Orla Mining (TSE:OLA)
TSX:OLA
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Orla Mining
(TSX:OLA)
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Rating:69Neutral
Price Target:
C$21.50
▼(-4.70% Downside)
Action:DowngradedDate:04/18/26
The score is primarily supported by strong financial momentum (rapid revenue growth, sustained profitability since 2024, and very strong recent cash generation). Offsetting this are mixed technical signals (near-term weakness vs. 20/50-DMA and below-midline RSI) and a demanding P/E, partially cushioned by a high dividend yield.
Positive Factors
Revenue Growth / Scale-up
Sustained, large percentage revenue gains across 2024–2025 reflect successful ramping of production and/or sales. A multi-year scale-up improves fixed-cost absorption, supports longer-term margin sustainability, and funds reinvestment and development without relying solely on external capital.
Negative Factors
Rising Debt in 2025
Material debt growth in 2025 weakens financial flexibility and raises interest and refinancing risks over the medium term. Higher leverage can constrain the company during commodity downticks and reduce capacity to fund opportunistic growth without adding costlier capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth / Scale-up
Sustained, large percentage revenue gains across 2024–2025 reflect successful ramping of production and/or sales. A multi-year scale-up improves fixed-cost absorption, supports longer-term margin sustainability, and funds reinvestment and development without relying solely on external capital.
Read all positive factors
Orla Mining (OLA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.78B
Dividend YieldN/A
Average Volume (3M)2.10M
Price to Earnings (P/E)40.6
Beta (1Y)2.34
Revenue Growth212.44%
EPS Growth11.31%
CountryCA
Employees354
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.57
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$32.17Price Target Upside42.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.83
Revenue Forecast (FY)C$1.73B
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 from its mining operations. Revenue is generated when mined ore is processed to produce gold (e.g., doré or refined product) and that gold is sold at prevailing market prices, with re...
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
Neutral
22.56
Price Trends
23.50
Negative
21.80
Positive
18.45
Positive
Market Momentum
0.13
Negative
47.37
Neutral
15.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OLA, the sentiment is Neutral. The current price of 22.56 is above the 20-day moving average (MA) of 22.33, below the 50-day MA of 23.50, and above the 200-day MA of 18.45, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 47.37 is Neutral, neither overbought nor oversold. The STOCH value of 15.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$6.26B | 14.52 | 41.72% | ― | 72.71% | 141.79% | |
74 Outperform | C$8.59B | 11.03 | 12.03% | ― | 66.47% | ― | |
73 Outperform | C$5.65B | 10.24 | 20.98% | ― | 18.87% | 192.74% | |
69 Neutral | C$6.78B | 40.65 | 22.94% | ― | 212.44% | 11.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$8.33B | 14.58 | 12.15% | 1.71% | 63.82% | ― | |
48 Neutral | C$5.19B | -89.65 | -42.54% | ― | ― | -104.74% |
* Basic Materials Sector Average
TSE:OLA
Orla Mining
18.66
4.20
29.01%
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TSE:TXG
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Orla Mining Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Orla Mining Delivers Strong Q1 Gold Output and Secures Key Camino Rojo Permit
Positive
Apr 13, 2026
Orla Mining reported first-quarter 2026 gold output of 81,206 ounces and sales of 81,540 ounces, keeping the company on track to meet its annual production guidance of 340,000 to 360,000 ounces. The miner ended the quarter with a net cash position...
Business Operations and Strategy
Orla Mining Extends High-Grade Gold Trend at Musselwhite With New Stacked Zones
Positive
Apr 9, 2026
Orla Mining reported new high-grade gold discoveries at its Musselwhite Mine, confirming that the Lynx and PQ Extension zones form stacked, continuous mineralized horizons extending at least two kilometres beyond current operations. These directio...
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 ...
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.