Mining Review 4th February 2024

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Cabral Gold, i-80 Gold, and Orla Mining all reported strong drilling results this week. 

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i-80 Gold – Ruby Hill, Nevada

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City Investors Circle Mining Review 4th February 2024

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Gold remained above the key $2,000 level despite the hawkish interest rate comments. This was probably helped by the US announced intention to bomb targets in the Middle East, which eventually occurred on Friday night, after days of announcing their intention to do so.

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Turning to companies on our watchlists, there were some positive drill results from Cabral Gold, i-80 Gold, and Orla Mining reported during the week.

One disappointment was the results from Gold Road Resources  where production for the year was at the low end of guidance, and AISC higher. This resulted in a share pullback, and a share that was trading at just above A$2 on the 29th December is now back at A$1.51!

This is really disappointing after waiting so long for GOR to break through the A$2 resistance level, and one reason why I was opposed to them commencing dividend payments.

The guidance for 2024 is around the same so despite such as strong gold price the share price looks as though it will settle down at this lower level once again, and it’s incredibly disappointing.

On the plus side, despite paying the dividend they have a strong treasury and significant investments in IGO and De Grey, amongst others, so the company looks healthy moving forward.

All the news form the last week for our watchlist companies is listed below, click the links to be taken to the full story.

Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Cabral Gold  (TSX.V: CBR)

Announced drill results from a further eight RC holes from the Central gold deposit located within the Cuiú Cuiú gold district in northern Brazil.

The highlight was hole RC368 which returned 10m @ 10.5 g/t gold from 67m in fresh rock.

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Cabral Gold pit at Cuiú Cuiú

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Cabral Gold Drills 10m @ 10.5 g/t Gold Including 1m @ 63.6 g/t Gold at the Central Gold Deposit, Cuiú Cuiú Gold District, Brazil

Gold Road Resources (ASX: GOR)

Reported their Quarterly activities report for December 2023, and the shares sold off in the subsequent market as investors registered their disappointment.

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Gold Road Resources Gruyere Gold Mine at night

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Gold Road December Quarter Results Disappoint the Market

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DECEMBER 2023 QUARTERLY REPORT

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Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company), presents its activity report for the quarter ending 31 December 2023.

Production is from the Gruyere Gold Mine (Gruyere), a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd Group (Gold Fields), which operates Gruyere.

During the December 2023 quarter, Gruyere delivered quarterly gold production of 74,659 ounces (100% basis) (September quarter: 88,668 ounces).

Production was delivered at an All-in-Sustaining Cost (AISC) of A$1,973 per
attributable ounce to Gold Road (September quarter: A$1,682 per ounce).

Gruyere has now achieved over 1,000 days LTI free. The combined 12-month moving average Lost Time Injury Frequency Rate (LTIFR) for Gruyere (50% attributable) and Gold Road was 1.90 on 31 December 2023.

HIGHLIGHTS

Production and Guidance
 Gruyere produced 74,659 ounces of gold (100% basis) at an AISC of A$1,973 per
attributable ounce during the December 2023 quarter (September quarter: 88,668 ounces at an AISC of A$1,682 per attributable ounce).
 Quarterly production was lower quarter on quarter due to delays accessing higher grade ore from the open pit. Labour availability impacted the ore mining rate.
 2023 annual production from Gruyere was 321,984 ounces, delivering at the lower end of annual guidance of between 320,000 – 350,000 ounces. Gold Road’s attributable 160,992 ounces of production was delivered at an attributable AISC of A$1,662 per ounce falling just outside of guidance of between A$1,540 to A$1,660 per attributable ounce.
 2024 annual production is guided at between 300,000 and 335,000 ounces (150,000 to 167,500 ounces attributable) at an attributable AISC of between A$1,900 and A$2,050 per ounce.

