Orla Mining (OLA) Q1 2026 earnings summary

Executive summary

• Q1 2026 gold production reached 81,206 ounces, with 81,540 ounces sold, generating $378.9 million in revenue and maintaining strong operational momentum.

• Musselwhite Mine exceeded production targets due to strong mine development, modernization, and early access to higher-grade ore.

• Camino Rojo advanced underground project development with updated resource estimates, permitting milestones, and received key environmental permits.

• South Railroad project progressed through permitting and engineering, targeting construction start mid-2026 and first gold in 2028.

• Dividend policy initiated, with quarterly dividend of $0.015/share declared and planned annual dividends of ~$20 million.

Financial highlights

• Q1 2026 revenue was $378.9 million, net income $75.4 million ($0.22/share), and adjusted earnings $134.7 million ($0.39/share).

• Cash flow from operations before working capital changes was $103.5 million; free cash flow was $62.9 million.

• Cash cost per ounce was $1,251; AISC was $1,668/oz, on track for full-year AISC guidance of $1,550–$1,750/oz.

• Ended Q1 with $427.3 million in cash, $331.3 million in debt, and $517.3 million in liquidity.

• $35 million debt repaid and $20 million contingent payment made in Q1.

Outlook and guidance

• Full-year 2026 gold production guidance reaffirmed at 340,000–360,000 ounces; AISC guidance maintained at $1,550–$1,750/oz.

• South Railroad construction expected to begin after mid-2026 permit, targeting first gold in 2028.

• Camino Rojo underground pre-feasibility study targeted for 2027, with development to begin in H2 2026.

• Capital expenditures for 2026 planned at $430 million, including $120 million for Musselwhite and $215 million for South Carlin.

• Exploration and project development expenses for 2026 total $40 million for Camino Rojo, $5 million for Musselwhite, and $15 million for South Carlin.