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- **Production Milestones**: 2025 gold production doubled to 340,000+ ounces, driven by Musselwhite's 76,000 oz/Q4 and Camino Rojo's 19,587 oz/Q4.
- **Project Catalysts**: South Carlin construction to begin in 2026, Camino Rojo underground PEA confirms 220,000 oz/yr potential, and Musselwhite deep drilling extends resource life.
- **Financial Strength**: $421M cash balance supports self-funding of $395M South Carlin build, with first dividend paid in Q1 2026.
- **Operational Excellence**: Musselwhite achieves 95.65% recovery rate, Camino Rojo oxide mill processes 2.7M tons of ore in Q4, and South Carlin engineering 38% complete.
- **Sustainability Focus**: $6.6M Indigenous partnership, community infrastructure investments, and environmental stewardship programs highlight long-term stakeholder alignment.

**【CEO Summary Section】**
- Orla Mining achieved a 15% year-over-year increase in annual gold production, driven by the acquisition and successful integration of the Musselwhite mine.
- The company generated significant cash flow in 2025, enabling debt reduction, dividend initiation, and reinvestment in growth projects.
- Operational excellence at Musselwhite resulted in six consecutive months of uninterrupted ore supply, averaging 3,800 tons per day, a record not seen since 2012.
- The Camino Rojo underground project PEA highlights potential for doubling annual production to 220,000 ounces over 10 years, with resource upside in Zone 22.
- South Carlin project in Nevada is on track for first gold production in 2028, with a feasibility study confirming an NPV of $1.7 billion at a $4,500/oz gold price.

**【COO Operational Update】**
- Musselwhite processed 361,000 tons of ore in Q4 2025, achieving a mill grade of 6.77 g/t and producing 76,000 ounces of gold.
- Camino Rojo oxide mine produced 19,587 ounces in Q4, despite a higher strip ratio due to pit wall stabilization activities.
- The Camino Rojo underground PEA outlines a 10-year production profile of 220,000+ ounces annually, with metallurgical recoveries exceeding 90%.
- South Carlin project engineering is 38% complete, with key long-lead equipment orders placed and construction sequencing validated.

**【CFO Financial Performance】**
- Q4 2025 revenue was $378 million, with adjusted EBITDA of $143 million and free cash flow of $133 million.
- Cash costs and all-in sustaining costs were $1,093/oz and $1,536/oz, respectively, supported by strong operational performance.
- Year-end cash balance of $421 million provides liquidity for South Carlin construction and Camino Rojo underground development.
- First quarterly dividend of $0.05/share was paid in February 2026, marking a new phase of capital return.

**【Exploration & Project Development】**
- Musselwhite deep drilling confirmed mineralization 2 km below current operations, with high-grade intersections in the PQ Deeps and Red Wings zones.
- Camino Rojo underground program completed 22,000 meters of drilling in 2025, supporting the PEA and upcoming pre-feasibility study.
- South Carlin exploration identified new oxide targets (Spike, Fall Drop) with potential for pit extensions beyond current reserves.
- 2026 exploration budget of $50 million will focus on resource expansion at Musselwhite and Camino Rojo.

**【Sustainability & Community Engagement】**
- $6.6 million partnership with Newmont and First Nations LP to fund STEM/trades training and land-based learning programs.
- Renewed social responsibility agreements at Camino Rojo, including infrastructure investments in local ejido communities.
- ProABC environmental education program expanded in Q4, with community-led ecological studies and livelihood initiatives.
- Nevada partnerships with Great Basin College to support workforce development and community education programs.

**【Q&A Highlights】**
- Camino Rojo mine plan for 2026 remains unchanged, with focus on oxide pit stripping and underground portal preparation.
- South Carlin construction mobilization expected post-Q3 2026 Record of Decision, with early earthworks and equipment deliveries.
- $200 million 2026 capital allocation for South Carlin is contingent on permit approval; spending may accelerate if RoD is advanced.
- Musselwhite material handling system improvements to be studied in 2026, with potential solutions for deeper ore extraction costs.
- Camino Rojo underground exploration decline expected to begin in H2 2026, subject to board approval and regulatory permits.

