Orla Mining

What Orla Mining does

Orla Mining Ltd. is a Vancouver, British Columbia-based gold producer founded in 2011 and listed on the TSX (OLA) and NYSE American (ORLA). The company acquires, develops, and operates mineral properties through conventional open-pit and underground mining methods, with a portfolio of two operating mines\u2014Camino Rojo, an oxide open-pit heap leach operation in Zacatecas, Mexico, and Musselwhite, a long-life underground mine in Northwestern Ontario acquired from Newmont in early 2025\u2014and one development project, the South Railroad heap leach project on Nevada's Carlin Trend. Technology is grounded in conventional mineral processing: ore is crushed (South Railroad uses a two-stage crushing circuit, Camino Rojo crushes to 80% passing 28mm), conveyor-stacked onto heap leach pads, and leached with low-concentration sodium cyanide, with gold and silver recovered via on-site Merrill-Crowe plants producing dor\u00e9 bars.

Revenue is generated by selling gold (and silver by-product credits) to precious metals refiners and commodity traders at prevailing spot market prices; Q4 2025 revenue was $378.5 million at a realized gold price of $4,025/oz and Q4 free cash flow reached a record $133.4 million. All-in sustaining cost (AISC) per ounce is the central operating metric, with 2026 guided AISC of $1,550–$1,750/oz against 340,000–360,000 oz of production guidance. Customer segments are gold commodity markets (refiners, central banks, jewelry makers, ETFs) and institutional mining-sector investors. The company entered a definitive all-share merger agreement with Equinox Gold Corp. in May 2026 at an implied $18.5 billion market capitalization, expected to close in Q3 2026 and create a combined entity producing 1.1 million ounces annually.

Name

Orla Mining

Legal name

Orla Mining Ltd.

Website

https://orlamining.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

Orla Mining is a Vancouver-based gold producer operating two mines (Camino Rojo in Mexico and Musselwhite in Canada) and developing South Railroad in Nevada, selling gold and silver at commodity prices to refiners, and pending an $18.5 billion all-share merger with Equinox Gold.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Gold mining operations
• Open pit mining
• Heap leach processing
• Underground gold mining
• Mineral exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Sales: Primary revenue stream from sale of gold produced at Camino Rojo and Musselwhite mines. Gold is sold at prevailing market prices to refiners. Q4 2025 revenue of $378.5 million from nearly 93,000 ounces sold at realized price of $4,025 per ounce.
2. Silver Sales: By-product revenue from silver produced alongside gold at Camino Rojo operations. Silver credits contribute to reducing net cash costs per ounce of gold sold.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Orla Mining is a Canadian gold producer that acquires, develops, and operates high-quality gold mining properties. The company produces gold (and silver as a by-product) at its two operating mines—Camino Rojo in Zacatecas, Mexico (open-pit heap leach) and Musselwhite in Northwestern Ontario, Canada (underground)—and is developing the South Railroad heap leach project on Nevada's Carlin Trend. Gold is recovered as doré bars through conventional mining, crushing, and cyanide leaching, then sold to refiners at prevailing market prices.

Product overview

Orla Mining is a Canadian-based gold mining company with a portfolio of three material projects: two operating mines and one development project. The company's core assets include Camino Rojo (operating oxide heap leach mine in Mexico), Musselwhite (underground mine in Canada acquired in 2025), and South Railroad (development-stage heap leach project in Nevada). The company also holds the Cerro Quema exploration project in Panama. Orla focuses on acquiring, developing, and operating mineral properties where the company's expertise can increase stakeholder value through gold production.

Differentiator

Problem solved

Functional benefit

Products and services

• Camino Rojo Mine Operating gold and silver open-pit and heap leach mine located in Zacatecas State, Mexico, covering over 139,000 hectares with oxide and sulphide mineral resources. Ore is crushed, conveyor-stacked onto heap leach pads, and leached with low-concentration sodium cyanide; gold and silver are recovered through an on-site Merrill-Crowe plant producing doré bars.
• Musselwhite Mine Underground gold mine in Northwestern Ontario, Canada, with over 25 years of operating history and more than 6 million ounces of gold produced to date. Ore is processed at an on-site mill; the asset was acquired from Newmont in early 2025.
• South Railroad Project Feasibility-stage open-pit heap leach gold project located on the Carlin Trend in Nevada, USA. Features a two-stage crushing circuit and advanced metallurgical testing; targets approximately 130,000 ounces of gold annually, with construction expected to commence mid-2026.
• Cerro Quema Project Gold and copper exploration project located in Los Santos Province, Panama, covering 14,893 hectares. Includes the Caballito copper-gold deposit and oxide deposits (La Pava and Quemita) with potential for open-pit mining.
• Pony Creek Property Gold exploration property in Nevada, USA, acquired through the Contact Gold Corp. acquisition, adjacent to Orla's South Railroad Project.
• Green Springs Property Gold exploration property in Nevada, USA, acquired through the Contact Gold Corp. acquisition, representing an addition to Orla's Carlin Trend portfolio.

