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Orla Mining Ltd. filings document a Canadian foreign private issuer reporting on gold mining operations, project development, governance and capital structure. Its Form 6-K reports include interim consolidated financial statements, MD&A, certifications, press releases, meeting notices and exhibits incorporated by reference into registration statements.
The disclosures describe production and sales from Musselwhite and Camino Rojo, all-in sustaining costs, exploration and project expenditures, cash, debt, derivatives and liquidity. They also record technical reports and permitting for Camino Rojo, exploration results at Musselwhite, South Railroad project activity, common-share voting mechanics and labour-rights compliance actions at Camino Rojo.
Orla Mining reported a strong fourth quarter and a transformative 2025, driven by the Musselwhite acquisition and solid performance at Camino Rojo. For 2025, the company produced 300,620 ounces of gold and generated revenue of $1,057.9M.
Net income for the year was $106.9M, while adjusted earnings reached $318.9M, or $0.97 per basic share. Free cash flow was a record $680.8M, including $360.8M from a gold prepay arrangement, supporting a self-funded growth strategy.
Cash and cash equivalents rose to $420.8M with net cash of $35.8M, compared with net debt a year earlier. Orla exceeded its revised 2025 production guidance, kept cash costs and AISC within guided ranges, and modestly underspent its capital budget.
Operationally, Musselwhite delivered 203,856 ounces in 2025 and showed strong reserve and resource growth, while Camino Rojo remained resilient after a pit wall event and received key Mexican permits to expand the oxide pit and advance the underground project. For 2026, Orla guides consolidated gold production of 340,000–360,000 ounces with all-in sustaining costs of $1,550–$1,750 per ounce and plans $430M of capital spending, largely on Musselwhite and the South Carlin Complex, including the South Railroad development.
Orla Mining Ltd. files its Annual Report on Form 40-F registering its common shares (trading as ORLA on NYSE American) and states 340,136,534 common shares outstanding as of the close of the period covered by the annual report. The filing incorporates the Annual Information Form, MD&A and audited consolidated financial statements for the years ended December 31, 2025 and 2024.
Management reports that disclosure controls and internal control over financial reporting were effective as of December 31, 2025, and Deloitte LLP provided an attestation. The company excluded Musselwhite Mine Ltd. from the control assessment; on a consolidated basis MML represented approximately 30% and 32% of net and total assets, respectively, 69% of revenues and 185% of net income. The report contains standard forward-looking statements and a cautionary note regarding Canadian vs U.S. mineral disclosure standards.
Orla Mining Ltd. reports that it has received environmental impact assessment approval (MIA) from Mexico’s SEMARNAT for the Camino Rojo Mine in Zacatecas. This, together with its existing Change of Land Use approval, gives the company all key permits to complete the oxide open pit, including the layback area, and to start constructing an underground exploration decline for the Camino Rojo Underground Project, with work expected as early as the second half of 2026. Orla has also filed an updated Camino Rojo technical report containing a Preliminary Economic Assessment that outlines development options which the company states could potentially double production and support a multi-decade operating platform in Mexico. The company indicates there are no changes to its 2026 production and cost guidance for Camino Rojo, and any 2026 spending on the exploration decline would be incremental to current guidance.
Orla Mining Ltd. has filed a Form 6-K furnishing a new NI 43‑101 Technical Report for its 100%-owned Camino Rojo Project in Mexico, updating Mineral Resources, Mineral Reserves and adding a standalone underground PEA. As of September 30, 2025, total Measured and Indicated Mineral Resources are 92.1 Mt at 1.68 g/t gold, containing about 4.97 Moz of gold, inclusive of Mineral Reserves. Open pit Proven and Probable Mineral Reserves total 33.4 Mt at 0.73 g/t gold for 785 koz of gold, based on an NSR cut-off of $8.44/t and metal prices of $2,300/oz gold and $25/oz silver.
The heap leach mine, in commercial production since 2022, processed about 20,000 tpd in 2024 versus an 18,000 tpd design, with life-of-mine operating costs estimated at $13.28/t ore and sustaining capital of about $31.1M through 2031. The PEA for a stand-alone underground project, using an 8,000 tpd mill and flotation plant, outlines a 17‑year case with an after‑tax NPV(5%) of $1.3B, 30% IRR at $3,100/oz gold, initial capital of $608M and a 38‑month payback. Average concentrate production over the first 10 years is projected at 215,000 oz of gold per year (201,000 oz payable gold equivalent), with estimated average gold recovery of 87%. The company emphasizes that PEA results are preliminary and rely partly on Inferred Mineral Resources, which do not have demonstrated economic viability.
Orla Mining Ltd. has filed an updated independent technical report for its South Railroad Gold Project in Nevada, prepared under NI 43-101. The report now includes a construction-ready feasibility study with advanced engineering, expanded metallurgical testing, and a detailed execution plan.
