Orla Mining Reports Second Quarter 2025 Financial Results

Executive Summary

• Orla Mining reported record Q2 2025 gold production of 77,811 oz and net income of $48.2 M ($0.15/share).
• A pit‑wall event at Camino Rojo prompted a revision of 2025 guidance to 265–285 koz gold production with AISC $1,350–$1,550/oz.
• The company disclosed detailed operating metrics for Camino Rojo, Musselwhite and exploration programs, plus the initial underground mineral‑resource estimate for Camino Rojo.

Key Details

• Production & Sales – Total gold produced 77,811 oz (Camino Rojo 25,145 oz; Musselwhite 52,666 oz). Gold sold 78,911 oz.
• Financial Performance – Net income $48.2 M ($0.15/share); Adjusted earnings $64.2 M ($0.20/share). Cash flow from operations $102.7 M; free cash flow $64.2 M.
• Cost Metrics – Q2 AISC $1,421/oz (YTD $1,260/oz); cash cost $1,065/oz (YTD $934/oz).
• Cash Position – Cash $215.4 M; debt $420.0 M after $30.0 M repayment of revolving credit facility.
• Pit‑Wall Event – Occurred 23 July at Camino Rojo; no injuries or equipment damage. Action plan includes 50–80 m wall pushback, redesigned slope and continuous monitoring; ~9 Mt material to be removed and stacked.
• Guidance Update (2025) – Revised total gold production 265‑285 koz (down from 280‑300 koz). Consolidated AISC revised to $1,350‑$1,550/oz. Updated cash cost range $900‑$1,100/oz.
• Camino Rojo Operations – Ore stacked 2.61 Mt at 0.57 g/t Au; ore mined ~2.0 Mt; strip ratio 1.33; heap leach grade 0.71 g/t Au. Sustaining capex $0.5 M.
• Musselwhite Operations – Ore milled 295 kt at 5.52 g/t Au; gold recovery 96.5%; gold produced 52,666 oz; sustaining capex $18.4 M (mostly underground development).
• Exploration Highlights – Initial underground mineral‑resource estimate for Camino Rojo released (Measured 7 kt @ 1.95 g/t Au = 50,079 koz AuEq). Total resource: Measured 7 kt, Indicated 31.5 kt, Inferred 0 kt gold; plus silver and zinc components.
• Drilling Activity – Q2 total 23,248 m drilled (Mexico 7,575 m; Nevada 4,686 m; Musselwhite 10,987 m). Zone 22 infill program completed 15,000 m; additional 5,000 m planned.
• South Railroad Project – Permitting under BLM progressing; NOI expected Q3 2025; Record of Decision targeted ~12 months later; construction to follow with first gold production aimed for 2028.
• Conference Call – Scheduled for 12 August 2025, 10:00 AM ET (webcast link provided).

Notable Quotes

“The second quarter marked another record production period for Orla… the pit wall event … was an operational setback… no injuries occurred, and no equipment was damaged.” – Jason Simpson, President & CEO.