Orla Mining Reports Non-GAAP EPS of $0.22 and Revenue of $275M, Falling Short by $1.57M; Confirms Full-Year Production Forecast
Q3 Financial Performance: Orla Mining reported a Q3 non-GAAP EPS of $0.22 and revenue of $275 million, a 176.9% increase year-over-year, although it missed revenue expectations by $1.57 million.
Gold Production and Sales: The company produced 79,645 ounces of gold and sold a record 78,857 ounces during the quarter, with cash costs of $1,200 and AISC of $1,641 per ounce.
Exploration and Expenditures: Orla invested $38.8 million in exploration and project expenditures, with $12.8 million expensed and $26 million capitalized, while reaffirming its production guidance of 265,000 to 285,000 ounces of gold.
Financial Position: At the end of the quarter, Orla had $326.9 million in cash, $420 million in debt, resulting in a net debt of $93.1 million and liquidity of $356.9 million.
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- Poor Financial Performance: Methanex reported a loss of $89 million in Q4 2025, translating to a loss of $1.15 per share, which is a significant decline from a profit of $45 million in the same quarter last year, indicating increasing pressure on profitability.
- Revenue Misses Expectations: Although revenues increased by approximately 2% year-over-year to $968.8 million, they fell short of the Zacks Consensus Estimate of $994.4 million, reflecting weakened market demand and intensified competition.
- Production and Sales Dynamics: The company produced 2.364 million tons in the quarter, up 26.7% year-over-year, exceeding the estimate of 2.338 million tons, while total sales volume reached 2.689 million tons, a 4.9% increase year-over-year, but still below the expected 2.809 million tons, indicating sluggish sales growth.
- Cautious Future Outlook: Methanex anticipates production of approximately 9 million tons of methanol and 0.3 million tons of ammonia in 2026, and while it expects slightly higher adjusted EBITDA in Q1 2026 compared to Q4 2025, it remains challenged by market fluctuations and uncertainties.
- Surging Gold Prices: In February 2026, gold prices exceeded $5,000 per ounce, reflecting a 70% increase from the previous year, driven by strong market demand and central bank purchases of 850 tonnes, which are expected to boost profits for mining companies.
- Exploration Advancements: GoldHaven Resources confirmed gold mineralization at its Copeçal West Target in Brazil, with initial drilling returning 39 meters at 0.11 g/t gold, validating the area's mineralization potential and laying the groundwork for follow-up drilling.
- Copper Supply Deficit: S&P Global forecasts a 10 million metric tonne copper supply deficit by 2040, with demand projected to reach 42 million metric tonnes, indicating a supply-demand imbalance in the metals market that could further elevate gold prices, benefiting mining firms.
- Optimistic Industry Outlook: Companies like Orla Mining and Lundin Gold have issued strong production guidance, with Orla Mining expecting to produce 340,000 to 360,000 ounces in 2026, reflecting a positive trend across the industry that attracts investor interest.
- Gold Price Surge: In February 2026, gold prices exceeded $5,000 per ounce, reflecting a 70% increase from 2025, indicating strong market demand and investor confidence, which is expected to drive profit growth for related companies.
- Supply-Demand Imbalance: S&P Global forecasts a copper supply deficit of 10 million metric tonnes by 2040, with demand reaching 42 million metric tonnes, suggesting that accelerated infrastructure and defense spending will further elevate metal prices, impacting mining companies' strategic positioning.
- GoldHaven Progress: GoldHaven confirmed gold mineralization at its Copeçal West Target in Brazil with its first drilling, revealing 39 meters of gold-bearing rock, indicating significant potential value in the area and laying a foundation for future exploration and development.
- Industry Developments: Orla Mining achieved record quarterly production in Q4 2025, surpassing 300,000 ounces for the first time, showcasing its strong production capabilities and market competitiveness, which is expected to continue driving shareholder returns and company growth.
- Portfolio Adjustments: In Q4 2025, Prem Watsa added three stocks, with Under Armour Inc being the largest addition at 9,457,355 shares valued at $45.4 million, representing 2.18% of the portfolio, indicating confidence in the brand's future growth.
- Significant Stake Increase: Watsa increased his stake in Under Armour Inc by 35,647,123 shares, a 564.77% rise, bringing total holdings to 41,958,923 shares, reflecting strong optimism about the company and an expected 8.5% positive impact on the portfolio.
- Complete Exits: Watsa fully exited positions in Dollar Tree Inc and Franco-Nevada Corp, selling 44,380 shares and 16,800 shares respectively, resulting in -0.2% and -0.18% impacts on the portfolio, demonstrating a cautious outlook on these companies.
- Reduction Dynamics: He reduced his position in Orla Mining Ltd by 25,000,000 shares, leading to a 44% decrease in holdings and a -13.01% impact on the portfolio, indicating a pessimistic view on the stock's future performance.
- Gold Production Data: Global gold production reached 3,645 tonnes in 2024, nearing historic stability levels, although new discoveries remain at multi-decade lows, indicating a growing focus on producers.
- Profitability Surge: With gold prices testing $4,900 and average all-in sustaining costs at $1,600 per ounce, profits in the mining sector surged 91% over the past twelve months, setting the stage for a re-rating in 2026.
- Lake Victoria Gold Progress: Lake Victoria Gold completed critical geotechnical studies at its Imwelo Project in Tanzania, supporting the consolidation of multiple isolated pits into a single continuous open pit, optimizing mine design and advancing production planning.
- Kinross Gold Expansion Plans: Kinross Gold announced the advancement of three organic growth projects expected to contribute 300,000 ounces of gold production annually between 2029 and 2031, further extending the mine life of its Nevada assets.










