0.14% Cu, 0.03% Pb, 5.02% Zn) Indidura CRSX25-50A 935.70 0.7 0.50 5.58 27.5 2.30 0.19 0.01 7.28 5.10 Cuesta de Cura Criteria: Cut off grade 2g/t AuEq, minimum length 1.5m, maximum consecutive internal waste 3m, if Au grade x length > 3 the composite will be added Table 2: Camino Rojo Sulphide Composite Drill Results (Composites 1g/t Au cog) HOLE-ID From (m) Core Length (m) Estimated True Width (m) Au g/t Ag g/t Cu % Pb % Zn % AuEq g/t (Au+Ag+Cu +Pb+Zn) b Including 2.0g/t Au COG Including 10g/t Au HG Litho CRSX24-36D 712.45 1.3 0.9 3.65 36.5 0.01 0.06 0.47 4.24 4.56 1.2m @ 4.24g/t AuEq (3.65g/t Au, 36.5g/t Ag, 0.01% Cu, 0.06% Pb, 0.47% Zn) Caracol CRSX25-46 469.40 3.4 2.5 2.42 23.4 0.01 0.29 0.21 2.82 8.24 1.8m @ 3.62g/t AuEq (2.9g/t Au, 41.9g/t Ag, 0.01% Cu, 0.53% Pb, 0.39% Zn) Breccia CRSX25-46 515.65 0.6 0.5 3.84 23.0 0.02 0.14 0.59 4.35 2.50 515.65 - 516.2 Caracol 516.2 - 516.3 Breccia CRSX25-46 525.00 0.7 0.5 6.51 24.7 0.03 0.06 1.76 7.45 4.56 0.7m @ 7.45g/t AuEq (6.51g/t Au, 24.7g/t Ag, 0.03% Cu, 0.06% Pb, 1.76% Zn) Caracol CRSX25-46 529.90 1.5 1.1 2.28 16.8 0.01 0.08 0.11 2.53 3.42 1.5m @ 2.53g/t AuEq (2.28g/t Au, 16.8g/t Ag, 0.01% Cu, 0.08% Pb, 0.11% Zn) Caracol CRSX25-46 538.60 4.2 3.1 2.06 32.5 0.02 0.33 0.81 2.80 8.67 1.5m @ 4.7g/t AuEq (3.28g/t Au, 58.4g/t Ag, 0.03% Cu, 0.59% Pb, 1.75% Zn) Caracol CRSX25-46 550.00 1.2 0.9 1.43 12.5 0.01 0.11 0.12 1.64 1.71 Caracol CRSX25-46 563.10 1.4 1.0 9.53 38.2 0.04 0.26 0.14 10.11 13.34 1.4m @ 10.11g/t AuEq (9.53g/t Au, 38.2g/t Ag, 0.04% Cu, 0.26% Pb, 0.14% Zn) 0.6m @ 16.08g/t AuEq (15.6g/t Au, 33.1g/t Ag, 0.07% Cu, 0.03% Pb, 0.08% Zn) Caracol CRSX25-47 403.10 4.5 3.4 4.79 8.4 0.00 0.07 0.14 4.94 21.54 1.5m @ 13.42g/t AuEq (13g/t Au, 21.7g/t Ag, 0% Cu, 0.19% Pb, 0.38% Zn) 1.5m @ 13.42g/t AuEq (13g/t Au, 21.7g/t Ag, 0% Cu, 0.19% Pb, 0.38% Zn) 403.1 - 404.55 Breccia 404.55 - 407.6 Caracol CRSX25-47 412.85 1.5 1.1 2.48 2.6 0.00 0.00 0.02 2.52 3.72 1.5m @ 2.52g/t AuEq (2.48g/t Au, 2.6g/t Ag, 0% Cu, 0% Pb, 0.02% Zn) Caracol CRSX25-47 516.50 1.5 1.1 1.46 52.9 0.01 0.42 0.17 2.19 2.19 Caracol CRSX25-47 531.65 7.4 5.5 1.36 79.7 0.02 0.52 0.85 2.66 10.00 1.1m @ 12.62g/t AuEq (6.26g/t Au, 402g/t Ag, 0.12% Cu, 2.28% Pb, 3.93% Zn) Caracol CRSX25-47 549.00 1.1 0.8 2.16 79.2 0.02 0.82 0.86 3.53 2.38 Caracol CRSX25-47 571.70 0.9 0.7 8.57 34.8 0.01 0.07 0.12 9.01 7.71 0.9m @ 9.01g/t AuEq (8.57g/t Au, 34.8g/t Ag, 0.01% Cu, 0.07% Pb, 0.12% Zn) Caracol CRSX25-47 654.95 0.8 0.6 14.45 118.0 0.04 1.43 1.25 16.54 12.28 0.8m @ 16.54g/t AuEq (14.45g/t Au, 118g/t Ag, 0.04% Cu, 1.42% Pb, 1.25% Zn) 0.8m @ 16.54g/t AuEq (14.45g/t Au, 118g/t Ag, 0.04% Cu, 1.42% Pb, 1.25% Zn) Caracol CRSX25-48C 566.40 1.8 1.6 6.54 22.4 0.04 0.21 0.94 7.21 11.77 1.8m @ 7.21g/t AuEq (6.54g/t Au, 22.4g/t Ag, 0.04% Cu, 0.21% Pb, 0.94% Zn) Caracol CRSX25-48C 706.00 3.0 2.6 1.33 2.4 0.01 0.00 0.10 1.40 3.92 Breccia CRSX25-48C 736.50 1.5 1.3 1.61 7.7 0.01 0.00 0.08 1.74 2.42 Caracol CRSX25-48C 744.00 1.5 1.3 1.05 0.6 0.01 