Orla Mining (OLA) Q3 2025 earnings summary

Executive summary

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

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

• Advanced growth projects: Musselwhite resource extension, Camino Rojo underground PEA underway, and South Railroad progressing toward construction.

• Maintained robust stakeholder engagement and ESG initiatives, including a $6.6M fund with First Nations partners.

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

Financial highlights

• Q3 2025 revenue reached $275 million, with gold production of 79,645–80,000 ounces and gold sales of 78,857–79,000 ounces.

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

• Operating cash flow for Q3 was $113 million, with record free cash flow of $93 million.

• Cash balance at quarter-end was $326.9–$327 million; total liquidity $356.9–$357 million; net debt $93–$93.1 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: Camino Rojo $1,000–$1,200/oz, Musselwhite $1,350–$1,550/oz.

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

• South Railroad construction expected to begin mid-2026 after permitting, with first gold targeted for 2028.

• Exploration and project updates for South Carlin Complex and Musselwhite expected in coming quarters.