Orla Mining Ltd (ORLA) Q4 2025 Earnings Call Transcript

- **Operational Strength**: Musselwhite delivered 58,000 oz with 95.3% recovery, despite Camino Rojo pit wall challenges.
- **Financial Resilience**: $270M revenue, $49.3M net income, $357M liquidity.
- **Growth Catalysts**: South Railroad permitting on track for 2028 first gold, South Carlin exploration expansion.
- **Cost Management**: Transitioning away from Newmont infrastructure reduces costs.
- **Shareholder Focus**: Exploring dividend as gold price stability persists.

**【Management Opening Remarks】**
- Andrew Bradbury, Vice President of Investor Relations, introduced the call and emphasized forward-looking statements. CEO Jason Simpson highlighted operational resilience despite challenges, including a pit wall event at Camino Rojo and ongoing South Railroad permitting progress.

**【CEO Commentary】**
- **Musselwhite Mine**: Record gold production and cash flow driven by 326,000 tons mined, 95.3% recovery rates, and 58,000 ounces produced. Expansion projects include underground equipment upgrades and mine life extension.
- **Camino Rojo**: Operational continuity post-pit wall stabilization, with 22,059 ounces produced from stockpiles.
- **South Railroad**: Nevada project nearing construction readiness, with BLM permitting on track for Q2 2026 and first gold targeted for 2028.

**【CFO Financial Commentary】**
- **Revenue**: $270 million from 79,000 ounces sold at $3,417/oz, including $270 million prepay impact.
- **Net Income**: $49.3 million ($0.15/share), with adjusted earnings of $73 million ($0.22/share).
- **Liquidity**: $357 million cash and credit facility, with $30 million debt repayment post-quarter end.
- **Capital Allocation**: Balancing growth projects, exploration, and potential shareholder returns.

**【Q&A Highlights】**
- **Musselwhite Costs**: Q4 cost relief expected as Newmont transition completes, but Camino Rojo strip ratio challenges persist.
- **South Railroad**: FAST-41 project status accelerates permitting, with Department of Interior oversight.
- **Camino Rojo**: Underground exploration drift permit pending, with community support.
- **Capital Strategy**: Gold price stability supports debt repayment acceleration and potential dividend initiation.


Orla Mining Ltd (ORLA) Q3 2025 Earnings Call Transcript

- **Production Impact**: Camino Rojo guidance reduced by 15% (110k-120k → 95k-105k oz) due to material movement event, deferred 250k oz to 2025-2026.
- **Financial Strength**: Record Q2 revenue ($264M) and cash balance ($215M) support debt reduction and South Railroad construction.
- **Exploration Growth**: Zone 22 drilling expands to 20,000m, with high-grade results; Camino Rojo underground resource doubles to 4.2M oz.
- **Sustainability Progress**: 2024 report highlights low environmental impact and community engagement, with permitting on track in Mexico.
- **Musselwhite Outlook**: 2026 cost target ($1,300-1,500/oz) and grade stability (6.9g/t annual) support long-term profitability.

**【CEO Opening Remarks】**
- Acquired Musselwhite mine, achieving first full quarter of production (53,000 oz) and driving record quarterly production of 79,000 oz.
- Camino Rojo experienced a material movement event (390,000 tonnes) on July 23, leading to revised 2025 guidance: 95,000-105,000 oz (prev. 110,000-120,000 oz) at higher costs ($800-900 cash vs. $625-725).
- Deferred 250,000 oz of production from the north wall, which will be processed over 2025-2026.
- Updated consolidated guidance: 265,000-285,000 oz (prev. 280,000-300,000 oz) at $900-1,100 cash cost.
- Zone 22 exploration returned high-grade intersections, with plans for a 2026 PEA.

**【CFO Financial Commentary】**
- Q2 revenue: $264M (79,000 oz sold at $3,251/oz).
- Cash costs: $1,065/oz; all-in sustaining costs: $1,421/oz.
- Net income: $48M ($0.15/share); adjusted net earnings: $64M ($0.20/share).
- Operating cash flow: $103M; capital expenditures: $25.5M (including $6.4M exploration).
- Repaid $30M debt, reducing net debt to $205M; cash balance: $215M.

**【Exploration Update】**
- Camino Rojo underground resource: 4.2M measured/indicated (0.74g/t) and 0.42M inferred (0.68g/t) gold eq. oz.
- Zone 22 infill drill program expanded to 20,000m in 2025, with high-grade results (e.g., 1.2m @ 1.2g/t Au).
- Canada: 4 underground and 4 surface drill rigs active; Mexico: regional exploration initiated.
- Nevada: 3 drill rigs testing extensions and new targets.

