Orla Mining (TSX: OLA) delivered a step-change quarter in Q4 2025 as revenue rose to $378.5 million from $92.8 million in Q4 2024, driven by volume and metal price rallies. Full-year revenue reached $1.06 billion, up from $343.9 million in 2024.
The quarter saw a record 92,889 ounces of gold sold at an average realized gold price of $4,025 per ounce versus 33,288 ounces at $2,669 per ounce a year earlier. For the full year, 297,013 ounces were sold at an average realized gold price of $3,485 per ounce versus 138,474 ounces at $2,390 per ounce in 2024.
Net income then came in at $79.2 million this quarter, up from $26.1 million last year. On an adjusted basis, earnings climbed to $143.1 million from $22.0 million, translating to $0.42 per share. The adjustments included a $45.3 million change in fair value of financial instruments.
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Operating cash flow was $178.0 million in Q4, up from $44.8 million last year, leading to free cash flow rising to $133.4 million from $39.6 million. The period also ended with cash and cash equivalents rising to $420.8 million from $326.9 million in the year-ago period.
Consolidated Q4 production was 95,405 ounces and full-year production was 300,620 ounces, above revised guidance of 265,000 to 285,000 ounces. This was led by Musselwhite, which produced 75,818 ounces in Q4 and 203,856 ounces for the year.
Consolidated cash cost was $1,093 per ounce in Q4 and $1,061 for 2025, within guidance of $900 to $1,100. AISC was $1,536 per ounce in Q4 and $1,458 for the year, within the $1,350 to $1,550 range.
For 2026, Orla guided to total production of 340,000 to 360,000 ounces, with 230,000 to 240,000 ounces from Musselwhite and 110,000 to 120,000 ounces from Camino Rojo. Consolidated cash cost is guided to come in between $1,000 to $1,200 per ounce and consolidated AISC between $1,550 to $1,750.
Orla Mining last traded at $18.46 on the TSX.
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