Orla Mining (TSE:OLA)
TSX:OLA
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Orla Mining
(TSX:OLA)
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Rating:70Outperform
Price Target:
C$27.00
▲(9.93% Upside)
Action:UpgradedDate:03/21/26
The score is led by strong financial performance (rapid revenue growth, sustained profitability since 2024, and very strong recent cash generation) and a supportive earnings update (record free cash flow and project progress). These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and mixed valuation (high yield but a mid-to-higher P/E).
Positive Factors
Cash generation strength
Orla's operating and free cash flow turned strongly positive in 2024 and expanded dramatically in 2025, providing durable internal funding for sustaining capital, project development, dividends or debt paydown. This improves self-funding ability but remains sensitive to operational consistency and gold prices.
Negative Factors
Rising leverage
The balance sheet shows debt rose materially in 2025 from previously very low levels, reducing financial flexibility. Higher leverage increases interest costs and exposure to commodity cycles, limiting room to fund capex or absorb shocks without drawing liquidity or issuing equity under adverse conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
Orla's operating and free cash flow turned strongly positive in 2024 and expanded dramatically in 2025, providing durable internal funding for sustaining capital, project development, dividends or debt paydown. This improves self-funding ability but remains sensitive to operational consistency and gold prices.
Read all positive factors
Orla Mining (OLA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$8.49B
Dividend YieldN/A
Average Volume (3M)2.10M
Price to Earnings (P/E)40.6
Beta (1Y)2.34
Revenue Growth151.45%
EPS Growth1224.07%
CountryCA
Employees354
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.58
Shares Outstanding345,573,800
10 Day Avg. Volume1,803,770
30 Day Avg. Volume2,096,129
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)6.75
Price to Sales (P/S)4.11
P/FCF Ratio6.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$31.44Price Target Upside28.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.81
Revenue Forecast (FY)C$1.72B
Orla Mining Business Overview & Revenue Model
Company Description
Orla Mining Ltd. acquires, explores for, and develops mineral properties. The company explores for gold, silver, zinc, lead, and copper deposits. It owns 100% interests in the Camino Rojo project that consists of seven concessions covering an area...
How the Company Makes Money
Orla Mining makes money primarily by producing and selling gold. Revenue is generated when mined ore is processed to produce gold (typically poured into doré bars), which are then sold to third-party precious metals buyers or refiners, with sales ...
Orla Mining Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance, record free cash flow, and significant advancements in key projects like South Railroad, which was balanced by operational challenges at Camino Rojo and elevated costs impacting margins.Positive Updates
Record Free Cash Flow and Gold Production
Orla Mining reported record free cash flow supported by record gold production and price, with a total quarterly production of nearly 80,000 ounces of gold.
Negative Updates
Camino Rojo Pit Wall Event
A pit wall event at Camino Rojo in July led to a temporary suspension of mining operations, requiring stabilization efforts and resulting in increased costs.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Free Cash Flow and Gold Production
Orla Mining reported record free cash flow supported by record gold production and price, with a total quarterly production of nearly 80,000 ounces of gold.
Read all positive updates
Company Guidance
During the third quarter of 2025, Orla Mining reported strong operational performance, achieving record free cash flow and gold production. Musselwhite mine processed 329,000 tonnes of ore at a grade of 5.87 g/t gold, resulting in nearly 58,000 ounces produced. Camino Rojo mined 0.7 million tonnes of ore and 2.4 million tonnes of waste, achieving a strip ratio of 3.34, with total production reaching 22,059 ounces of gold. The South Railroad project in Nevada advanced through the environmental permitting process, aiming for construction to commence post-approval in Q2 2026, with first gold anticipated in early 2028. Financially, Orla reported a net income of $49.3 million, with cash flow from operating activities hitting $113 million and a cash balance of $327 million. The company is well-positioned for future growth, with total liquidity of $357 million, and has repaid $30 million towards its revolving credit facility.Orla Mining Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.48B | 327.41M | 237.43M | 187.48M | 4.05M |
| Gross Profit | 720.07M | 173.39M | 107.58M | 104.92M | -12.54M |
| EBITDA | 851.05M | 213.48M | 49.37M | 99.47M | -24.08M |
| Net Income | 149.36M | 84.71M | -27.45M | 44.41M | -25.84M |
Balance Sheet | |||||
| Total Assets | 2.85B | 598.35M | 535.78M | 613.82M | 364.89M |
| Cash, Cash Equivalents and Short-Term Investments | 576.78M | 160.85M | 96.63M | 96.28M | 20.52M |
| Total Debt | 502.04M | 2.18M | 91.26M | 126.77M | 162.75M |
| Total Liabilities | 1.95B | 90.90M | 135.24M | 216.83M | 180.48M |
| Stockholders Equity | 899.42M | 507.44M | 400.54M | 396.98M | 184.42M |
Cash Flow | |||||
| Free Cash Flow | 919.71M | 145.19M | 44.44M | 77.33M | -120.98M |
| Operating Cash Flow | 1.09B | 174.62M | 65.30M | 95.31M | -24.74M |
| Investing Cash Flow | -1.29B | -21.94M | -41.73M | -13.36M | -113.27M |
| Financing Cash Flow | 557.84M | -86.56M | -23.13M | -5.38M | 85.95M |
Orla Mining Technical Analysis
Positive
24.56
Price Trends
23.37
Positive
21.33
Positive
18.10
Positive
Market Momentum
0.09
Negative
59.96
Neutral
88.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OLA, the sentiment is Positive. The current price of 24.56 is above the 20-day moving average (MA) of 21.68, above the 50-day MA of 23.37, and above the 200-day MA of 18.10, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 59.96 is Neutral, neither overbought nor oversold. The STOCH value of 88.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:OLA.
