Orla Mining Ltd.

Orla sold just under 82,000 ounces of gold at a realized price net of the gold prepay of $4,575/oz, generating $379 million in revenue. Net income was $75.4 million, or $0.22 per share, and adjusted earnings were $134.7 million, or $0.39 per share. Cash cost was $1,251/oz and all-in sustaining cost was $1,668/oz of gold sold; the company reiterated full-year 2026 AISC guidance of $1,550 to $1,750/oz and gold production guidance of 340,000 to 360,000 ounces. Cash flow from operating activities before noncash working capital was $103.5 million, free cash flow was nearly $63 million, cash was $427 million, and total liquidity was $517 million. Management said the quarter kept them on track for full-year guidance, and the only incremental capital guidance update was an additional $20 million for Camino Rojo exploration decline work in 2026.

Jason Simpson said Q1 established a strong foundation for 2026 and framed the company as operating with strong momentum across both production assets and its growth pipeline. He emphasized that Orla has now delivered permitting progress in Mexico, strong exploration results at Musselwhite, and de-risking at South Railroad, which together support what he called the company’s strongest organic growth pipeline yet. His tone was confident but practical, repeatedly stressing execution, sequencing, and disciplined capital allocation.

Etienne Morin highlighted that the company sold just under 82,000 ounces at $4,575/oz net of the gold prepay, producing $379 million of revenue. He noted consolidated cash cost of $1,251/oz, AISC of $1,668/oz, net income of $75.4 million, adjusted earnings of $134.7 million, operating cash flow before working capital of $103.5 million, and free cash flow of nearly $63 million. He also detailed quarter-end cash of $427 million and liquidity of $517 million, plus notable uses of cash including about $118 million in tax-related payments, $20 million to Newmont, and $35 million of debt repayment, while reiterating the quarterly dividend of $0.015/share.

Analysts focused on Camino Rojo stockpiling and stacking, and management said the mine is back to regular operations, with ore being rebuilt in low-grade stockpiles while reserve-grade material continues to be stacked. Questions also centered on capital timing, with management saying early-year spending is often lumpy and that the guidance should not be annualized from Q1. At South Railroad, management said the record of decision is currently shown as August 8 on the federal website but they are working with the BLM and Department of the Interior to try to pull it forward, while for Musselwhite management said ongoing upside in grade and throughput could eventually support production closer to 300,000 ounces per year, though they want to confirm sustainability before outlining expansion plans.