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State: 17.08.2024 | 11PM
Tue, 12.11.2024       Orla Mining
CA68634K1066

Company Striding Towards Record Year of Production and Cash Flow

VANCOUVER, BC, Nov. 12, 2024 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the third quarter ended September 30, 2024.

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

Third Quarter 2024 HighlightsThird quarter gold production was 43,788 ounces and gold sold was 38,265 ounces. As a result of the continued outperformance at Camino Rojo, the Company increased its full year gold production guidance to 130,000 to 140,000 ounces. (pre-released).Third quarter all-in sustaining cost1 ("AISC") was $720 per ounce of gold sold, while year to date AISC was $798 per ounce of gold sold. Full year AISC is expected to reach the low end of the improved guidance range of $800 to $900 per ounce of gold sold.Net income for the third quarter was $21.1 million or $0.07 per share.Adjusted earnings1 for the third quarter were $19.2 million or $0.06 per share.Third quarter operating profit margin2 of 65%, and net profit margin3 of 21%.Cash flow from operating activities before changes in non-cash working capital during the third quarter was $52.0 million.In October, the Company repaid the entirety of the outstanding balance on its revolving credit facility totalling $58.4 million, establishing the Company as debt free with cash on hand of $133.4 million on October 31, 2024. The undrawn credit facility will remain in place and total pro forma liquidity totals $283.4 million at October 31, 2024.Exploration and project expenditure1 was $17.4 million during the quarter, of which $3.7 million was capitalized and $13.7 million was expensed.Recent exploration success across the portfolio includes identification of near-deposit expansion opportunities at South Railroad (released), and ongoing drilling that is intersecting mineralization from 0.5 to up to one kilometre beyond the current Camino Rojo Sulphide mineral resource, with new drill results forthcoming.As part of South Railroad Project permitting, the Company has completed 15 of 20 Supplemental Environmental Reports (SERs), required by the US Bureau of Land Management (BLM) prior to issuing a Notice of Intent (NOI), expected to be published in early 2025. The Company is targeting a Record of Decision (final permitting decision) by mid-2026.As at September 30, 2024, Orla's cash balance was $180.9 million, an increase of $26.6 million over the previous quarter. Net cash1 at the end of the quarter was $122.5 million.
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