ORLA

The stock is in a Stage 4 downtrend with price under falling EMAs and forming lower highs and lower lows, confirming medium-term bearish bias. Short-term pullback into the 9 and 20 EMAs offers a selling zone for downside participation. We recommend selling now on resistance near these EMAs, while monitoring for any reclaim of the 50 EMA as an invalidation trigger.

• ↑Q3 2025 free cash flow $113M; net income $49.3M ($0.15/sh) on $270M revenue
• ↑Record gold production of 79,000 oz at a realized price of $3,417/oz
• ↓Camino Rojo pit wall incident deferred higher-grade mining, pressuring 2025 guidance