Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an update on exploration at the Camino Rojo Extension, now referred to as “Zone 22”.

Drilling has extended mineralization 800 metres beyond the current open-pit resource, with Zone 22 remaining open at depth and along strike.

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Mining Review 24th November 2024

The Swiss Mining Institute Conference in Zurich was a lively affair, with a good number of investors participating.

Orla Mining’s purchase of the Musselwhite operating mine was the big news of the week.

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Swiss Mining Institute Conference, Zurich

Mining Review 24th November 2024

The Swiss Mining Institute Conference in Zurich was a lively affair, with a good number of investors participating.

As one would expect with an event organised in Switzerland, everything from the initial registration through to the dinner on the final evening went smoothly. Swiss Mining Institute run a good show, Sarah at registration keeps tabs on everything, and ensures meetings take place by chasing around to find companies not located on their booths.

I really enjoy this conference, the booths are arranged in alphabetical order which makes navigation between meetings easy. The location is the wonderful Dolder Grand Hotel, at the top of the mountain overlooking the city of Zurich.

My route there is via tram and then the Dolderbahn rack railway which runs up the side of the mountain to the hotel at the top.

The only downside was the weather, where a heavy snowfall resulted in the closure of the airport in the evening and my return flight being cancelled on Friday, necessitating a stop-over until Saturday morning.

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Mining Review

Orla Mining’s purchase of the Musselwhite operating mine in Canada was the big news of the week. This was unexpected, an announcement out of the blue, that Orla had purchased this operating gold mine in Canada for around $850 million from Newmont.

I do wonder if they are having delays at their South Railroad project so made this purchase to maintain their growth strategy until South Railroad permits are received?

Either way this should double their production and if gold moves higher will look like an opportune deal. They will look to increase the resource with further exploration.

Calibre Mining, who I met at the conference, announced another discovery in Nicaragua, that should lead to an increase in resources in the near term. Valentine construction is nearly complete and should commence initial production in H2 2025.

Calibre look to be on track, the next challenge is to see if they bring Valentine online on time and budget.

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A list of news from our watchlist companies is below, please click the link to be take to the full story.

 Swiss Mining Institute Conference Day 2

  Swiss Mining Institute Conference Day 1

  G Mining Ventures Reported Q3 2024 Production and Financial Results

  Calibre Mining Announce a  Significant High-Grade Mineralization at Limon

  Orla Mining Expands into Canada with Musselwhite Acquisition

  Westgold’s Bluebird – South Junction MRE Grows to 1.4Moz

  Mining Review 17th November 2024

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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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Orla Mining (TSX: OLA; NYSE: ORLA)

Announced it has entered into a definitive agreement to acquire the Musselwhite Gold Mine in Ontario from Newmont Corporation for upfront cash consideration of $810 million and gold-price linked contingent consideration of $40 million.

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More than Doubles Orla’s Annual Gold Production to Over 300 koz with Near-Term Growth to 500 koz; Orla to Become a Premier, North America-Focused, Multi-Asset, Low Cost, Producing Gold Company.

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Vancouver, BC – November 18, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce it has entered into a definitive agreement (the “Agreement”) to acquire the Musselwhite Gold Mine (“Musselwhite”) in Ontario from Newmont Corporation (“Newmont”) for upfront cash consideration of $810 million and gold-price linked contingent consideration of $40 million (the “Transaction”)¹

The cash consideration will be financed through a combination of cash, existing undrawn debt capacity, new indebtedness, a gold pre-pay facility, and convertible notes led by Orla’s existing cornerstone investors. There is no upfront equity dilution associated with the Transaction.

The Transaction adds a second high quality, high margin producing asset to Orla’s portfolio. The combination of the proven Musselwhite mine and Orla’s low-cost Camino Rojo oxide operation more than doubles the Company’s annual gold production to over 300 koz, with expected near-term growth to over 500 koz of annual gold production as the South Railroad Project is expected to commence production in 2027.

The Transaction will also significantly enhance the free cash flow of the Company, providing additional cash for the execution of Orla’s organic growth plans.

