Orla Mining Ltd. (ORLA): Business Model Canvas [Dec-2025 Updated]

You're digging into Orla Mining Ltd. to see if this diversified gold producer, running mines in both Mexico and Canada, is set up for the next leg up. Honestly, the story here is the balance: they are funding aggressive growth-like that $150.8 million exploration budget for 2025-while simultaneously committing to shareholder returns with an inaugural $0.015 quarterly dividend. That's backed by a competitive 2025 All-in Sustaining Cost (AISC) guidance of $1,350 to $1,550 per ounce and a clear path to production from the South Railroad Project by early 2028. To see precisely how Orla Mining Ltd. links its key assets, like the Musselwhite mine, to its revenue streams and manages costs across three jurisdictions, check out the full breakdown below.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Orla Mining Ltd. relies on to operate and grow its North American asset base, especially after the major Musselwhite acquisition. These aren't just vendor relationships; they are foundational financial and operational agreements.

Newmont Corporation (Musselwhite acquisition and contingent payment)

The acquisition of the Musselwhite Mine from Newmont Corporation, which closed on March 3, 2025, established a significant contingent financial obligation. Orla Mining Ltd. is committed to paying Newmont Corporation up to US$40 million in contingent consideration on top of the US$810 million upfront cash payment. This contingent amount is structured around gold price hurdles for the first two full years following the Transaction close. Newmont has since completed the sale of its remaining stake in Orla Mining Ltd. on October 8, 2025.

• Total Consideration Cap: US$850 million
• Upfront Cash Consideration Paid: US$810 million
• Contingent Payment 1 Trigger: Average spot gold price exceeding US$2,900/oz in the initial one-year period post-closing, payable as US$20 million.
• Contingent Payment 2 Trigger: Average spot gold price exceeding US$3,000/oz in the second full year period post-closing, payable as US$20 million.

Fairfax Financial Holdings and Pierre Lassonde (cornerstone shareholders and convertible note investors)

Fairfax Financial Holdings Limited and Pierre Lassonde were instrumental in financing the Musselwhite transaction through a private placement of senior unsecured convertible notes. This provided non-dilutive capital, which is always a plus for existing shareholders. The notes carry a specific coupon and conversion terms that define their potential equity impact.

The terms of the notes issued in connection with the acquisition closing are laid out here:

Syndicate of Lenders (Bank of Nova Scotia, BMO, CIBC, ING) for the Credit Facility

Orla Mining Ltd. maintains a revolving credit facility with a syndicate of lenders that includes The Bank of Nova Scotia, Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). While the request mentions a $250 million facility, the most recently detailed facility size was US$150 million, with the ability to increase to US$200 million, maturing on August 28, 2027. ING Capital Markets LLC was noted as part of the syndicate providing binding commitments for a separate $350 million Gold Prepayment.

A key financial action was taken subsequent to the third quarter of 2025:

• Credit Facility Capacity: US$150 million (with option to increase to US$200 million)
• Repayment as of October 15, 2025: Repaid the entirety of the outstanding balance, totaling $58.4 million.
• Resulting Status: Debt free with cash on hand of approximately $120 million.
• Applicable Margin Range: 2.50% to 3.75% over SOFR, based on leverage ratio.

Fresnillo plc (Camino Rojo land/layback agreement)

The Layback Agreement with Fresnillo plc allowed Orla Mining Ltd. to expand the Camino Rojo oxide pit onto Fresnillo's concession. This required a staged cash payment, which was a material component of the project financing structure.

• Total Cash Consideration Paid to Fresnillo plc: US$62.8 million
• Initial Payment Due Upon COFECE Approval: US$25 million
• Remaining Payments Interest Rate: 5% per annum until paid.

Local First Nations in Ontario (Musselwhite area agreements and joint education fund)

The partnership with Local First Nations, specifically involving First Nation LP (FNLP), which represents 24 First Nations, resulted in a significant community investment fund tied to the Musselwhite Mine. This commitment is spread out over a decade.

