Orla Mining

ORLA • AMEX

Orla Mining is a gold company in the basic materials sector on AMEX, led by Jason Simpson, with a market cap of $4.4B. As of Q3 2025, 64% of shares are held by 185 institutional investors, with FAIRFAX FINANCIAL HOLDINGS LTD/ CAN as the largest holder at 17.44%.

CEOJason Simpson

Market Cap$4.4B

Gold

Basic Materials

Employees327.0

Websiteorlamining.com

Overview

Overview of institutional ownership in ORLA as of Q3 2025 with a market cap of $3.5B

All Institutions

Institutions: 185
Value Held: $2.3B
Shares Held: 208.8M
Avg Position: $12.2M
Median Position: $891.5K

Hedge Funds

Hedge Funds: 32
Value Held: $199.2M
Shares Held: 18.5M
Avg Position: $6.2M
Median Position: $900.7K

Ownership Breakdown

Institutional (non-HF)

58.39%

$2.1B

Hedge Funds

5.66%

$199.2M

Retail & Other

35.95%

$1.3B

Based on market cap of $3.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ORLA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN RIA/Wealth	Christopher George Cousins President	$610.5M 29.57% of portfolio	17.44% 56.8M shares	Q3 2022 Held for 3y 2m	$2.1B
FMR LLC Institution	-	$403.9M 0.02% of portfolio	11.49% 37.4M shares	Q4 2020 Held for 4y 11m	$1.92T
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$97.8M 0.08% of portfolio	2.78% 9.1M shares	Q1 2023 Held for 2y 8m	$121.98B
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$82.1M 0.02% of portfolio	2.34% 7.6M shares	Q4 2020 Held for 4y 11m	$395.36B
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	John Wyatt Ricketts President	$78.2M 0.25% of portfolio	2.23% 7.3M shares	Q4 2024 Held for 11 months	$31.7B
F First Eagle Investment Management, LLC Long Only Manager	Mehdi Asif Mahmud CEO	$72.5M 0.13% of portfolio	2.06% 6.7M shares	Q4 2020 Held for 4y 11m	$54.9B
Merk Investments LLC ETF Provider	Alexander Gabriel Merk President	$67.0M 21.29% of portfolio	1.90% 6.2M shares	Q1 2021 Held for 4y 8m	$314.5M
J JANE STREET GROUP, LLC Institution	-	$60.7M 0.07% of portfolio	1.72% 5.6M shares	Q4 2020 Held for 4y 11m	$84.1B
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$55.1M 0.06% of portfolio	1.57% 5.1M shares	Q4 2020 Held for 4y 11m	$96.6B
A Amundi Institution	-	$54.5M 0.02% of portfolio	1.45% 4.7M shares	Q1 2022 Held for 3y 8m	$311.18B

Net Capital Flow

Institutional buying and selling activity for ORLA in Q3 2025

Traded: +$352.4M
Buyers: 130
Sellers: 56
Total Bought: +$535.9M
Total Sold: −$183.4M
Avg Position: $11.0M

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$88.9M +8.2M shares	$97.8M 9.1M shares
J JANE STREET GROUP, LLC Institution	+$56.1M +5.2M shares	$60.7M 5.6M shares
VANGUARD GROUP INC Institution	+$33.1M +3.1M shares	$35.1M 3.3M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$30.0M +2.8M shares	$30.1M 2.8M shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	+$22.8M +2.1M shares	$78.2M 7.3M shares
F FIL Ltd Institution	+$21.6M +2.0M shares	$21.6M 2.0M shares
R ROYAL BANK OF CANADA Institution	+$18.3M +1.7M shares	$44.0M 4.1M shares
Mudita Advisors LLP Hedge Fund•Multi-Strategy	+$15.1M +1.4M shares	$15.1M 1.4M shares
B BLI - Banque de Luxembourg Investments Institution	+$14.6M +1.4M shares	$14.6M 1.4M shares
A Amundi Institution	+$14.3M +1.2M shares	$54.5M 4.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
VAN ECK ASSOCIATES CORP ETF Provider	−$105.0M −9.7M shares	$55.1M 5.1M shares
Hillsdale Investment Management Inc. Long Only Manager	−$18.8M −1.9M shares	Sold Off 0 shares
UBS Group AG Institution	−$14.7M −1.4M shares	$2.0M 181.8K shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC Long Only Manager	−$5.2M −486.2K shares	$2.8M 255.7K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$4.7M −432.8K shares	$9.2M 849.7K shares
MORGAN STANLEY RIA/Wealth	−$4.5M −412.1K shares	$12.9M 1.2M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	−$3.3M −329.4K shares	Sold Off 0 shares
LOUISBOURG INVESTMENTS INC. Long Only Manager	−$3.0M −294.9K shares	Sold Off 0 shares
Invesco Ltd. ETF Provider	−$2.9M −264.7K shares	$3.5M 323.3K shares
S SPROTT INC. Institution	−$2.5M −232.5K shares	$486.2K 45.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ORLA in Q3 2025