**【Sustainability Update】**
- Published 2024 sustainability report, highlighting Scope 3 emissions assessment and low environmental impact at Camino Rojo.
- Community initiatives: poultry farm project, indigenous cultural ceremonies, and local hiring (100+ new hires at Musselwhite).
- Engaging with regulators in Mexico and Nevada; expect Camino Rojo permit resolution late 2025.

**【Q&A Highlights】**
- Camino Rojo: 9M tonnes of north wall material will be processed over 2025-2026, with no loss of ore. Permitting for larger layback on track for late 2025.
- Musselwhite: Cost improvement expected in 2026 ($1,300-1,500/oz); grade fluctuations (+/-5%) normal due to stoping sequence, with 6.9g/t annual target for 2026.
- South Railroad: Engineering underway, with construction expected Q4 2027 and production 2028.


Orla Mining Ltd. (ORLA) Q2 2025 Earnings Call Transcript

- **Record Q1 Production**: 46,000 oz sold (including 1 month of Musselwhite) at $2,915/oz, driving $141M revenue.
- **Updated Guidance**: 280,000-300,000 oz annual target with $175M capital allocation (66% for Musselwhite).
- **Cost Efficiency**: Camino Rojo AISC $700-800/oz; Musselwhite AISC $1,550-1,750/oz from April.
- **Growth Catalysts**: 24-month exploration plan at Musselwhite, South Railroad permitting progress, and Camino Rojo sulfides resource update.
- **Financial Position**: $184M cash, $266M net debt; targeting deleverage with strong cash flow generation.

**【CEO Opening Remarks】**
- Q1 2025 highlights: Record gold production driven by Camino Rojo's low-cost performance and first month of Musselwhite operations.
- Updated 2025 guidance: 280,000-300,000 oz gold production (Musselwhite contributing 170,000-180,000 oz from March-Dec) with consolidated cash costs $850-1,050/oz.
- $175M total capital allocation for 2025, including $115M for Musselwhite mine life extension and exploration.

**【COO Operational Update】**
- Camino Rojo: Q1 production 30,000 oz (on track for 110,000-120,000 oz annual target) with strip ratio 1.48 and stacking rate 18,600 t/day.
- Musselwhite: March production 18,000 oz (mill throughput 3,360 t/day, 95.7% recovery rate) with cost guidance for April-Dec: $1,000-1,200/oz cash cost, $1,550-1,750/oz AISC.
- South Railroad Project: Targeting mid-2026 Record of Decision for permitting, with water rights acquisition underway.

**【CFO Financial Results】**
- Q1 revenue: $141M (46,000 oz sold at $2,915/oz), including 1 month of Musselwhite sales.
- Costs: Cash cost $597/oz, AISC $845/oz (excluding Musselwhite due to acquisition timing).
- Net loss: $70M ($0.22/share) driven by financial instrument adjustments; adjusted net earnings $38.6M ($0.12/share).
- Cash flow: $401M from operations (prepay proceeds offsetting no cash from sales).
- Debt: $450M outstanding, net debt $266M; cash balance $184M.

**【Exploration & Sustainability Updates】**
- Exploration: $55M allocated for 2025 (25% at Musselwhite), with underground drilling starting in Q2.
- Camino Rojo Sulfides: 15,000m infill drill program on track for Q3 completion; underground resource update expected Q2.
- ESG: Modern slavery report filed; community engagement at Musselwhite and Camino Rojo ongoing.

**【Q&A Key Takeaways】**
- Capital allocation: 2025 capital spend ($175M) includes $115M for Musselwhite (vs. $57M in prior technical report), with similar exploration spend expected in 2026.
- Permitting outlook: Mexico expansion permit expected Q2; U.S. admin support for critical minerals (including gold) may accelerate South Railroad timeline.
- Mine life extension: 24-month exploration plan at Musselwhite targeting orebody extensions beyond 2030.

