Judgment: BUY Orla is generating record free cash flow with reaffirmed 2025 production (265–285 koz) and AISC guidance, supported by a solid balance sheet (11.4x interest coverage, ample liquidity) and a clear growth pipeline. South Railroad is advancing under FAST‑41 with a 2026 ROD target and 2028 first gold, de‑risking medium‑term growth. Valuation looks appealing relative to fundamentals (EV/EBITDA ~7.2; DCF base value implies ~50% upside to the current price), while reagent supply dynamics remain supportive for its oxide heap‑leach focus. Key risks are execution, permitting timing, and ESG/cyanide scrutiny, but current momentum and catalysts skew risk‑reward favorably. WATCH ITEMS: • South Railroad milestones (Q4 2025 Feasibility update; EIS progress and BLM Record of Decision targeted Q2 2026): On‑time, robust economics would support multiple expansion and reinforce BUY; material delays or weaker economics would move stance to HOLD. • Operating delivery vs guidance (quarterly production/sales, AISC trajectory, Camino Rojo pit stabilization): Hitting the upper end of production with AISC trending toward the low end sustains/upsizes BUY; persistent cost creep or further operational disruptions would trigger a downgrade. • Cyanide market and regulatory backdrop (reagent pricing/supply and any tightening of cyanide/heap‑leach rules in Mexico/US): Stable costs and status‑quo regulation are supportive; sustained reagent inflation or policy tightening would compress margins and could shift stance to HOLD/SELL.