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Financial and Corporate

 Gold Road’s gold sales totalled 37,037 ounces at an average sales price of A$3,040 per ounce. Gold doré and bullion on hand on 31 December 2023 was 1,989 ounces. Gold Road continues to be unhedged and 100% exposed to the spot gold price.
 Gold Road’s attributable operating cash flow from Gruyere for the quarter was
$69.6 million (September quarter: $93.5 million).
 Free cash flow was $13.8 million for the quarter (September quarter: $51.7 million).
 Gold Road’s Corporate All-In Cost (CAIC) which includes growth capital, corporate and exploration costs was A$2,390 per ounce for the December 2023 quarter.
 Cash and equivalents 2 decreased to approximately $149.9 million (September quarter:
$209.3 million) with no debt drawn, following investments and a dividend payment totalling $74.3 million during the quarter.
 As at 31 December 2023, Gold Road held listed investments with a market value of approximately $465 million
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 During 2023, Gold Road’s attributable Mineral Resources of 4.50 million ounces and attributable Ore Reserves of 1.83 million ounces decreased by 0.29 million ounces and 0.19 million ounces respectively, largely as a result of mining depletion.

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Discovery

 At Mallina (Gold Road 100%) a diamond drilling program was completed, intersecting encouraging geology and associated gold results. An airborne magnetic survey and a geological mapping campaign were also completed.

To read the full news release, please click HERE

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City Investors Circle

The Market Review for January 2024 has been published, featuring the severe drop in prices of Lithium and other battery metals and possible reasons why.

O3 Mining is the featured company, and there are significant  news snippets from our watchlist companies.

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New construction taking place at Cornish Metals’ South Crofty Mine in Cornwall.

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City Investors Circle Market review for January 2024 has been published.

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The Market Review for January 2024  has been published, featuring the severe drop in prices of Lithium and other battery metals, and possible reasons why.

O3 Mining is the featured company, and there are significant  news snippets from our watchlist companies, Colonial Coal, G Mining Ventures, and Orla Mining.

We have added Angus Gold to our Tier 4 early stage exploration company watchlist due to the proximity to other producing gold mines in Val D’Or, and the impressive shareholder register for a junior.

Select news snippets of significance included news from Calidus resources, Cornish Metals, i-80 Gold, and Karora Resources.

To read the Market Review for January 2024 please click HERE

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To subscribe to our free monthly newsletter and to receive invotations to our free to attend company preentations, please email andrew@city-investors-circle.com

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Uranium Energy Corp. (NYSE: UEC)

CEO Amir Adnani is interviewed by Kitco on the dynamics of the uranium market moving into 2024, and the anticipated supply shortages, and why.

This is a must view for those interested in the uranium sector.

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Uranium Energy Corp. – Christensen Ranch, Wyoming

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Uranium Energy Corp. CEO Adnani Interviewed on the Uranium Market

Uranium Energy Corp. (NYSE: UEC)

CEO Amir Adnani is interviewed by Kitco on the dynamics of the uranium market moving into 2024, and the anticipated supply shortages, and why.

This is a must view for those interested in the uranium sector, Kitco is a quality company taking a serious view on the commodities space, and Amir Adnani has created significant shareholder value during his tenure at UEC.

I refer to the Kitco website often for commodity prices and news, it’s a valuable resource for investors in my opinion.

The Kitco homepage is HERE

To watch the interview with Amir Adnani, please click HERE

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i-80 GOLD (TSX: IAU / NYSE: IAUX)

Announced high-grade results from the 2023 drill program completed at the FAD deposit situated on the Company’s 100%-owned Ruby Hill Property,Eureka County, Nevada, including 9.0 G/T AU, 92.4 G/T AG, 12.2 % ZN & 1.0 % PB over 14.6 M.

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i-80 Gold Ruby Hill Mine, Nevada, USA

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Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an update on its exploration activities at the Camino Rojo Sulphides in the second half of 2023.

Results included 3.41 g/t Au over 36m, incl. 29.2 g/t Au over 3.0 m, and 2.94 g/t Au over 66.5 m, incl. 4.98 g/t Au over 16.5 m.

