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Mexico

Camino Rojo Mine

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Summary

Mine TypeOpen Pit
StatusActive
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Production Start... Lock
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SnapshotThe Camino Rojo project consists of the Camino Rojo oxide open-pit mine and the Camino Rojo underground project.

On March 5, 2026, SEMARNAT approved the Company’s Environmental Impact Statement (“MIA”) for the expansion of the Camino Rojo Oxide Mine. With this approval, together with the Change in Land Use which was also received, Orla has the permits required to mine the remainder of the oxide open pit, including the layback area located to the north. The MIA also permits the construction of an exploration decline to support continued advancement of the Camino Rojo Underground project.

In July 2025, Camino Rojo experienced a material movement along the temporary north wall of the open pit following significant rainfall. Mining in the pit was temporarily paused. During this period, the operation continued to crush and stack stockpiled and run-of-mine material, preserving production continuity.
Latest NewsOrla Mining Reports Fourth Quarter 2025 Financial Results     March 19, 2026

Owners

SourceSource
CompanyInterestOwnership
Minera Camino Rojo S.A. de C.V. (operator) 100 % Direct
Orla Mining Ltd. 100 % Indirect
The Camino Rojo property is owned by Orla Mining Ltd. through its Mexican subsidiary Minera Camino Rojo S.A. de C.V.

Orla Mining Ltd. holds 100% of the shares of each subsidiary, provided that, as required under Mexican corporate law, Minera Camino Rojo SA de CV (“Minera Camino Rojo”) has two shareholders – Orla Mining Ltd. holds 98% of the shares and 2% are held by a wholly owned Canadian subsidiary of the Company, which holds its shares in trust for the Company.

Contractors

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Deposit type

  • Epithermal

Summary:

The observed geological and geochemical characteristics of the gold-silver-lead-zinc deposit at Camino Rojo are consistent with an intermediate sulphidation-state (IS) epithermal and a distal oxidized gold skarn deposit.

The Camino Rojo deposit is gold-dominant, with lesser silver, lead and zinc and displays transitional mineralization styles, forming a continuum between intermediation sulphidation epithermal and skarn mineralization. The oxide and the Caracol-hosted sulphide zones exhibit characteristics typical of intermediate sulphidation epithermal deposits, while zone 22 shows features of distal skarn zones. The Late Cretaceous Caracol Formation is the primary host of Camino Rojo oxides and Camino Rojo sulphides mineralized zones, while zone 22 extends into the underlying carbonate-rich Indidura, Cuesta del Cura, La Peña and Cupido formations.

The distribution of auriferous mineralization at the Camino Rojo Project is controlled by steep northwest and shallow south dipping polymetallic veins within the siliciclastic hosted Oxide and Sulphide zones. Within the carbonate hosted zone 22, auriferous mineralization is controlled by disseminated, patchy and massive polymetallic sulphide replacement (manto type) of carbonate strata and sulphide breccias along the margins and crosscutting dioritic dikes. Pervasive, near surface oxidation extends to approximately 150–200 m below surface, and extends to greater depths along structurally controlled zones of fracturing and permeability.

Mineralization and Structure
The Camino Rojo property is in the eastern part of the Mexican Fold and Thrust Belt (MFTB). Bedrock mapping across the property has identified northeast vergent folds with moderate southwest dipping axial planes and gentle northwest-southeast plunging fold axes. Open pit mapping at Camino Rojo has identified folding within the Caracol Formation characterized by northeast vergent similar folds with thickening of mudstone layers in fold hinges. Sandstone layers tend to form similar folds with extensional features (e.g., fractures and tension gashes) on the outside of fold hinges. Short limbs are commonly steeply dipping or overturned and may be sheared out, commonly with centimetre-thick clay matrix cataclasite. Reverse faults with southwest side up sense of movement have also been identified within the open pit. Propertyscale reverse faults have not been identified.

The San Tiburcio Lineament (STL) is a major regional fault corridor that can be traced over a strike length of approximately 300 km. In the Camino Rojo area, there are second order lineaments striking northwest-southeast, e.g., the Guanamero, Los Lobos and Camino Rojo faults.

Historical workings around Camino Rojo are typically small, with strike lengths less than 30 m and depths less than 20 m. The historical workings exploited stratabound decimentre-scale veins with erratic Ag-Pb-Zn mineralization in carbonate stratigraphy.

Recent drilling at exploration targets on the Camino Rojo property have intercepted narrow high-grade gold mineralization at Guanamero, located approximately seven km northeast of the Camino Rojo open pit (Orla 2023).

Within the Sulphides Zone at Camino Rojo, the earliest phase of gold mineralization, Stage 1, is associated with pervasive potassic alteration and disseminated fine-grained pyrite. Disseminated pyrite formed preferentially in muddy sandstone to mudstone parts of graded beds. Gold grades are typically <0.4 g/t Au. No other metals are known to be associated with this phase of gold mineralization. Within Zone 22, Stage 1 gold mineralization is not well preserved, with few examples of potassic alteration and disseminated pyrite in siliciclastic intervals having been identified.