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Transaction Highlights:

• Strategic acquisition of a proven Canadian operating gold mine with a skilled underground workforce located in a tier-one mining jurisdiction.
• Transforms Orla from a single asset producer to a multi asset intermediate producer.
• Immediately more than doubles gold production with a clear path to 500 koz of annual gold production.
• Musselwhite has robust reserves and resources as well as significant exploration potential.
• Well suited to the technical capabilities of Orla’s executive and operating teams.
• Transaction funded through a mix of debt facilities, with significant support from cornerstone shareholders and no upfront equity dilution.
• Materially accretive on all key operating and financial per-share metrics benefiting all existing shareholders.
• Builds on Orla’s established track record of development and operating success and is aligned with Orla’s strategy for growth and value creation.

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Musselwhite Overview:

• Musselwhite is a producing, underground gold mine located on the shore of Opapimiskan Lake in Northwestern Ontario. It has been in operation for over 25 years, having produced close to 6 million ounces of gold to date, with a long history of resource growth and conversion.
• At December 31, 2023, proven and probable gold reserves contained 1.5 million ounces (7.4 million tonnes at grade of 6.23 g/t Au) within a measured and indicated resource² of 1.8 million ounces (9.52 million tonnes at 5.78 g/t Au) and an inferred resource of 0.19 million ounces (1.2 million tonnes at 4.96 g/t Au).
• Orla commissioned an independent NI 43-101 technical report for Musselwhite in connection with the Transaction. Based only on the current reserves, Musselwhite has a seven year mine life (2024-2030) with average annual gold production of 202 koz at $1,269/oz all-in sustaining cost (“AISC”)³
• The NPV5% at January 1, 2025, of Musselwhite is estimated at $760 million using a flat $2,150 gold price and increases to approximately $1 billion using a flat $2,500 flat gold price. Significant opportunities exist to optimize the operation and extend mine life though known extensions of the ore body.
• The Company intends to aggressively explore the 65,000-hectare concession, including following up on historical drilling that suggests 2 to 3 kilometers of mineralized strike potential beyond the current reserves.
• Additionally, the CIP processing facility has a nameplate capacity of 1.5 Mtpa with only 1.0 Mtpa currently being utilized, which allows Orla the opportunity to fill excess mill capacity through new discoveries and increased mining rates.

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Jason Simpson, President & Chief Executive Officer of Orla stated,

“This acquisition is a significant milestone for Orla Mining. It more than doubles our annual production, while providing us with a presence in Ontario, Canada, one of the premier mining jurisdictions in the world and where I began my career.

“We intend to not only continue to operate Musselwhite, but to seek optimization opportunities and to invest in its future, grow its reserves and resources, and extend its mine life. The mine has a proven history of successful production, cash generation, and reserve replacement, having consistently added to mine life.

“We have been impressed with the operating team at Musselwhite, which runs an exceptional mine and has developed positive and strong ties with First Nations, local partners, and community members. We are fully committed to respecting and growing these relationships.

“Thanks to our shareholders, notably Pierre Lassonde and Prem Watsa of Fairfax, and our banking and financial partners, for their continued support as we strive to elevate Orla into an even stronger and more robust mining company.

“We are also grateful to Newmont for their trust in our vision and commitment to sustainability. We intend to be responsible stewards of Musselwhite, creating a legacy of excellence, respect, and value for all stakeholders.”  

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The live gold price can be found HERE

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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=======

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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.

.

Disclosure

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

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Mining Review 20th October 2024

A week of highs and lows, with Orla Mining and Westgold announcing positive production updates, and Calibre Mining and West Red Lake Gold issuing disappointing news to dampen the mood in a week where gold reached a new all-time high price of $2,720.

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City Investors Circle Mining Review 20th October 2024

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A week of highs and lows, with Orla Mining and Westgold announcing positive production updates, and Calibre Mining and West Red Lake Gold issuing disappointing news to dampen the mood in a week where gold reached a new all-time high price of $2,722, due to political turmoil and US rate cut expectations.

