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The share price of Orla Mining has been on fire the past 13 months. Gold has been in a strong uptrend for the past year. And a Trump presidency appears to be the latest catalyst. Fairfax finished building out their common share position in Feb of 2024. They own about 57 million shares = 18% of common shares outstanding (not including convertible note issued in Nov 2024). The market value of Fairfax's stock holding is about US$400 million today. It is up about $200 million over the past 13 months (+100%). In November, 2024, Fairfax also participated in a convertible notes offer by Orla of US$200 million (not sure how much of the $200 million that Fairfax purchased). There are three components to the convertible notes offer: Interest rate = 4.5% Convertible into shares of Orla at C$7.90/share Warrant = .66 share convertible at C$11.50/share At current market value, Orla is likely a +$500 million investment for Fairfax (including the convertible notes).