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Orla Mining (OLA) investor relations material

Orla Mining Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Achieved record free cash flow of $93 million in Q3 2025, with strong gold production and sales from Musselwhite and Camino Rojo mines.

  • Net income reached $49.3 million ($0.15/share), with adjusted earnings of $73.0 million ($0.22/share).

  • Musselwhite integration advanced, with production through stockpiles at Camino Rojo and a decentralized model established.

  • On track to achieve revised 2025 guidance, supported by robust financial and operational performance.

  • Ended the quarter with $326.9 million in cash, $420.0 million in debt, and $356.9 million in liquidity.

Financial highlights

  • Q3 2025 revenue was $275.0 million, with gold production of 79,645 ounces and gold sales of 78,857 ounces.

  • All-in sustaining cost (AISC) for Q3 was $1,641/oz; year-to-date AISC was $1,420/oz.

  • Cash flow from operating activities before working capital changes was $113.1 million.

  • Adjusted earnings per share for Q3 were $0.22; free cash flow per share was $0.28.

  • Net debt at quarter-end was $93.1 million.

Outlook and guidance

  • Reaffirmed revised 2025 guidance: gold production of 265,000–285,000 ounces and AISC of $1,350–$1,550/oz.

  • Targeting upper end of production guidance for year-end, with stabilization plan at Camino Rojo on track.

  • South Railroad Project construction expected to begin after permitting, with first gold targeted for 2028.

  • 2025 cash cost guidance: Camino Rojo $900–$1,100/oz, Musselwhite $800–$900/oz.

  • Capital expenditures for 2025: $130M sustaining at Camino Rojo, $90M at Musselwhite, plus additional non-sustaining and exploration spend.

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Frequently asked questions

Orla Mining Ltd. is a gold mining company engaged in the acquisition, exploration, development, and operation of mineral properties. The company focuses on advancing its gold and precious metals projects in North and Central America. Its activities include open-pit and underground mining, resource expansion, and project development. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.

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