Orla Mining (OLA) Q4 2025 earnings summary

Executive summary

• Annual gold production more than doubled in 2025, reaching 300,620 oz, driven by the Musselwhite Mine acquisition and operational excellence, with record gold prices boosting cash flow and enabling deleveraging, dividend initiation, and continued growth investment.

• Musselwhite Mine exceeded expectations, achieving six months of uninterrupted ore supply at the highest throughput since 2012, while Camino Rojo overcame a pit wall event and exceeded initial production guidance.

• Major growth projects advanced: field mobilization in Nevada (South Railroad), PEA released for Camino Rojo underground, and key permitting milestones achieved in Mexico.

• Inaugural quarterly dividend of $0.015/share announced in December 2025 and paid in February 2026, reflecting confidence in cash flow and balance sheet strength.

• Enhanced North American presence with diversified asset base in Canada, Mexico, and the US.

Financial highlights

• Q4 2025 revenue reached $378.5 million from sales of just under 93,000 oz of gold at a realized price of $4,025/oz (excluding gold prepay: $4,187/oz); full-year revenue was $1,057.9 million.

• Net income for Q4 was $79.2 million ($0.23/share); adjusted earnings were $143.1 million ($0.42/share).

• Cash flow from operating activities before non-cash changes was $165.4 million; free cash flow was $133.4 million in Q4 and $680.8 million for the year.

• Cash balance at year-end was $420.8 million, with total liquidity of $480.8 million and $385 million in debt.

• Q4 consolidated cash costs: $1,093/oz; all-in sustaining costs: $1,536/oz; full-year AISC: $1,458/oz.

Outlook and guidance

• 2026 gold production guidance: 340,000–360,000 oz at all-in sustaining cost of $1,550–$1,750/oz.

• Capital expenditures for 2026 projected at $430 million, with $215 million for South Carlin Complex and $175 million for Musselwhite.

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

• South Railroad construction to begin after mid-2026 Record of Decision, targeting first gold in 2028.

• Camino Rojo mine plan unchanged for 2026; focus remains on oxide mining and underground portal preparation.