The fund supports programs including career development, trades training, mentorship, and scholarships, administered by Opiikapawiin Services LP.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Key Activities

You're looking at the core engine of Orla Mining Ltd. Orla Mining Ltd.'s key activities in late 2025 are centered on maximizing output from its two operating mines while aggressively de-risking its next major growth pillar in Nevada. The integration of the newly acquired Musselwhite asset is definitely a major focus area, shifting the company profile significantly.

Gold and Silver Mining Operations at Camino Rojo (Mexico) and Musselwhite (Canada)

Orla Mining Ltd. is now a dual-mine operator following the February 28, 2025, closing of the Musselwhite acquisition. This has immediately doubled production capacity, though the Camino Rojo oxide mine faced a temporary operational pause due to a pit wall event in July 2025.

Here's a look at the operational snapshot as of the third quarter ended September 30, 2025:

The Camino Rojo operation saw an uncontrolled material movement along the north wall on July 23, 2025. The action plan involves removing approximately 9.0 Mt of material (at a 0.74 g/t Au grade) and stacking it on the heap leach pad, meaning no ounces were sterilized, though it caused a mine resequencing.

Aggressive Exploration and Resource Expansion Drilling

Orla Mining Ltd. is definitely investing heavily in drilling across its portfolio to expand resources and define future mill feed. While the requested budget figure of $150.8 million isn't explicitly confirmed in the latest filings, the scale of activity is clear from the meters drilled and specific program budgets.

Key exploration spending and activity highlights for 2025 include:

• Planned exploration spending for 2025 was initially set at $31 million.
• Musselwhite received an aggressive $25 million drill program for 2025, with $18 million considered non-sustaining capital expenditures.
• Total exploration and project expenditure in Q3 2025 was $38.8 million, with $26.0 million capitalized.
• Total drilling in Q3 2025 reached 35,306 metres.

Drilling distribution for the third quarter of 2025 shows the split of effort:

• Musselwhite: 21,693 metres drilled.
• Nevada (South Railroad): 7,232 metres drilled.
• Mexico (Camino Rojo): 6,381 metres drilled.

The Musselwhite exploration confirmed a potential two-kilometre extension of the mine's main gold trend.

Advancing the South Railroad Project (Nevada) through the Permitting Process

Advancing the South Railroad Project is a critical activity, positioning it as the next cornerstone asset. The permitting process is moving forward through the U.S. Bureau of Land Management (BLM).

The major milestone achieved in 2025 was the BLM publishing the Notice of Intent (NOI) in August 2025, which formally starts the Environmental Impact Statement (EIS) review under NEPA.

The timeline Orla Mining Ltd. is working toward is tight:

• Optimized Feasibility Study (OFS) update expected: Early Q1 2026.
• Final construction permits anticipated: Q2 2026.
• Onsite construction start projected: Mid-2026.
• First gold production targeted: 2028.

The South Carlin Complex, which hosts South Railroad, currently holds 1.604 Moz in Reserves and 1.753 Moz in Resources based on the 2022 Feasibility Study.

Project Development Studies for Camino Rojo Sulfide

For the Camino Rojo deposit in Mexico, the key activity shifts to defining the deeper sulphide mineralization below the existing oxide operation. This work is focused on supporting a future transition from open pit to underground mining.

The initial underground Mineral Resource estimate for the Camino Rojo Sulphides, including Zone 22, had an effective date of March 31, 2025. The focus of the 2025 drilling was an infill program, which included an initial 15,000-metre campaign, later expanded by an additional 5,000 metres within the existing budget.

The underground resource estimate as of March 31, 2025, included:

• Inferred Mineral Resource: 5.6 Mt at 2.21 g/t AuEq.
• This equates to 0.40 Moz Au, 1.95 Moz Ag, and 26 Mlbs Zn in the Inferred category.

The infill drill results are specifically intended to feed into the planned 2026 Preliminary Economic Assessment (PEA) for the underground development.

Integrating the Musselwhite Mine and Optimizing its Underground Operations

Integrating the Musselwhite Mine, acquired in February 2025, is a core activity driving Orla Mining Ltd.'s immediate production profile. The integration process is reported as advancing smoothly.

Optimization efforts are clearly focused on the underground operations, which is the primary mining method there. The company invested $115.0 million in exploration and capital at Musselwhite in 2025 to enhance its future growth profile.

