Exhibit 99.2

Management’s Discussion and Analysis

Three and nine months ended September 30, 2025

Amounts in United States dollars

TABLE OF CONTENTS

Orla Mining Ltd. (“Orla” or the “Company”) is a mineral exploration, development, and production company listed on the Toronto Stock Exchange (“TSX”) under the symbol “OLA” and on the NYSE American under “ORLA.”

Orla’s strategy is to acquire, explore, develop, and operate mineral properties where the Company’s technical and operational expertise can substantially increase stakeholder value.

The Company owns three material gold projects within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”):

This Management’s Discussion and Analysis (“MD&A”) discusses the financial condition and results of operations of the Company for the three- and nine-month period ended September 30, 2025. It should be read in conjunction with the Company’s unaudited interim consolidated financial statements for that period, and the related notes, prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Additional information about Orla Mining Ltd., including its most recent annual consolidated financial statements, its annual information form for the year ended December 31, 2024 (the “Annual Information Form”), and prior MD&A filings, is available on SEDAR+ (www.sedarplus.ca), on the U.S. SEC EDGAR system (www.sec.gov), and on www.orlamining.com.

This MD&A is current as of November 11, 2025.

J. Andrew Cormier, P.Eng., Chief Operating Officer of the Company, is a “Qualified Person” under NI 43-101 and has reviewed and approved the scientific and technical information contained herein.

Q3 2025 SUMMARY

Key developments during the quarter included:

On August 5, 2025, the Company updated its 2025 production guidance to 265,000 – 285,000 ounces of gold, with AISC of $1,350–$1,550 per ounce of gold produced.

¹ Non-GAAP measure. Refer to “Non-GAAP Measures” of this MD&A for a reconciliation of this measure to our financial statements.

Q3 reinforced Orla’s ability to manage operational challenges with a disciplined, safety-first culture and technical rigour while advancing long-term value through continued exploration and integration.

Cash flow from operating activities before changes in non-cash working capital for the nine months ended September 30, 2025, includes the proceeds received from the gold prepay facility of $360.8 million. Similarly, free cash flow for the nine months ended September 30, 2025, includes $794.1 million of cash paid for the acquisition of the Musselwhite mine on February 28, 2025.

¹ Non-GAAP measure. Refer to “Non-GAAP Measures” of this MD&A for a reconciliation of this measure to our financial statements.

² Musselwhite Mine was acquired on February 28, 2025. Cash cost per ounce and AISC per ounce presented above do not include the operations of Musselwhite Mine for the period March 1, 2025, to March 31, 2025. Refer to “Non-GAAP Measures” for further discussion.

¹ Non-GAAP measure. Refer to “Non-GAAP Measures” of this MD&A for a reconciliation of this measure to our financial statements.

² Musselwhite Mine was acquired on February 28, 2025. Cash cost per ounce and AISC per ounce presented above do not include the operations of Musselwhite Mine for the period March 1, 2025, to March 31, 2025. Refer to “Non-GAAP Measures” for further discussion.

³ Includes corporate administrative costs not allocated to any specific mining operation.

Musselwhite is a Canadian mining operation which has produced over 6 million oz of gold since it began operating in 1997. It is a fly-in-fly-out underground mining operation located in northwestern Ontario, Canada, with mining taking place from two main zones via longitudinal retreat and transverse stoping, conveyed to surface by an internal winze and conveyor. Ore processing occurs via two-stage crushing, grinding, leach/cyanide-in-pulp (“CIP”), and finally, doré with annual throughput capacity of 1.5 Mtpa. Gold recovery rates have been approximately 96%.

On February 28, 2025, Orla acquired the Musselwhite Mine from Newmont Corporation for upfront cash consideration of $810 million and gold price-linked contingent consideration of $40 million.

Refer to the Company’s Annual Information Form for historical context and background. Refer to our unaudited condensed interim consolidated financial statements as at September 30, 2025, for specific details of the consideration paid.

MUSSELWHITE OPERATIONAL UPDATE

Orla completed the Musselwhite transaction on February 28, 2025. Therefore, the following discussion relates only to activity which took place after March 1, 2025.

¹ Year-to-date figures for Musselwhite are from March 1, 2025 onward, as the acquisition was completed on February 28, 2025.

² Musselwhite Mine was acquired on February 28, 2025. Cash cost per ounce and AISC per ounce presented above do not include the operations of Musselwhite Mine for the period March 1, 2025, to March 31, 2025. Refer to “Non-GAAP Measures” for further discussion.

Tonnes mined at Musselwhite Mine continued to improve in the third quarter, with two double-stacked stopes being in full production at the end of the period. In addition, the triple-stack stope in the Redwings area, commissioned in September, will continue contributing to increased ore delivery through the remainder of the year.

