Orla Mining Reports Strong Q3 Performance with Increased Production Outlook

2 min read | October 11, 2024 06:24 AM AEDT | By Team Kalkine Media

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Orla Mining reports strong operational performance in Q3 2024.
Increased annual production target following outperformance.
Focus on maintaining liquidity and reducing debt.

Orla Mining Ltd. (TSX:OLA) shared its third-quarter operational update for the period ending September 30, 2024, while also revising its annual production forecast upward. The company's strong performance this year is driven by its Camino Rojo mine, where increased production rates and improved recovery techniques have resulted in a significant boost in gold output. The company is now expecting to produce between 130,000 and 140,000 ounces of gold for the year, up from its previous forecast.

Several factors have contributed to this year’s production outperformance. These include enhanced recoveries from finer crushing methods, higher mined and processed grades, and increased tonnage. The higher strip ratio observed during the quarter was due to a redesign of the mine pit, which ensures ongoing access to ore, supporting steady production levels.

In line with these improvements, Orla also refined its cost estimates. The full-year all-in sustaining cost (AISC) is expected to reach the lower end of the $800 to $900 per ounce range, thanks to increased production efficiencies.

On the financial front, Orla made notable strides in strengthening its liquidity position. The company repaid $20 million towards its revolving credit facility during the quarter, reducing the outstanding amount to $58.4 million. By the end of Q3, Orla had a strong cash position, with $180.9 million available, resulting in a net cash position of $122.5 million. Additionally, Orla still has $91.6 million in undrawn credit, supporting a total liquidity of $272.5 million.

Orla Mining continues to focus on reducing its debt and plans to further reduce the outstanding balance on its credit facility in the fourth quarter. Financial results for the third quarter of 2024 are set to be released on November 12, 2024.

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