Highlights 

  • Generates record free cash flow of USD 93 mn during the quarter 
  • Produces 79,645 ounces of gold with quarterly revenue of USD 275 mn 
  • Ends Q3 2025 with USD 326.9 mn in cash and USD 420 mn in total debt 

Orla Mining Ltd. (NYSE:OLA) reported its financial and operational results for the quarter ended September 30, 2025. The Company achieved a record free cash flow of USD 93 mn and posted strong consolidated gold production and sales results. 

During the quarter, Orla produced 79,645 ounces of gold and sold 78,857 ounces, generating total revenue of USD 275 mn. The Company reported an all-in sustaining cost of USD 1,641 per ounce sold, with a year-to-date AISC averaging USD 1,420 per ounce. 

Net income for Q3 2025 was USD 49.3 mn, or USD 0.15 per share, while adjusted earnings reached USD 73 mn, or USD 0.22 per share. Operating cash flow before changes in non-cash working capital totaled USD 113.1 mn. Exploration and project spending for the quarter amounted to USD 38.8 mn, including USD 12.8 mn in expensed exploration and USD 26 mn in capitalized project costs. 

At quarter-end, the Company reported cash holdings of USD 326.9 mn and total debt of USD 420 mn, resulting in net debt of USD 93.1 mn and overall liquidity of USD 356.9 mn. 

Jason Simpson, President and Chief Executive Officer of Orla, commented: 

“The third quarter marked another period of strong execution for Orla, highlighted by record free cash flow and continued balance sheet strength. Our financial position allows us to self-fund future growth, advance the South Railroad Project, and explore potential return of capital initiatives. Despite certain operational challenges, our team remained focused and resilient, positioning the Company to meet the upper end of its production guidance and deliver continued growth through year-end.” 

Operating Overview 

At the Musselwhite Mine in Canada, Orla processed 329,634 tonnes of ore at an average grade of 5.87 g/t, producing 57,586 ounces of gold and selling 56,897 ounces during the quarter. Lateral development totaled 2,738 metres, with sustaining capital expenditure of USD 18.3 mn, mainly for underground development. 

At the Camino Rojo Mine in Mexico, gold production reached 22,059 ounces, consistent with expectations. The operation experienced a pit wall event in July that led to a temporary suspension and subsequent mine plan of resequencing. Stabilization work is ongoing, and the Company reaffirmed its full-year 2025 guidance of 265,000–285,000 ounces of gold at an AISC between USD 1,350 and USD 1,550 per ounce. 

Exploration and Development 

Exploration and project development activities during Q3 2025 were concentrated on the Musselwhite, Camino Rojo, and South Railroad projects. At Musselwhite, early drilling results indicated a potential two-kilometre extension of the main mineralized trend. Across Canada, Mexico, and Nevada, Orla completed 35,306 metres of drilling during the quarter. 

At the South Railroad Project in Nevada, the Company advanced permitting efforts with the publication of the Notice of Intent by the U.S. Bureau of Land Management in August 2025 — a key step in progressing the Environmental Impact Statement process.