The Musselwhite Mine continued to perform steadily through the third quarter as the site advanced integration into Orla’s corporate systems and technical standards. Mine development, underground drilling, and ventilation-upgrade projects all progressed during the period. Integration activities are expected to be completed by the end of the fourth quarter 2025.

Operating Costs

Mining costs for the quarter averaged above plan as there was greater lateral development allocated to operations.

Processing costs were slightly higher than plan early in the quarter, owing to contractor maintenance and crusher-system work, then returned to plan in September.

General and administrative (“G&A”) costs remained broadly consistent with expectations but reflected transitional spending related to IT separation from Newmont and site services.

Capital Expenditures

Sustaining capital spending was below plan each month due to timing of development metres and contractor availability. Several projects —including additional dry space, generator and data-centre upgrade, and truck lease timing—were deferred to later periods.

Lateral development metres in the quarter totalled 2,738 metres. Lateral development allows access to mining horizons for existing reserves and provides additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories.

Sustaining capital during the second quarter totalled $18.3 million, the majority of which related to underground development and the PQ Deep Extension.

Integration and Outlook

The transition from Newmont systems to Orla’s platform progressed well through the quarter, with finance, human resources, procurement, and maintenance modules largely implemented.

Ventilation upgrades and underground infrastructure projects remain on track for completion in early 2026.

The Company continues to expect steady production and cost performance in line with revised guidance and anticipates capital timing to normalize as contractor resources stabilize in Q4 2025.

GEOLOGY AND EXPLORATION STRATEGY

Musselwhite has a strong history of gold production, supported by consistent resource and reserve replacement and growth. Gold mineralization is primarily hosted within folded banded iron formations (“BIF”), characterized by close associations with pyrrhotite, quartz-carbonate veining, and quartz flooding.

Orla’s exploration strategy aims to replace reserves and grow resources through sustained exploration investment. The 2025 program is focused on defining the extent and continuity of mineralization across priority zones, particularly along the Mine Trend extension, with the objective of establishing sufficient geological confidence to consider opportunities that increase annual gold production. Orla also intends to outline a long-term plan to explore the broader mine lease area and regional claims, recognizing strong potential for additional BIF-hosted and orogenic gold mineralization.

EXPLORATION PROGRAM UPDATE

The 2025 exploration program at Musselwhite is focused on defining the extent and continuity of mineralization across priority zones, particularly along the Mine Trend extension, and to define reserves, resources, and inventory to support production and extend the mine life. Following Orla’s acquisition of Musselwhite in February 2025, the Company launched an aggressive two-year exploration program designed to accomplish the following:

Orla’s 2025 deep directional drilling program at Musselwhite is off to an exceptional start. Drilling has intersected high-grade gold mineralization 1.6 kilometres along strike from current operations, including 4.1 metres grading 15.1 g/t gold with visible gold observed. Importantly, favourable geology extends a further 400 metres, highlighting strong potential to expand the mineralized corridor and significantly extend mine life and future production.

Launched in late May, the program is targeting the northwest extension of the Mine Trend within a well-developed iron formation. Three rigs are currently active, with 8,000 metres of the planned 11,000 metres now complete. Results have been released from the first four holes of an approximately 30-hole program, and early indications are highly encouraging.

Each mother hole supports two drill sections, spaced 200 and 400 metres apart this year, moving to consistent 200-metre spacing in 2026. Each section includes at least five daughter holes with 50-metre vertical separations, designed to systematically test mineralization 1,200 to 2,000 metres beyond the current resource boundary.

These early successes reinforce Musselwhite’s exceptional exploration upside and mark an exciting step forward in unlocking the next phase of growth for the operation.

Remaining 2025 Program: Includes additional daughter holes from existing mother holes are expected to reach target zones by year-end, with assay results anticipated in the fourth quarter 2025 and the first quarter 2026.

2026 Planning: The program is expected to include infill drilling at 200-metre spacing to establish high-confidence inventory and test potential extensions up to three kilometres from current resources.

Resource Growth: With greater confidence in expansion potential, Musselwhite will be positioned to pursue opportunities that increase throughput, enhance gold production, and extend mine life significantly beyond current projections.

The near-mine surface drilling program returned encouraging shallow gold mineralization intercepts from several near-mine targets, and the underground exploration drilling program intersected high-grade gold mineralization in multiple zones, including Lynx and Redwings. The underground and deep directional drill programs will continue through year-end, while the near-mine surface program was completed in October.

Initial results are outlined in our press release dated October 6, 2025, “Orla Mining Discovers Potential Two-Kilometre Extension at Musselwhite”.

