Fairfax Financial Sells 25 Million Shares of Orla Mining for Approximately C$441.1M

Fairfax Financial (FRFHF) has sold, through its insurance company subsidiaries, 25,000,000 common shares of Orla Mining (ORLA) at a price of C$17.6435 per Common Share for aggregate proceeds of approximately C$441.1M. The Share Sale occurred in connection with the rebalancing of investment portfolios of Fairfax. Immediately prior to the Share Sale, Fairfax, through its insurance company subsidiaries, beneficially owned or controlled: 56,817,229 Common Shares; $150,000,000 principal amount of senior unsecured convertible notes of Orla, which are convertible into Common Shares at Fairfax's option at a conversion price per Common Share of C$7.90; and 17,544,302 warrants, which allow Fairfax to acquire up to 17,544,302 Common Shares at an exercise price of C$11.50 per Warrant, representing approximately 16.7% of the issued and outstanding Common Shares and approximately 26.3% of the issued and outstanding Common Shares. Following the Share Sale, Fairfax, through its subsidiaries, beneficially owns and controls: 31,817,229 Common Shares; $150,000,000 principal amount of Notes; and 17,544,302 Warrants, representing approximately 9.4% of the issued and outstanding Common Shares and approximately 19.8% of the issued and outstanding Common Shares.