In This Article:
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Revenue: Approximately $141 million for the quarter.
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Gold Production: Nearly 30,000 ounces from Camino Rojo and 18,000 ounces from Musselwhite in March.
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Gold Sales: 46,000 ounces at a realized price of $2,915 per ounce.
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Cash Costs: $597 per ounce of gold sold.
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All-in Sustaining Costs: $845 per ounce of gold sold.
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Net Loss: $70 million or $0.22 per share.
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Adjusted Net Earnings: $38.6 million or $0.12 per share.
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Cash Flow from Operating Activities: $401 million or $1.24 per share.
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Capital Expenditures: $17.7 million, including $9.2 million non-sustaining and $8.5 million sustaining.
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Production Guidance for 2025: 280,000 to 300,000 ounces of gold.
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Cash Costs Guidance for Musselwhite: $1,000 to $1,200 per ounce.
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All-in Sustaining Costs Guidance for Musselwhite: $1,550 to $1,750 per ounce.
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Cash Balance: $184 million at the end of the first quarter.
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Net Debt: Approximately $266 million.
Release Date: May 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Orla Mining Ltd (ORLA) recorded a record quarter of gold production, driven by the newly acquired Musselwhite Mine.
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The company updated its 2025 production guidance to 280,000 to 300,000 ounces of gold, reflecting the integration of Musselwhite.
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Cash costs and all-in sustaining costs for Camino Rojo remain competitive, with cash costs between $625 to $725 per ounce.
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Orla Mining Ltd (ORLA) is aggressively investing in exploration and development, with a total planned investment of $175 million for 2025.
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The company has committed $25 million towards exploration at Musselwhite to extend mine life and support future expansion.
Negative Points
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Orla Mining Ltd (ORLA) recorded a net loss of $70 million for the quarter, mainly due to financial instruments related to the Musselwhite acquisition.
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The integration of Musselwhite has led to complex financial reporting and transitional challenges.
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The company's outstanding debt balance increased to $450 million following the Musselwhite acquisition.
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Cash flow from operating activities is impacted by the gold prepay, reducing cash flow as gold ounces are delivered.
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Permitting for expansion in Mexico is ongoing, with potential delays if permits are not received as expected.
Q & A Highlights
Q: Can you provide details on the sustaining and non-sustaining CapEx for Musselwhite, and how it compares to the 43-101 mine plan capital costs? A: Jason Simpson, President and CEO, explained that the current guidance includes increased investment above the technical report, specifically in areas like lateral development, enhanced mobile fleet, and exploration. This represents an improvement over the reserve-only technical report, aiming to extend mine life and potentially expand production.