SUSTAINABILITY

In August, members of the Sustainability & External Relations, Human Resources and Orla corporate team visited North Caribou Lake First Nation, and in September mine employees volunteered at a cultural awareness project that is aimed to make Thunder Bay more inclusive and welcoming for Indigenous students from other communities.

During Q3, Orla launched its signature leadership program (“LEAD") at Musselwhite with the execution of Leadership Foundations workshops, a two-day program where team leaders are introduced to Orla’s Leadership Program. A total of 32 leaders were trained, accounting to 512 hours of social training.

At the end of Q3 2025, 38% of direct employees were local, with an 88% male and 12% female representation. 14% self-identified as Indigenous.

CAMINO ROJO OPERATIONAL UPDATE

The Camino Rojo Oxide Gold Mine produced 22,059 ounces of gold in the third quarter of 2025, in line with plan.

On July 23, Camino Rojo experienced an uncontrolled material movement on the north wall, resulting in no injuries or equipment damage. Work has started on the action plan, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. Approximately 9.0 million tonnes of predominantly oxidized material (strip ratio 1:0.9, average grade 0.74 g/t Au) is planned to be removed and stacked on the heap leach. No material was lost or sterilized; the update to 2025 guidance reflects a deferral of production based on grade and recovery mix.

During the quarter, Camino Rojo mined over 0.7 million tonnes of ore and nearly 2.4 million tonnes of waste, for an implied strip ratio of 3.34. This higher strip ratio is a result of the pit wall event that occurred during the quarter. As stabilization activities began, many tonnes of overburden material were removed and categorized as waste material which resulted in a higher-than-normal strip ratio.

A total of 1.7 million tonnes of ore were stacked at an average grade of 0.44 g/t gold equating to an average daily stacking rate of about 18.9 thousand tonnes. The majority of these tonnes came from the low-grade stockpile while mining activities were paused temporarily following the pit wall event in late July. In addition, 1.1 million tonnes of run-of-mine low-grade ore from the stockpile were rehandled and placed on the leach pad, averaging 0.32 g/t gold. In total, 2.8 million tonnes of ore at an average grade of 0.40 g/t gold were placed on the heap leach pad during the quarter. Gold sold during the quarter totaled 21,961 ounces and sustaining capital during the third quarter of 2025 totaled $4.6 million.

Operating Costs and Variances

Mining costs were on plan in July. August costs were lower than planned due to reduced mined tonnes during the suspension, and September returned to plan as limited pushback and preparation work commenced.

Processing costs were elevated as the site continued to crush and stack stockpiled low-grade ore to maintain leach-pad performance. The increase was driven by unbudgeted re-handling of run-of-mine material, additional contractor work on crusher repairs, and higher reagent, fuel, and electricity consumption.

General and administrative (“G&A”) costs reflected temporary items related to labour negotiations and increased camp service costs. During the quarter, we included a one-time accrual of $0.7 million for ongoing union negotiations. Other G&A costs remained at or near plan.

ENVIRONMENTAL AND PERMITTING

Environmental and permitting activities were ongoing through the quarter. On July 18, 2025, the Company received a detailed information request from SEMARNAT (Secretaría de Medio Ambiente y Recursos Naturales, Mexico’s Ministry of Environment and Natural Resources) and promptly launched an action plan to address these requests in a timely manner. A progress meeting was held with DGIRA (Dirección General de Impacto y Riesgo Ambiental, the General Directorate of Environmental Impact and Risk of SEMARNAT) in August and the updated submission was filed with SEMARNAT in October 2025. The environmental agency has until the end of January 2026 to complete its assessment and provide a response to the updated submission. The Company continues to engage with federal agencies, including the environmental agency, to optimize the submission approval timeline.

COMMUNITIES, WORKFORCE, AND LABOUR RELATIONS

Community relations remained positive, with no community incidents recorded in July, August, or September.

The third quarter marked the beginning of the implementation of the Pro-ABC Project (Water, Biodiversity, and Climate), a multistakeholder and multi-year project in collaboration with the NGO Organización Vida Silvestre A.C. (OVIS), with the aim to promote fauna and flora conservation, water and environmental stewardship as well as sustainable land-based livelihoods.

Collective Bargaining Agreement (“CBA”) negotiations with the union progressed throughout the quarter. On November 4, 2025, employees at the Camino Rojo Mine approved the recently negotiated CBA, reinforcing a constructive labour relationship with our workforce and operational continuity.

EXPLORATION

CAMINO ROJO UNDERGROUND

An updated technical report prepared in accordance with NI 43-101 was filed on July 17, 2025, and is available on the Company’s website and on SEDAR+ and EDGAR.

