Orla Mining(ORLA) - 2024 Q4 - Annual Report

Production and Financial Performance - Fourth quarter gold production was 26,531 ounces, with total annual production for 2024 reaching 136,748 ounces, achieving the improved guidance range of 130,000 to 140,000 ounces[5]. - Net income for the fourth quarter was $26.1 million, or$0.08 per share, with adjusted earnings of $22.0 million, or$0.07 per share[5]. - Q4 2024 revenue reached $92,763 million, a 47.5$62,946 million in Q4 2023; year-to-date (YTD) revenue for 2024 was $343,918 million, up 47.2$233,643 million in YTD 2023[33]. - Gold sales in Q4 2024 were $88,856 million, compared to$61,780 million in Q4 2023, with ounces of gold sold increasing to 33,288 from 31,300 year-over-year[33]. - Adjusted earnings for Q4 2024 were $21,982 million, up 40$15,702 million in Q4 2023; YTD adjusted earnings were $81,070 million, a 69.8$47,751 million in YTD 2023[37]. - Free cash flow for Q4 2024 was $39,380 million, compared to a negative$8,159 million in Q4 2023; YTD free cash flow was $152,681 million, up from$23,568 million in YTD 2023[39]. Costs and Expenses - Fourth quarter all-in sustaining cost (AISC) was $826 per ounce, while full-year AISC was$805 per ounce, at the low end of the guidance range of $800 to$900 per ounce[5]. - Cash cost per ounce sold in Q4 2024 was $550, slightly higher than$536 in Q4 2023; YTD cash cost per ounce sold was $524, compared to$506 in YTD 2023[41]. - All-in sustaining cost per ounce sold in Q4 2024 was $826, up from$802 in Q4 2023; YTD all-in sustaining cost per ounce sold was $805, compared to$736 in YTD 2023[41]. - Exploration and evaluation expenses for Q4 2024 were $9,549 million, slightly higher than$9,316 million in Q4 2023; YTD exploration expenses were $34,595 million, compared to$34,616 million in YTD 2023[43]. Cash Flow and Financial Position - Cash flow from operating activities before changes in non-cash working capital during the fourth quarter was $46.0 million, with a cash balance of$161 million and no debt at year-end[5]. - The company ended 2024 with a net cash position of $160.8 million, significantly improved from$8.3 million in 2023[6]. - Net cash at the end of Q4 2024 was $160,849 million, significantly higher than$8,282 million at the end of Q4 2023[35]. Future Guidance and Investments - The acquisition of the Musselwhite Mine for $810 million plus$40 million in contingent consideration is expected to more than double Orla's gold production[5][9]. - The company plans to invest $30 million in exploration across Mexico and Nevada in 2025, with a focus on the Musselwhite Mine[14]. - Preliminary 2025 guidance includes gold production from Camino Rojo estimated at 110,000 to 120,000 ounces, with total cash costs projected between$625 and $725 per ounce sold[24]. Exploration Activities - Exploration activities in 2024 included 61,384 meters drilled, with significant results at the South Carlin Complex in Nevada[14][16]. Risks and Challenges - The company has outlined potential risks including fluctuations in gold prices, operational challenges, and regulatory compliance that may impact future performance[44]. - The company anticipates continued production growth and cost management improvements, with a focus on exploration and development expenditures in the upcoming periods[44].