Orla Mining Shares Drop as Q1 Earnings and Revenue Miss Expectations

Orla Mining Ltd. (TSX:OLA) (NYSE:ORLA) saw its stock slide 9.46% in pre-market trading after reporting weaker-than-expected first-quarter 2025 results. The gold miner posted a net loss of $69.8 million, or $0.22 per share, a significant decline from net income of $17.5 million ($0.06 per share) in the same period last year. Adjusted earnings reached $38.6 million, or $0.12 per share, below analyst expectations of $0.15.

Revenue climbed to $140.7 million, up from $67.3 million year-over-year, but still missed forecasts of $152 million. Gold production for the quarter totaled 47,759 ounces, including 29,973 ounces from the Camino Rojo mine in Mexico and 17,786 ounces from the newly acquired Musselwhite mine in Canada. The company sold 46,356 ounces at an average realized gold price of $2,915 per ounce.

All-in sustaining costs (AISC) at Camino Rojo were reported at $845 per ounce sold. Orla did not disclose AISC for Musselwhite due to acquisition-related accounting treatments. CEO Jason Simpson highlighted the ongoing strong performance of Camino Rojo and described the Musselwhite acquisition as a “major milestone,” positioning the company for growth in Canada.

Orla raised its 2025 gold production guidance to 280,000–300,000 ounces, with projected AISC between $1,300 and $1,500 per ounce. The company also plans to invest $115 million in exploration and capital projects at Musselwhite to drive long-term growth.

Despite higher production and expanded operations, the earnings miss and rising cost guidance may have contributed to investor concerns, triggering the stock’s decline. The market will closely watch Orla’s execution and cost management as it integrates new assets and targets improved profitability.