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3.41 g/t Au over 36m, incl. 29.2 g/t Au over 3.0 m,

2.94 g/t Au over 66.5 m, incl. 4.98 g/t Au over 16.5 m,

2.44 g/t Au over 49.5 m, incl. 4.59 g/t Au over 21.0 m, and

2.22 g/t Au over 96.5 m, incl. 3.24 g/t Au over 33.9 m

Vancouver, BC – January 25, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the Camino Rojo Sulphides in the second half of 2023.

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2023 Exploration Highlights: Camino Rojo Sulphides (Mexico)

In 2023, Orla undertook a 37,677-metre drill program, strategically focusing on infilling higher-grade parts of the Camino Rojo Sulphides deposit to support a potential underground Mineral Resource estimate.

The primary objective was to enhance the understanding of geological controls of the deposit while extending selected drill holes to explore for sulphide mineralization beyond the current open pit Mineral Resource boundaries, referred to as the “Camino Rojo Extension.”

Orla previously presented results from 15 of 56 drill holes in the 2023 Sulphide drill program (June 22, 2023) and this news release presents results from an additional 23 drill holes. Results from the remaining 18 drill holes will be shared in the coming weeks.

Overall, infill drilling of the Camino Rojo Sulphides has consistently yielded long intercepts (>30 metres down holes) of greater than 2.0 grams of gold per tonne (g/t Au). These significant drill results align with previous work, reinforcing the potential for an underground mining scenario.

Recent drilling has returned notable high-grade intercepts exceeding 10 g/t Au over core lengths ranging from 0.7 metres to 3.0 metres. These high-grade intersections are part of wider intervals of greater than 2.0 g/t Au over tens of metres. The presence of high-grade gold results highlights the opportunity to enhance value through the potential implementation of more selective and targeted underground mining techniques.

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Sylvain Guerard, Orla’s Senior Vice President, Exploration stated,

“New drill results at Camino Rojo are revealing more about controls on mineralization and hinting at potential for significant expansion below the current Mineral Resource in the Camino Rojo Extension.

 

“This data is crucial for our upcoming underground resource estimation, enhancing our understanding of this important part of our growth pipeline.”

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Drill result highlights include:

Mining Review 28th January 2024

We initiated coverage of exploration junior Angus Gold this week.

Impact Minerals, Calidus Resources, i-80 Gold, and Orla Mining all announced significant exploration successes this week.

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Ruby Hill, Nevada

City Investors Circle Mining Review 24th January 2024

We initiated coverage of exploration junior Angus Gold this week.

Impact Minerals, Calidus Resources, i-80 Gold, and Orla Mining all announced significant exploration successes, after a quiet week following the Vancouver conference last week.

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The price of some battery metals, most notably lithium, remains very week, and I remain sceptical of the EV take up in the longer term due to cost of vehicles, range concern, and lack of esential charging infrastructure across the western world.News that Avis in the USA has sold 20,000 EV models and replaced them with the same number of petrol engined vehicles in an example of resistance to change, or a lack of popularity amongst their customers.

Tesla has been reducing prices in the US and China, as have BYD and Ford amongst other EV producers, and it does seem that after the rush of early adopters, there is some difficulty in selling to the next level of consumers.

It will be interesting to see how car producers overcome this, the cost of batteries curtails thir ability to reduce prices much more, despite the 755 fall in the price of lithium on the last year.

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Impact Minerals  (ASX: IPT)

 A large and significant target for porphyry copper-gold mineralisation has been identified at 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia. 

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Impact Minerals – Caligula–A Significant  CopperTarget at the Arkun Project, WA

Angus Gold (TSX.V: GUS)

Angus is an early stage gold exploration company focusing on the WAWA Mining Camp in a prolific and proven gold district.

Neighbours include Alamos Gold, Argonaut, and Wesdome Gold Mines.

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Angus Gold Regional Map

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Comment

Angus Gold is a nearly stage gold exploration company located in a prolific area for gold discovery and production, in a tier 1 jurisdiction, Ontario Canada.

The recent investment by neighbour Wesdome Gold Mines drew my attention to the story.

I am adding them to the Tier 4 watchlist group.

