Orla Mining (ORLA): Fairfax-led group files 13G, corrects 19.8% stake

Rhea-AI Filing Summary

Orla Mining Ltd. received an updated ownership report from V. Prem Watsa and affiliated Fairfax entities on Schedule 13G. The group now reports beneficial ownership of 75,954,445 common shares, representing 19.8% of Orla’s common shares, based on 339,896,220 shares outstanding as of November 11, 2025, assuming conversion or exercise of their convertible notes and warrants. The shares are held with shared voting and dispositive power across multiple Fairfax-related companies.

The filing is made under Rule 13d-1(h) and replaces a prior Schedule 13D that had overstated the group’s holdings by 2,119,838 shares, or about 0.5%. The reporting persons state they now own less than 20% of Orla’s outstanding common shares and certify that the securities are not held for the purpose of changing or influencing control of the company.

Insights

Equity ownership and disclosure analyst

Fairfax corrects its Orla stake to 19.8% and shifts to a passive-style 13G filing.

The reporting group led by V. Prem Watsa and various Fairfax and Allied World entities now reports beneficial ownership of 75,954,445 Orla Mining common shares, or 19.8% of the class. This percentage is calculated using 339,896,220 shares outstanding as of November 11, 2025, and assumes conversion or exercise of the group’s convertible notes and warrants into common shares.

The filing is made under Rule 13d-1(h) as a Schedule 13G, replacing a prior Schedule 13D. The group states that a previous filing overstated beneficial ownership by 2,119,838 shares, about 0.5%, and clarifies that they now hold less than 20% of Orla’s outstanding shares. They certify that the securities are not held for the purpose of changing or influencing control, which aligns with the 13G framework and signals a more passive reporting posture based on the disclosed language.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ORLA MINING LTD.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

68634K106

(CUSIP Number)

12/04/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

V. PREM WATSA

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This Schedule 13G is being filed in accordance with Rule 13d-1(h) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to operate as an amendment to the amended Schedule 13D previously filed by the Reporting Persons with respect to the Common Shares of Orla Mining Ltd. This Schedule 13G corrects an administrative error that resulted in the beneficial ownership of certain Reporting Persons reported in the Schedule 13D/A filed on December 8, 2025 to be overstated by 2,119,838 Common Shares, or approximately 0.5%. The Reporting Persons now beneficially own less than 20 percent of the outstanding Common Shares. Accordingly, the Reporting Persons are filing this Schedule 13G to replace the prior Schedule 13D in its entirety.

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

THE SECOND 810 HOLDCO LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

THE SECOND 1109 HOLDCO LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

THE SIXTY TWO INVESTMENT COMPANY LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

12002574 CANADA INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

FAIRFAX FINANCIAL HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 75,954,445.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,954,445.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,954,445.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

FFHL GROUP LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,180,711.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,180,711.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,180,711.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

FAIRFAX (US) INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,180,711.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,180,711.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,180,711.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ODYSSEY GROUP HOLDINGS, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,353,268.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,353,268.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,353,268.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ODYSSEY REINSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,353,268.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,353,268.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,353,268.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

CRUM & FORSTER HOLDINGS CORP.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,827,443.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,827,443.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,827,443.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

UNITED STATES FIRE INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,827,443.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,827,443.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,827,443.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

THE NORTH RIVER INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,942,481.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,942,481.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,942,481.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

1102952 B.C. UNLIMITED LIABILITY COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,773,734.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,773,734.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,773,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW HAMPSHIRE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 49,357,124.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 49,357,124.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

49,357,124.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,125,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,125,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,125,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

AW UNDERWRITERS INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,086,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,086,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,086,599.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD SPECIALTY INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,086,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,086,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,086,599.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD SURPLUS LINES INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ARKANSAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,880,656.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,880,656.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,880,656.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 68634K106