Musselwhite's operational metrics for Q3 2025 show strong throughput:

• Ore Mined: 325,923 tonnes.
• Ore Processed: 329,634 tonnes.
• Lateral development metres in Q3 2025 totaled 2,738 metres.

Initial exploration results at Musselwhite are promising, confirming potential to extend mine life and increase production via the identified two-kilometre extension of the main gold trend.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Key Resources

Orla Mining Ltd. maintains key resources centered on its operating mines and its significant development pipeline across North America.

The two operating mines are the Camino Rojo facility in Zacatecas State, Mexico, and the Musselwhite Mine in Northwestern Ontario, Canada.

For the third quarter ended September 30, 2025, total gold production reached 79,645 ounces, with 78,857 ounces sold.

The operational breakdown for Q3 2025 included:

• Musselwhite Mine (Canada) produced 57,586 ounces of gold.
• Camino Rojo (Mexico) produced 22,059 ounces of gold.

Financially, the balance sheet strength as of September 30, 2025, provided a solid foundation for ongoing development activities.

• Cash balance stood at $326.9 million.
• Total liquidity was reported at $356.9 million.
• Total debt was $420.0 million, resulting in net debt of $93.1 million.

The primary development asset is the South Railroad Project, situated within the larger South Carlin Complex in Nevada, USA.

Key milestones and timelines for South Railroad include:

• The U.S. Bureau of Land Management (BLM) published a Notice of Intent (NOI) in August 2025.
• An optimized feasibility study is due early in the first quarter of 2026.
• Construction is expected to commence mid-2026.
• First production is targeted for 2028.

The mineral inventory across Mexico, Canada, and the USA forms a critical long-term resource base for Orla Mining Ltd. The following table details the reported Mineral Reserves as of the latest effective dates:

The company relies on its experienced technical and management teams to navigate the complexities of operating in multiple jurisdictions, including managing the stabilization plan following the July 23, 2025, pit wall event at Camino Rojo.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Value Propositions

You're looking at Orla Mining Ltd. (ORLA) as a producer that has rapidly evolved, and the value proposition is built on geographic spread, cost discipline, and a clear path to increased output. The company is operating across three countries in North America: Mexico, Canada, and the United States.

The cost structure is a key differentiator. Orla Mining Ltd. reaffirmed its consolidated All-in Sustaining Cost (AISC) guidance for 2025 in the range of $1,350 to $1,550 per ounce of gold sold. This is competitive when you see the industry average hovering around $1,600-$1,700 per ounce. To be fair, the Q3 2025 AISC did spike to $1,641 per ounce following the operational pause at Camino Rojo, but the year-to-date figure as of Q3 2025 was $1,420 per ounce, showing management expects costs to normalize quickly to meet the full-year target.

The growth story is anchored by the South Railroad Project in Nevada, USA. The permitting process is advancing, with the U.S. Bureau of Land Management (BLM) publishing the Notice of Intent (NOI) in August 2025. The clear organic growth pipeline targets first gold production from South Railroad in 2028, following an optimized feasibility study due in early Q1 2026 and construction expected to start mid-2026.

The company is also committed to direct return of capital to shareholders. Orla Mining Ltd. declared an inaugural quarterly cash dividend of US$0.015 per common share, with an approved policy targeting US$0.06 per Share annually. Based on the December 3, 2025, share price of US$13.35, this implies a forward annualized dividend yield of 0.45%. The total expected payout for the February 2026 payment is approximately US$5.1 million, based on 340 million shares outstanding.

The asset base provides a compelling mix of high-grade underground potential and low-cost oxide production. Musselwhite, the Canadian underground asset, is the flagship, showing a Q3 2025 mill head grade of 5.87 g/t gold and producing 57,586 ounces that quarter. This contrasts with the low-cost open pit at Camino Rojo in Mexico, which stacked ore at a Q3 2025 grade of 0.40 g/t and produced 22,059 ounces. Furthermore, the underground sulphide potential at Camino Rojo shows high-grade intercepts like 9.8 g/t AuEq over 9.4 m.

