Orla's Q1 results show a step-change in scale and profitability post-Musselwhite acquisition, with revenue up 169% and a swing to net income. The South Railroad project advancing toward construction with a $395M capex estimate could drive further production growth toward 500,000 oz annually. Monitor the BLM Record of Decision expected mid-2026 and the Camino Rojo underground PFS timeline for 2027.
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Executive Summary
Orla Mining reported strong Q1 2026 results with revenue of $378.9M (up 169% YoY) and net income of $75.4M vs a loss of $(69.8M) in Q1 2025, driven by the Musselwhite acquisition and a 57% higher average realized gold price of $4,575/oz. The company is on track for full-year production guidance of 340,000-360,000 oz and is advancing the South Railroad project toward a mid-2026 construction start.
Key Facts
- Q1 2026 revenue of $378.9M vs $140.7M in Q1 2025 (+169% YoY)
- Net income of $75.4M ($0.22/share) vs net loss of $(69.8M) ($(0.22)/share) in Q1 2025
- Adjusted earnings of $134.7M ($0.39/share) vs $38.6M ($0.12/share) in Q1 2025
- Gold production of 81,206 oz vs 47,759 oz in Q1 2025 (+70% YoY)
- Average realized gold price of $4,575/oz vs $2,915/oz in Q1 2025 (+57% YoY)
- AISC of $1,668/oz vs $845/oz in Q1 2025, within full-year guidance of $1,550-$1,750/oz
- Cash and cash equivalents of $427.3M, net cash position of $96.0M, liquidity of $517.3M
- South Railroad feasibility study shows $1.7B NPV (5%) and 95% IRR at $4,500/oz gold; initial capex estimate of $395M
- Quarterly dividend of $0.015/share declared, payable June 9, 2026
- Debt reduction of $35.0M loan repayment completed during the quarter
Financial Impact
Revenue increased $238.2M YoY to $378.9M; net income swung from $(69.8M) loss to $75.4M profit; adjusted EPS rose from $0.12 to $0.39
Risk Factors
- Diesel cost exposure: ~$25M gross exposure for 2026, ~$70/oz AISC impact; 6% diesel price increase already observed
- South Railroad construction risk: $395M initial capex with permitting still pending BLM Record of Decision
- Camino Rojo permitting and underground development timeline risk
- Gold price sensitivity: $20M contingent payment to Newmont triggered by gold price exceeding $2,900/oz
- Tax payments: $93.0M in Q1 2026 income tax payments related to 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001279569-26-000420 |
| Document: orlamining6k.htm | 0001279569-26-000420 |
| Document: 0001279569-26-000420-index-headers.html | 0001279569-26-000420 |
| Document: 0001279569-26-000420-index.html | 0001279569-26-000420 |
| Document: 0001279569-26-000420.txt | 0001279569-26-000420 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | 6-K | $9.42 awaiting T+5 | awaiting T+5 | — | — |
Jul 22, 2026 10w ago | 6-K | $9.31 $8.94 | ▼ −3.97% | ▼ −1.57% | — |
Jul 10, 2026 12w ago | 6-K | $9.76 $8.68 | ▼ −11.07% | ▼ −10.51% | — |
Jul 9, 2026 12w ago | 6-K | $9.75 $8.68 | ▼ −10.97% | ▼ −10.84% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $10.36 $11.13 | ▲ +7.43% | ▲ +7.00% | — |
Jun 10, 2026 16w ago | 6-K | $9.78 $11.57 | ▲ +18.30% | ▲ +14.87% | — |
Jun 5, 2026 17w ago | 6-K | $10.81 $10.65 | ▼ −1.48% | ▼ −2.05% | — |
Jun 4, 2026 17w ago | 6-K | $11.33 $10.36 | ▼ −8.56% | ▼ −6.01% | — |
Jun 4, 2026 17w ago | 6-K | $11.33 $10.36 | ▼ −8.56% | ▼ −6.01% | — |
Jun 1, 2026 17w ago | 6-K | $12.32 $10.81 | ▲ +12.26% | ▲ +9.51% | — |
US Market Status
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