The main stage of gold mineralization, Stage 2, overprints Stage 1 pyrite mineralization. The Dike Zone, the steep northwest dipping, northeast-southwest striking structure intruded by dioritic dikes, and the Bx1 fault breccia, a moderate to steep northwest dipping, northeast-southwest striking brittle fault, have been identified as important deposit-scale structures that influenced the distribution of Stage 2 polymetallic sulphide veins. In the open pit, the Dike Zone and Bx1 intersect. Moving down plunge to the southwest, the Dike Zone and Bx1 diverge, with a separation of approximately 300 m at the base of the sulphides.

Within the sulphides, Stage 2 is controlled by mutually crosscutting moderate to steep northwest and shallow south-southwest dipping intermediate sulphidation veins. Where the Dike Zone and BX1 intersect, Stage 2 veins crosscut dioritic dikes. Within siliciclastic rocks, the potassic alteration halo is not visually obvious although a millimetre-scale halo of decreased Stage 1 pyrite content is common. Stage 2 veins crosscut northeast vergent folds in the Caracol Formation, locally exploiting structures associated with folding (e.g., hinge zones, extension gashes, etc.). No significant post-Stage 2 structures (e.g., offsetting of structural domains) associated with northeast vergent folding have been identified at this time.

Within Zone 22, Stage 2 mineralization consists of fine- to coarse-grained disseminated, patchy, and massive auriferous pyrrhotite-sphalerite-pyrite as carbonate bedding replacements and as steep veins or breccias along the margin of and within dioritic dikes. Zone 22 polymetallic sulphide mineralization occurring as bedding replacement appears to follow northeast vergent folding of carbonate stratigraphy. Crosscutting relationships in the sulphide minera lization indicates main stage gold mineralization is syn- to post-tectonic with respect to northeast.

The youngest metalliferous event identified at Camino Rojo are Stage 3 low sulphidation veins. Within the Sulphide Zone mineralization, Stage 3 mineralization consists of colloform banded quartz veins, drusy-coxcomb quartz veins and polymictic quartz cement hydrothermal breccia with pyrite-galena-sulphosalts with moderate to high gold and silver values (Longo 2017; Longo and Edwards, 2017). Within Zone 22, a younger phase of gold and silver mineralization, consisting of disseminated to patchy chalcopyrite-pyrrhotite associated with retrograde skarn alteration, has been identified.

Post-mineralization structures consist of unmineralized calcite veins in both the Sulphides and Zone 22 and brittle faults. The Bx1 Fault was reactivated as a normal fault. This interpretation is supported by the inclusion of Stage 2 vein fragments as clasts within Bx1 clay matrix cataclasite and slicken lines indicating northwest side down sense of movement. The youngest structures identified at the Camino Rojo Deposit are steep northwest and southeast striking fault breccias and crush breccias.

Oxidation
Oxidation ranges from complete oxidation in the uppermost parts of the deposit, to unoxidized in the sulphides and Zone 22. The transition between oxidized and unoxidized mineralization underlies or surrounds oxide mineralization. Oxidation within transition zones is controlled by faulting, fracturing and permeability of strata.

Oxidation is nearly complete in the uppermost parts of the deposit, generally extending from surface to depths of 150 to 200 m. The transitional zone of mixed oxide/sulphide extends as deep as 650 m below surface where oxidizing fluids penetrated along the Dike Zone and Bx1 structures.

Within the oxide open pit and Sulphides Zone, sandy layers of the Caracol Formation are preferentially oxidized, creating a stratigraphically interlayered sequence of oxide and sulphide material at the centimetre-scale, with oxidation along structures affecting all strata. Incomplete oxidation in the transition zone may result in nearly complete oxidation of the gold bearing parts of the rock, resulting in metallurgical characteristics more like oxide than sulphide hosted gold mineralization.

No oxidized material has been defined in Zone 22.

Reserves

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Mining Methods

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Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Water usage

Parameter2024202320222021
Fresh water 800,645 m3800,226 m3976,309 m324 l/s
Water use efficiency 5.86 m3/oz0.12 m3/t0.15 m3/t

Commodity Production

Production data of 2021 is presented from December 2021, when Camino Rojo Oxide Project began production.
CommodityUnits202620252024202320222021
Gold oz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.

Operational metrics

Metrics20252024202320222021
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^ Guidance / Forecast.

Production Costs

CommodityUnits2025202420232022
Total cash costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
All-in sustaining costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
^ Guidance / Forecast.
** Net of By-Product.

Mine Financials

Units20252024202320222021
Capital expenditures (planned) M USD
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Personnel

Mine Management

Job TitleNameProfileRef. Date
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Workforce

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2025
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