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1. Company Snapshot

1.a. Company Description

Orla Mining Ltd.acquires, explores for, and develops mineral properties.The company explores for gold, silver, zinc, lead, and copper deposits.


It owns 100% interests in the Camino Rojo project that consists of seven concessions covering an area of 163,129 hectares located in Zacatecas, Mexico; and Cerro Quema project totaling an area of 14,800 hectares located in the Azuero Peninsula, Panama.The company was formerly known as Red Mile Minerals Corp.and changed its name to Orla Mining Ltd.


in June 2015.Orla Mining Ltd.was incorporated in 2007 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on OLA

Orla Mining Ltd.'s recent performance was driven by record quarterly production, with contributions from Camino Rojo and Musselwhite mines. The company achieved its highest quarterly production to date, with Camino Rojo on track to meet its annual guidance of 110,000 to 120,000 ounces of gold. Additionally, Orla Mining launched a $25M exploration drilling program to expand reserves and resources at the Musselwhite Mine, further solidifying its growth prospects.

1.c. Company Highlights

2. Orla Mining's Q3 2025 Earnings: Strong Operational Performance and Growth Prospects

Orla Mining reported a robust financial performance in Q3 2025, with revenue reaching $270 million, driven by a realized gold price of $3,417 per ounce. The company's consolidated cash costs and all-in sustaining costs were $1,200 and $1,641 per ounce, respectively. Net income was $49.3 million, or $0.15 per share, while adjusted earnings were $73 million, or $0.22 per share. Notably, the actual EPS was $0.3064, beating estimates of $0.2766. The company's strong operational performance was highlighted by Jason Simpson, President and CEO, who stated that "the company's operational resilience and significant advancements in its growth pipeline are driving the business forward."

Publication Date: Nov -18

📋 Highlights
  • Strong Financial Performance:: Revenue reached $270 million with a realized gold price of $3,417/ounce, generating net income of $49.3 million ($0.15/share) and adjusted earnings of $73 million ($0.22/share).
  • Musselwhite Gold Production:: The mine produced 58,000 ounces of gold, processing 329,000 tonnes at a mill head grade of 5.87 g/t.
  • South Railroad Project Progress:: Advancing toward final permits and construction start, with plans to include a crushing system to enhance recovery and derisk heap leach operations.
  • Exploration Success at Musselwhite:: Deep directional drilling yielded high-grade results, supporting resource growth and mine life extension.
  • Camino Rojo Recovery:: Despite a pit wall event, the mine produced 22,059 ounces of gold, mining 0.7 million tonnes of ore and 2.4 million tonnes of waste.

Operational Highlights

The Musselwhite mine achieved outstanding gold production, milling 329,000 tonnes at a mill head grade of 5.87 grams per tonne gold, resulting in production of nearly 58,000 ounces of gold. Camino Rojo experienced a pit wall event, but operations have rebounded nicely, with a total production of 22,059 ounces of gold. The company's operational strength is expected to continue, with a new stope commissioned in the Redwings area at Musselwhite, which is expected to increase production throughput.

Growth Prospects

Orla Mining is advancing its growth projects, including the South Railroad heap leach project in Nevada, which is moving towards final permits and construction start. The company is also executing a high-impact exploration program at Musselwhite, with impressive high-grade results from deep directional drilling. Analysts estimate next year's revenue growth at 36.6%, indicating a positive outlook for the company's growth prospects.

Valuation Metrics

Orla Mining's current valuation metrics indicate a premium valuation. The company's P/E Ratio is 154.33, P/B Ratio is 7.9, and P/S Ratio is 6.56. The EV/EBITDA ratio is 16.3, indicating a relatively high valuation. However, the company's growth prospects and operational strength may justify this premium. The ROE is 5.28%, and ROIC is 2.88%, indicating a relatively low return on equity and invested capital.

