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Orla Mining says achieved high end of increased 2022 gold production guidance

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(Kitco News) - Orla Mining (TSX: OLA) (NYSE: ORLA) announced Monday that the Camino Rojo oxide mine produced 32,017 ounces of gold in Q4 2022, for a total of 109,596 ounces of gold for 2022, achieving the high end of the increased production guidance range of 100,000 to 110,000 ounces.

Orla said that its initial production guidance for 2022 was 90,000 to 100,000 ounces of gold and was increased at the end of the third quarter to a range of 100,000 to 110,000 ounces of gold.

According to a company news release, all-in sustaining costs guidance for the year 2022 has been maintained at $600 to $700 per ounce of gold sold. 

Orla noted it ended the year with a cash position of $96.6 million at December 31, 2022, a net increase of $7.5 million during the fourth quarter.

The company also said that gold production from the Camino Rojo oxide mine is expected to be between 100,000 to 110,000 ounces in 2023.

"2022 was a defining year for Orla as we made the successful transition from developer to producer," stated President and CEO Jason Simpson. "In 2023, cash generation from the high-margin Camino Rojo Mine will be invested into our prospective growth pipeline, the local communities, paying taxes, and strengthening our balance sheet to the benefit of all our stakeholders."

Orla is operating the Camino Rojo oxide gold mine, a gold and silver open-pit and heap leach mine, located in Zacatecas State, Mexico. The property is 100% owned by Orla and covers over 160,000 hectares.

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