Orla Mining (TSX: OLA) has reported a steady start to 2026, maintaining a production pace that keeps the gold producer on track to meet its annual guidance following a year of significant expansion.
The company produced 81,206 ounces of gold during the first quarter, headlined by contributions from its Musselwhite mine in Canada and the Camino Rojo operation in Mexico. While the figures represent a sequential decline from the record 95,405 ounces produced in the final quarter of 2025, the results align with a mine plan that Orla management expects to be back-weighted toward the latter half of the year.
Gold sales for the period totaled 81,540 ounces, slightly exceeding the quarterly output.
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At Musselwhite, which Orla acquired last year to diversify its asset base, the site produced 62,985 ounces of gold. The operation processed 332,159 tonnes of ore at an average grade of 6.29 grams per tonne. The performance follows a particularly strong fourth quarter in 2025, where the mine contributed 75,818 ounces to the company’s record setting finish.
The Camino Rojo oxide mine produced 18,221 ounces during the quarter. The operation is currently in a bit of a transition phase; the company recently secured the necessary environmental permits to expand the open pit, a move that will allow access to the remainder of the oxide deposit.
Orla ended the quarter with a cash balance of $427.3 million and a net cash position of $96.0 million.
Management reaffirmed its full-year 2026 production guidance of 340,000 to 360,000 ounces. Reaching the midpoint of that range would represent a 16% increase over the 300,620 ounces produced in 2025.
Full financial results are slated to be released on May 8.
Orla Mining last traded at $24.93 on the TSX.
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