Orla Mining Reports First Quarter 2026 Financial Results

Orla Mining reported Q1 2026 financial results. Key points: - Gold production: 81,206 oz (Musselwhite 62,985 oz, Camino Rojo 18,221 oz), on track for full‑year guidance of 340,000–360,000 oz. - Revenue $378.9 million (vs. $140.7M Q1 2025); net income $75.4M ($0.22/share); adjusted earnings $134.7M ($0.39/share). - Cash from operations (before working capital changes): $103.5M. - Consolidated AISC $1,668/oz (within guidance $1,550–1,750), cash cost $1,251/oz. - Average realized gold price $4,575/oz. - Cash $427.3M, debt $331.3M, net cash $96.0M; liquidity $517.3M. - Updated Feasibility Study for South Railroad shows $1.7B NPV(5%) at $4,500/oz gold, $395M initial capex; construction target mid‑2026. - Camino Rojo: federal environmental permit (MIA) received for open‑pit expansion and exploration decline; Board approved extra $20M for decline in 2026. - Musselwhite exploration: high‑grade intercepts extending over two kilometres down‑plunge in new Lynx and PQ zones (previously reported in April 2026). - Dividend of US$0.015/share declared, payable June 9, 2026. - Diesel cost exposure ~$25M for 2026; tax payments of ~$93M for 2025 and $25.6M in 2026 installments; $20M contingent payment to Newmont.

The Q1 report confirms strong operational and financial performance, but it contains no genuinely new, unexpected information. Production is consistent with the Q1 production pre‑release (April 13, 2026) and full‑year guidance issued in January 2026. The updated South Railroad feasibility study was already highlighted in a March 2 filing; the Camino Rojo environmental permit was announced March 18. While the net cash position improved to $96M, this is in line with prior liquidity trends. The labour‑rights developments (CUSMA panel finding, April 2026 remedial measures) remain a known overhang but are not addressed in this release. Thus, the news reinforces the positive trajectory but does not materially alter the investment thesis. It is Routine – Positive.

Orla Mining Ltd. is a gold producer and developer with three core assets: - Camino Rojo (Zacatecas, Mexico): Operating open‑pit, heap‑leach mine producing ~110–120 koz/year. Recent permits allow expansion of the oxide pit and development of an underground exploration decline. The deposit hosts a large sulphide resource (3.95 Moz Au M&I) with a positive PEA outlining a potential 215 koz/year underground operation. - Musselwhite Mine (Ontario, Canada): Acquired in early 2025, a high‑grade underground mine producing >200 koz/year. Exploration has discovered significant extensions at depth and along strike, pointing to a multi‑decade mine life. - South Railroad Project (Nevada, USA): A feasibility‑stage, low‑complexity heap‑leach development on the Carlin trend. Updated FS shows 1.52 Moz Au reserves, after‑tax NPV5% of $783M (US$3,100 Au) and $1.7B (US$4,500 Au), with initial capex of $395M. Construction targeted for mid‑2026, positioning Orla to reach ~500 koz/year consolidated production.