SCHEDULE: Fairfax Group Corrects Orla Mining Stake to 19.8%

Fairfax Financial Holdings and its affiliates filed an amended Schedule 13G for Orla Mining Ltd., correcting a previous overstatement of beneficial ownership to 19.8% of common shares.

Summary

• V. Prem Watsa and a group of related entities, including Fairfax Financial Holdings Limited, filed a Schedule 13G for Orla Mining Ltd. common shares.
• The filing corrects an administrative error from a previous Schedule 13D/A filed on December 8, 2025, which overstated beneficial ownership by 2,119,838 Common Shares, or approximately 0.5%.
• The Reporting Persons now beneficially own an aggregate of 75,954,445 Common Shares of Orla Mining Ltd.
• This corrected amount represents 19.8% of Orla Mining Ltd.'s outstanding Common Shares, which is below the 20% threshold.
• The change in ownership percentage from above 20% to below 20% allows the Reporting Persons to file a Schedule 13G (passive investor) instead of a Schedule 13D (active investor).
• The calculation of ownership percentage is based on 339,896,220 Common Shares issued and outstanding as of November 11, 2025, and assumes conversion of all convertible notes and warrants held by the Reporting Persons.

Sentiment

Score: 5

Explanation: The filing is an administrative correction of a previous error in beneficial ownership reporting. It clarifies the ownership structure but does not indicate any operational or strategic changes for Orla Mining Ltd. or the reporting group, thus having a neutral impact.

Future Outlook

NA

Management Comments

• The Reporting Persons certify that, to the best of their knowledge and belief, the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Orla Mining Ltd., other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing is an administrative update regarding beneficial ownership and does not directly relate to broader industry trends or competitive dynamics within the mining sector. It primarily concerns the investment position of a specific financial group.

Stakeholder Impact

• Shareholders: Provides clarity on the exact beneficial ownership percentage of a significant investor group, confirming their stake is below the 20% threshold typically associated with more active influence.

Key Dates

Keywords

Orla Mining Ltd., Fairfax Financial Holdings, V. Prem Watsa, Schedule 13G, Beneficial Ownership, Common Shares, SEC Filing, Ownership Correction