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Orla Mining's stock is having a big move today. Fairfax's investment in Orla is up US$270 million since Sept 30 (+25%). YTD-2025, the investment is up $806 million, or 143%, or $34/FFH diluted share (pre-tax). Orla is quickly becoming one of Fairfax's best equity investments ever. Fairfax started building their position in Orla in Q3 2022. They slowly built it up with open market purchases over the next 2 years (to Q3, 2024). They got more aggressive with the position with the convertible and warrant deal in Nov 2024. Bottom line, this is a new investment for Fairfax. Fairfax's equity portfolio is having a banner year in 2025. Why did Orla's stock spike higher today? The company announced gold production for 2025 is expected to come in at the high end of their (revised) forecast. Earlier this year, Orla experienced a big issue at its Camino Rojo mine. It appears the plan the company put in place is working. From Orla's press release: "With pit stabilization at Camino Rojo progressing well and integration at Musselwhite advancing smoothly, both operations are performing well. We are now on track to achieve the high end of our revised production guidance." https://orlamining.com/news/orla-mining-reports-strong-gold-production-from-musselwhite-in-third-quarter/