Orla Mining reported its third‑quarter 2025 results on November 11, 2025, delivering a record $93 million in free cash flow and a record 79,645 ounces of gold production, of which 78,857 ounces were sold. The company’s revenue rose 176.9% year‑over‑year to $275 million, driven by a 40% increase in gold sales and a 12% rise in operating costs that were offset by higher production volumes.
The adjusted earnings per share of $0.22 beat the consensus estimate of $0.16 by $0.06, a 37.5% beat. The strong earnings result was largely driven by disciplined cost management and the high‑grade output from the newly acquired Musselwhite mine, which contributed 57,586 ounces of gold in the quarter. Camino Rojo, the flagship operation, added 22,059 ounces, and the company’s operating margin expanded to 40.22% from 38.5% in the prior year, while the gross margin reached 54.97%.
Management highlighted the impact of a pit‑wall event at Camino Rojo that occurred in July. “While the event caused a temporary pause and required mine resequencing, we have stabilized the pit and are on track to meet our revised production guidance,” said President and CEO Jason Simpson. He added that the record free cash flow positions Orla to self‑fund the next stage of its South Railroad expansion and to consider return‑of‑capital initiatives.
Orla reaffirmed its 2025 production guidance of 265,000 to 285,000 ounces of gold and an all‑in sustaining cost (AISC) of $1,350 to $1,550 per ounce, unchanged from the prior guidance. The company’s confidence in maintaining these targets reflects the successful integration of Musselwhite and the expected recovery at Camino Rojo.
Investors responded positively to the results, citing the strong EPS beat, record cash flow, and the company’s ability to reaffirm guidance despite the Camino Rojo pit‑wall event. Analysts noted that the combination of high‑grade production, disciplined cost control, and a favorable gold price environment underpins Orla’s robust financial performance.
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