The following is a summary of the Orla Mining Ltd. (ORLA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Orla Mining reported Q1 2024 revenue of $67 million, derived from the sale of 32,000 ounces of gold at an average price of $2,059 per ounce.

• Q1 net earnings were $17.5 million, or $0.06 per share, and adjusted net earnings were $16.8 million or $0.05 per share.

• All-in sustaining costs were reported at $909 per ounce in Q1.

• Q1 capital expenditure amounted to $8.5 million, made up of $5 million in sustaining capital and $3.5 million in non-sustaining capital related to exploration in Mexico.

• Q1 cash flow from operating activities (before changes in non-cash working capital) was $21.7 million, equating to $0.07 per share.

Business Progress:

• Steady low-cost gold production and higher gold prices led to growth in margins and healthy cash flow generation.

• Expansion is underway with the completion of the Contact Gold acquisition, strengthening exploration efforts in Nevada.

• Due to disputes with local authorities, investment in Cerro Quema Project in Panama has been halted and legal remedies are being sought.

• The company is on track to meet its 2024 production guidance of 110,000 to 120,000 ounces of gold, with 33,223 ounces already produced in Q1.

• Efforts are being focused on accelerating exploration activities in Mexico, particularly at the Camino Rojo extensions.

• Baseline environmental data collection and studies for development in Nevada are ongoing, with the permitting process set to continue through 2024 and 2025.

More details: Orla Mining IR

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