Orla Mining Produces 77,811oz Gold in 2Q25

Canada-based precious and base metal producer Orla Mining reported a quarterly gold production of 77,811oz for 2Q25. The performance was supported by the first full quarter of contribution from its recently acquired Musselwhite mine in Canada, which produced 52,666oz of gold.

Consolidated financial results included net income of US$48.2million and cash flow from operating activities of US$102.7 million. 2Q25’s all-in sustaining cost (AISC) was US$1,421/oz of gold sold, bringing the year-to-date AISC to US$1,260/oz. The company ended the quarter with US$215.4 million in cash.

Orla Mining’s Camino Rojo mine in Zacatecas produced 25,145oz of gold, in line with its plan for 2Q25. Consolidated financial results were also strong, with the company generating cash flow from operating activities of US$102.7 million and ending the quarter with US$215.4 million in cash. Musselwhite mine’s 52,666oz production represented 67.7% of Orla Mining production in 2Q25, while Camino Rojo represented 32.3%. “2Q25 marked another record production period for Orla Mining, supported by strong contributions from Musselwhite. However, the pit wall event at Camino Rojo on July 23, 2025 was an operational setback,” said Jason Simpson, President and CEO, Orla Mining. 

Regarding the Camino Rojo incident, Simpson credited the company's proactive geotechnical monitoring for preventing any injuries or equipment damage. He described the resulting suspension of in-pit mining as a "short-term challenge" for what has historically been a strong-performing operation. As a result of the operational pause, Orla Mining updated its 2025 annual production guidance to a range of 265,000oz to 285,000oz of gold, down from 280,000oz to 300,000oz of gold previously outlined.

Camino Rojo’s Mineral Resource Estimate

During the quarter, Orla Mining released an initial underground Mineral Resource Estimate (MRE) for the Camino Rojo deposit on June 5, 2025, which will support future technical studies for the project.

The initial MRE includes a Measured and Indicated Mineral Resource of 50.1Mt at an average grade of 2.58g/t AuEq, for a total of 4.16Moz oz AuEq. The estimate also includes an Inferred Mineral Resource of 5.6Mt at an average grade of 2.33g/t AuEq, for a total of 0.42Moz AuEq.

The MRE incorporates mineralization from two main areas: the Camino Rojo sulphides and the underlying Zone 22, which is a down-plunge continuation of the deposit. According to Orla Mining, Zone 22 currently accounts for just 7% of the Indicated resource and 19% of the Inferred resource, but with drilling in this zone still ongoing, results from 2025 are expected to be included in future updates. The entire resource has also been categorized into three distinct zones based on the metallurgical processing required, which includes heap leaching, cyanidation, and flotation with pressure oxidation.

Orla Mining's development strategy for the underground resource includes continued drilling, planning for an exploration drift to allow for tighter spaced underground drilling, further metallurgical testing, and engineering studies. “This initial underground resource marks an important milestone at Camino Rojo. When we acquired the project, the scale of the mineralized system was clear, but the path forward was uncertain. This resource crystallizes our belief in the potential for a future underground operation,” Simpson said at that time.