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Initiating Coverage of Angus Gold

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Angus Gold (TSX.V: GUS) is an early stage gold exploration company focusing on the WAWA Mining Camp in a prolific and proven gold district.

Neighbours include Alamos Gold, Argonaut, and Wesdome Gold Mines.

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I like Angus because;

• Management have a track record of previous success in this area of Canada
• There are several neighbouring producing gold mines
• Directors and management have a 37% shareholding
• Newgold have a 10% investment in the company
• Near neighbour Wesdome has just invested in the company
• Institutions hold 21%
• Retail only hold 16%
• Low share count
• Prolific gold belt
• Tier 1 jurisdiction

Angus has all the ingredients I look for, management have sold projects before and created shareholder value, prolific gold belt with neighbouring producing mines, tier 1 jurisdiction, directors own over a thirs of the company, and they have two gold producing miners as shareholders.

I aim to take a small position to maintain my interest in the company and follow progress.

The Angus Gold corporate website can be accessed HERE

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The company presentation can be viewed HERE

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Orla Mining (TSX: OLA)

Provided an update on its near-pit exploration activities at Camino Rojo completed in the second half of 2023.

In 2023, Orla completed 6,500 metres of drilling near the Camino Rojo Oxide Mine in Mexico to define additional oxide mineralization near the open pit.

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Orla Mining heap leach pad, Solution pond, and Merrill-Crowe plant

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Targeting Additional Near Mine Oxide Ounces

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Vancouver, BC – January 18, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its near-pit exploration activities at Camino Rojo completed in the second half of 2023.

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2023 Exploration Highlights: Camino Rojo Oxides (Mexico)

In 2023, Orla completed 6,500 metres of drilling near the Camino Rojo Oxide Mine in Mexico to define additional oxide mineralization near the open pit.

This near-pit exploration included 2,500 metres of drilling to confirm oxide gold mineralization on the Fresnillo plc property (the “Layback Area”), located immediately north of and adjacent to the Camino Rojo Oxide Mine open pit, and 4,000 metres of drilling targeting the extension of oxide gold mineralization hosted by key structures controlling deeper levels of oxide mineralization within and beyond the currently designed oxide open pit .

An updated resource is planned for the first half of 2024, incorporating, for the first-time, mineral resources in the Layback Area.

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Sylvain Guerard, Orla’s Senior VP, Exploration, Orla MIning stated,

“Our 2023 near-mine exploration validated near-surface oxide gold in the Layback Area and uncovered oxide expansion potential near the edge of the Camino Rojo Oxide Mine.

 

“The positive results from our near-mine oxide drilling program highlight the opportunity to replace a portion of the depleted ounces at the mine by incorporating incremental near-mine oxide material.

 

“These positive results pave the way for the 2024 near-mine drill program.”

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The Layback Area drilling confirmed and delineated gold mineralization immediately north of and adjacent to the Camino Rojo Oxide Mine open pit (Figure 2). Results from the Layback Area drill program confirmed historical drill results and the continuity of oxide hosted gold mineralization across the property boundary.

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Highlights of the Layback Area drill program:

i-80 GOLD CORP. (TSX: IAU)

Reported positive results from ongoing drilling at the Company’s 100%-owned Ruby Hill Property located in Eureka County, Nevada.

 The results continue to demonstrate significant potential to expand high-grade polymetallic mineralization in the Hilltop fault structure and within the Hilltop Corridor.

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i-80 Gold Ruby Hill Mine, Nevada, USA

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Cornish Metals (AIM / TSX.V: CUSN)

A mineral exploration and development company focused on advancing the South Crofty tin project located in Cornwall, United Kingdom, to a construction decision, is pleased to provide an update on the progress of activities and outlook for 2024.

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Calidus Resources (ASX: CAI)

Reporte exceptional final drill results from 14 holes of a 24 hole RC programme at the high-grade Bulletin deposit, where mining is planned to commence later this calendar year and processed through the Warrawoona Mill.

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Calidus announce shallow, high-grade intercepts highlight the potential for Bulletin to play significant role in Warrawoona production outlook.

