Orla Mining(ORLA) - 2023 Q3 - Quarterly Report

Revenue and Earnings - Revenue for Q3 2023 was $60,294,000, a 23% increase from $49,030,000 in Q3 2022[3] - Year-to-date revenue for the nine months ended September 30, 2023, reached $170,697,000, up 25% from $136,472,000 in the same period of 2022[3] - Earnings from mining operations for Q3 2023 were $35,202,000, compared to $29,557,000 in Q3 2022, reflecting an increase of 19%[3] - The company reported a net income of $5,370,000 for Q3 2023, down from $8,895,000 in Q3 2022, representing a decrease of 40%[3] - The company reported an income of $31,432 for the period, compared to a loss of $27,080 in the same period of 2022[88] - The company reported an income of $31,432 million for the nine months ended September 30, 2023, compared to $27,080 million for the same period in 2022[17] Assets and Liabilities - Total assets as of September 30, 2023, were $647,734,000, an increase from $613,816,000 as of December 31, 2022[2] - Cash and cash equivalents increased to $132,757,000 as of September 30, 2023, compared to $96,278,000 at the end of 2022, marking a 38% increase[2] - Current liabilities decreased to $59,725,000 from $97,777,000 at the end of 2022, a reduction of 39%[2] - Shareholders' equity increased to $456,710,000 as of September 30, 2023, up from $396,984,000 at the end of 2022, reflecting a growth of 15%[2] - The balance at September 30, 2023, was $473.518 million, an increase from $445.316 million at January 1, 2023[5] - Total debt as of September 30, 2023, was $136,150,000, an increase from $145,795,000 at December 31, 2022[38] Cash Flow and Operating Activities - The company reported cash provided by operating activities of $25,019,000 for Q3 2023, compared to $23,046,000 in Q3 2022, an increase of 9%[4] - The company had drawn $113.4 million from the $150 million 2023 Revolving Facility as of September 30, 2023[95] - The fair value of the 2023 Revolving Facility was estimated at $113.4 million with a discount rate of 7.9%[100] Expenses - Mining and processing costs for Q3 2023 were $15.859 million, an increase of 35% from $11.774 million in Q3 2022[18] - Depletion and depreciation expenses for Q3 2023 totaled $7.574 million, compared to $6.283 million in Q3 2022, reflecting a 21% increase[20] - Exploration and evaluation expenses for Q3 2023 were $11.233 million, up from $8.327 million in Q3 2022, indicating a 35% increase[22] - General and administrative expenses for Q3 2023 amounted to $3.123 million, compared to $2.342 million in Q3 2022, a 33% increase[23] - Interest and accretion expenses for Q3 2023 were $3.483 million, an increase from $2.578 million in Q3 2022, representing a 35% rise[24] - The total cost of sales for the nine months ended September 30, 2023, was $65,777, compared to $46,797 in 2022, reflecting an increase of 40%[87] Shareholder Information - The weighted average number of common shares outstanding increased to 313.8 million in Q3 2023 from 282.5 million in Q3 2022[3] - The weighted average number of common shares outstanding for the nine months ended September 30, 2023 was 310,462,000[59] - Share-based payments expense for the nine months ended September 30, 2023 totaled $2,569,000, compared to $1,921,000 in the same period of 2022[62] Taxation - Current income tax expense for the three months ended September 30, 2023, was $8,471,000, compared to $9,200,000 for the same period in 2022, reflecting a decrease of 8%[109] - The total tax expense for the nine months ended September 30, 2023, was $27,806,000, compared to $25,993,000 for the same period in 2022, indicating an increase of 7%[109] Strategic Developments - The National Assembly of Panama passed Bill 1110, which includes a moratorium on metal mining concessions, potentially impacting the company's future strategy in Panama[114] - The company is in compliance with all covenants related to its credit facility as of September 30, 2023[96] Other Financial Information - The company does not currently pay regular dividends and is focused on maintaining a flexible capital structure[91] - The company recognized interest expense of $868,000 for the nine months ended September 30, 2023[48] - The company incurred transaction costs of C$156,000 ($117,000) related to the issuance of 3,987,241 common shares at a price of C$6.27 per share[54]