Orla Mining Ltd. provided the results of a Pre-Feasibility Study and mineral resource and mineral reserve estimates on its Cerro Quema Oxide Gold Project located in the Azuero Peninsula, Los Santos Province, Panama. The PFS demonstrates the possibility of a low cost, high return heap leach project. The estimated Project after-tax net present value ("NPV") (5% discount rate) is USD 176 million with an after-tax internal rate of return ("IRR") of 38% at a gold price of USD 1,600 per ounce. The PFS continues to support an open pit mine and heap leach operation. Since the 2014 Pre-Feasibility Study ("2014 PFS"), significant additional drillhole data has been added, rendering the 2014 mineral resource and mineral reserve estimates non-current. The main notable physical changes from the 2014 PFS include improved water management infrastructure including active and passive water treatment plants for the waste rock facilities and heap leach facilities, a more detailed design for a larger heap leach pad with increased capacity, a three-phase heap leach facility, redesign of the two-phase waste rock facilities, and an update of all costs. The PFS was conducted using a gold price of $1,600 per ounce and a silver price of USD 20 per ounce and is expressed in U.S. dollars. The new mineral reserve estimate at Cerro Quema includes proven and probable mineral reserves of 21.7 million tonnes at a gold grade of 0.80 grams per tonne ("g/t") and a silver grade of 2.18 g/t, for total mineral reserves of 0.56 million ounces of gold and 1.53 million ounces of silver. This compares to 19.7 million tonnes at a gold grade of 0.77 g/t for a mineral reserve estimate of 0.49 million ounces in the 2014 PFS, representing an increase of approximately 15% in contained ounces. Cerro Quema 2021 Pre-Feasibility Study: The Project considers open pit mining of 21.7 million tonnes of ore from the La Pava and Quema-Quemita pits and will be developed in multiple phases. Ore will be crushed to 80% passing 105 mm in a single stage jaw crusher. Lime will be added to the crushed ore for pH control before being conveyor stacked and leached with a dilute cyanide solution. Pregnant leach solution will flow by gravity to a pregnant solution pond and will then be pumped to an ADR (Adsorption, Desorption, Recovery) plant for recovery of metal values. Gold and silver will be loaded onto activated carbon (Adsorption) and then periodically stripped from the carbon in a desorption circuit (Desorption), electrowon (Recovery) and smelted to produce the final doré product. Based on an ore processing rate of 10,000 tonnes per day or 3.65 million tonnes per year, the Project has an estimated six-year mine life. The Project's low stripping ratio, high gold recoveries, and low operating costs all contribute to a low estimated AISC of $626 per ounce of gold. The Cerro Quema property is located in the Azuero Peninsula, Los Santos Province, Panama, 193 straight-line kilometres southwest of Panama City and 45 kilometres south-southwest of the town of Chitré. Driving distance from Panama City is 255 kilometres. Mineral concessions are comprised of three contracts between the Republic of Panama and Minera Cerro Quema SA, a wholly owned subsidiary of Orla. The original 20-year term for these concessions expired on February 26, 2017 (Contracts 19 and 20) and March 3, 2017 (Contract 21). The Company has applied for the prescribed 10-year extension to these contracts as it is entitled to under Panamanian mineral law. Formal approval of the extension of these concessions has not yet been received. On March 6, 2017, the Ministry of Commerce and Industry provided written confirmation to the Company that it had received the extension applications, and that exploration work could continue while the Company waits for the renewal. Orla has received verbal assurances from government officials that the renewal applications are complete with no outstanding legal issues. Since the expiry of the concessions, Orla has continued to receive ongoing exploration permits and the Ministry of Commerce has continued to accept Orla's annual reports and concession fees. Orla owns the surface rights for 2,274.5 hectares of the land required to mine the Cerro Quema mineral reserves and to construct and operate a heap leach facility and most of the land required for proposed upgrades to the project access road. Permitting: The permitting process has been ongoing and as of May 2021, the extension of the exploitation contracts was signed by the Ministry of Commerce & Industry, and Orla, and the documents are now with the Comptroller General for final review and approval. In February 2021, the Ministry of Environment conducted their final site inspection of the project. As a result of the positive site inspection review, the Category 3 Environmental & Social Impact Assessment is in the final stage of approval.