Orla Mining Reports Fourth Quarter 2025 Financial Results

Executive Summary

• Orla Mining reported fourth quarter and full-year 2025 financial results, highlighting record free cash flow of $133.4 million in Q4 and total annual gold production of 300,620 ounces, exceeding guidance.
• The company generated $79.2 million in net income ($0.23 per share) and $143.1 million in adjusted earnings ($0.42 per share) for Q4 2025, driven by strong operational performance at the Musselwhite and Camino Rojo mines.
• Significant operational updates include Musselwhite resource growth, Camino Rojo receiving environmental permits for oxide expansion and underground development, and the South Railroad project advancing toward mid-2026 construction.

Key Details

• Q4 2025 Production: 95,405 ounces of gold produced; 92,889 ounces of gold sold.
• FY 2025 Production: 300,620 ounces of gold produced (exceeded guidance of 265,000–285,000 oz).
• Q4 2025 Financials:
  • Net Income: $79.2 million ($0.23 per share).
  • Adjusted Earnings: $143.1 million ($0.42 per share).
  • Free Cash Flow: $133.4 million.
  • Cash Flow from Operating Activities (before working capital changes): $165.4 million.
• FY 2025 Financials:
  • Net Income: $106.9 million ($0.33 per share).
  • Adjusted Earnings: $318.9 million ($0.97 per share).
  • Free Cash Flow: $680.8 million.
  • Revenue: $1,057.9 million.
• Cost Metrics (Q4 2025):
  • Cash Cost: $1,093 per ounce sold.
  • All-In Sustaining Cost (AISC): $1,536 per ounce sold (within guidance range of $1,350–$1,550).
• Cost Metrics (FY 2025):
  • Cash Cost: $1,061 per ounce sold.
  • AISC: $1,458 per ounce sold.
• Musselwhite Mine Performance (Q4 2025):
  • Gold Produced: 75,818 ounces.
  • Gold Sold: 73,910 ounces.
  • Ore Milled: 361,407 tonnes at a head grade of 6.77 g/t Au.
  • Resource Update (Dec 31, 2025): Measured and Indicated Resources increased to 7.67 Mt at 3.52 g/t Au (0.87 Moz); Inferred Resources increased to 11.90 Mt at 3.71 g/t Au (1.42 Moz). Proven and Probable Reserves stable at 8.72 Mt at 5.18 g/t Au (1.45 Moz).
• Camino Rojo Operations (Q4 2025):
  • Gold Produced: 19,587 ounces.
  • Gold Sold: 18,979 ounces.
  • Ore Stacked: 1,862,807 tonnes at 0.47 g/t Au.
  • Permitting: Received SEMARNAT approval for the expansion of the oxide open-pit operations and the development of an underground exploration decline.
• South Railroad Project (Nevada):
  • Updated Feasibility Study completed in January 2026 with an initial capital cost estimate of $395 million.
  • M3 Engineering awarded EPCM contract; field construction targeted for mid-2026 subject to final permits.
  • Exploration at South Carlin Complex (Pinion, Dark Star, Firebox) identified high-grade oxide intersections, including 22.6 m at 5.65 g/t Au at Dark Star and 24.4 m at 1.08 g/t Au at Firebox.
• Balance Sheet (Dec 31, 2025):
  • Cash and Cash Equivalents: $420.8 million.
  • Face Value of Debt: $385.0 million.
  • Net Cash: $35.8 million.
  • Total Liquidity: $480.8 million.
  • Post-year-end repayment of $30.0 million toward revolving credit facility.
• 2026 Guidance:
  • Total Gold Production: 340,000 – 360,000 ounces.
  • Consolidated AISC: $1,550 – $1,750 per ounce.
  • Total Capital Expenditures: $430 million.
  • Total Exploration and Development Expenses: $40 million.
  • Corporate G&A: $35 million.

Notable Quotes

• "2025 was a pivotal year for Orla as we successfully integrated Musselwhite into our growing platform. The mine is already contributing meaningfully to our production and cash flow. Orla's initial exploration results have been highly encouraging, supporting near‑term reserve and resource growth and the potential for significant mine life extension." - Jason Simpson, President and CEO