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Orla reduces cost forecasts at Mexico gold mine

August 5, 2023
in Business
Orla reduces cost forecasts at Mexico gold mine
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Orla Mining Ltd. [OLA-TSX] announced second quarter 2023 financial results that were in line with street forecasts and said unit costs are trending lower at its Camino Rojo gold mine in Zacatecas, Mexico

The company said unit costs are trending lower as fewer waste tonnes were mined due to limited pit access related to permitting delays at Camino Rojo. The company expects this to result in lower mining costs for the year, driving a reduction in overall all-in-sustaining cost (AISC) guidance for the year.

The company has cut its AISC forecast to US$700-US$800 an ounce from US$750-US$850, while maintaining its production guidance at 100,000 to 100,000 ounces.

Orla shares advanced on the news, rising 2.2% or 13 cents to $6.05 on volume of 205,250. The shares are currently trading in a 52-week range of $6.89 and $3.69.

Camino Rojo consists of a near-surface oxide gold-silver deposit with a large deeper gold-silver-zinc-lead- sulphide zone. It reached the commercial production stage in April, 2022.

During the second quarter of 2023, the Camino Rojo Oxide Mine produced and sold 29,058 and 29,773 ounces of gold, respectively, leaving the company with a cash position of $114.5 million.

Orla said net income for the second quarter was $12.8 million or $0.04 a share, including $7.2 million in expensed exploration and development costs. Cash flow from operating activities before changes in non-cash working capital during the second quarter was $22.4 million.

Orla acquired the Camino Rojo from Newmont Corp., [NGT-TSX, NEM-NYSE] in November 2017 in return for the issuance of 32 million Orla shares, or 19.9% of the shares outstanding.

Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) announced in May, 2023, that it partially exercised its top-up right and subscribed for 3.9 million Orla shares at $6.27 per share, generating gross proceeds of $25 million. The top up right gave Agnico-Eagle the right to increase its ownership to up to 15%. The investment increased Agnico’s ownership to 8.82% from 7.65%.

The company said advancement of exploration activities across the portfolio continued to generate strong results, most notably at Camino Rojo, where significant results have been returned from infill drilling of the sulphides mineral resource, on extension of the sulphides mineralization, and in the regional exploration where the first visible gold outside the Camino Rojo deposit was encountered.

“Orla endeavours to be a predictable and consistent gold producer and cash generator,’’ said Orla President and CEO Jason Simpson. “Our exploration efforts also continue to generate positive returns and we remain committed to a systematic approach to unlocking value.’’

According to an updated feasibility study released in January, 2021, proven and probable mineral reserves stand at 1.59 million ounces of gold and 31.5 million ounces of silver.

Key assumptions include a 10.4-year mine life and average annual production of 94,000 ounces of gold and 597,000 ounces of silver. The all-in-sustaining cost is expected to be US$543 an ounce.

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