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What were the key takeaways from Orla Mining's earnings call?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ORLA

ORLA fundamentals

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