Orla Mining (TSX: OLA) reported its Q3 2025 results with revenue up 177% to $275.0 million from last year’s $99.3 million as ounces sold more than doubled and the average realized gold price rose 38% year over year.
Gold sold rose to 78,857 ounces from 38,265 ounces in Q3 2024, helped by a second full quarter from Musselwhite, at an average realized gold price of $3,417 per ounce versus $2,477 last year.
Cost of sales operating costs were $91.3 million. Consolidated cash costs were $1,200 per ounce and AISC was $1,641 per ounce. By site, Camino Rojo posted cash costs of $853 per ounce and AISC of $1,078 per ounce, while Musselwhite reported cash costs of $1,335 per ounce and AISC of $1,697 per ounce.
Net income increased 133% to $49.3 million, or $0.15 per share, from $21.2 million, or $0.07 per share, while adjusted earnings climbed 280% to $73.0 million, or $0.22 per share, from $19.2 million, or $0.06 per share.
Cash flow from operating activities was $123.3 million, up 134% from $52.7 million a year ago. Free cash flow was a record $93.1 million, up 106% from $45.3 million in Q3 2024. On a year to date basis, free cash flow was negative $246.8 million given the $798.5 million Musselwhite acquisition, offset in part by $360.8 million received under a gold prepay.
Cash and cash equivalents increased to $326.9 million from $215.4 million from end of previous quarter and $160.8 million at year-end 2024.
Consolidated gold production was 79,645 ounces, a quarterly record, compared to 43,788 ounces last year. Musselwhite contributed 57,586 ounces on ore milled of 329,634 tonnes at 5.87 g/t and 95.3% recovery. Camino Rojo addded 22,059 ounces, stacking 2.8 million tonnes at 0.40 g/t, including low-grade stockpiles used during a temporary mining pause.
Management reaffirmed revised 2025 guidance for 265,000 to 285,000 ounces of gold at an AISC of $1,350 to $1,550 per ounce.
Orla Mining last traded at $14.82 on the TSX.
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