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Orla Mining Reports Strong Start to Year in First Quarter 2023 Results; Agnico Eagle Mines Exercises Top-Up Right
Agnico Eagle Exercises Top-Up Right VANCOUVER, BC, May 11, 2023 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the r
About this update from Orla Mining Ltd.
[{"type":"text","content":" Agnico Eagle Exercises Top-Up Right VANCOUVER, BC, May 11, 2023 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (\"Orla\" or the \"Company\") today announces the results for the first quarter ended March 31, 2023 as well as the partial exercise by Agnico Eagle Mines Limited (\"Agnico Eagle\") of its top-up right. (All amounts expressed in U.S. dollars unless otherwise stated) First Quarter 2023 Highlights: During the first quarter, gold production was 25,910 ounces and gold sold was 26,859 ounces (pre-released, April 14, 2023). The Company remains on track to meet 2023 annual gold production guidance of 100,000 to 110,000 ounces. All-in sustaining costs (\"AISC\")1 of $693 per ounce of gold sold during the first quarter 2023. The Company remains on track to meet 2023 annual AISC guidance of $750 to $850 /oz sold. Adjusted earnings1 for the first quarter was $11.4 million or $0.04 per share. Net income for the first quarter was $13.2 million or $0.04 per share which included $6.9 million in expensed exploration and development costs. Cash flow from operating activities before changes in non-cash working capital during the first quarter was $nil after the Company made its first planned income tax payment (including the Special Mining Duty) in Mexico of $26.5 million related to the 2022 fiscal year. Cash balance of $83.8 million and net debt1 of $56.6 million at March 31, 2023. Subsequent to quarter end, Agnico Eagle partially exercised its top-up right. \"The Company transitioned seamlessly into 2023 with another consistent operating quarter with strong cash margins,\" said Jason Simpson, President and Chief Executive Officer of Orla. \"We remain committed to all our stakeholders including our local communities and host governments.\" _______________________ 1 Cash cost, AISC, adjusted earnings and net debt are non-GAAP measures. See the \"Non-GAAP Measures\" section of this news release for additional information. Financial and Operations Update Table 1: Financial and Operating Highlights Q1 2023 Q1 2022 Operating Gold Produced oz 25,910 23,031 Gold Sold oz 26,859 20,884 Average Realized Gold Price1 $/oz $1,888 $1,888 Cost of Sales – Operating Cost $M $11.8 $9.4 Cash Cost per Ounce1,2 $/oz $472 NA All-in Sustaining Cost per Ounce1,2 $/oz $693 NA Financial  ...