Maiden Resource imminent; Bulletin will be part of two-year production guidance to be published next month.

Calidus Resources Limited (ASX:CAI) (“Calidus”, “the Company”) is pleased to report exceptional final drill results from 14 holes of a 24 hole RC programme at the high-grade Bulletin deposit, where mining is planned to commence later this calendar year and processed through the Warrawoona mill.

Bulletin is a part of the profit share Joint Venture with Haoma Mining NL (“Haoma”)
60:40 (Calidus:Haoma).

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HIGHLIGHTS

• All assays have been received for the remaining 14 holes at Bulletin, highlights
include:
• 17m @ 12.7g/t Au from 37m (23BTRD005)
• 10m @ 6.4g/t Au from 46m (23BTRD017)
• 7m @ 8.9g/t Au from 108m (23BTRD018)
• 4m @ 11.4g/t Au from 35m (23BTRD023)
• 6m @ 7.4g/t Au from 84m (23BTRD017)
• 5m @ 7.5g/t Au from 53m (23BTRD023)
• 13m @ 2.4g/t Au from 44m (23BTRD004)
• 18m @ 1.7g/t Au from 37m (23BTRD025)
• These results follow previously announced outstanding drill results from the first
10 holes, highlights included:
• 14m @ 8.58g/t Au from 50m (23BTRD020)
• 32m @ 3.42g/t Au from 143m (23BTRD013)
• Bulletin has fast become a major priority to commence mining in H2 CY2024, as
it has the potential to deliver a significant step-change in Calidus’ production
profile at the Warrawoona Gold Project.

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Calidus Managing Director Dave Reeves said:

“These results confirm high grade mineralisation continues to near surface at Bulletin, which will greatly support strong project economics.

“The Mineral Resource Modelling that will allow a Maiden Ore Reserve and the finalisation of a 2-year production profile outlook is now underway, and we look forward to providing this before the end of January.”

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To read the full news release, please click HERE

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Mining Review 21st January 2024

A solid set of news releases from our watchlist in what was a busy week for news. Maybe the forthcoming conferences in Vancouver next week caused the rush of exploration results?

Calibre Mining confirmed the acquisition of Marathon Gold, establishing a potential mid-tier mining company producing 250,000 ounces of gold within a year and a half or so.

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Calibre Mining Plant in Nicaragua

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City Investors Circle Mining Review 21st January 2024

A solid set of news releases from our watchlist in what was a very busy week for news.

Maybe the forthcoming conferences in Vancouver next week caused the rush of exploration results?

Calibre Mining confirmed the acquisition of Marathon Gold, establishing a potential mid-tier mining company producing 250,000 ounces of gold within a year and a half or so.

They are diversifying production from a single country, Nicaragua, and now have production in Nevada, and within a year in Newfoundland, both low country risk tier1 jurisdictions.

The other big news is that Uranium Energy Corp. is restarting production in Wyoming. I had expected them to restart their Texas facility a while ago, as the uranium price is substantially higher than they need, but they have opted for their Wyoming facility later this year.

Orla mining beat production guidance in another succesful year, with the only negative being the government of Panama cancelling their Cerro de Quema licence. This may change after the forthcoming Panamanian election, and will be the subject of an international court in due course, alongside First Quantum Minerals’ action for the loss of their licence in Panama, ans that government has turned rogue on mining.

Karora Resources announced record gold production at their Beta Hunt and Higginsville mines.

On the exploration front, Firefly Metals and West Red Lake Gold reported spectacular drill results, and Calidus Resources reported a lithium discovery.

All the news from this week can be read in full by clicking the links below.

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Market Data

Weekly Price Changes

(US$ Unless stated)

Metal Prices

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Spot mineral prices can be found HERE

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Firefly Metals (ASX: FFM)

Reported drill results such as 46m at 4.6% Cu, 1.2g/t Au paving the way for a Resource update.

Drilling about to start from underground platform, accelerating Resource growth strategy.