Key design enhancements include a two-stage crushing circuit aimed at improving gold recoveries. Orla is moving into the execution phase, focusing on detailed engineering, construction readiness, and long-lead procurement, with full construction targeted to begin in mid-2026, pending receipt of final permits.
The Company expects to fund South Railroad’s development using operating cash flow and existing cash on hand. South Railroad is part of Orla’s South Carlin Complex and complements its two operating mines, Camino Rojo in Mexico and the Musselwhite Mine in Canada, all 100% owned by Orla.
Orla Mining has filed a detailed feasibility study update for its South Railroad open-pit gold project in Nevada, outlining a 10-year mine life plus six months of pre-strip. The plan uses run-of-mine and two-stage crushed heap leach processing with ADR recovery to produce gold-silver doré.
Total proven and probable mineral reserves are 73.4 million tons grading 0.021 oz Au/ton and 0.084 oz Ag/ton, containing 1.516 million oz of gold and 6.195 million oz of silver. Average annual gold production is about 104,000 oz, with peak years reaching 149,000 oz.
Initial capital expenditures are estimated at $394.7 million, with sustaining capital of $209.1 million and total life-of-mine operating costs of $1.201 billion. Cash costs after by-product credit are $1,207 per ounce of gold and all-in sustaining costs are $1,505 per ounce.
At the base-case metal prices of $3,100/oz gold and $36.50/oz silver, the study shows after-tax cash flow of $1.0946 billion, an after-tax NPV (5%) of $782.7 million, an after-tax IRR of 48.0%, and a payback period of 2.0 years, indicating strong project economics.
Orla Mining released a preliminary economic assessment for a stand-alone underground project beneath its Camino Rojo open pit, outlining a potential 17-year mine life with an 8,000 tpd processing plant producing three saleable concentrates.
The Study estimates total gold production of 2.80 million ounces and total gold equivalent production of 2.97 million ounces, with average annual gold production of 215,000 ounces and payable gold of 190,000 ounces over the first 10 years. At base case prices of $3,100/oz gold, $37.50/oz silver and $1.20/lb zinc, the Project shows an after-tax NPV5% of $1,275 million, after-tax IRR of 30.2% and a 3.2-year payback. Initial capital is estimated at $608.1 million, sustaining capital at $489.0 million, with projected life-of-mine AISC of $1,339/oz payable gold. Orla emphasizes the PEA is conceptual and not a demonstration of economic viability, with Inferred Mineral Resources too speculative for reserve conversion at this stage.
Orla Mining released a positive preliminary economic assessment for the proposed underground expansion at its Camino Rojo Mine in Mexico. The standalone underground project targets 8,000 tonnes per day over a 17-year mine life, with total gold production of 2.80 million ounces and average first 10-year gold output of 215,000 ounces annually.
The base-case study, using $3,100/oz gold, outlines an after-tax NPV5 of $1.275 billion, an after-tax IRR of 30.2%, and a 3.2-year payback on initial capital. Initial capital is estimated at $608.1 million, with life-of-mine sustaining capital of $489 million and projected all-in sustaining costs of $1,339/oz payable gold.
Orla emphasizes that this PEA is preliminary and conceptual, relies in part on Inferred Mineral Resources, and does not demonstrate economic viability. The company highlights significant exploration upside, particularly in Zone 22, and plans phased drilling and technical work ahead of any future construction decision.
Van Eck Associates Corporation filed a Schedule 13G reporting a passive ownership stake in Orla Mining Ltd.. Van Eck reports beneficial ownership of 19,376,060 common shares, representing 5.7% of the class as of 12/31/2025. The firm has sole voting and sole dispositive power over all reported shares, with no shared power. Van Eck certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Orla Mining.
Orla Mining has released an updated feasibility study for its South Railroad gold project in Nevada, outlining a larger, more advanced, construction-ready operation. The mine plan envisions a 10‑year open-pit heap leach operation processing 66.6 million tonnes of ore, with total proven and probable mineral reserves of 1.52 million ounces of gold and 6.20 million ounces of silver.
At a base case gold price of $3,100 per ounce and silver at $36.50 per ounce, the study estimates average annual gold production of 103,756 ounces, an after-tax NPV at 5% of $783 million, an after-tax IRR of 48%, and a 2.0‑year after-tax payback. Initial capital is estimated at $395 million, with total life-of-mine capital (including sustaining and working capital) of about $604 million and an AISC of $1,505 per ounce of gold.
The project is advancing through U.S. federal and state permitting, with NEPA and USACE processes well underway and a Record of Decision targeted for mid‑2026. Detailed engineering, EPCM engagement with M3, and long-lead procurement have started, and construction is expected to begin in mid‑2026 and take approximately 18 months, subject to receipt of final permits and regulatory approvals.