Northwire Canada EditionWednesday, July 29, 2026
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NAM 0.250 +0.0% CRD 0.065 +8.3% OLA 12.90 −3.7% CG 22.70 −2.5% EQX 12.89 −4.0% FM 37.51 −2.3% MNRG 0.080 −11.1% KFR 1.31 +0.8% AUMN 0.275 +0.0% GLB 0.250 +0.0% BHS 0.045 −10.0% EGR 0.025 +0.0% RIO 2.59 −4.1% GEN 0.070 +0.0% MAI 4.39 −2.0% RYR 0.175 +0.0% NAM 0.250 +0.0% CRD 0.065 +8.3% OLA 12.90 −3.7% CG 22.70 −2.5% EQX 12.89 −4.0% FM 37.51 −2.3% MNRG 0.080 −11.1% KFR 1.31 +0.8% AUMN 0.275 +0.0% GLB 0.250 +0.0% BHS 0.045 −10.0% EGR 0.025 +0.0% RIO 2.59 −4.1% GEN 0.070 +0.0% MAI 4.39 −2.0% RYR 0.175 +0.0%
Production / Operations

Orla Mining Reports Third Quarter 2025 Financial Results

By The Northwire Desk — AI Analysis Nov 11, 2025 · 18:15 OLA · 14.82 Orla Mining Ltd.
OLA · Price

Executive Summary

  • Orla Mining reported record Q3 2025 free cash flow of $93.1 M, net income of $49.3 M and adjusted earnings of $73.0 M.
  • Gold production reached 79,645 oz (quarterly record) with total gold sold of 78,857 oz, generating $275.0 M revenue; AISC was $1,641/oz.
  • The company highlighted a potential two‑kilometre extension at Musselwhite, ongoing pit‑wall remediation at Camino Rojo, and progress on permitting for the South Railroad Project (target first gold in 2028).

Key Details

  • Financial Highlights
  • Revenue: $275.0 M (Q3) vs $99.3 M (Q3 2024).
  • Net income: $49.3 M; EPS $0.15 (basic).
  • Adjusted earnings: $73.0 M; adjusted EPS $0.22.
  • Cash flow from operations: $113.1 M; free cash flow: $93.1 M.

  • Cash on hand: $326.9 M; debt: $420.0 M; net debt: $93.1 M; liquidity (cash + undrawn facilities): $356.9 M.

  • Production & Cost Metrics

  • Total gold produced: 79,645 oz (Musselwhite 57,586 oz; Camino Rojo 22,059 oz).
  • Gold sold: 78,857 oz (Musselwhite 56,897 oz; Camino Rojo 21,961 oz).
  • Average realized gold price: $3,417/oz.

  • Cash cost per ounce: $1,200; All‑in Sustaining Cost (AISC): $1,641.

  • Musselwhite Mine

  • Ore milled: 329,634 t; head grade 5.87 g/t; recovery 95.3%.
  • Exploration spend: $38.8 M (expensed $12.8 M, capitalized $26.0 M).
  • Lateral development: 2,738 m; cost $45.5 M (expensed $38.1 M, capitalized $7.4 M).

  • Sustaining capex: $18.3 M.

  • Camino Rojo Mine

  • Ore stacked on heap leach pad: 2.8 M t at 0.40 g/t Au.
  • Pit‑wall event (July 23) caused higher strip ratio (3.34) and temporary production pause; stabilization plan on track.

  • Sustaining capital Q3: $4.6 M.

  • Exploration Results

  • Musselwhite deep directional drilling intersected 4.1 m @ 15.1 g/t Au 1.6 km from current operations, indicating a possible two‑kilometre trend extension.

  • Total Q3 drill metres: 35,306 m (Musselwhite 21,693 m; Mexico 6,381 m; Nevada 7,232 m).

  • South Railroad Project (Nevada)

  • BLM issued Notice of Intent (Aug 13 2025); EIS process underway.
  • Permitting milestones: ACOE Section 404 permit administratively complete; public comment closed Sep 25 2025.

  • Target ROD Q2 2026, construction start thereafter, first gold production slated for 2028.

  • South Carlin Complex (Nevada)

  • Q3 drill programme: 7,232 m across four rigs targeting Dark Star, Jasperoid Wash, Pony Creek extensions.

  • Exploration budget to finish in Q4 2025; update expected before year‑end.

  • Camino Rojo Zone 22 Infill

  • Completed 15,000 m infill drill (upper 500 m); high‑grade Au‑Ag‑Zn mineralization confirmed, supporting upcoming 2026 PEA.

  • Corporate Updates

  • Collective bargaining agreement approved at Camino Rojo (Nov 4 2025).
  • Conference call scheduled for Nov 12 2025, 10:00 AM ET.

Notable Quotes

“Orla delivered strong results in the third quarter, achieving a record $93 million in free cash flow… we remain committed to finishing strong, targeting the upper end of our production guidance, and advancing our key growth projects.” – Jason Simpson, President & CEO

All figures are presented in U.S. dollars unless otherwise noted.

Read the original news release →

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Production / Operations