Quantifiable outcome

• Q4 2025 free cash flow of $133.4 million, a record quarter
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• Equinox Gold Corp.flagshipStrategic or Co-development Partner · 13 May 2026Equinox Gold Corp. announced definitive arrangement agreement to acquire Orla Mining in an at-market all-share transaction valued at $18.5 billion. Upon closing expected Q3 2026, former Orla shareholders will own approximately 33% of combined entity. Orla CEO Jason Simpson will become President of combined company, and Orla Chair Charles Jeannes will chair the combined board. Creates North America's new senior gold producer with 1.1Moz annual production.
• First Nation LP and Newmont CorporationcoreStrategic or Co-development Partner · 10 November 2025First Nation LP, Newmont Corporation, and Orla Mining announced a C$6.6 million education, training, and skills development fund for 24 First Nations in Northwestern Ontario. The 10-year fund supports education, careers, and cultural revitalization in the region surrounding the Musselwhite Mine.
• Contact Gold Corp.minorStrategic or Co-development Partner · 29 April 2024Orla completed acquisition of Contact Gold Corp., making Contact a wholly-owned subsidiary. Transaction included Contact's key assets in Nevada including Pony Creek and Green Springs properties. Orla plans to increase exploration efforts with additional $3 million budget for 2024.
• Gold Standard VenturescoreStrategic or Co-development Partner · 12 August 2022Orla completed acquisition of Gold Standard Ventures through court-approved plan of arrangement. Key asset is the South Railroad Project in Nevada, a feasibility-stage open pit heap leach project, along with the Lewis Project. Made Gold Standard a wholly-owned subsidiary.
• Fresnillo PlccoreStrategic or Co-development Partner · 21 December 2020Layback Agreement with Fresnillo Plc allows Orla to expand the north wall of the Camino Rojo oxide pit onto Fresnillo's adjacent mineral concession. The agreement enables access to additional oxide ore and is subject to Mexican antitrust (COFECE) approval. Aggregate payments of US$62.8 million payable to Fresnillo through staged payment schedule.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Equinox Gold Corp. Mid-cap gold producer with operations across Canada, the U.S., Mexico, and Brazil (including Mesquite, Castle Mountain, Greenstone). The proposed all-share acquirer of Orla, producing a similar profile of open-pit and underground heap-leach operations across the same North American jurisdictions.
• Argonaut Gold: Canadian-listed mid-tier gold producer with operating assets in Mexico (El Castillo, San Agustin, La Colorada) and Nevada/Ontario. Closely comparable to Orla's North American open-pit heap leach operating model and Mexico exposure.
• Alamos Gold: Intermediate gold producer with operating mines in Ontario (Young-Davidson underground) and Mexico (Mulatos), plus development/expansion projects. Comparable due to its multi-asset North American gold platform mixing underground and open-pit operations.
• Wesdome Gold Mines: Canadian-focused gold producer operating the Eagle River underground mine in Ontario and the Kiena complex in Quebec. Directly comparable to Orla's Musselwhite underground operation in Northwestern Ontario.
• Centerra Gold: Canadian intermediate gold producer with operating mines in Canada (Mount Milligan), Kyrgyzstan (Kumtor), and Turkey (Oksut). Comparable multi-jurisdictional gold miner with both open-pit and underground operations.
• IAMGOLD: Canadian intermediate gold producer with operating mines in Canada (Côté Lake) and Burkina Faso (Essakane), plus West African development projects. Comparable as a multi-asset North American-headquartered gold producer focused on open-pit operations.
• New Gold: Canadian intermediate gold producer operating the New Afton copper-gold mine in BC and the Rainy River gold mine in Ontario. Comparable as a North American multi-asset gold/copper producer with underground and open-pit operations.

Emerging players

• Gold Standard Ventures: Now a wholly-owned Orla subsidiary that previously held the South Railroad and Lewis projects in Nevada. While absorbed into Orla, it remains a relevant comparable as the originating vehicle behind Orla's Nevada Carlin Trend assets.

Broad incumbents

• Agnico Eagle Mines: Senior Canadian gold producer operating multiple mines across Canada, Mexico, Finland, and Australia. Sets the operational benchmark Orla/Equinox is targeting upon closing and competes for the same institutional investor gold-equity allocation.
• Pan American Silver: Senior precious metals producer with primary silver mines across Latin America (Peru, Mexico, Bolivia, Argentina) and growing gold output. Comparable due to its significant gold-by-product revenue (silver-gold producing) and exposure to similar Mexican operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/orla-mining-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orla Mining