Orla Mining (OLA) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 136,748 oz in 2024, meeting improved guidance of 130,000–140,000 oz, with AISC at the low end of guidance at $805/oz.

• Completed the transformational $810M acquisition of Musselwhite Mine, more than doubling production capacity and expanding into Ontario and Canada.

• Ended 2024 debt free with $161 million in cash and $311 million in liquidity after repaying $58.4M credit facility.

• Advanced exploration and development projects in Mexico, Nevada, and Canada, with 61,384m drilled and significant progress at South Railroad and South Carlin Complex.

• Integration of Musselwhite commenced immediately, with employee and community engagement underway.

Financial highlights

• Q4 2024 revenue: $93 million from 33,000 ounces of gold sold at $2,669/oz; full-year revenue: $343.9 million.

• Q4 net earnings: $26.1 million ($0.08/share); adjusted net earnings: $22 million ($0.07/share); full-year net income: $89.0 million; adjusted earnings: $81.1 million.

• Q4 all-in sustaining cost (AISC): $826/oz; full-year AISC: $805/oz, among the lowest globally.

• Q4 free cash flow: $39.4 million; full-year free cash flow: $152.7 million.

• Q4 operating margin: 64%; net profit margin: 28%.

Outlook and guidance

• 2025 preliminary guidance for Camino Rojo: 110,000–120,000 oz gold at AISC of $875–$975/oz.

• Updated 2025 guidance including Musselwhite to be provided in Q2 2025.

• Planned $30–50 million investment in exploration and project development in 2025.

• South Railroad Project targeting final permitting by mid-2026 and first gold in 2027, with permitting milestones expected in 2025–2026.

• Resource updates expected for South Railroad and Camino Rojo Sulphides.