Business
Orla Mining Reports First Quarter 2022 Results; Net Income of $18.8 Million
VANCOUVER, BC, May 12, 2022 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the first quarter ended M
About this update from Orla Mining Ltd.
[{"type":"text","content":" VANCOUVER, BC, May 12, 2022 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (\"Orla\" or the \"Company\") today announces the results for the first quarter ended March 31, 2022. (All amounts are in U.S. dollars unless otherwise stated) HIGHLIGHTS: Net income of $18.8 million or $0.08 per share for the first quarter of 2022. Camino Rojo gold production totalled 23,031 ounces in the first quarter. Gold production guidance for the full year 2022 is maintained at 90,000 to 100,000 ounces at all-in sustaining costs (\"AISC\") of $600 to $700 per ounce of gold sold1. Commercial production was declared at the Camino Rojo Oxide Mine (\"Camino Rojo\"), effective April 1, 2022. Camino Rojo achieved record monthly processing throughput in March 2022. The average daily stacking throughput for the month was 17,444 tonnes per day or 97% of nameplate capacity of 18,000 tonnes per day. Daily stacking throughput for the first quarter of 2022 averaged 15,917 tonnes per day. Nameplate capacity is expected to be achieved during the second quarter. Construction at Camino Rojo is complete. Final cost is expected to be $125.5 million, $8.6 million below the total project capital estimate of $134.1 million. Cash balance of $35.0 million at March 31, 2022. During the first quarter, the Company filed an updated technical report on Cerro Quema to include the initial resource estimate on the Caballito copper-gold deposit in Panama. Exploration and evaluation expenditures totaled $2.5 million for the quarter as preparations began for the 2022 drill and exploration program. The Company anticipates spending $15 million in 2022 on exploration activities in an effort to expand resources on existing deposits and make new discoveries. Subsequent to quarter end, the Company announced a refinancing of its project finance facility with a new $150 million secured credit facility composed of a $100 million term facility and a $50 million revolving facility. The refinancing significantly lowers the Company's cost of capital and provides additional flexibility through increased liquidity. \"During an important transitional quarter, the Company hit all key milestones including declaring commercial production and ramping up throughput rates,\" said Jason Simpson, President and Chief Executive Officer of Orla. \"We are looking towards achieving design capacity at Camino ...