Q1 Financial Results Modestly Below Consensus; FY Guidance Reiterated

Research evidence excerpt

Q1 Financial Results Modestly Below Consensus; FY Guidance Reiterated

Gold and Precious Minerals - Mid and Small Cap Golds

Orla Mining Ltd.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 11, 2026

Price: C$20.53 (05/8/2026) Q1 Financial Results Modestly Below

Price Target: C$26.00 Consensus; FY Guidance Reiterated

HOLD (2)

ESG SCORE: 49/100

Wayne Lam, CFA^ THE TD COWEN INSIGHT

416 983 9588

We expect a slightly negative reaction from OLA shares with Q1 results modestly below

wayne.lam@tdsecurities.com

consensus on higher cash taxes with production pre-released. FY guidance was reiterated with

Jennifer Mao^ a solid Q1 at Musselwhite given access to higher grade stopes earlier than plan. We focus on

416 308 2360 ramp up of layback activities at Camino Rojo and resolution of the union investigation along

jennifer.mao@tdsecurities.com

with advancement of South Railroad.

Key Data

Symbol TSXV: OLA-T Impact: Slightly Negative

Market Cap C$7.1B

Q1 financial results modestly below consensus: Q1 results were modestly below consensus

driven by higher cash taxes with true-up payments made in the quarter following a solid Q1

operationally with production pre-released. Cash costs were in-line vs our estimate while

AISC was below, which we expect to trend modestly higher through the year on ramp up of

stripping activities. Management noted relatively low exposure to higher energy costs with

diesel representing 4% of total operating costs and AISC impact of $2.50/oz for each $10

change in oil price. OLA exited Q1/26 with ~$427M in cash and ~$121M in net cash (vs $421M

cash and $36M net cash in Q4/25) with $35M repaid on the RCF in the quarter.

Focus on ramp up of operations ahead: We anticipate a busy year for OLA ahead. At Camino