Orla Mining Achieves Record Quarterly Production Propelling Company Above 300,000 Ounces for 2025, setting up a Catalyst-Rich 2026

The most recent news release (January 20, 2026) confirms that Orla Mining exceeded its revised 2025 production guidance, delivering 300,620 ounces of gold. This was driven by a record fourth quarter of 95,405 ounces, largely due to the successful integration of the Musselwhite Mine and a recovery at Camino Rojo following a mid-year pit wall event.

Key operational highlights include: - 2026 Guidance: Total gold production is forecast between 340,000 and 360,000 ounces. - Dividend: The Board declared an inaugural quarterly cash dividend of US$0.015 per share (US$0.06 annualized). - South Railroad Project: Following the updated Feasibility Study (Jan 15, 2026), the Board has approved the start of construction spending for the Nevada asset, targeting mid-2026 for full construction start. - Financials: The company ended 2025 with $420.8 million in cash and a net cash position of $35.8 million after accounting for $385.9 million in debt.

This news is a significant milestone that validates management's aggressive 2025 acquisition strategy. - Exceeding Guidance: Beating the revised upper limit (285,000 oz) by over 15,000 ounces demonstrates strong operational recovery. Musselwhite produced 203,856 oz in its first 10 months of Orla ownership, significantly higher than original estimates. - Capital Allocation: The introduction of a dividend at this stage of growth is aggressive. It signals management's confidence in the free cash flow generation from Musselwhite and Camino Rojo to simultaneously fund the $430 million 2026 capital budget and return capital to shareholders. - South Railroad Progress: The approval of construction spending for South Railroad transitions Orla from a producer with a "plan" to a producer with a clear path to 500,000 ounces per year. The project economics (48% IRR at $3,100 gold) are robust, though they rely on historically high gold prices.

Orla Mining is an intermediate gold producer with three main pillars: - Musselwhite Mine (Ontario, Canada): An underground mine acquired from Newmont in Feb 2025. It is the current production engine, targeted to produce ~235k oz in 2026. - Camino Rojo (Zacatecas, Mexico): An open-pit oxide heap leach mine. It is a low-cost producer but faces finite oxide reserves, making the future underground sulphide development critical. - South Railroad (Nevada, USA): The flagship development project. A heap leach project on the Carlin Trend expected to produce ~130k oz/year once operational in 2028.