Orla Mining(US:ORLA)2021-11-15 19:02Financial Data and Key Metrics Changes - The company reported a net loss of $9.6 million, or $0.04 per share, for the quarter [15] - At the end of October, the cash balance was approximately $42 million, with about $20 million remaining for project spending and over $40 million in cash available [15][14] Business Line Data and Key Metrics Changes - Construction of the Camino Rojo oxide project is 96% complete as of the end of October, with capital expenditures totaling just over $24 million in Q3, bringing the project total to $106 million [12][13] - Year to date, over 1.1 million tonnes of ore have been mined at an average grade of 0.75 grams per ton of gold, with over 375,000 tonnes of ore stacked on the heap leach pad [20] Market Data and Key Metrics Changes - The company is transitioning from a developer to a gold producer, with expectations for first gold pour by year-end [7] - The Cerro Quema Oxide Gold Project in Panama has an estimated NPV of $176 million and an internal rate of return of 38% [29] Company Strategy and Development Direction - The company is focused on maximizing value from its assets, including the Camino Rojo Sulphide project and the Cerro Quema Oxide project, while also exploring new opportunities in Panama [8][30] - The company plans to ramp up operations to a steady state of 18,000 tons per day by the end of Q1 2022 [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and deliver on its projects, highlighting the successful construction progress and safety performance [7][9] - The company acknowledged the need for additional drilling and metallurgical testing to refine development plans for the Camino Rojo sulphide project [25][40] Other Important Information - A Collective Bargaining Agreement was ratified by Orla's employees in early October, standardizing benefits for all employees [12] - The company is working on an initial resource for a copper-gold discovery in Panama, which could provide a second phase to its development plans [31] Q&A Session Summary Question: Timing for the Camino sulphide PEA update - Management indicated that the PEA for the sulphide project will slip into 2022 due to new drilling information and upcoming metallurgical updates [39][40] Question: Expected stacking rates on the heap leach - Management stated that operations will ramp up during Q1 2022, aiming for a steady state stacking rate of 18,000 tonnes per day by the end of Q1 2022 [48]