Orla Mining Completes US$150 Million Refinancing and Lowers Cost of Capital

VANCOUVER, BC – April 28, 2022 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) today is pleased to announce that the Company has refinanced its US$125 million project finance facility with a new US$150 million secured credit facility (the “Credit Facility”). The Credit Facility includes a US$100 million term facility and a US$50 million revolving facility through a syndicate of lenders composed of The Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. The proceeds from the Credit Facility were used to repay the existing project finance facility, with the balance of the revolving facility available for general corporate purposes and working capital. With the successful ramp-up at Camino Rojo, the Company has been building cash and had a balance of $35.0 million, at March 31, 2022, in advance of the refinancing.

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