1

Names of Reporting Persons

ALLIED WORLD NATIONAL ASSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW HAMPSHIRE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,416,610.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,416,610.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,416,610.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ORLA MINING LTD.
(b)	Address of issuer's principal executive offices: Suite 1010, 1075 West Georgia Street, VANCOUVER, BRITISH COLUMBIA, V6E 3C9
Item 2.
(a)	Name of person filing: V. PREM WATSA THE SECOND 810 HOLDCO LTD. THE SECOND 1109 HOLDCO LTD. THE SIXTY TWO INVESTMENT COMPANY LIMITED 12002574 CANADA INC. FAIRFAX FINANCIAL HOLDINGS LIMITED FFHL GROUP LTD. FAIRFAX (US) INC. ODYSSEY GROUP HOLDINGS, INC. ODYSSEY REINSURANCE COMPANY CRUM & FORSTER HOLDINGS CORP. UNITED STATES FIRE INSURANCE COMPANY THE NORTH RIVER INSURANCE COMPANY 1102952 B.C. UNLIMITED LIABILITY COMPANY ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD ALLIED WORLD ASSURANCE COMPANY, LTD ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC. ALLIED WORLD INSURANCE COMPANY ALLIED WORLD ASSURANCE COMPANY (U.S.) INC. AW UNDERWRITERS INC. ALLIED WORLD SPECIALTY INSURANCE COMPANY ALLIED WORLD SURPLUS LINES INSURANCE COMPANY ALLIED WORLD NATIONAL ASSURANCE COMPANY
(b)	Address or principal business office or, if none, residence: 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 95 Wellington Street West, Suite 802, Toronto, Ontario, Canada M5J 2N7 95 Wellington Street West, Suite 802, Toronto, Ontario, Canada M5J 2N7 1600 Cathedral Place, 925 West Georgia St., Vancouver, British Columbia, Canada V6C 3L2 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 401 East Corporate Drive, Suite 200, Lewisville, Texas, 75057, USA 300 First Stamford Place, Stamford, Connecticut, USA 06902 300 First Stamford Place, Stamford, Connecticut, USA 06902 1209 Orange Street, Wilmington, Delaware, USA 19801 1209 Orange Street, Wilmington, Delaware, USA 19801 305 Madison Avenue, Morristown, New Jersey, USA, 07962 1600 Cathedral Place, 925 West Georgia St., Vancouver, British Columbia, Canada V6C 3L2 27 Richmond Road, Pembroke, Bermuda HM 08 27 Richmond Road, Pembroke, Bermuda HM 08 27 Richmond Road, Pembroke, Bermuda HM 08 27 Richmond Road, Pembroke, Bermuda HM 08 199 Water Street, 26th Floor, New York, New York USA 10038 199 Water Street, 26th Floor, New York, New York USA 10038 199 Water Street, 26th Floor, New York, New York USA 10038 199 Water Street, 26th Floor, New York, New York USA 10038 199 Water Street, 26th Floor, New York, New York USA 10038 199 Water Street, 26th Floor, New York, New York USA 10038 10 Ferry Street, Suite 313, Concord, New Hampshire, USA 03301
(c)	Citizenship: CANADA CANADA CANADA BRITISH COLUMBIA CANADA CANADA CANADA DELAWARE DELAWARE CONNECTICUT DELAWARE DELAWARE NEW JERSEY BRITISH COLUMBIA BERMUDA BERMUDA BERMUDA BERMUDA DELAWARE NEW HAMPSHIRE DELAWARE DELAWARE DELAWARE ARKANSAS NEW HAMPSHIRE
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 68634K106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The aggregate number of Common Shares that are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. Neither the filing of this Schedule 13G nor the information contained herein shall be deemed to constitute an affirmation by any of the Reporting Persons that such person is the beneficial owner of the Common Shares referred to herein for purposes of Section 13(d) or 13(g) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.
(b)	Percent of class: The percentage of Common Shares that are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. The percentage of Common Shares beneficially owned by each of the Reporting Persons was calculated based on 339,896,220 Common Shares issued and outstanding as of November 11, 2025, as reported by Orla Mining Ltd., and assuming the conversion or exercise, as applicable, of all of the convertible notes and the warrants held by the Reporting Persons into Common Shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The number of Common Shares as to which each of the Reporting Persons has sole voting power is set forth in row 5 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The number of Common Shares as to which each of the Reporting Persons has shared voting power is set forth in row 6 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The number of Common Shares as to which each of the Reporting Persons has sole dispositive power is set forth in row 7 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The number of Common Shares as to which each of the Reporting Persons has shared dispositive power is set forth in row 8 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit No. 99.1 attached.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