0.00 0.10 1.10 1.58 Caracol CRSX25-48C 763.50 8.1 7.0 1.04 3.3 0.02 0.00 0.19 1.16 8.41 1.8m @ 2.52g/t AuEq (2.44g/t Au, 2g/t Ag, 0.02% Cu, 0% Pb, 0.11% Zn) Caracol CRSX25-48C 784.00 14.7 12.8 2.01 14.1 0.03 0.03 0.42 2.39 29.51 10.1m @ 2.57g/t AuEq (2.29g/t Au, 13.8g/t Ag, 0.03% Cu, 0.01% Pb, 0.27% Zn) 784 - 796.5 Caracol 796.5 - 798.7 Indidura CRSX25-48D 772.50 13.8 10.0 2.39 25.8 0.08 0.02 1.53 3.34 33.04 11m @ 3.9g/t AuEq (2.79g/t Au, 28.8g/t Ag, 0.09% Cu, 0.02% Pb, 1.83% Zn) 0.7m @ 27.89g/t AuEq (24.3g/t Au, 56.1g/t Ag, 0.2% Cu, 0.04% Pb, 7.75% Zn) 772.5 - 775.3 Caracol 775.3 - 786.3 Indidura CRSX25-49 658.00 1.5 1.3 1.15 6.6 0.01 0.01 0.03 1.24 1.72 Caracol Criteria: Cut off grade 1g/t Au, minimum length 1.5m, maximum consecutive internal waste 6m, if Au grade x length > 1.5 the composite will be added Price Assumptions: Au = 1750usd oz, Ag = 21usd oz, Cu = 3.5usd lb, Zn = 1.2usd lb Table 3: Camino Rojo Sulphide Extension Drill Hole Collars HOLE-ID Easting Northing Elevation Azimuth Dip Depth (m) CRSX24-36D 243305.3 2676111.1 1957.9 139.7 -57.99 1551.0 CRSX24-41A 242688.5 2675949.1 1963.6 113.3 -62.20 1557.3 CRSX24-42B 243090.2 2675954.9 1960.3 147.0 -69.90 1616.0 CRSX24-44A 243397.5 2675996.6 1955.4 173.4 -73.47 1531.4 CRSX24-45A 243414.5 2675988.9 1955.7 121.2 -76.50 1550.3 CRSX25-46 243501.1 2676087.7 1954.8 161.0 -73.00 1094.7 CRSX25-46A 243501.1 2676087.7 1954.8 147.6 -65.27 1062.9 CRSX25-46B 243501.1 2676087.7 1954.8 133.2 -57.24 1092.7 CRSX25-46C 243501.1 2676087.7 1954.7 163.7 -62.20 1057.3 CRSX25-47 243397.2 2675997.8 1955.5 152.0 -75.00 1101.0 CRSX25-47A 243397.2 2675997.8 1955.5 136.8 -65.50 1068.2 CRSX25-47B 243397.2 2675997.8 1955.5 195.0 -72.66 1202.3 CRSX25-47C 243397.2 2675997.8 1955.5 180.3 -78.83 1265.7 CRSX25-48A 243589.8 2676191.2 1954.1 117.0 -66.50 1119.3 CRSX25-48B 243589.8 2676191.2 1954.1 133.6 -32.02 1049.1 CRSX25-48C 243589.8 2676191.2 1954.1 124.5 -49.52 905.2 CRSX25-48D 243589.8 2676191.2 1954.1 151.9 -55.43 886.8 CRSX25-49 243306.9 2676110.8 1957.3 145.0 -70.00 1296.2 CRSX25-49A 243306.9 2676110.8 1957.3 145.5 -62.55 1259.7 CRSX25-49B 243306.9 2676110.8 1957.3 132.3 -54.70 1218.1 CRSX25-50A 243599.6 2676109.6 1953.6 116.4 -63.75 991.9 ________________________________________________________ 1 Underground resource panels are geologically and spatially defined volumes that include internal dilution, built using mineralized wireframes, minimum width and continuity, and are constrained by cut-off grade. They represent potential underground mining blocks and support Mineral Resource estimation and RPEEE by approximating what could eventually be mined or recovered given Mineral Resources technical and economic constraints. 2 Metal prices used in gold equivalent calculation: Au = $1,750/oz, Ag = $21/oz, Zn = $1.20/lb, Pb = $0.90/lb, Cu = $3.50/lb. See "Gold Equivalent Calculation" below for additional information. All prices in USD. All composites are in Zone 22. SOURCE Orla Mining Ltd.