Orla Mining (OLA) Q3 2025 earnings summary

Executive summary

• Achieved record free cash flow of $93 million and strong gold production, with Musselwhite and Camino Rojo delivering robust operational results and successful recovery after a pit wall event at Camino Rojo.

• Total gold production reached 80,000 oz in Q3 2025 and 205,215 oz year-to-date, maintaining strong momentum.

• Musselwhite integration from Newmont is nearly complete, with a decentralized model established and full transition expected by year-end.

• Aggressive exploration at Musselwhite and Camino Rojo is delivering high-grade results, expanding resources, and confirming up to a 2 km extension potential.

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

Financial highlights

• Q3 2025 revenue was $275 million, with gold production of 79,645 ounces and gold sales of 78,857 ounces; year-to-date revenue reached $679.4 million.

• Net income for Q3 was $49.3 million ($0.15/share); adjusted earnings were $73 million ($0.22/share).

• Cash flow from operations before working capital changes was $113 million; record free cash flow was $93 million.

• Cash balance at quarter-end was $327 million, with total liquidity of $356.9 million and net debt of $93 million.

• All-in sustaining cost (AISC) for Q3 was $1,641/oz; average realized gold price was $3,417/oz.

Outlook and guidance

• 2025 gold production guidance: 265,000–385,000 oz (Camino Rojo: 95,000–105,000 oz; Musselwhite: 170,000–180,000 oz).

• 2025 cash cost guidance: Camino Rojo $900–$1,100/oz, Musselwhite $800–$900/oz; AISC guidance: Camino Rojo $1,000–$1,200/oz, Musselwhite $1,350–$1,550/oz.

• South Railroad Project construction expected to begin mid-2026, with first gold targeted for 2028; updated Feasibility Study expected Q4 2025.

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

• Continued strong production and cost performance expected at Musselwhite and Camino Rojo, with stabilization plan at Camino Rojo on track.