Here's a quick look at the operational metrics supporting these value propositions:

The company's operational footprint includes:

• Camino Rojo: Operating open pit and developing underground mine in Zacatecas State, Mexico.
• Musselwhite: Flagship underground mine in Northwestern Ontario, Canada.
• South Railroad: Development project in Nevada, USA, on the Carlin Trend.

The growth potential at South Railroad is further supported by its inclusion in the FAST-41 process, which is intended to streamline permitting.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Customer Relationships

You're looking at how Orla Mining Ltd. (ORLA) manages its relationships with the outside world-investors, neighbors, and regulators-which is critical for a multi-jurisdictional miner. It's not just about selling gold; it's about maintaining that crucial social license to operate.

Investor Relations through Quarterly Earnings Calls and Detailed Financial Reporting

Investor dialogue is frequent, anchored by quarterly calls where executives like Jason Simpson, President and CEO, and Andrew Bradbury, Vice President of Investor Relations and Corporate Development, walk through the numbers. The third quarter of 2025 showed strong execution, with Orla Mining Ltd. reporting revenue of $274.97 million, beating the forecast of $248.11 million. That revenue beat represented a 10.83% surprise, and the adjusted Earnings Per Share (EPS) came in at $0.22, exceeding the forecast of $0.1785 by 23.25%. Furthermore, the company delivered a record quarterly free cash flow of $93.1 million in Q3 2025. You see their commitment to transparency in the detailed reporting; for instance, the year-to-date All-in Sustaining Cost (AISC) through Q3 2025 stood at $1,420 per ounce of gold sold. As of the end of Q3 2025, Orla Mining Ltd. held $326.9 million in cash against $420.0 million in debt, resulting in a net debt position of $93.1 million and total liquidity of $356.9 million.

Community Engagement and Social Programs to Maintain a Social License to Operate

Orla Mining Ltd. embeds community support directly into its operational metrics, which is how they build long-term trust. At their sites, 58% of direct employees were hired from local communities, a notable increase from 49% in 2023. They actively support local economies, spending US$9.6 million on goods and services through local suppliers at the Camino Rojo mine in 2024. To support the Musselwhite operation in Northwestern Ontario, Orla Mining Ltd. announced a C$6.6 million Education, Training, and Skills Development Fund in November 2025, benefiting 24 First Nations. Their environmental stewardship is also quantified; in 2024, they maintained a water intensity of 0.12 m³ per tonne of processed ore, achieving 100% water reuse and recycling with zero water discharge. The company also linked 25% of its corporate goals to ESG metrics, all of which were achieved.

Here are some of the focus areas for their community investment:

• Community development, focusing on education and skills training.
• The environment, with a focus on water management.
• Health initiatives for children and the elderly.
• Promoting gender equality, equity, diversity, and inclusion.

Regular Dialogue with Government and Regulatory Bodies for Permitting and Compliance

Maintaining regulatory relationships is a continuous process, especially with projects spanning Mexico and Nevada. For the Camino Rojo pit extensions and layback, Orla Mining Ltd. resubmitted the environmental permit application on November 11, 2024, and has maintained regular engagement with federal and state-level stakeholders since then. The company views permitting milestones in both Mexico and Nevada as key catalysts for the remainder of 2025, showing this dialogue is a priority for advancing their asset base, including the South Railroad project in Nevada, where first gold production is targeted for early 2028.

Direct Communication with Shareholders Regarding the New Dividend Policy

A major milestone in shareholder communication was the announcement of the inaugural dividend policy in December 2025, signaling confidence following strong operational results. Orla Mining Ltd.'s Board declared an inaugural quarterly cash dividend of US$0.015 per common share. The approved policy intends to pay a regular quarterly dividend of US$0.015 per Share, equating to US$0.06 per Share annually. Based on the December 3, 2025, closing price of US$13.35 per share, this implies a forward annualized dividend yield of 0.45%. The total dividend expected to be paid in February 2026 is approximately US$5.1 million, based on 340 million shares outstanding as of December 3, 2025. This move was communicated as balancing strategic growth, like funding South Railroad construction, with direct shareholder returns.