CAMINO ROJO EXTENSION (ZONE 22)

In June 2025, Orla completed an initial resource estimate for the upper part of Zone 22, as part of the first underground resource estimate for the Camino sulphide zone. In late July Orla completed a 15,000 m infill drilling program focused on the upper part of Zone 22, with the objective to continue upgrading and growing the initial resource. Based on the positive results, an additional 5,000 metres were allocated to the infill program. (Refer to our press release dated August 7, 2025 “Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo”).

During the third quarter of 2025, two drill rigs completed 4,938 metres of drilling, bringing the year-to-date total to 18,835 metres. We expect to complete the infill program in the fourth quarter, with the results being used to support an updated underground resource estimate. This updated estimate will form the basis for the planned 2026 Preliminary Economic Assessment (“PEA”).

REGIONAL

The regional program continued with one active drill during Q3 completing 1,443 metres across two targets (Lago Azul and Majoma), for a total of 3,166 metres drilled year to date. The 5,000 metre program is expected to be completed in Q4.

REGULATORY MATTERS

As part of addressing labour practices at the Company’s Camino Rojo mine in Mexico, the Company is reviewing potential criminal activity involving the mine. The Company’s review is ongoing, with the involvement of external counsel, and additional information could become known to it in the future. The Company has voluntarily notified the Office of the Attorney General in Mexico, the Royal Canadian Mounted Police in Canada, and the Department of Justice in the United States and is cooperating with these authorities. Other governmental agencies could become involved in the future.

The Company cannot anticipate the timing, outcome or impact of these matters. If violations of applicable laws and regulations are identified, it could result in legal claims, civil and criminal penalties, or reputational damage that could have a material adverse effect on the Company’s business, financial condition, operations and results of operations.

The Company is committed to operating in accordance with the highest ethical standards and conducting business in an honest and transparent manner that complies with applicable laws, its Code of Business Conduct and Ethics and other applicable internal policies.

The South Railroad Project is located along the Pinon mountain range, approximately 24 kilometers south-southeast of Carlin, Nevada, in the Railroad mining district. South Railroad is part of the Company’s South Carlin Complex, a prospective 25,000-hectare land package. Refer to the Annual Information Form for historical context and project background.

The South Railroad Project advanced meaningfully through the third quarter of 2025 as Orla continued to de-risk and advance this feasibility-stage, open-pit heap-leach gold project. Activities during the quarter centred on major permitting milestones, engineering and design progress, and continued community engagement.

PERMITTING

The South Railroad Project, situated on federal land, is currently advancing under the guidance of the US Bureau of Land Management (“BLM”) in accordance with the National Environmental Policy Act (“NEPA”) for permitting. The third quarter of 2025 marked a significant milestone with the U.S. Bureau of Land Management (“BLM”) publishing the Notice of Intent (“NOI”) in the Federal Register on August 13, 2025, thereby initiating the formal Environmental Impact Statement (“EIS”) process under NEPA. Public scoping meetings were held in early September, with no substantive comments requiring new baseline studies or alternative-development scenarios. We are targeting a Record of Decision (the final permitting decision) in Q2 2026. Following this approval, construction on the South Railroad Project would commence, with first gold production targeted for 2028. The BLM is consulting with the U.S. Fish and Wildlife Service (“USFWS”) for Section 7 of the Endangered Species Act. A Biological Assessment has been prepared and shared with the USFWS for pre-consultation technical assistance prior to the formal consultation process.

The South Railroad Project is currently advancing as a FAST-41 Covered Project in accordance with the NEPA for permitting. In November, South Railroad transitioned from participation under the FAST-41 transparency process to full coverage as a FAST-41 project. FAST-41 coverage provides tools to support efficient review, reduce uncertainty, and help ensure the project meets the highest standards of environmental stewardship and regulatory compliance.

The U.S. Army Corps of Engineers (“ACOE”) 404 permit application—covering wetland and surface-disturbance impacts—was submitted in August and deemed administratively complete. The associated public-comment period closed on September 25, 2025 without significant issues. The ACOE’s review of the compensatory-mitigation plan is now underway, and final permit issuance is expected in line with the BLM’s Record of Decision.

The United States federal government shutdown which began on October 1, 2025, has affected agency availability. The BLM continues to advance its NEPA review under its cost-recovery authority, and the ACOE remains active but faces potential funding limitations. The USFWS has not been available to participate during the shutdown.

At the State level, we have received Class I and II Air Operating Permits. The Company’s water-related applications continue to be reviewed and processed by the Nevada Division of Water Resources (“DWR”). Applications have been submitted for the Water Pollution Control Permit and the National Pollutant Discharge Elimination System (“NPDES”) discharge permit.

During the quarter, Orla continued working with local ranchers to meet the sage grouse mitigation requirements under Nevada's Sagebrush Ecosystem Program.

No material environmental incidents occurred during the period.

