Orla Mining (OLA) Q1 2026 earnings summary

Executive summary

• Q1 2026 gold production reached 81,206 ounces, with 81,540 ounces sold, generating $378.9 million in revenue and maintaining strong operational momentum.

• Net income was $75.4 million ($0.22/share), while adjusted earnings were $134.7 million ($0.39/share).

• Musselwhite Mine exceeded production targets due to strong mine development, modernization, and early access to higher-grade ore.

• Major project milestones achieved at South Railroad and Camino Rojo, including feasibility, permitting advances, and environmental approvals.

• Dividend policy initiated, with first payment in February 2026 and quarterly dividend of $0.015/share declared.

Financial highlights

• Q1 2026 revenue was $378.9 million, with net income of $75.4 million ($0.22/share) and adjusted earnings of $134.7 million ($0.39/share).

• Cash flow from operations before working capital changes was $103.5 million; free cash flow was $62.9 million.

• Cash cost per ounce was $1,251; AISC was $1,668/oz, on track for full-year AISC guidance of $1,550–$1,750/oz.

• Ended the quarter with $427.3 million in cash, $331.3 million in debt, and $517.3 million in liquidity.

• $35 million debt repaid in Q1; $20 million contingent payment to Newmont; $25 million special mining duty paid.

Outlook and guidance

• Full-year 2026 gold production guidance reaffirmed at 340,000–360,000 ounces; AISC guidance maintained at $1,550–$1,750/oz.

• South Railroad construction expected to begin after mid-2026 permitting, targeting first gold in 2028.

• Camino Rojo underground pre-feasibility study targeted for 2027; underground development to begin in H2 2026.

• 2026 capital expenditures planned at $430 million, including $120 million for Musselwhite and $215 million for South Carlin.

• Exploration and project development expenses for 2026: $40 million for Camino Rojo, $5 million for Musselwhite, $15 million for South Carlin.