Orla Mining Ltd. (ORLA) Q1 2025 Earnings Call Transcript

- **Production Milestones**: 2024 full-year production of 137,000 ounces, with 2025 guidance of 110,000-120,000 ounces at Camino Rojo. 
- **Strategic Expansion**: Musselwhite acquisition doubles production capacity, with South Railroad set for 2027 start. 
- **Cost Efficiency**: All-in sustaining cost of $805/oz in 2024, leveraging Newmont's prior investments for cost savings. 
- **ESG Excellence**: Above-industry ESG ratings and community-focused initiatives. 
- **Project Timelines**: South Railroad permitting on track for 2026 decision, Camino Rojo sulfide resource update in Q2. 


**【CEO Summary Section】**
- **Record Production and Acquisition**: Q4 2024 saw Camino Rojo produce 27,000 ounces of gold, with full-year production reaching 137,000 ounces. The acquisition of the Musselwhite Mine in Ontario is expected to more than double Orla's production capacity. 
- **2025 Guidance**: Preliminary 2025 production guidance for Camino Rojo is 110,000-120,000 ounces, with updated guidance including Musselwhite to be provided in Q2. 
- **Growth Projects**: South Railroad project in Nevada is on track for first production in 2027, with construction planning and engineering underway. Exploration at Camino Rojo's sulfide deposit and Nevada's South Carlin complex are key growth drivers.

**【COO Operational Update】**
- **Mexico Operations**: Q4 2024 strip ratio of 1.54 and mining of 1.8 million tonnes, with 2024 full-year production meeting guidance. Permitting for Camino Rojo's expansion is expected to be resolved in 2025. 
- **Nevada Progress**: South Railroad permitting is advancing, with a notice of intent expected mid-2025 and record of decision by mid-2026. EPCM contract awarded to M3 Engineering for construction planning. 
- **Musselwhite Integration**: Focus on cost reductions through Newmont's prior investments and operational synergies. 

**【CFO Financial Highlights】**
- **Q4 Financials**: Revenue of $93 million, all-in sustaining cost of $826/oz (full-year $805/oz), net earnings of $26.1 million, and free cash flow of $39 million. 
- **Musselwhite Funding**: $810 million acquisition funded via $250M bank debt, $200M convertible notes, and a $360M gold prepay facility. Debt repayment achieved a debt-free status post-acquisition. 
- **Cost Efficiency**: Strong cash generation and focus on deleveraging over three years. 

**【Exploration and Sustainability】**
- **Exploration Success**: Camino Rojo's Zone 22 drilling extended mineralization, and Nevada's South Carlin complex showed resource growth potential. 
- **ESG Performance**: Improved ESG ratings from Scotiabank and S&P Global, with community engagement and environmental initiatives highlighted. 

**【Q&A Highlights】**
- **Musselwhite Cost Savings**: Expect cost reductions through Newmont's prior investments and operational improvements, with updated guidance in Q2. 
- **Permitting Timelines**: Mexico's MIA permit expected in 2025, South Railroad record of decision by mid-2026. 
- **Project Milestones**: South Railroad construction to begin in 2026, targeting 2027 production. 


Actual	-0.0216	-0.05	0	-0.04	-0.02	0.08	0.04	0.02	0.07	0.04	0.05	0.02	0.05	0.05	0.07	0.06	0.07	0.12	0.2	0.22	0.42
Forecast	-0.0118	-0.0132	-0.0104	-0.0227	-0.0155	0.0387	0.0507	0.0574	0.0389	0.02	0.048	0.0458	0.0259	0.0427	0.0637	0.0661	0.0688	0.0938	0.1994	0.2078	0.3294
Surprise	-83.05%	-278.79%	+100.00%	-76.21%	-29.03%	+106.72%	-21.10%	-65.16%	+79.95%	+100.00%	+4.17%	-56.33%	+93.05%	+17.10%	+9.89%	-9.23%	+1.74%	+27.93%	+0.30%	+5.87%	+27.50%

ORLA

ORLA fundamentals

ORLA Q4 2025 Earnings

Earnings Call

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ORLA

ORLA fundamentals

ORLA Q4 2025 Earnings

Earnings Call

ORLA Earnings Call Summary for Q4/202510:00 AM on Mar 20, 2026

ORLA Earnings Call Summary for Q3/202510:00 AM on Nov 12, 2025

ORLA Earnings Call Summary for Q2/202510:00 AM on Aug 12, 2025

ORLA Earnings Call Summary for Q1/2025Invalid Date on May 12, 2025

ORLA Earnings Call Summary for Q4/2024Invalid Date on Mar 19, 2025

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