Industrial metals trended downward in a week where the precious metals rose.

The gold / silver ratio fell to 80 as silver is currently outperforming gold due to its industrial applications.

Looking at our watchlist companies, there were mixed news releases. 

Orla Mining and Westgold had three positive news releases beteen them to start the week, and then just as the higher gold price was maintaining an optimistic mood, Calibre Mining released poor production figures, and then West Red Lake Gold Mines announced another discounted fundraising, crashing the shareprice.

News from all our main watchlist companies is below, click the lin to be taken to the full story.

  West Red Lake Gold Mines Raised Further Funds

  Calibre Announces Q3 & Year to Date 2024 Gold Production

  Cartier cuts a high-grade gold system with 14.7 g/t Au over 4.3 m

  Orla Mining Repays Revolving Credit To Become Debt-Free

  Westgold Announced Record Prodution Post Merger

  Orla Mining Announced a Positive Production Update

  Mining Review 13th October 2024

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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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Orla Mining (TSX: OLA; NYSE: ORLA)

Announced that, subsequent to quarter end, the Company repaid the entirety of the outstanding balance on its revolving credit facility totalling $58.4 million.

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

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Vancouver, BC – October 15, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that, subsequent to quarter end, the Company repaid the entirety of the outstanding balance on its revolving credit facility (the “Credit Facility”) totalling $58.4 million.

With this repayment, the Company is now debt free with cash on hand of approximately $120 million. The Credit Facility of $150.0 million will remain in place and be available to the Company until its expiry on August 28, 2027. (All amounts expressed are in millions of US dollars and are unaudited).

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Etienne Morin, Chief Financial Officer stated

“Paying down the remaining outstanding balance on our Credit Facility, only in our third year of operations, is a testament to the robust cash generation from our Camino Rojo Mine.

 

“Our continued financial discipline coupled with the increasing gold price has strengthened our financial position and accelerated this repayment.

 

“We are well-positioned to continue to invest in our growing business for the future. Thank you to our lenders for their continued support.” 

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The live gold price can be found HERE

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.

.

Disclosure

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

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Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an operational update for the third quarter ended September 30, 2024, and provide an update to annual production guidance.

The Camino Rojo Oxide Mine produced 43,788 ounces and sold 38,265 ounces of gold during the third quarter 2024. 

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Orla Mining project panoramic view and location map – Zacatecas State, Mexico

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Mining Review 18th August 2024

Gold hit a new nominal all-time high this week, breaching $2,500.

Calibre Mining and Orla Mining published good results, and Victoria Gold, as predicted here, went into receivership and the stock will be delisted. 

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City Investors Circle Mining Review 18th August 2024

Gold hit a new nominal all-time high this week, breaching $2,500.

Calibre Mining and Orla Mining published good results,.

Victoria Gold, as predicted here, went into receivership and the stock will be delisted. The company has gone from one disaster to another, and now a shareholder is suing the company and some directors, which looks as though it will get messy.

Management are now blaming their lawyers for instructing them to keep quiet and not issue news releases. Well they employ the lawyers so they should have overridden that advice and informed the Yukon authorities what steps they were taking, and shareholders as well, of course.

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News from our watchlist companies last week is listed below, please click on the links to read the full story.

 Archives

Click here for all company news archives

Market Data

Weekly % Price Changes

(US$| unless stated)

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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

.

=======

,

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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Orla Mining (TSX: OLA)

Announced the results for the second quarter ended June 30, 2024.

Second quarter gold production was 33,206 ounces, at an AISC of US$782.

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

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Robust Margin Expansion Driving Record Free Cash Flow

Orla Mining (TSX: OLA / NYSE: ORLA)

Announced that, further to its April 10, 2024, news release, the Company has filed a Request for Arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement.

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Orla Mining Cerro Quema project panoramic view

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Vancouver, BC – July 3, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) announces that, further to its April 10, 2024, news release, the Company has filed a Request for Arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement (the “FTA”). 

