Orla Mining Reports Fourth Quarter 2024 Financial Results
Continued Operating Outperformance and Musselwhite Addition Provides Momentum for Catalyst-Rich 2025
Vancouver, BC – March 18, 2025 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) today announces the results for the fourth quarter and year ended December 31, 2024.
(All amounts expressed in U.S. dollars unless otherwise stated)
Fourth Quarter 2024 Highlights
Fourth quarter gold production was 26,531 ounces and gold sold was 33,288 ounces. Total annual gold production for 2024 was 136,748 ounces and the Company achieved its improved full-year 2024 production guidance range of 130,000 to 140,000 ounces (pre-released).
Fourth quarter all-in sustaining cost¹ (“AISC”) was $826 per ounce of gold sold, while full year AISC was $805 per ounce of gold sold, at the low end of the improved guidance range of $800 to $900 per ounce of gold sold.
Net income for the fourth quarter was $26.1 million or $0.08 per share.
Adjusted earnings¹ for the fourth quarter were $22.0 million or $0.07 per share.
Fourth quarter operating profit margin² of 64%, and net profit margin³ of 28%.
Cash flow from operating activities before changes in non-cash working capital during the fourth quarter was $46.0 million.
Exploration and project expenditure1 was $12.2 million during the quarter, of which $2.6 million was capitalized and $9.6 million was expensed.
On November 18, 2024, the Company announced the acquisition of the Musselwhite Mine in Ontario, Canada for $810 million plus $40 million in contingent consideration. The addition of the producing Musselwhite Mine more than doubles Orla’s gold production and enhances the Company’s North American platform. The acquisition closed on February 28, 2025. Updated guidance inclusive of Musselwhite will be provided in the second quarter of 2025.
During the quarter, the Company repaid the entirety of the outstanding balance on its revolving credit facility totalling $58.4 million and ended 2024 with a cash balance $161 million and no debt.
“2024 marked a pivotal year for Orla, with record production from Camino Rojo and the addition of the Musselwhite Mine expanding our footprint into Canada. While detailed guidance will be provided in the second quarter, we expect that adding Musselwhite production will more than double 2024 production. We intend to continue to invest in growth and exploration across the entire portfolio.”
– Jason Simpson, President and Chief Executive Officer of Orla
...
orlamining.com/news/...fourth-quarter-2024-financial-results/