PROJECT CONSTRUCTION

DETAILED DESIGN WORK

Basic and detailed engineering will proceed in 2025 and 2026 to align with construction following the Record of Decision. Long-lead equipment will be identified, with purchase orders potentially beginning as early as late 2025. Detailed engineering advanced across all major disciplines during the quarter. The team completed cost and schedule reconciliations, finalized mine-plan updates and equipment trade-off analyses, and advanced the Water Treatment Plant design to Issued-for-Construction status in support of the National Pollutant Discharge Elimination System (“NPDES”) permit. Site-geotechnical assessments and field work were completed, while heap-leach stacking plans, metal-recovery models, and access-road studies were refined. Stormwater and dewatering design work also progressed in parallel with permitting activities.

Together, these deliverables substantially advanced the definitive feasibility study which is expected to be completed during the fourth quarter of 2025 and is expected to position the project for a potential construction-decision readiness in 2026.

EXPLORATION

The South Carlin Complex presents strong potential for discovering additional Carlin-type, low sulfidation gold mineralization and polymetallic skarn deposits beyond the defined resources and reserves at the Pinion and Dark Star deposits. Refer to Orla’s February 25, 2025 press release for additional background on exploration (“Orla Mining Intersects High Grade Oxide Gold at South Carlin Complex and Advances Permitting for South Railroad Project in Nevada”).

During Q3, four active rigs drilled 7,232 metres, primarily focused on testing potential extensions of the Dark Star, Jasperoid Wash, and Pony Creek (south area) deposits. The 18,000 m drilling program is expected to be completed in Q4.

The Cerro Quema Project is located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre.

In July 2024, the Company filed a Request for Arbitration with the Government of Panama under the Free Trade Agreement between Canada and Panama (the “FTA”). The Request for Arbitration asserted that measures taken by Panama, including the passage of Law 407 and the retroactive cancellation of the Company’s concessions, constituted violations of Panama’s legal obligations under the FTA and customary international law.

The arbitration will be facilitated and administered by the International Centre for Settlement of Investment Disputes (“ICSID”) in Washington, DC, under its Arbitration Rules. A tribunal for the arbitration (the “Tribunal”) has been constituted and the Company filed its written submissions (referred to as its Memorial on Liability and Quantum) at the end of March 2025. This filing included a claim for damages of approximately US$400 million, plus pre-award and post-award interest.

On May 12, 2025, Panama submitted a bifurcation request, asking the Tribunal to rule on certain procedural matters prior to considering the merits of the Company’s claims. The Company has filed its response to Panama’s request for bifurcation and a hearing is schedule for December 2025. The Tribunal has stayed the arbitration proceedings on the merits pending the resolution of Panama’s bifurcation request.

In addition, on July 24, 2025, the Company filed a proposal for disqualification of one of the Tribunal arbitrators pursuant to the ICSID Rules. The Company’s proposal was considered by the two remaining Tribunal members and was denied.

Although the Company intends to vigorously pursue these legal remedies, the Company’s preference is a constructive resolution with the Government of Panama that results in a positive outcome for all stakeholders.

We have included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (“GAAP”). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts.

AVERAGE REALIZED GOLD PRICE

Average realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold. The Company believes the measure is useful in understanding the gold price realized by the Company throughout the period.

During Q3 2025, Orla delivered 12,074 gold ounces (YTD 2025 – 28,172 gold ounces) under the gold pre-payment arrangements. These ounces we recognized at an average gold price of $2,912 per ounce (YTD 2025 - $2,893 per ounce) and are reflected in the totals above.

NET CASH (NET DEBT)

Net cash (net debt) is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period. This measure is used by management to measure the Company’s debt leverage. The Company believes that in addition to conventional measures prepared in accordance with IFRS, net cash is useful to evaluate the Company’s leverage and is also a key metric in determining the cost of debt.

LIQUIDITY

Liquidity is defined as cash and cash equivalents plus undrawn amounts available under the Company’s credit facilities, and is a measure of the Company’s financial flexibility and ability to meet its obligations as they come due. This measure provides a more comprehensive view of funds readily available to support operations, capital expenditures, and other commitments than cash alone. We believe Liquidity is useful to investors as it reflects the Company’s total available sources of funding without the need to raise additional external capital.

ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE

Adjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company. We believe these measures are useful to market participants because they are important indicators of the strength of our operations and the performance of our core business.

Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against companies which capitalize their exploration costs, we advise that included within Orla’s net income for each period are exploration and project costs which were expensed, as follows:

FREE CASH FLOW

Free Cash Flow is calculated as the sum of cash flow from operating activities and cash flow from investing activities. The Company believes market participants use Free Cash Flow to evaluate the Company’s operating cash flow capacity to meet non-discretionary outflows of cash. Free Cash Flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS.