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Firefly Metals Ming Mine location

Comment

Firefly Metals, (formerly Auteco), own the Green Bay Copper Mine previously owned by AIM listed Rambler Metals, which went into administration due to poor management execution after building the mine.

The Madsen Mine cost $400 million to construct, and was bought for a few million dollars, offering investors in Firefly an opportunity to reap the rewards of the past failure.

Firefly Metals Green Bay Copper-Gold Project, Canada, Spectacular grades up to 19% CuEq extend known mineralisation by 350m

Firefly Metals (ASX: FFM) reported drill results such as 46m at 4.6% Cu, 1.2g/t Au paving the way for a Resource update.

Drilling about to start from underground platform, accelerating Resource growth strategy.

Highlights

Results such as 46m at 4.6% Cu, 1.2g/t Au pave way for Resource update; Drilling
about to start from underground platform, accelerating Resource growth strategy
Key Points
• First assays from drilling by FireFly at Green Bay contain high copper and gold grades
over substantial widths
• The intersections extend the known limits of the VMS mineralisation by ~350m down
plunge
• Significant results1 received include:
o 46.4m @ 4.6% Cu, 1.2 g/t Au, 7.5g/t Ag (5.6% CuEq) MUG23-006
o 17.8m @ 4.4% Cu, 2.2 g/t Au, 18.8g/t Ag (6.6% CuEq) MUG23-003
o 14.7m @ 2.6% Cu, 5.5 g/t Au, 24.2g/t Ag, 1.2% Zn (7.5% CuEq) MUG23-004
o 11.2m @ 4.9% Cu, 2.3 g/t Au, 9.7g/t Ag (6.9% CuEq) MUG23-004
o 2.7m @ 13.5%, 7.0 g/t Au, 33.0g/t Ag (19.4% CuEq) MUG23-006
• FireFly is set to accelerate the implementation of its resource growth strategy with first
drilling from the new underground platform expected to start this month
• Plus, a second drill rig has arrived at site to fast-track step-out resource drilling
• More assays expected in coming weeks

FireFly MD Steve Parsons stated;

“To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and
immense upside.”

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To read the full news release, please click HERE

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Orla Mining (TSX: OLA)

Provided an interim operational update for Q4 ended December 31, 2023.

This news release also includes the Company’s 2024 annual guidance which contains the outlook for production, operating and capital costs, and exploration spending across the Company’s portfolio.

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The Company Repays Nearly $60 million in Debt in 2023

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Vancouver, BC – January 16, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an interim operational update for the fourth quarter ended December 31, 2023.

This news release also includes the Company’s 2024 annual guidance which contains the outlook for production, operating and capital costs, and exploration spending across the Company’s portfolio.

(All amounts expressed in million U.S. dollars, unaudited as at December 31, 2023 unless otherwise stated)

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Fourth Quarter 2023 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced a record 34,484 ounces of gold during the fourth quarter and 121,877 ounces of gold for the full year 2023, exceeding the increased gold production guidance range of 110,000 to 120,000 ounces.

Gold sold was 31,300 ounces during the fourth quarter and 118,993 ounces for the full year.

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During the fourth quarter, Orla repaid $25.0 million towards its revolving credit facility reducing the balance outstanding under its credit facility to $88.4 million.

The Company also paid the final installment of $22.8 million to Fresnillo plc as part of the Layback Agreement. In 2023, the Company repaid $58.9 million towards its debt outstanding.

At December 31, 2023, Orla had a cash position of $96.6 million and total debt position of $88.4 million, resulting in a net cash position of $8.2 million¹.

The Company has $61.7 million undrawn on its revolving credit facility which supports total liquidity of $158.3 million at year end¹. Current unaudited liquidity position shown below. Financial and operating results for the fourth quarter and year end 2023 will be provided on March 19, 2024.

Liquidity Position

1. Net cash and liquidity are non-GAAP measures. See the “Non-GAAP Measures” section of this news release for additional information.

2. Long-term debt and undrawn debt may not tie due to rounding

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Production and Cost Outlook 2024

Gold production from the Camino Rojo Oxide Mine is expected to be 110,000 to 120,000 ounces in 2024.

