Vancouver, BC – August 12, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) today announces the results for the second quarter ended June 30, 2024.

(All amounts expressed in U.S. dollars unless otherwise stated)

Second Quarter 2024 Highlights

• Second quarter gold production was 33,206 ounces and gold sold was 34,875 ounces (pre-released). Year to date, Camino Rojo has been performing better than plan and, as a result, the Company is increasing full year gold production guidance to 120,000 to 130,000 ounces from its initial guidance of 110,000 to 120,000 ounces.
• Second quarter 2024 all-in sustaining cost¹ (“AISC”) was $782 per ounce of gold sold, while year to date AISC is $843 per ounce of gold sold. AISC guidance for the full year 2024 has been improved to a range of $800 to $900 per ounce of gold sold from the original guidance of $875 to $975 per ounce.
• Adjusted earnings¹ for the second quarter were $23.0 million or $0.07 per share.
• Net income for the second quarter was $24.3 million or $0.08 per share.
• Second quarter operating profit margin² of 64%, and net profit margin³ of 29%.
• Cash flow from operating activities before changes in non-cash working capital during the second quarter was $53.2 million.
• Exploration and project expenditure1 was $9.7 million during the quarter, of which $3.1 million was capitalized and $6.6 million was expensed.
• As at June 30, 2024, Orla’s cash balance was $154.3 million, an increase of $36.2 million over the previous quarter.  Net cash1 at the end of the quarter was $76.0 million.
• During the quarter, the Company repaid $10.0 million on its revolving credit facility. Subsequent to quarter end, the Company made a further $20.0 million re-payment reducing the outstanding balance drawn to $58.4 million.

– Jason Simpson, President and Chief Executive Officer of Orla

“The combination of Camino Rojo’s consistent low-cost production with a higher gold price is driving margin expansion and strong cash flow for the business.

 

“This cash is being used to invest in growth and strengthen our balance sheet. We have established a strong foundation to build upon.”

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To read the full news release please click HERE

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The live gold price can be found HERE

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Disclosure

At the time of writing the author holds shares in Orla Mining.

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