Included within the figures for the nine months ended September 30, 2025, are $798.5 million paid for the acquisition of Musselwhite Mine and $360.8 million received under the gold prepay arrangement.

EXPLORATION AND PROJECT DEVELOPMENT COSTS

Exploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies. We believe this measure combining the two provides a more fulsome understanding to readers of the level of expenditures incurred on these activities during the period.

CASH COST PER OUNCE, AND ALL-IN SUSTAINING COST (“AISC”) PER OUNCE

Cash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is a performance measure that reflects all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated November 14, 2018. Management believes that these two measures are useful to market participants in assessing operating performance and the Company's ability to generate free cash flow from current operations.

The Musselwhite Mine was acquired on February 28, 2025, and accounting rules require metal inventory on hand at acquisition date (February 28, 2025) to be valued on the books at fair value rather than historical cost which is ordinarily the case. Accordingly, Orla management concluded it would not be meaningful to readers to present cash costs and AISC for Musselwhite Mine for the one-month period ended March 31, 2025. The tables below exclude the costs of, and gold sales of, Musselwhite Mine for the period March 1 to March 31, 2025. Consequently, the year-to-date numbers presented in the table below have been adjusted to reflect Musselwhite’s contribution as of April 1, 2025.

(note, the tables above exclude costs and gold sales for Musselwhite Mine for the period March 1 to March 31, 2025)

Production and sales of gold during each of the last eight quarters was as follows:

The figures in the following table are based on the unaudited consolidated financial statements of the Company which were prepared in accordance with IFRS.

REVENUE AND COST OF SALES

During 2023 and 2024, gold sales have increased steadily from about 26,000 ounces per quarter to about 34,000 ounces per quarter. Commencing Q1 2025, gold sales increased to about 47,000 ounces following the acquisition of Musselwhite Mine, which added a month of its production. Since Q2 2025, gold sales increased to about 79,000 ounces per quarter after full quarterly production at Musselwhite Mine. Over the period Q3 2023 to Q3 2025, the price realized per ounce has increased from about US$1,900 per oz to over US$3,400 per oz, consistent with the increase in the price of gold.

Cost of sales has increased over time as a result of higher ounces sold, higher reagent consumption due to higher lifts on the leach pads, increased labour rates due to routine inflationary adjustments at Camino Rojo, and a general strengthening of the Mexican peso against the US dollar, although we did see the peso weaken from Q2 2024 to Q1 2025.

Increases in the depreciation component of cost of sales are due to ongoing capital expenditures and higher corresponding ounces sold following the acquisition of Musselwhite Mine.

EXPLORATION EXPENSE

In Q3 2022, we acquired the South Railroad Project (part of the South Carlin Complex) and continued exploration activities there, with drilling mainly occurring from Q2 to Q4 each year due to weather. We remain heavily invested in Nevada exploration. In Q1 2024, exploration at Cerro Quema ceased, limiting costs mainly to holding expenses. Exploration expenses rose since Q1 2025 following the Musselwhite Mine acquisition.

ADMINISTRATIVE COSTS

Administrative costs and professional fees have generally increased with company activity, driven by Sarbanes-Oxley compliance (including more staff, new software, and higher audit fees) and additional staffing for ESG initiatives. The Q1 2025 spike in professional fees was mainly due to costs related to acquiring the Musselwhite Mine.

SHARE BASED PAYMENTS

Share-based payment expenses mainly depend on the number of stock options, RSUs, DSUs, and PSUs vesting each quarter. Grants usually occur in the first quarter, making expenses higher during that period.

INTEREST AND FINANCE COSTS

Interest and financing costs are primarily related to (a) a project loan and credit facilities used to fund the construction of the Camino Rojo Oxide Mine, (b) the obligations arising from our acquisition of the Musselwhite Mine.

We repaid the Fresnillo obligations in Q4 2023 and we repaid the entire Revolving Facility in Q4 2024. Consequently, interest and finance costs have trended lower over the past few quarters up until Q4 2024. Commencing Q1 2025, following the acquisition of Musselwhite Mine, interest and finance costs have increased again due to the drawdown of the increased credit facility, entering into the gold prepay arrangement, and the issuance of interest-bearing convertible notes.

TAX EXPENSE

We accrue income taxes and record deferred taxes each quarter. In common with all other mining companies operating in Mexico, the Company is subject to a Special Mining Duty (“SMD”) on earnings from mining operations, in addition to corporate income tax. Prior to 2025, the SMD tax rate was 7.5%, and increased to 8.5% in 2025.

Commencing Q1 2025, following the acquisition of the Musselwhite Mine in Canada, we expect increases in corporate tax expense and in Ontario mining tax expense.