The Request for Arbitration asserts that measures taken by Panama in respect of the Cerro Quema Project constitute violations of Panama’s legal obligations under the FTA and customary international law.

A Notice of Intent to Arbitrate was filed with the Government of Panama under the FTA on March 28, 2024, which was intended to facilitate a 30-day consultation period to reach an amicable resolution to the Company’s claim. As no resolution was reached, the Company has proceeded with filing the Request to Arbitrate.

The arbitration will be facilitated and administered by the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, under its Arbitration Rules. As part of the FTA requirements, the Company has submitted an initial and preliminary estimate of damages claimed of no less than US$400 million, plus pre-award and post-award interest.

Although the Company intends to vigorously pursue these legal remedies, the Company’s preference is a constructive resolution with the Government of Panama that results in a positive outcome for all stakeholders.

The Cerro Quema Project is located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre. The project includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets.

The Company believes that the Cerro Quema Project could be an important social and economic contributor to Panama, creating employment and skills development opportunities and contributing tax, royalty, and other fiscal benefits to the host communities and governments. The Company also maintains a strong commitment to operating in an environmentally responsible manner.

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To View Orla Mining’s historical news, please click here

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.To read the full news release, please click HERE

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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

.

=======

,

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.

.

Disclosure

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

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Orla Mining (TSX: OLA)

Updated on its exploration activities at Camino Rojo Sulphide Extension from the first half of 2024.

Highlight results included 4.57 g/t Au, 19.4 g/t Ag, 2.56% Zn, (6.16 g/t AuEq) over 15m, incl. 51.1 g/t Au, 8.08% Zn over 0.8m.

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Orla Mining project panoramic view and location map – Zacatecas State, Mexico

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Sylvain Guerard, Orla’s Senior Vice President, Exploration

Orla Mining (TSX: OLA)

Announced good results for the first quarter ended March 31, 2024.

Q1 gold production was 33,223 ounces and gold sold was 32,046 ounces, and AISC¹ were $909 per ounce of gold sold.

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To read the full news release, please click HERE

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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

.

=======

,

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.

.

Disclosure

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

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Mining Review 14th April 2024

It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening.

The big news of the week was Karora Resources announcing a merger with ASX listed Westgold. Capricorn Metals and Orla Mining reported strong starts to 2024.

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Capricorn Metals Karlawinda Mine

City Investors Circle Mining Review 14th April 2024

It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening. Gold had topped out at $2431 at it’s high before the retrace.

Silver slipped back to just under $28 per ounce, after earlier being close to $30 intraday.

On the industrial side, copper had a quiet week after the recent charge, but nickel soared nearly 5%, after the recent long fall, and is now trading at $8.19, well above the recent $7.40 low.

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The big news of the week, and one that disappointed me a great deal, was Karora Resources announcing a merger with ASX listed Westgold.

I thought Karora would grow by acquisition, being in a strong financial position, and mining in Western Australia, where there are an abundance of opportunities to grow. So, I’m personally very disappointed they have taken this route, and I have sold over half my holding already, there are many other producers worth investing in at the moment, so I want to put my money to work somewhere positive.

Karora are offering the incentive of shares in a newco, but in my personal experience they don’t work out well, so I’m not allowing the offer of free shares to distract me from selling a stock that has hit the buffers for now, and putting the funds to work elsewhere.

Capricorn Metals and Orla Mining reported strong starts to 2024. These are well run companies growing by acquisition, and very successfully too. This is why I invested in Karora, as I expected them to follow this model.

I increased my holdings in both these companies this week, using some of the Karora funds.

Exploration companies are off my radar currently as the action is with the producers with the gold price spiking, but I did add a few Pacgold to my existing holding, to bring down my average cost. They seem to have a district scale project, so one I’m happy to buy and put in the bottom drawer whilst they continue to explore the Alice River region.

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Significant news from our watchlist companies this week is listed below, click the links to be taken to the full story.