Transparent Reporting on Operational Setbacks, like the Camino Rojo Pit Wall Event

Orla Mining Ltd. was direct about the July 23, 2025, pit wall event at Camino Rojo, reporting immediately that there were no injuries or equipment damage. They transparently detailed the material movement, estimating approximately 390,000 tonnes of material moved from the north wall into the pit. To ensure safety, open-pit mining was temporarily suspended while a remediation plan was developed, which includes a 50-80 metre pushback of the north wall, expecting to remove about 9.0 Mt of material with an anticipated grade of 0.74 g/t Au. This operational pause forced a guidance revision; the 2025 consolidated guidance was adjusted down by 15,000 ounces at both ends, setting the new range at 265,000 to 285,000 ounces of gold production, with the AISC guidance moving to $1,350 to $1,550 per ounce sold. They also provided immediate operational context, noting the crushing circuit continued to operate, with the stockpile estimated at 2,243,000 tonnes at 0.32 g/t gold grade, while mining throughput capacity is 50,000 to 60,000 tonnes per day and crushing capacity is 18,000 to 19,000 tonnes per day.

Here is a quick comparison of the guidance change:

Finance: draft the shareholder communication detailing the first dividend payment schedule by next Tuesday.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Channels

You need to know exactly how Orla Mining Ltd. gets its product to market and keeps the capital flowing. It's not just about digging the gold out; it's about the pipeline to the buyer and the pipeline to the investor.

Direct sales of gold doré/bullion to global bullion banks and refineries

Orla Mining Ltd. moves its physical product, gold doré, directly to the market. This is the final step in the operational value chain, where ounces produced become realized revenue. For the third quarter of 2025, the company reported selling 78,857 ounces of gold. This sales volume contributed to a total revenue of approximately $275 million for that quarter. Looking at the year-to-date performance through September 30, 2025, Orla Mining Ltd. had sold a cumulative 204,124 ounces of gold. The realized price for that Q3 2025 gold sale was $3,417 per ounce. The company's strategy channels this physical output to established buyers, bypassing intermediate steps for direct monetization.

Public equity markets (TSX and NYSE) for capital and investor liquidity

The public markets are the primary channel for raising the significant capital needed for exploration, development, and acquisitions, like the Musselwhite Mine purchase finalized in February 2025. Orla Mining Ltd. maintains a dual listing to ensure broad investor access. You find them trading on the Toronto Stock Exchange (TSX) under the ticker OLA and on the New York Stock Exchange (NYSE) under the ticker ORLA. As of the search date, the market capitalization stood at C$4.54B on the TSX, with another reference placing the market cap at 6.54 B. The basic shares outstanding for the third quarter of 2025 were 328.6 million. Furthermore, a key channel for returning capital to shareholders began recently, with the declaration of an inaugural quarterly cash dividend of US$0.015 per share.

Corporate website and regulatory filings (SEDAR+/EDGAR) for information dissemination

Information flow to the investment community relies on official digital channels. The corporate website, www.orlamining.com, serves as the central hub for official documents. Regulatory disclosures are mandated through the Canadian system via SEDAR+ (www.sedarplus.ca) and the US system via EDGAR (www.sec.gov). For instance, the Third Quarter 2025 Financial Results were released on November 11, 2025, with the corresponding earnings call presentation available shortly after. The company actively updates its investor materials, with the latest December Corporate Presentation released on December 4, 2025, and a November Corporate Presentation available from November 19, 2025.

Investor roadshows and conferences to engage institutional investors

Direct engagement with institutional investors happens through scheduled events. These personal interactions help contextualize the financial filings and operational updates. A recent example of this direct channel was the Musselwhite Site Tour conducted on October 30, 2025. These physical site visits and presentations at major financial conferences are critical for maintaining analyst coverage and investor interest, especially when advancing growth projects like the South Railroad project in Nevada.

Here's a quick look at the sales and market presence metrics as of late 2025:

The company uses these channels to communicate its operational achievements, such as the Q3 2025 production of 79,645 ounces of gold.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Customer Segments

The customer segments for Orla Mining Ltd. (ORLA) are defined by who purchases their primary output, who provides capital, and who holds a stake in the equity, reflecting their status as a growing, diversified gold producer following the Musselwhite acquisition.

