Orla Mining (OLA) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly gold production of 77,811 ounces and gold sales of 78,911 ounces, driven by the first full quarter of Musselwhite contribution and continued performance at Camino Rojo.

• Net income for Q2 2025 was $48.2 million ($0.15/share); adjusted earnings were $64.2 million ($0.20/share), with operating cash flow of $103 million.

• Cash flow from operations before working capital changes reached $103 million ($0.32/share).

• Released initial underground resource update for Camino Rojo and advanced exploration at Zone 22.

• Published a 2024 Sustainability Report, highlighting progress in climate efforts and community engagement, including a water blessing ceremony at Musselwhite.

Financial highlights

• Sold a record 79,000 ounces of gold at a realized price of $3,251/oz, generating $263.7 million in Q2 revenue.

• All-in sustaining cost (AISC) for Q2 was $1,421/oz; cash cost per ounce was $1,065.

• Free cash flow for Q2 was $64.2 million; cash position at quarter-end was $215.4 million; net debt stood at $204.6 million.

• Capital expenditures totaled $25.5 million in Q2, with $6.4 million for non-sustaining exploration and engineering.

• $30 million repaid on revolving credit facility during Q2.

Outlook and guidance

• Updated 2025 consolidated gold production guidance: 265,000–285,000 ounces at AISC of $1,350–$1,550/oz, reflecting the Camino Rojo pit wall event.

• Camino Rojo 2025 guidance: 95,000–105,000 ounces at cash costs of $800–$900/oz and AISC of $850–$950/oz.

• Musselwhite Mine guidance unchanged; cost improvements expected as integration continues.

• South Railroad Project construction expected to start in 2026, with gold production in early 2028; permitting ongoing.

• Exploration and drilling programs to continue at Camino Rojo, Musselwhite, and South Carlin Complex through 2025.