The Company is planning to mine approximately 8.3 million tonnes of ore and 9.9 million tonnes of waste for a total of 18.2 million tonnes resulting in a strip ratio of 1.2. The increased strip ratio in 2024 is a result of increased waste mining planned for the east-west pit expansion following the receipt of applicable permits.

Camino Rojo’s 2024 total cash cost is expected to be in a range of $625 to $725 per ounce of gold sold, including royalties and net of changes in inventory, while sustaining capital expenditures are expected to total $18.0 million, of which $12.5 million is for the planned heap leach pad expansion (phase 2) which is scheduled for the first half of 2024 and $0.5 million is for capitalized exploration on the Camino Rojo oxide layback.

 All-in sustaining costs for 2024 is expected to be in the range of $875 to $975 per ounce of gold sold. The higher AISC guidance range in 2024 versus 2023 is predominantly a result of increased waste stripping at Camino Rojo (~$85/oz) and sustaining capital related to the heap leach pad expansion (~$110/oz).
The only exploration expenses that are expected to impact the Company’s AISC are capitalized exploration (sustaining) on the Camino Rojo layback area totalling $0.5 million. All other exploration is either capitalized as non-sustaining or expensed (regional exploration).

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Orla focused on multiple exploration projects throughout 2023. Near the Camino Rojo Oxide Mine, a 6,500-metre drilling campaign defined additional oxide mineralization, targeting the layback and oxide extensions. The layback drilling validated historical drill results, confirming the continuity of oxide gold mineralization and extending into the Fresnillo property. Oxide extension drilling revealed significant mineralization with plans for 2024 follow-up.

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Orla also executed a successful 34,000-metre drill program into the Camino Rojo Sulphides deposit, enhancing understanding of the Camino Rojo Sulphides and testing for sulphide mineralization extension below the limits of current resources. The south-oriented drill holes substantially improved understanding and strengthened the continuity of higher-grade mineralization, with the objective of upgrading existing resources and exploring for new sulphide mineralization beyond current resources.

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At South Railroad in Nevada, Orla remains dedicated to evaluating the project upside potential, producing positive drill results that enhance the continuity of oxide gold mineralization over the southeast extension of the Pinion Deposit, and uncover high-grade oxide at Dark Star.

Drilling at the North Bullion deposit is aimed at enhancing the resource classification. The 2023 drill program tests across the South Railroad property contributed to an improvement of the geological understanding and led to the identification of new target areas.

Additional exploration details related to 2023 results and 2024 plans, including specific exploration programs, will be provided through separate press releases in the first quarter 2024.

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Fourth Quarter 2023 Conference Call

Orla will host a conference call on Wednesday March 20, 2024, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the fourth quarter 2023:

Dial-In Numbers / Webcast:

Conference ID:           5844017

Toll:                             1 (646) 960-0685

Webcast:                    https://orlamining.com/investors/presentations-and-events/

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To read the full news release, please click HERE

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West Red Lake Gold Mines (TSXV: WRLG)

Reported final drill results from the 2023 drilling campaign at its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

Notably, hole RLG-23-177 was successful in intercepting 4.0m @ 9.5 g/t Au approximately 80m beneath the historic workings. 

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West Red Lake Gold Mines Madsen Mill

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 Uranium Energy Corp. (NYSE: UEC)

Announced that the Company’s Board of Directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery (“ISR”) operations in Wyoming.

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Uranium Energy Corp. – Christensen Ranch, Wyoming.

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Uranium Energy Corp Restarting 100% Unhedged Uranium Production in Wyoming

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Calibre Mining (TSX: CXB)

Announced that at a special meeting of shareholders held earlier today, Calibre shareholders voted overwhelmingly in favour of the resolution approving the issuance of up to 315,664,294 common shares of Calibre in connection with the proposed acquisition of Marathon Gold Corporation.

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CALIBRE MINING SHAREHOLDERS APPROVE MARATHON GOLD ACQUISITION