Record Gold Production and Low Costs
Camino Rojo achieved record gold production of 137,000 ounces for the year, meeting the increased guidance range of 130,000 to 140,000 ounces, with an all-in sustaining cost of $805 per ounce, making it one of the lowest cost gold mines globally.
Transformational Acquisition of Musselwhite Mine
The acquisition of the Musselwhite Mine in Ontario is expected to more than double Orla's production profile, expanding the company's operating footprint into Ontario and adding a second operating gold mine to its platform.
Strong Financial Performance
The company reported $93 million in revenue for the quarter with a robust operating margin of 64%. Net earnings for the quarter were $26.1 million or $0.08 per share, with adjusted net earnings of $22 million or $0.07 per share.
Debt-Free Status Achieved
Orla fully repaid its outstanding balance on the revolving credit facility during the fourth quarter, achieving a debt-free status, which allowed for the funding of the Musselwhite Mine acquisition without upfront equity dilution to shareholders.
Advancements in Permitting and Exploration
Continued progress in permitting for the South Railroad project in Nevada and promising exploration results at Camino Rojo and the South Carlin Complex, with an updated underground resource planned for 2025.
Improved ESG Performance
Orla reported notable improvements in ESG ratings from Scotiabank and exceeded industry benchmarks in its first year participating in the S&P Global Corporate Sustainability Assessment.