Gold Price Volatility: Orla's financial performance is highly dependent on the fluctuating market price of gold, which is influenced by global economic conditions, interest rates, and investor sentiment, making future revenues and profitability unpredictable.

Permitting and Development Delays for Cerro Quema: The company faces significant challenges and potential delays in obtaining necessary environmental and operational permits for its Cerro Quema project in Panama, especially given the recent political and social climate surrounding mining in the country, which could hinder its development timeline and economic viability.

Jurisdictional and Political Risk in Panama and Mexico: Operations and project development in Mexico and Panama are subject to changing political landscapes, regulatory environments, community activism, and potential shifts in mining policies or taxation, which could negatively impact the company's licenses, costs, or ability to operate.