V. PREM WATSA

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa
Date:	12/11/2025

THE SECOND 810 HOLDCO LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, Director
Date:	12/11/2025

THE SECOND 1109 HOLDCO LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/11/2025

THE SIXTY TWO INVESTMENT COMPANY LIMITED

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/11/2025

12002574 CANADA INC.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/11/2025

FAIRFAX FINANCIAL HOLDINGS LIMITED

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, President and Chief Operating Officer
Date:	12/11/2025

FFHL GROUP LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/11/2025

FAIRFAX (US) INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ODYSSEY GROUP HOLDINGS, INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ODYSSEY REINSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

CRUM & FORSTER HOLDINGS CORP.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

UNITED STATES FIRE INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

THE NORTH RIVER INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

1102952 B.C. UNLIMITED LIABILITY COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE COMPANY, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

AW UNDERWRITERS INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD SPECIALTY INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD SURPLUS LINES INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

ALLIED WORLD NATIONAL ASSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/11/2025

Comments accompanying signature: 1. Power of attorney, dated March 9, 2020 (incorporated by reference to Exhibit 8 to the Schedule 13D filed by certain of the Reporting Persons with the SEC on March 9, 2020). https://www.sec.gov/Archives/edgar/data/915191/000110465920030836/a20-11674_1ex8.htm 2 . Power of attorney, dated June 14, 2021 (incorporated by reference to Exhibit 5 to the Schedule 13D filed by certain of the Reporting Persons with the SEC on June 14, 2021) . https://www.sec.gov/Archives/edgar/data/915191/000110465921080891/tm2119584d1_ex5.htm

Exhibit Information

Exhibit 99.1 Members of filing group Exhibit 99.2 Joint Filing Agreement dated as of December 11, 2025 among the Reporting Persons.

FAQ

How many Orla Mining (ORLA) shares does the Fairfax-related group now report owning?

The reporting persons led by V. Prem Watsa report beneficial ownership of 75,954,445 Orla Mining common shares, as disclosed in the ownership section.

What percentage of Orla Mining’s common shares does the Fairfax group hold according to this Schedule 13G?

The group reports beneficial ownership of 19.8% of Orla Mining’s common shares, based on 339,896,220 shares outstanding as of November 11, 2025 and assuming conversion or exercise of their notes and warrants.

Why did V. Prem Watsa and Fairfax file this Schedule 13G for Orla Mining (ORLA)?

They state this Schedule 13G is filed under Rule 13d-1(h) to operate as an amendment that replaces a prior Schedule 13D and corrects an administrative error that had overstated certain reporting persons’ beneficial ownership by 2,119,838 shares (about 0.5%).

Does the Fairfax group state an intent to influence control of Orla Mining?

No. The certification states the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Orla Mining, consistent with a Schedule 13G filing.

On what share count is the 19.8% Orla Mining ownership calculation based?

The percentage is calculated using 339,896,220 common shares issued and outstanding as of November 11, 2025, and assumes the conversion or exercise of all convertible notes and warrants held by the reporting persons.

Which key investor is named in this Orla Mining Schedule 13G?

The filing lists V. Prem Watsa along with multiple affiliated entities, including Fairfax Financial Holdings Limited and various Allied World and insurance subsidiaries, as reporting persons.