VANCOUVER, BC, Jan. 20, 2026 /CNW/ – Orla Mining Ltd. (TSX:OLA) (NYSE:ORLA) (“Orla” or the “Company”) is pleased to provide an operational update for the fourth quarter and year ended December 31, 2025, as well as 2026 guidance.
Orla exceeded its revised annual consolidated production guidance of 265,000 to 285,000 ounces of gold producing 300,620 oz in 2025. The Company anticipates full year 2025 all-in sustaining (“AISC”)1 to be within the revised guidance range of $1,350–$1,550 /oz.
(All amounts expressed in millions of US dollars, as at December 31, 2025, and are unaudited)
Fourth Quarter and Full Year Operational Update
|
Total Gold Production & Sales |
Q4 2025 |
FY 20252 |
FY 2025 Revised |
|
|
Total Gold Produced |
oz |
95,405 |
300,620 |
265,000 – 285,000 |
|
Total Gold Sold |
oz |
92,889 |
297,013 |
|
|
Musselwhite, Canada |
||||
|
Ore Milled |
tonnes |
361,407 |
1,089,896 |
|
|
Milled Ore Gold Head Grade |
g/t |
6.77 |
6.04 |
|
|
Gold Produced |
oz |
75,818 |
203,8562 |
170,000 – 180,0002 |
|
Gold Sold |
oz |
73,910 |
198,970 |
|
|
Camino Rojo, Mexico |
||||
|
Ore Stacked |
tonnes |
1,862,807 |
8,938,173 |
|
|
Stacked Ore Gold Grade |
g/t |
0.47 |
0.54 |
|
|
Gold Produced |
oz |
19,587 |
96,764 |
95,000 – 105,000 |
|
Gold Sold |
oz |
18,979 |
98,043 |
“Thanks to the effort and dedication of our people across the business, we successfully exceeded our annual production guidance — delivering more than 300,000 ounces for the first time in our history. The strength of our diversified portfolio was clearly demonstrated in the second half of 2025, driven by outstanding execution by our operations teams in Mexico and Canada. Despite short-term challenges at Camino Rojo, the operation has fully rebounded, and Musselwhite’s exceptional production performance in our first ten months of ownership propelled us to record annual production.
Our 2026 guidance reflects strong gold production and sustained investment to accelerate growth at Musselwhite, South Carlin, and Camino Rojo. Together, these priorities position us to deliver long-term value through disciplined execution of a high-quality pipeline of opportunities.”
– Jason Simpson, President and Chief Executive Officer, Orla Mining
Musselwhite Operations
During the quarter, Musselwhite mined 370,622 tonnes of ore and processed 361,407 tonnes at a mill head grade of 6.77 g/t gold. Gold recovery was 95.65% resulting in gold production of 75,818 ounces.
Musselwhite completed 3,338 metres of lateral development, the majority of which was to advance the 1080 exploration drift, to allow optimized underground diamond drilling in the PQ Extensions area with the objectives to continue growing reserves and resources in the extension of the mine trend.
The first ten months of Orla’s 24-month capital investment strategy — designed to support mine life extension and production growth — have already delivered meaningful benefits and are advancing our “Growth for Longer” vision. Our Canadian team leveraged new mobile equipment to drive operational outperformance and exceed production guidance, advanced the exploration drift at a rate ten times faster than previously achieved, and delivered early drilling success from both underground and surface programs. These efforts have added resources and extended the deposit by a further two kilometres, reinforcing the strong potential for a more material mine life extension.
During 2025, Musselwhite delivered stable underground production while transitioning ownership and integrating into Orla’s operating standards. Musselwhite produced 236,908 ounces of gold in full-year 2025, with 203,856 ounces attributable to Orla from the date of acquisition, exceeding the top end of production guidance.
Camino Rojo Operations
During the quarter, Camino Rojo mined over 1.7 million tonnes of ore and nearly 2.7 million tonnes of waste, for an implied strip ratio of 1.52. A total of 1.86 million tonnes of ore were stacked at an average grade of 0.47 g/t gold equating to an average daily stacking rate of about 20.2 thousand tonnes.
Our Camino Rojo team in Mexico responded rapidly and safely to the July pit wall event, mitigating the impact by processing stockpiled material while the north wall was re-established. With overburden removal now complete and mining returned to the main portion of the deposit, Camino Rojo is well positioned to deliver consistent performance in 2026. Camino Rojo produced 96,764 ounces of gold in 2025, in line with the revised annual guidance.
Liquidity Position
At December 31, 2025, Orla’s cash and debt positions were $420.8 million and $385.9 million, respectively resulting in a net cash position of $35.8 million3.
On December 3, 2025, Orla announced its inaugural quarterly cash dividend of US$0.015 per share. The dividend is payable on February 10, 2026, to shareholders of record as of January 12, 2026, representing an annualized dividend of US$0.06 per share. The announcement reflects management’s confidence in Orla’s financial strength and its ability to return capital to shareholders while continuing to fund growth initiatives.
|
Cash position – December 31, 2025 |
$420.8 million |
|
Debt |
($385.0) million |
|
Net Cash2 |
$35.8 million |
2026 Guidance Summary
|
FULL YEAR |
H1 |
H2 |
||
|
Gold Production |
||||
|
Camino Rojo |
oz |
110,000 – 120,000 |
40,000 – 45,000 |
70,000 – 75,000 |
|
Musselwhite |
oz |
230,000 – 240,000 |
110,000 – 115,000 |
120,000 –125,000 |
|
Total Gold Production |
oz |
340,000 – 360,000 |
150,000 – 160,000 |
190,000 – 200,000 |