FAIR VALUE ADJUSTMENTS ON FINANCIAL INSTRUMENTS

As a result of the financings related to the purchase of the Musselwhite Mine, the Company has several new financial instruments. Movements in fair value of these financial instruments are recorded in profit or loss, and are driven by changes in gold price, Orla’s stock price, the implied volatility of Orla’s stock price, and USD/CAD exchange rates. Further details about our financial instruments are provided in the accompanying financial statements.

BALANCE SHEET

Although the Form requires inclusion of the December 31, 2024, balance sheet, we also compare results to June 30, 2025, as the acquisition of the Musselwhite Mine in Q1 2025 significantly changed our financial position. We believe providing a comparison to June 30, 2025 provides to readers a more meaningful discussion of changes in our balance sheet.

NET INCOME

CASH FLOW

At September 30, 2025, the Company has a Revolving Facility with a maturity date of August 27, 2027, and a Term Facility (as such terms are defined below) with a maturity date of February 26, 2028.

As of the date of this MD&A, the following amounts were outstanding –

As of the date of this MD&A, we have obligations to deliver a total of 112,690 ounces of gold over a remaining 28-month period, to a syndicate of lenders.

Our current liabilities of approximately $442 million include $116 million of warrants which if exercised by the warrant holders will be settled in common shares, not cash. However, they are required to be presented as current liabilities under IAS 1 «Presentation of Financial Statements» because they are financial instruments which may be settled at the holder’s option. Current liabilities also includes approximately $135 million of deferred revenue which will be settled by the delivery of gold produced from the Company’s mines.

EXPECTED SOURCES OF CASH

We expect to fund the operating costs and the operating and strategic objectives of the Company over the next twelve months with existing cash on hand and metal sales, although we may also receive proceeds from exercises of options and warrants over that time.

CONTRACTUAL OBLIGATIONS

The Company’s related parties include:

COMPENSATION TO KEY MANAGEMENT PERSONNEL WAS AS FOLLOWS:

TRANSACTIONS

During the nine months ended September 30, 2025, the Company paid $4.0 million in interest on the convertible notes to Fairfax Financial Holdings Limited and its subsidiaries.

OUTSTANDING BALANCES AT THE REPORTING DATE

As at September 30, 2025, subsidiaries of Fairfax Financial Holdings Limited held $150.0 million in convertible notes and key management personnel estimated accrued short term incentive compensation totaled $1.2 million and is included in accrued liabilities (December 31, 2024 – $1.3 million).

During the period covered by this MD&A, and to the date of this MD&A, there are no other related party transactions or balances.

As of the date of this MD&A, the Company had available to it the following capital resources.

Refer to section VII - LIQUIDITY above for current outstanding amounts in respect of the Revolving Facility, the Term Facility, and the senior unsecured convertible notes and to the notes of the accompanying unaudited condensed interim consolidated financial statements for details on payments and accruals during the period.

EQUITY

The Company filed a base shelf prospectus on September 15, 2025, which is valid for 25 months.

As of the date of this MD&A, the Company had the following equity securities outstanding:

Further there are $200 million in senior unsecured convertible notes, which if all were converted could result in the issuance of 35.4 million common shares of the Company.

Further details about these potentially issuable securities are provided in the notes to the accompanying unaudited condensed interim financial statements for the three and nine months ended September 30, 2025.

We have no off-balance sheet arrangements requiring disclosure under this section.

There are no proposed transactions requiring disclosure under this section.

During the year, we adopted a new accounting policy for derivatives designated as cash flow hedges. Under this policy, the Company formally documents the hedging relationship at inception and assesses hedge effectiveness both initially and on an ongoing basis. The effective portion of changes in fair value of qualifying hedges is recorded in other comprehensive income and accumulates in a hedge reserve, while any ineffective portion is recognized in profit or loss. Amounts accumulated in the hedge reserve are reclassified to profit or loss when the hedged item affects earnings or included in the cost of a non-financial asset or liability when applicable. We discontinue hedge accounting prospectively when the hedging relationship no longer qualifies, and any remaining balance in the hedge reserve is reclassified according to the expected outcome of the forecast transaction.

IFRS 18, PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS

In April 2024, the IASB issued a new IFRS 18 “Presentation and Disclosure in Financial Statements” replacing IAS 1. The new guidance is expected to improve the usefulness of information presented and disclosed in the financial statements of companies. IFRS 18 introduces the following key changes:

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted.

We are currently assessing the impact of this new IFRS accounting standard on our consolidated financial statements.

In preparing the accompanying condensed interim consolidated financial statements, we have made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

We review estimates and their underlying assumptions on an ongoing basis. Revisions to estimates are recognized prospectively.

Judgements, estimates, and assumptions that we have made in applying accounting policies that have the most significant effects on the amounts recognized in the accompanying unaudited consolidated financial statements are presented in our audited financial statements for the year ended December 31, 2024.