Global Bullion Banks and Precious Metal Refineries (primary product buyers)

This segment is the direct off-taker for the physical gold produced from the Camino Rojo Oxide Mine and the Musselwhite Mine. The volume transacted with these entities directly drives revenue. For instance, in the second quarter of 2025, Orla Mining Ltd. reported total gold ounces sold of 78,911 ounces. By the third quarter of 2025, total quarterly gold sold reached 78,857 ounces, generating $269,451 thousand in gold sales revenue for that quarter alone. Year to date 2025 gold sales reached $661,128 thousand. The company also utilized a gold prepayment arrangement, which involved an upfront payment of US$360 million in exchange for 144,887 gold ounces to be delivered between March 2025 and February 2028. This prepayment acts as a form of forward sale to a specific counterparty.

Institutional Investors (mutual funds, hedge funds, pension funds)

Institutional investors represent the largest block of ownership, indicating significant professional confidence in the Orla Mining Ltd. growth story, especially post-Musselwhite acquisition. As of July 2025, 54% of Orla Mining Ltd. was held by institutional investors. The top institutional holders filing 13F forms as of September 30, 2025, included entities such as Fairfax Financial Holdings Ltd/ Can holding 56,817,229 shares, and Fmr Llc holding 37,445,244 shares. This segment is highly sensitive to operational updates, such as the pit wall event at Camino Rojo on July 23rd, which required revised 2025 guidance. A recent significant transaction involved an undisclosed buyer acquiring a 7.35% stake from Fairfax Financial Holdings Limited for approximately CAD 440 million on December 5, 2025. The total number of institutional owners filing 13D/G or 13F forms was 268, holding a total of 246,676,128 shares.

You want to know who controls the float; the numbers tell you it's the professionals.

Retail and Individual Shareholders (seeking exposure to gold production)

The general public, which includes retail and individual shareholders, holds a 13% ownership stake in Orla Mining Ltd. as of July 2025. These investors are typically seeking capital appreciation driven by the company's production growth profile, which is projected to reach approximately 525,000 ounces company-wide in peak production years around 2029, based on current project pipelines like South Railroad. The share price as of November 28, 2025, was $14.10 / share, up from $4.77 / share on November 29, 2024, reflecting strong retail interest in the growth narrative.

Debt Providers and Credit Rating Agencies (for capital structure and financing)

Debt providers are crucial for funding major, immediately accretive assets like the Musselwhite acquisition. While Orla Mining Ltd. does not have widely published formal credit ratings from agencies like Moody's or S&P, its financing structure is transparent. As of the third quarter of 2025, the company reported total debt of $420.0 million, which was down from a higher figure following the February 28, 2025, acquisition. The net debt position was a manageable $93.1 million as of Q3 2025, supported by a cash position of $326.9 million. The financial leverage, measured by the debt-to-equity (D/E) ratio, stood at approximately 0.68 (or 67.9%) at that time. Key debt components include:

• A US$250 million credit facility with lenders including Bank of Nova Scotia, Bank of Montreal, CIBC, and ING Capital LLC.
• A portion of the acquisition financing included US$200 million in senior unsecured convertible notes with a 4.5% coupon.
• The term loan component of the credit facility includes quarterly repayments of US$5 million beginning December 31, 2025.

Credit rating agencies, should they issue a rating, would focus on the reaffirmed 2025 revised guidance of 265,000 to 285,000 ounces of gold production and the strong Q3 2025 free cash flow of a record $93 million.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Orla Mining Ltd. (ORLA) as of late 2025, which is heavily influenced by the integration of the Musselwhite Mine and the operational hiccup at Camino Rojo earlier in the year. The structure shows a company spending heavily to grow production capacity while trying to maintain industry-leading efficiency.

The primary measure of operational cost efficiency, All-in Sustaining Costs (AISC), has a reaffirmed full-year 2025 guidance range of $1,350 to $1,550 per ounce of gold sold. This guidance was reaffirmed following the pit wall event at Camino Rojo in July 2025, which temporarily impacted costs, as evidenced by the third quarter (Q3 2025) consolidated AISC coming in higher at $1,641 per ounce of gold sold.