  Orla Mining Started 2024 with Strong Operating Performance

  G Mining Ventures Provided a Tocantinzinho Project Update

  Calibre Mining’s Q1 Gold Production On Track To Deliver FY 2024 Guidance

  Karora Resurces Announced a Merger With Westgold

  Karora Resources Q1 Results Hampered by Wet Weather

  Capricorn’s Karlawinda Mine Delivers Strong Cashflow

  Mining Review 7th April 2024

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Market data

Weekly Price Changes

(US$ unless stated)

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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

.

=======

,

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.

.

.

Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an interim operational update for the first quarter ended March 31, 2024 and an update on its activities in Panama.

The Camino Rojo Oxide Mine produced 33,223 ounces and sold 32,046 ounces of gold during Q1 2024.

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Orla Mining Starts 2024 with Strong Operating Performance at Camino Rojo

(All amounts expressed in millions of US dollars, as at March 31, 2024 and are unaudited unless otherwise stated)

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First Quarter 2024 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced 33,223 ounces and sold 32,046 ounces of gold during the first quarter 2024.

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Orla Mining (TSX: OLA)

Provided an update on its exploration at the South Railroad Project including 2023 activities and 2024 work plans. This news release presents the second update.

The highlight was 51.8m @ 3.24 g/t Au (Sulphide).

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To read the full news release please click HERE

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Live spot metal prices can be found HERE

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To read our full terms and conditions, please click HERE

Orla Mining (TSX: OLA)

Provided an update on its exploration activities at the South Railroad Project in H2  2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 m.

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Pinion: 112.7m at 0.72 g/t Au (oxide)
Dark Star: 36.6m at 3.53 g/t Au, including 19.8m at 5.23 g/t Au (oxide)

Vancouver, BC – March 7, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the South Railroad Project in the second half of 2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 metres.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Highlights

• Potential expansion of resources at Pinion and Dark Star deposits through new oxide intersections in step-out drilling:
  • Pinion: 0.72 g/t Au over 112.7 metres (oxide)
  • Dark Star: 3.53 g/t Au over 36.6 metres (oxide)
• Successful infilling and metallurgical drilling with confirmation of modeled grade, continuity of mineralization, via infill drill program.
  • Intersection includes 2.20 g/t Au over 163.1 metres (oxide) and 2.50 g/t Au over 88.1 metres (oxide).

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 Sylvain Guerard, Orla’s SVP Exploration stated,

“Since acquiring the South Railroad project in August 2022, Orla has made substantial progress in near-deposit exploration, satellite deposit testing, and expanding our land position along the Carlin Trend.

 

“The recent positive drill results outside the projected open pits highlight the project’s low exploration maturity and significant growth potential. ”

 

In 2024, we will focus on expanding resources at existing deposits and continuing exploration across the property, which could soon be expanded to include Pony Creek”.

 

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2023 Pinion and Dark Star Exploration Highlights

In 2023, Orla extended oxide-hosted gold mineralization at the Pinion and Dark Star deposits, with highly positive drill intersections outside of the projected open pits.

Meanwhile, infill drill results met expectations, confirming robust oxide mineralization within projected pits, while supplying material for new metallurgical column test work to further optimize the planned development project.

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To read the full news release, please click HERE

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Orla Mining  (TSX: OLA; NYSE: ORLA)

Provided an update on its exploration activities at the South Railroad Project in the second half of 2023.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Pinion: 112.7m at 0.72 g/t Au (oxide)
Dark Star: 36.6m at 3.53 g/t Au, including 19.8m at 5.23 g/t Au (oxide)

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Vancouver, BC – March 7, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the South Railroad Project in the second half of 2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 metres.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Highlights

• Potential expansion of resources at Pinion and Dark Star deposits through new oxide intersections in step-out drilling:
  • Pinion: 0.72 g/t Au over 112.7 metres (oxide)
  • Dark Star: 3.53 g/t Au over 36.6 metres (oxide)
• Successful infilling and metallurgical drilling with confirmation of modeled grade, continuity of mineralization, via infill drill program.
  • Intersection includes 2.20 g/t Au over 163.1 metres (oxide) and 2.50 g/t Au over 88.1 metres (oxide).