Orla Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$6.16B | 14.52 | 46.21% | ― | 81.13% | 234.33% | |
74 Outperform | C$9.86B | 11.03 | 12.03% | ― | 33.74% | ― | |
73 Outperform | C$6.33B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
70 Outperform | C$8.49B | 40.65 | 22.94% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$9.11B | 14.58 | 12.15% | 1.71% | 34.31% | ― | |
48 Neutral | C$5.61B | -89.65 | -42.54% | ― | ― | -92.71% |
* Basic Materials Sector Average
TSE:OLA
Orla Mining
24.56
11.46
87.54%
TSE:NG
Novagold Resources New
12.79
9.24
260.28%
TSE:SSRM
SSR Mining
48.48
34.31
242.13%
TSE:BTO
B2Gold
6.78
2.79
69.71%
TSE:KNT
K92 Mining
25.14
13.26
111.62%
TSE:TXG
Torex Gold Resources
66.34
28.92
77.29%
Orla Mining Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Orla Mining Delivers Record Free Cash Flow and Advances North American Growth Pipeline
Positive
Mar 19, 2026
Orla Mining reported strong fourth-quarter and full-year 2025 results, producing 300,620 ounces of gold and exceeding its annual guidance while maintaining all-in sustaining costs within its targeted range. The company generated $133.4 million in ...
Business Operations and StrategyRegulatory Filings and Compliance
Orla Mining Wins Key Camino Rojo Permits, Clears Path to Underground Expansion
Positive
Mar 19, 2026
Orla Mining has secured a key environmental impact assessment from Mexican authorities for its Camino Rojo mine, giving it full authorization to complete the remaining oxide open pit, including a key layback and associated infrastructure. The perm...
Business Operations and StrategyRegulatory Filings and Compliance
Orla Mining Advances Nevada South Railroad Project With Construction-Ready Technical Report
Positive
Mar 2, 2026
Orla Mining has filed an updated NI 43-101 technical report for its South Railroad gold project in Nevada, advancing the asset within its broader South Carlin Complex on the Carlin Trend. The study elevates South Railroad to a construction-ready f...
Business Operations and Strategy
Orla Mining Unveils High-Return Underground Expansion Plan at Camino Rojo
Positive
Feb 20, 2026
Orla Mining has released a positive preliminary economic assessment for an underground project beneath its existing Camino Rojo open-pit mine in Mexico, outlining a standalone sulphide operation with its own processing circuits producing saleable ...
Business Operations and StrategyDividendsFinancial Disclosures
Orla Mining Tops 300,000 Ounces in Record 2025 Gold Output and Initiates Dividend
Positive
Jan 20, 2026
Orla Mining reported record 2025 gold production of 300,620 ounces, surpassing its revised guidance range of 265,000–285,000 ounces and marking the first time the company has exceeded 300,000 ounces in a year, with all-in sustaining costs ex...
Business Operations and StrategyFinancial Disclosures
Orla Greenlights Construction Spending After Strong Feasibility Results at South Railroad Gold Project
Positive
Jan 15, 2026
Orla Mining has completed an optimized feasibility study for its South Railroad gold project in Nevada and approved the start of construction-related spending, with full construction targeted to begin in mid-2026 pending final permits. The study c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.