Capital allocation is aggressive, reflecting the growth phase Orla Mining Ltd. is in. The total capital expenditure plan for 2025 is substantial, with a significant portion dedicated to maintaining and advancing existing assets. Specifically, the plan includes $95 million allocated to sustaining capital expenditures.

Exploration and development spending is another major cost driver, budgeted at a significant $150.8 million for 2025, directed across Musselwhite, Camino Rojo, and the South Carlin Complex projects. This high spending reflects the commitment to organic growth and resource expansion.

The cost structure is distributed across two distinct mine sites, Camino Rojo in Mexico and the newly acquired Musselwhite in Ontario, plus corporate overhead. You can see the preliminary 2025 guidance breakdown for these operating costs:

For context on recent performance, Q3 2025 saw Camino Rojo mine over 0.7 million tonnes of ore and stack 2.8 million tonnes of ore on the heap leach pad, though the strip ratio was elevated due to mine resequencing following the July pit wall event.

Financing these activities involves servicing outstanding debt. As of the end of Q3 2025, Orla Mining Ltd. reported total debt of $420.0 million. This debt load necessitates ongoing interest expense payments, which form a fixed component of the overall cost base.

The breakdown of exploration and development spending for 2025 includes several key areas:

• Exploration and project expenditure for the full year is budgeted at $150.8 million.
• Project development expenses for the South Carlin Complex are allocated $12 million.
• Drilling in Mexico is planned at a cost of approximately $16 million.
• Musselwhite had an aggressive exploration program launched with a $25 million budget for 2025.

Finance: draft 13-week cash view by Friday.

Orla Mining Ltd. (ORLA) - Canvas Business Model: Revenue Streams

You're looking at how Orla Mining Ltd. actually brings in the money right now, late in 2025. It's a mix of current production sales and structured financing that affects the top line.

Primary revenue from the sale of gold ounces is the bread and butter. For the third quarter ending September 30, 2025, Orla Mining Ltd. generated total revenue of $275.0 million. This revenue came from selling a quarterly record of 78,857 ounces of gold across its operations, which now include the Musselwhite Mine and the Camino Rojo Oxide Mine. For context, the year-to-date sales through Q3 2025 reached 204,124 ounces. The realized price per ounce in Q3 2025, when factoring in the prepayment, was $3,417 per ounce. Excluding that prepayment impact, the average realized price was $3,508 per ounce for the quarter.

The revenue from a gold prepayment agreement is a key element affecting the reported realized price. During the third quarter of 2025, Orla Mining Ltd. delivered just over 12,000 ounces toward this prepayment, which was priced at an average of $2,912 per ounce. This structure provides upfront capital, but it means a portion of future sales is already accounted for at a fixed, often lower, price. The total commitment under this agreement is a significant future delivery schedule, though the exact total ounces for the entire term aren't always detailed in the quarterly reports.

Here's a quick look at the key Q3 2025 operational metrics that drive that revenue:

By-product silver sales provide important secondary revenue and cost mitigation, particularly at the Camino Rojo operation in Mexico. While specific silver revenue figures aren't always broken out separately, the presence of silver contributes to the overall economics. Silver credits derived from processing at Camino Rojo help to reduce the consolidated cash costs, which for Q3 2025 were $1,200 per ounce of gold sold.

Looking ahead, potential future revenue from the South Railroad Project in Nevada is the next major growth pillar. Orla Mining Ltd. is advancing this project toward first production targeted for 2028. This project is in the final permitting stages, with an optimized feasibility study due early in the first quarter of 2026, and construction anticipated to start mid-2026. The resource base underpinning this future revenue is substantial, as the South Carlin Complex, which includes South Railroad, hosts:

• Proven Reserves of 333 koz gold.
• Probable Reserves of 1,271 koz gold.
• Total Reserves of 1.604 Moz gold.
• Total Resources of 1.753 Moz gold.

The 2022 Feasibility Study projected an eight-year mine life based on those initial figures. The 2025 exploration success is expected to support reserve growth incorporated into future studies.

Finance: draft the 2026 capital expenditure forecast incorporating long-lead equipment orders by Friday.