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 —  Sylvain Guerard, Orla’s SVP Exploration

“Since acquiring the South Railroad project in August 2022, Orla has made substantial progress in near-deposit exploration, satellite deposit testing, and expanding our land position along the Carlin Trend.

 

“The recent positive drill results outside the projected open pits highlight the project’s low exploration maturity and significant growth potential.

 

“In 2024, we will focus on expanding resources at existing deposits and continuing exploration across the property, which could soon be expanded to include Pony Creek”.

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2023 Pinion and Dark Star Exploration Highlights

In 2023, Orla extended oxide-hosted gold mineralization at the Pinion and Dark Star deposits, with highly positive drill intersections outside of the projected open pits.

Meanwhile, infill drill results met expectations, confirming robust oxide mineralization within projected pits, while supplying material for new metallurgical column test work to further optimize the planned development project.

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Pinion SE Extension Drilling

At the Pinion deposit, a review of available geological data suggested gold mineralization may be continuous in the southeastern part of the deposit over the Pinion SE target area, where faulting had been previously interpreted as limiting or displacing extension of the mineralization.

To test the continuity of gold mineralization, three drill holes totaling 822 metres were completed. All three drillholes intercepted significant oxide-hosted gold mineralization, including 0.72 g/t Au over 112.7 metres (oxide) confirming the continuity of gold mineralization to the southeast without fault displacement interference.

These results, combined with historical drill intersections, indicate geological continuity and suggests gold mineralization extends to at least 350 metres outside of the projected open pit.

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To read the full news release, please click HERE

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Orla Mining (TSX: OLA)

Announced that it has entered into a definitive arrangement agreement with Contact Gold Corp. (TSX-V: C) whereby Orla will acquire all of the issued and outstanding common shares of Contact pursuant to a court-approved plan of arrangement.

Contact’s land is adjacent to Orla’s South railroad project in Nevada.

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Pony Creek

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Pony Creek Property Located Directly Adjacent to Orla’s South Railroad Project

Vancouver, BC – February 26, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Contact Gold Corp. (TSX-V: C) (“Contact”) whereby Orla will acquire all of the issued and outstanding common shares of Contact (the “Contact Shares”) pursuant to a court-approved plan of arrangement (the “Transaction”).

Contact’s key asset is the 100%-owned Pony Creek property, a 4,500 hectare exploration land package, strategically located adjacent to Orla’s South Railroad property in the heart of the Carlin trend in Nevada.

Contact also owns the Green Springs property located in the southern end of the Cortez trend. Green Springs is an early-stage exploration project where Centerra Gold currently has a right to earn into 70% of the project through completion of a four-year, $10.0 million exploration program.

Transaction Terms

Under the terms of the Arrangement Agreement, each holder of Contact shares will receive, for each Contact share held (a “Contact Share”), 0.0063 of an Orla common share (each whole share, an “Orla Share”) (the “Arrangement Consideration”), for total consideration of $0.03 per Contact Share (based on Orla’s closing price on February 23, 2024), representing a total purchase price of approximately US$8.1 million.

The Arrangement Consideration represents a 77% premium based on Orla’s and Contact’s 20-day volume weighted average price (“VWAP”) as of February 23, 2024. Following the completion of the Transaction, Contact shareholders will own approximately 0.7% of the issued and outstanding Orla Shares.

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Acquisition Highlights and Transaction Rationale

• Consolidates landholdings adjacent to Orla’s core growth project, South Railroad, which hosts 1.6 moz of mineral reserves at 0.77 g/t Au, 1.8 moz of measured and indicated mineral resources at 0.74 g/t Au, and 719 koz of inferred mineral resources at 1.00 g/t Au.
• Pony Creek boasts existing resources that have potential to add oxide, transition and sulphide to the resource at South Railroad; three mineralized zones with an inferred mineral resource totaling 433,000 oz at 0.52 g/t Au.
• Enhances Orla’s strategic footprint in Nevada, specifically along the prolific Carlin trend. The addition of Pony Creek will complement Orla’s control of the southern part of the Railroad Mining District, representing a natural and seamless expansion of the South Railroad property.
• Contact’s Pony Creek has a similar geology, structural setting, and mineralization style as South Railroad, providing drill-ready targets, including extensions of known deposits and new targets. Significant exploration potential exists in both the Pony Creek and Green Springs land packages as both projects have been historically underfunded and are underexplored.