Outlook

Orla Mining has several upcoming catalysts, including a project update on South Railroad, an exploration update from the South Carlin complex in Nevada, and continued exploration for the underground deep directional drill program at Musselwhite. The company's commitment to responsible mining and its growth pipeline is expected to drive the business forward. With a strong operational performance and growth prospects, Orla Mining is well-positioned for future success.

3. NewsRoom

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Is It Too Late to Consider Orla Mining After Its 167% One Year Surge?

Dec -04

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Orla Mining Announces Inaugural Dividend and Quarterly Dividend Program

Dec -03

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Does New South Carlin Oxide Discoveries Reshape The Bull Case For Orla Mining (TSX:OLA)?

Dec -03

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Orla Mining Provides Drill Results from 18,000-Meter Exploration Program at South Carlin Complex

Dec -02

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Orla Mining Discovers High-Grade Oxide Gold Beyond Pit Shells at South Carlin Complex, Reinforcing Growth Trajectory Ahead of 2026 Construction

Dec -02

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Orla Mining (TSX:OLA): Assessing Valuation After Impressive Share Price Gains

Nov -25

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TSX Growth Companies With High Insider Ownership November 2025

Nov -24

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Zacks.com featured highlights include Orla Mining, FIGS and Compass Therapeutics

Nov -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.78%)

6. Segments

Gold

Expected Growth: 4.78%

Orla Mining Ltd.'s 4.78% growth in gold production is driven by increased ore processing, improved gold recovery rates, and successful exploration efforts at its Camino Rojo project in Mexico. Additionally, the company's focus on operational efficiency and cost reduction initiatives have contributed to the growth.

Silver

Expected Growth: 4.65%

Orla Mining Ltd.'s silver segment growth of 4.65% is driven by increasing demand from industrial applications, particularly in the solar panel and electronics industries. Additionally, supply constraints and geopolitical tensions have contributed to the price appreciation, further boosting growth. The company's efficient operations and cost management have also enabled it to capitalize on the rising silver prices.

7. Detailed Products

Gold

Orla Mining Ltd. is a leading gold producer with a portfolio of high-quality gold mines and development projects in the Americas.

Silver

Orla Mining Ltd. also produces silver as a by-product of its gold mining operations.

Copper

Orla Mining Ltd. has copper deposits in some of its mining projects, which are expected to increase copper production in the future.

Exploration Services

Orla Mining Ltd. offers exploration services to identify and develop new mineral deposits.

Mining Consulting

Orla Mining Ltd. provides mining consulting services to help other companies improve their mining operations.

8. Orla Mining Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Orla Mining Ltd. is medium due to the availability of alternative mining companies and the ease of switching costs for customers.

Bargaining Power Of Customers

The bargaining power of customers for Orla Mining Ltd. is low due to the company's strong brand reputation and the lack of price sensitivity among customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Orla Mining Ltd. is high due to the limited number of suppliers and the high switching costs for the company.

Threat Of New Entrants

The threat of new entrants for Orla Mining Ltd. is low due to the high barriers to entry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Orla Mining Ltd. is high due to the competitive nature of the mining industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.56%
Debt Cost 3.95%
Equity Weight 81.44%
Equity Cost 11.88%
WACC 10.41%
Leverage 22.78%

11. Quality Control: Orla Mining Ltd. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Wesdome Gold Mines

A-Score: 6.1/10

Value: 5.2

Growth: 8.4

Quality: 8.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.3

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Orezone Gold

A-Score: 5.9/10

Value: 5.7

Growth: 9.2

Quality: 7.6

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Orla Mining

A-Score: 5.1/10

Value: 3.4

Growth: 9.9

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

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Victoria Gold

A-Score: 4.8/10

Value: 9.7

Growth: 8.6

Quality: 4.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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New Gold

A-Score: 4.6/10

Value: 4.1

Growth: 4.3

Quality: 6.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

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Equinox Gold

A-Score: 4.5/10

Value: 2.5

Growth: 6.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.1$

Current Price

17.1$

Potential

-0.00%

Expected Cash-Flows