Orla Mining (TSX: OLA) is one of the first producers in these earnings cycle to beat their guidance estimates, with the company this morning announcing that their fourth quarter performance propelled production levels above the upper end of 2025 guidance.
Orla in the fourth quarter produced a total of 95,405 ounces of gold, an improvement over the 78,857 ounces produced in the third quarter. Their recently acquired Musselwhite mine in Canada was the responsible for the bulk of that production at 75,818 ounces, while Camino Rojo in Mexico saw production of 19,587 ounces of gold.
Gold sold in the fourth quarter meanwhile totaled 92,889 ounces.
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For the full fiscal year, gold production totaled out at 300,620 ounces, versus guidance of 265,000 to 285,000 ounces of gold. Musselwhite again contributed the majority of that production at 203,856 ounces, versus guidance of 170,000 to 180,000 ounces, while Camino Rojo produced 96,764 ounces, versus guidance of 95,000 to 105,000 ounces. Gold sold for the full fiscal year totaled 297,013 ounces.
Costing meanwhile is expected to be within the guidance range of $1,350 to $1,550 an ounce on an all in sustaining cost basis.
Looking to 2026, Orla is guiding to total gold production of 340,000 to 360,000 ounces, with production weighted to the second half of the year. Camino Rojo is expected to produce between 110,000 and 120,000 ounces, while Musselwhite has been guided to produce between 230,000 and 240,000 ounces.
Cash costs meanwhile are expected to come in between $1,000 and $1,200 an ounce on a consolidated basis, while AISC is expected to be between $1,550 and $1,750 an ounce. Capital expenditures are estimated at $430 million, alongside exploration expenditures of $40 million and corporate G&A of $35 million.
Included within that capital expenditure estimate is $215 million that has been allocated for the construction of the South Carlin Complex in Nevada, with that capital earmarked for long lead procurement, detailed engineering, and construction readiness.
Full financial results for the fourth quarter are scheduled to be released March 19.
Orla Mining last traded at $21.09 on the TSX.
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