Orla Mining (TSX: OLA, NYSE: ORLA) raised its annual production guidance following production outperformance at the Camino Rojo gold mine in Mexico.

The mine produced 43,788 ounces and sold 38,265 ounces of gold during the third quarter of 2024.

As a result, the company increased its full-year gold production guidance to 130,000–140,000 ounces, up from the 120,000–130,000 ounces revised in August.

According to the company, in August, full-year all-in sustaining cost (AISC) guidance was improved to a range of $800–$900 per ounce of gold sold. As a result of the higher production guidance, full-year AISC is now expected to reach the low end of the guidance range.

During the third quarter of 2024, Orla repaid $20.0 million toward its revolving credit facility, bringing the outstanding drawn amount to $58.4 million. As of September 30, 2024, Orla’s cash position stood at $180.9 million, resulting in a net cash position of $122.5 million.

Camino Rojo has measured and indicated oxide resources of 84.4 million tonnes, grading 0.72 grams of gold per tonne, for 1.9 million ounces of metal. It also has a sizeable sulphide component of 258.8 million tonnes, grading 0.88 grams of gold per tonne, for 7.3 million ounces of metal. Proven and probable reserves total 58.5 million tonnes at 0.74 grams of gold per tonne, for 1.4 million ounces.

Shares of Orla Mining rose 3.3% by 11:10 p.m. EDT. The miner has a market capitalization of C$1.86 billion ($1.35 billion).

Source: MINING.COM – Read More