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Jason Simpson, President and CEO, Orla Mining

“This transaction strengthens our land position in Nevada along the Carlin trend.

 

“Contact’s Pony Creek property is a valuable complement to our South Railroad Project, one our key growth opportunities.

 

“We look forward to making the necessary investments to unlock the combined potential of this now larger, contiguous and highly prospective land package.”

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To read the full news release, please click HERE

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Orla Mining Ltd. (TSX: OLA)

Provided an update on its exploration activities on the extension of the Camino Rojo deposit in the second half of 2023. These recent exploration results emphasize that the Camino Rojo deposit remains open and has substantial upside potential. 

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4.86 g/t Au, 43.6g/t Ag, 1.27% Zn, 0.44% Pb, 0.09% Cu, (6.25 g/t AuEq) over 11.7 m,
incl. 28.6 g/t Au, 224g/t Ag, 4.35% Zn, 2.89% Pb, 0.29% Cu, (34.4 g/t AuEq) over 1.7 m
10.3 g/t Au, 37.8 g/t Ag, 3.81% Zn, 0.08% Pb, 0.12% Cu (12.7 g/t AuEq) over 5.6 m,
incl. 17.8 g/t Au, 71.0 g/t Ag, 7.19% Zn, 0.15% Pb, 0.17% Cu (22.3 g/t AuEq) over 2.9 m

Vancouver, BC – February 22, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities on the extension of the Camino Rojo deposit (“Camino Rojo Extension”) in the second half of 2023. These recent exploration results emphasize that the Camino Rojo deposit remains open and has substantial upside potential.

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Camino Rojo Extension (Mexico) Summary

Historical and recent exploration drilling targeted lower stratigraphy, beneath the existing resources. In 2023, a drill section was completed 450 metres down-plunge from the current mineral resources and revealed significant intersections of high-grade polymetallic (Au-Ag-Zn) semi-massive to massive replacement-style mineralization (Figure 1). Recent drilling shows that the Camino Rojo mineral system extends beyond the current mineral resource envelope, presenting a considerable opportunity for resource expansion.

• 2023 Program: The 2023 Camino Rojo Extension drill program involved extending selected infill drillholes beyond the currently defined mineral resources and completing a down-plunge drill section to explore the distal extension into lower stratigraphy; 2,607 metres of drilling across four drill holes. Drill results reported in this press release have returned mineralized intercepts up to 450 metres down plunge of the existing open pitmineral resource boundaries.
• Initial Metallurgy: The initial carbon-in-leach (CIL) bottle roll testing within the Camino Rojo Extension on material from CRSX-22-07 and CRSX-22-08C resulted in impressive gold recoveries between 81-96%. Flotation testing on the CRSX-22-07 material produced a gold concentrate with 85-88% gold recovery and a zinc concentrate with zinc grades of 52% and over 85% zinc recovery, for the polymetallic replacement-style mineralization.
• 2024 Program: The Company plans to complete a 30,000-metre drill program in 2024 with two objectives: 1) to infill the down-plunge geometry, continuity, and endowment potential of mineralization along the projection of the Dike Zone, and 2) to step out broadly and further assess the extensive upside potential of this open mineralized system.

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Sylvain Guerard, Orla Mining Senior Vice President, Exploration

“The recent drilling results have added a new dimension to our near-mine exploration program, unveiling an exciting new mineralization style in previously disregarded host rocks.

 

“With promising initial metallurgical results and substantial upside extension potential, we are committed to driving Orla’s 2024 exploration efforts towards expansion drilling as we look to unlock the full potential of the growing Camino Rojo deposit.”  –

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To read the full news release, please click HERE

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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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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: