VANCOUVER, BC, March 19, 2026 /CNW/ - Orla Mining Ltd. (TSX:OLA) (NYSE:ORLA) ("Orla" or the "Company") today announces the results for the fourth quarter and year ended December 31, 2025.
(All amounts expressed in U.S. dollars unless otherwise stated)
Fourth Quarter 2025 Summary
Fourth quarter gold production was 95,405 ounces and gold sold was 92,889 ounces. Total annual gold production for 2025 was 300,620 ounces and the Company exceeded its full-year 2025 production guidance (pre-released).
Fourth quarter all-in sustaining cost¹ ("AISC") was $1,536 per ounce of gold sold, while full year AISC was $1,458 per ounce of gold sold, within the guidance range of $1,350 to $1,550 per ounce of gold sold.
Net income for the fourth quarter was $79.2 million or $0.23 per share
Adjusted earnings1 for the fourth quarter were $143.1 million or $0.42 per share.
Cash flow from operating activities before changes in non-cash working capital was $165.4 million while free cash flow1 was $133.4 million, during the fourth quarter.
Exploration and project expenditure1 was $43.9 million during the quarter, of which $12.3 million was expensed and $31.6 million was capitalized.
Musselwhite exploration results confirmed high grade mineralization extending two kilometres beyond current operations, strengthening confidence in significant resource growth potential and extended mine life.
The Company ended the year with $420.8 million in cash and $385.0 million in face value of debt, resulting in $35.8 million in net cash1 and $480.8 million in liquidity1. Subsequent to year end, the Company repaid an additional $30.0 million towards its revolving credit facility.
In late 2025, the Company announced an inaugural quarterly dividend of US$0.015, which was paid in February 2026.
Other Recent News
In January 2026, the Company announced the results of the updated Feasibility Study for the South Railroad Project in Nevada, along with Board approval for spending on detailed engineering, procurement, and project execution in advance of mid-2026 construction start upon permit receipt.
In February 2026, the Company announced a positive Preliminary Economic Assessment ("PEA") evaluating the potential for a stand-alone underground development beneath the existing Camino Rojo open pit, outlining a pathway to a larger-scale, long-life underground mining operation and processing facility in Zacatecas, Mexico.
Subsequent to year end 2025, Orla received the required approvals and permits from the Mexican Environmental Department ("SEMARNAT"), including the Environmental impact assessment (Manifestación de Impacto Ambiental, "MIA") and the Change of Land Use ("CUS") for the remaining expansion of the Camino Rojo oxide heap leach open-pit operations and for the development of an underground exploration decline. The approval of the MIA is conditional upon Orla meeting certain customary conditions and standard requirements.
[1] Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release.
"2025 was a pivotal year for Orla as we successfully integrated Musselwhite into our growing platform. The mine is already contributing meaningfully to our production and cash flow. Orla's initial exploration results have been highly encouraging, supporting near‑term reserve and resource growth and the potential for significant mine life extension.
Camino Rojo proved resilient despite an operational setback, and with the advancement of the sulphide underground project, we see a long and productive future ahead in Mexico. In Nevada, we are preparing for a mid-year construction start, marking the next step in unlocking value from our third mine.
I'm proud of the team's financial discipline, strong safety and environmental performance, and the solid foundation we've built for growing value creation."
- Jason Simpson, President and Chief Executive Officer of Orla
Financial and Operations Update
Table 1: Financial and Operating Highlights
Operating
Q4 2025
FY 2025
Consolidated
Total Gold Produced
oz
95,405
300,620
Total Gold Sold
oz
92,889
297,013
Average Realized Gold Price2
$/oz
$
4,025
$
3,485
Cash Cost per Ounce2,3
$/oz
$
1,093
$
1,061
All-in Sustaining Cost per Ounce2,3
$/oz
$
1,536
$
1,458
Musselwhite, Canada1
Ore Milled
tonnes
361,407
1,089,896
Milled Ore Gold Head Grade
g/t
6.77
6.04
Gold Produced
oz
75,818
203,856
Gold Sold
oz
73,910
198,970
Camino Rojo, Mexico
Ore Stacked
tonnes
1,862,807
8,938,173
Stacked Ore Gold Grade
g/t
0.47
0.54
Gold Produced
oz
19,587
96,764
Gold Sold
oz
18,979
98,043
Financial
Revenue
$m
$
378.5
$
1,057.9
Cost of Sales, Operating Cost
$m
$
94.0
$
319.2
Net Income
$m
$
79.2
$
106.9
Adjusted Earnings2
$m
$
143.1
$
318.9
Earnings per Share, basic
$/sh
$
0.23
$
0.33
Adjusted Earnings per Share, basic2
$/sh
$
0.42
$
0.97
Cash Flow from Operating Activities before Changes in Non-Cash Working Capital
$m
$
165.4
$
782.4
Free Cash Flow2
$m
$
133.4
$
680.8
Financial Position
Dec 31, 2025
Dec 31, 2024
Cash and Cash Equivalents
$m
$
420.8
$
326.9
Net Cash (Net Debt)2
$m
$
35.8
$
(93.1)
1 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures (excluding cash cost and AISC) are provided from March 1, 2025 onwards.
2 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this news release.
3 Cash cost and AISC on a year-to-date basis for 2025 include the impact of the Musselwhite Mine as of April 1, 2025 onwards. Refer to "Non-GAAP Measures" for further discussion.
2025 Guidance Comparison
A comparison of this revised guidance versus actual is provided below. As the acquisition of Musselwhite closed on February 28, 2025, figures in the table below include ten (10) months of production and expenditures for Musselwhite. However, cash cost and AISC include nine (9) months of production and costs.
2025 Revised Guidance
2025 Actual
Gold Production
oz
265,000, 285,000
300,620
Total Cash Cost 1 (net of by-product)
$/oz Au sold
$900, $1,100
$1,061
AISC 1,2.3
$/oz Au sold
$1,350, $1,550
$1,458
Capital Expenditures 2
$ million
130.0
122.3
Sustaining Capital Expenditures
$ million
95.0
79.0
Musselwhite
90.0
72.0
Camino Rojo
5.0
7.0
Non-Sustaining Capital Expenditures
$ million
35.0
43.3
Musselwhite
18.0
23.4
Camino Rojo
7.0
9.7
South Carlin, capital projects
10.0
10.2
Exploration & Project Development (expensed)2
$ million
43.0
37.6
Musselwhite
7.0
4.7
Camino Rojo
9.0
7.4
South Carlin, exploration expense
15.0
14.7
South Carlin, project development
12.0
10.8
Corporate G&A (including share-based comp.)
$ million
33.0
55.6
1
Cash cost and AISC include nine (9) months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. See section V -- NON-GAAP MEASURES of this MD&A for additional information.
2
Exchange rates used to forecast cost metrics in the guidance include USD/MXN of 18.0 and USD/CAD of 1.33.
3
Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Refer to the Non-GAAP section for further detail.
Fourth Quarter 2025 Consolidated Summary
Gold produced during the quarter totaled 95,405 ounces, with a notable contribution from the Musselwhite Mine. Gold sold during the quarter totaled 92,889 ounces, also a quarterly record. Consolidated cash costs and AISC totaled $1,093 and $1,536 per ounce of gold sold, respectively.
Musselwhite
During the quarter, Musselwhite mined 370,622 tonnes of ore and processed 361,407 tonnes at a mill head grade of 6.77 g/t gold. Gold recovery rates of 95.7% resulted in gold production of 75,818 ounces. Gold sold during the quarter was 73,910 ounces.
December ended with six consecutive months of consistent ore supply to the mill from the mine at an average milling rate of approximately 3,800 tonnes per day, something that has not been achieved in many years at Musselwhite.
Main ramp development was extended to the next level in the PQ zone providing another mining horizon in that zone with additional operational flexibility.
Development in the 1080 exploration ramp continued to advance in preparation of the arrival of several additional underground diamond drills in the first quarter of 2026. The additional drills will be used to accelerate efforts to upgrade mineralization extensions in the PQ zone.
Lateral development metres in the quarter totalled 3,338 metres. Lateral development allows access to mining horizons for existing reserves and provides additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories. During the quarter, lateral development amounted to $53.8 million of which $35.9 million was expensed and $17.9 million was capitalized.
Sustaining capex was $27.2 million, mostly driven by underground development, new mobile mining equipment, and PQ Extension.
At December 31, 2025, the Musselwhite Mine Mineral Resource increased favourably year-over-year. Measured and Indicated Resources totalled 7.67 million tonnes at 3.52 g/t Au for 0.87 million ounces (Measured: 2.3 Mt at 4.02 g/t, Indicated: 5.4 Mt at 3.31 g/t), compared with 3.79 million tonnes at 4.15 g/t Au for 0.51 million ounces at year-end 2024 (Measured: 1.5 Mt at 4.21 g/t, Indicated 2.3 Mt at 4.10 g/t). Inferred resources increased to 11.90 million tonnes at 3.71 g/t Au for 1.42 million ounces from 1.86 million tonnes at 4.99 g/t Au for 0.30 million ounces in the prior year. Proven and Probable Mineral Reserves remained stable, successfully replacing annual depletion, with 8.72 million tonnes at 5.18 g/t Au for 1.45 million ounces as of December 31, 2025 (Proven: 4.2 Mt at 5.76 g/t, Probable: 4.5 Mt at 4.64 g/t). See the Company's annual information form dated March 19, 2026 for additional information.
Camino Rojo Operations Summary
The Camino Rojo Oxide Gold Mine produced 19,587 ounces of gold in the fourth quarter of 2025.
During the quarter, Camino Rojo mined nearly 1.8 million tonnes of ore and nearly 2.7 million tonnes of waste, for an implied strip ratio of 1.52. This higher strip ratio was a result of the pit wall event that occurred in July 2025. As stabilization activities continued through the second half of 2026, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher-than-normal strip ratio.
During the quarter, a total of 1.9 million tonnes of ore grading an average of 0.47 g/t gold were placed on the heap leach pad. This included material from low-grade stockpiles that was stacked while mining activities were ramping back up to full capacity following the pit wall event in late July. Gold sold during the quarter totaled 18,979 ounces and sustaining capital totaled $1.5 million.
Subsequent to the year end, the Mexican Federal Environmental Department ("SEMARNAT") approved the Company's Environmental Impact Statement ("Manifestación de Impacto Ambiental" or "MIA") for the expansion of the Camino Rojo Oxide Mine. This approval, together with the Change of Land Use authorization which has also been received, provides the permits required to mine the remainder of the oxide open pit, including the layback area to the north. The MIA also permits construction of an exploration decline to support continued advancement of the Camino Rojo Underground project. This milestone provides operating flexibility at Camino Rojo and supports both oxide mine optimization and underground development. The approval of the MIA is conditional upon Orla meeting certain customary conditions and standard requirements.
Project and Exploration Summary
During the quarter, exploration focused on drilling activities at Musselwhite in Canada, Camino Rojo in Mexico, and the South Carlin Complex (including the South Railroad Project) in Nevada. For the fourth quarter, a total of 26,753 metres were drilled, with 16,146 metres at Musselwhite, 4,623 metres in Mexico, and 5,984 metres in Nevada. Project development activities during the period focused on advancing permitting efforts and feasibility study update for the South Railroad Project in Nevada and progressing the preliminary economic assessment for the underground sulphide project at Camino Rojo.
Musselwhite, Ontario:
The 2025 exploration program at Musselwhite advanced through the fourth quarter with a focus on: (1) deep directional drilling along the Mine Trend, (2) ongoing underground drilling for reserve and resource growth and definition, and (3) near-mine surface drilling. Results received during the quarter and throughout 2025 confirmed the continuity of geology and gold mineralization up to two kilometres beyond current operations. Underground drilling intersected high-grade mineralization in the upper and lower mine areas across the Redwings, Lynx, West Limb, and PQ Extension zones, while near-mine surface exploration returned shallow, encouraging mineralization from early-stage targets.
The deep directional drilling program continued to evaluate the down-plunge extension of the Mine Trend, with a total of 12,553 metres completed during the year. Results received during the fourth quarter confirmed continuity of gold mineralization two kilometres from current operations and indicate the potential for stacked mineralized zones, with an upper horizon interpreted as the Lynx zone and a lower horizon interpreted as the PQ zone. Drilling completed to date is interpreted to have been drilled above the PQ Extension horizon. This interpretation of stacked mineralized zones at depth remains under evaluation, with further drilling planned through 2026 to test the continuity, geometry and grade distribution of both zones.
Underground exploration drilling continued throughout 2025 and into year-end, focused on reserve replacement, resource expansion, and inventory definition within Lynx, Redwings, West Limb, and PQ Extensions zones. Results returned multiple high‑grade intersections, supporting production and growth, and contributed to improved geological confidence in near-term production areas. A total of 32,131 metres of underground exploration drilling was completed during the year, and the program will continue in 2026 with six underground drill rigs.
The initial near-mine surface drilling program was completed in October 2025 and returned shallow gold mineralization across multiple targets, including a ...