In preparing the accompanying condensed interim consolidated financial statements, the significant judgements we made in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements as at and for the year ended December 31, 2024.

However, our acquisition of the Musselwhite Mine in Q1 2025 required us to make additional judgements and estimates as follows.

SIGNIFICANT NEW ACCOUNTING JUDGEMENTS

BUSINESS COMBINATION ASSESSMENT

Management exercised judgement in determining that the acquisition of Musselwhite Mine met the definition of a business under IFRS 3 «Business Combinations», which resulted in the recognition of identifiable assets acquired and liabilities assumed.

CLASSIFICATION OF THE GOLD PREPAY ARRANGEMENT:

In connection with the acquisition, the Company entered into a gold prepay arrangement whereby an upfront cash payment was received in exchange for the future delivery of gold ounces. We determined that this arrangement represented a contract liability (in other words, a deferred revenue) under IFRS 15, rather than a financial liability under IFRS 9, based on the contractual obligation to deliver physical gold.

COMPONENTIZATION OF THE CONVERTIBLE NOTES

The Company issued convertible notes as part of the financing for the acquisition. Based on our analysis of the terms of the convertible notes, we determined that the instrument should be separated into four components: (i) a host debt liability measured at amortized cost, (ii) a derivative liability for the investor’s conversion feature, (iii) a derivative asset for the Company’s redemption right, and (iv) warrants, which we classified as a financial liability. Judgement was required in identifying and classifying each component under IFRS 9 and IAS 32.

FUNCTIONAL CURRENCY

Judgement was applied in determining the functional currency of Musselwhite Mine in accordance with IAS 21 «The Effects of Changes in Foreign Exchange Rates», based on the currency that most faithfully represents the primary economic environment in which Musselwhite Mine operates.

As a result of the financing components undertaken by the parent entity, we also applied judgement in considering and reassessing the functional currency of the parent entity.

Hedge accounting designation

Significant judgment is required in determining whether the forecast Canadian dollar expenditures are highly probable and eligible for hedge accounting, and in assessing whether the designated forward contracts are expected to be highly effective in offsetting changes in the related cash flows.

KEY SOURCES OF ESTIMATION UNCERTAINTY

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

The valuation of each of the components of the convertible notes, and of the gold prepay arrangement, involved complex models using unobservable (“Level 3”) inputs, including discount rates, share price volatility, expected lives, and estimated costs of capital, and credit spreads. These estimates could change significantly as market conditions change.

Fair value measurement of derivative instruments designated as cash flow hedges

The fair value of the currency forward contract derivatives is determined using observable forward exchange rates and discount rates at the reporting date. However, the ultimate amount that will be reclassified from other comprehensive income to inventory or profit or loss is subject to estimation uncertainty, as it will depend on the actual exchange rates and the timing and amount of expenditures at the dates of settlement.

REVENUE RECOGNITION OF THE GOLD PREPAY ARRANGEMENT

The timing and amount of revenue recognized from the gold prepay is based on estimated future delivery schedules, and discount rates used in the computation of the deferred revenue liability.

MINERAL RESERVES AND RESOURCES

Estimates of mineral reserves and resources for the Musselwhite Mine were incorporated into our life-of-mine models and are subject to periodic updates. These estimates impact future depreciation and the valuation and timing of site closure obligations.

REHABILITATION AND CLOSURE PROVISIONS

Site closure obligations were remeasured as of the acquisition date at fair value. These estimates involve assumptions regarding timing and cost of closure activities, inflation rates, currency rates, and discount rates.

DEFERRED INCOME TAXES

The recognition of deferred tax liabilities on temporary differences was based on estimates of the underlying tax bases of Musselwhite Mine. Our assessments of the recoverability of any deferred tax assets arising from the acquisition were based on our views of future taxable income and will in future consider additional tax planning strategies. These estimates are sensitive to changes in metal prices, production volumes, and changes in Canadian tax laws and rates.

In the normal course of business, the Company is inherently exposed to certain financial risks, including market risk, credit risk, and liquidity risk, through its use of financial instruments. The timeframe and the way we manage these risks varies based upon our assessment of these risks and available alternatives for mitigation.

We do not ordinarily acquire or issue derivative financial instruments for trading or speculative purposes. All transactions undertaken are to support our operations.

As part of or during the Musselwhite acquisition, the Company issued a number of financial instruments. These are detailed in note 15 of the accompanying unaudited condensed interim consolidated financial statements.

Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) and disclosure controls and procedures.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in ICFR during the quarter ended September 30, 2025, that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management continues to advance the integration of Musselwhite’s accounting and reporting systems into the Company’s consolidated control environment and to enhance documentation of Musselwhite Mine’s controls in support of SOX 404 compliance.