New Positions: 36
New Value: $101.7M
Exited Positions: 19
Exited Value: $32.0M

New Positions

Institution	Position Value
Mudita Advisors LLP Hedge Fund•Multi-Strategy	$15.1M 1.4M shares
B BLI - Banque de Luxembourg Investments Institution	$14.6M 1.4M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$14.1M 1.3M shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	$12.6M 1.2M shares
Covea Finance Private Equity	$10.2M 942.2K shares
INTL FCSTONE INC. Institution	$7.3M 680.3K shares
Euro Pacific Asset Management, LLC Long Only Manager	$3.6M 334.4K shares
BCJ Capital Management, LLC RIA/Wealth	$3.6M 329.4K shares
L Longaeva Partners L.P. Institution	$2.4M 225.0K shares
C Carmignac Gestion Institution	$1.9M 179.9K shares

Exited Positions

Institution	Previous Position
Hillsdale Investment Management Inc. Long Only Manager	$18.8M 1.9M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$3.3M 329.4K shares
LOUISBOURG INVESTMENTS INC. Long Only Manager	$3.0M 294.9K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$1.6M 159.7K shares
Spark Investment Management LLC Hedge Fund•Multi-Strategy	$1.1M 111.0K shares
C Capula Management Ltd Institution	$1.0M 73.5K shares
AIGEN INVESTMENT MANAGEMENT, LP Hedge Fund•Long/Short	$841.7K 67.8K shares
C Cumberland Partners Ltd Institution	$469.2K 46.8K shares
S SG Americas Securities, LLC Institution	$336.7K 33.6K shares
NORTHERN TRUST CORP Institution	$317.9K 31.7K shares

Options Activity

Institutions with the largest Call and Put options positions in ORLA as of Q3 2025

Call Positions: 9
Call Value: $8.8M
Put Positions: 7
Put Value: $12.5M

Call Positions

Institution	Position Value
WELLS FARGO & COMPANY/MN Institution	$2.6M 2.4K contracts
S SIG North Trading, ULC Institution	$2.1M 2.0K contracts
D D. E. Shaw & Co., Inc. Institution	$1.6M 1.5K contracts
W WOLVERINE TRADING, LLC Institution	$720.4K 664.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$563.8K 522.0 contracts
P PEAK6 LLC Institution	$530.3K 491.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$474.1K 439.0 contracts
J JANE STREET GROUP, LLC Institution	$128.5K 119.0 contracts
R ROYAL BANK OF CANADA Institution	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$6.5M 6.0K contracts
D D. E. Shaw & Co., Inc. Institution	$3.2M 3.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.9M 1.7K contracts
S SIG North Trading, ULC Institution	$468.7K 434.0 contracts
J JANE STREET GROUP, LLC Institution	$284.0K 263.0 contracts
W WOLVERINE TRADING, LLC Institution	$126.9K 117.0 contracts
TORONTO DOMINION BANK Institution	- - contracts

Most Committed Institutions

Institutions with ORLA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN RIA/Wealth	Christopher George Cousins President	29.57% $610.5M	17.44% 56.8M shares	Q3 2022 Held for 3y 2m	$2.1B
Merk Investments LLC ETF Provider	Alexander Gabriel Merk President	21.29% $67.0M	1.90% 6.2M shares	Q1 2021 Held for 4y 8m	$314.5M
Mudita Advisors LLP Hedge Fund•Multi-Strategy	Thomas Luke Rimington Hardy Founder	4.37% $15.1M	0.43% 1.4M shares	Q3 2025 Held for 2 months	$345.8M
G GeoSphere Capital Management Hedge Fund•Long/Short	Arvind Singh Sanger CIO	2.94% $3.8M	0.11% 356.3K shares	Q1 2025 Held for 8 months	$131.0M
Goehring & Rozencwajg Associates, LLC Long Only Manager	Adam Alexandar Rozencwajg Managing Partner	1.53% $12.8M	0.36% 1.2M shares	Q4 2022 Held for 2y 11m	$830.9M
CWA Asset Management Group, LLC RIA/Wealth	William Nick Beynon Managing Partner	1.27% $33.8M	0.96% 3.1M shares	Q3 2024 Held for 1y 2m	$2.7B
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	Blair Irving Levinsky CEO	0.86% $12.6M	0.36% 1.2M shares	Q3 2025 Held for 2 months	$1.5B
A Amitell Capital Pte Ltd Institution	-	0.81% $1.1M	0.03% 102.0K shares	Q1 2025 Held for 8 months	$135.2M
PCJ Investment Counsel Ltd. Long Only Manager	Timothy Michael Marzec President	0.75% $2.7M	0.08% 248.6K shares	Q1 2025 Held for 8 months	$359.5M
Q QUATTRO FINANCIAL ADVISORS LLC Fund of Funds	Yves Olivier Cochez CIO	0.73% $2.3M	0.07% 214.0K shares	Q2 2024 Held for 1y 5m	$315.9M

Hedge Fund Spotlight

Discover hedge funds investing in ORLA

GeoSphere Capital Management

Hedge Fund • Long/Short

Portfolio ManagerArvind Singh Sanger

Portfolio Value: $131.0M
Positions: 40
Last Reported: Q3 2025

Sector Allocation

Position in Orla Mining

Market Value: $3.8M
Shares Held: 356.3K
Portfolio Weight: 2.94%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 National Energy Services Reunited NESR	Oil & Gas Equipment & Services Energy	$15.3M	11.66%
2 BKV BKV	Unknown Unknown	$6.5M	4.94%
3 Cameco CCJ	Uranium Energy	$5.7M	4.38%