Orla Mining's shares rose 25% this week after the company reported record gold production of 300,620 ounces in 2025, beating its own target. The Vancouver-based gold producer operates mines in Mexico and Canada and shared these numbers in an update on January 20, 2026.
Background
Orla Mining runs two main gold mines: Camino Rojo in Mexico and Musselwhite in Canada. The company took over Musselwhite about ten months ago and has worked to blend it into its operations. Camino Rojo has been running for longer but faced a setback last year when a pit wall shifted in July. Workers there processed extra stockpiled ore while fixing the wall, which helped keep things moving.
In 2025, gold prices stayed high, which helped companies like Orla. The firm had set a production goal of 265,000 to 285,000 ounces after adjusting it earlier in the year. Hitting 300,620 ounces marked the first time Orla passed 300,000 in a year. Shares traded on the Toronto Stock Exchange and New York Stock Exchange jumped from around C$18 to over C$22 by Friday.
Orla also kept costs in check. Its all-in sustaining costs for the year are expected to land between $1,350 and $1,550 per ounce, right in line with plans. That means the extra gold brought in solid revenue. The company sold 297,013 ounces over the year, close to what it produced.
Key Details
Musselwhite Mine Performance
Musselwhite, in northern Ontario, drove much of the record. In the last three months of 2025, workers there milled 361,407 tonnes of ore at a gold grade of 6.77 grams per tonne. Recovery rates hit 95.65%, leading to 75,818 ounces produced in that quarter alone. For the full year, the mine put out 236,908 ounces total, with 203,856 owed to Orla since they bought it.
Orla spent on upgrades here, like new equipment and digging a new tunnel for exploration. They advanced 3,338 metres of lateral development, mostly for drilling in the PQ Extensions area. This aims to grow reserves and stretch the mine's life. Early drilling added resources and pushed the deposit two kilometres further.
For 2026, Musselwhite plans to process ore at grades from 5.00 to 7.00 grams per tonne, with stronger output in the second half. About 60% of ore will come from PQ Extensions.
Camino Rojo Operations
At Camino Rojo, in Zacatecas, Mexico, the team stacked 8,938,173 tonnes of ore over 2025 at 0.54 grams per tonne gold grade. That yielded 96,764 ounces, matching updated goals. In the fourth quarter, they stacked 1,862,807 tonnes at 0.47 grams per tonne, with daily rates around 20,200 tonnes.
Mining moved over 1.7 million tonnes of ore and 2.7 million tonnes of waste in that period, for a strip ratio of 1.52. After the July wall issue, teams finished removing overburden and returned to the main deposit area.
Looking to 2026, grades should rise to about 0.85 grams per tonne overall, starting at 0.60 and hitting 0.95 later. Production will build through the year, heavier in the back half.
“Thanks to the effort and dedication of our people across the business, we successfully exceeded our annual production guidance —delivering more than 300,000 ounces for the first time in our history.” – Jason Simpson, President and Chief Executive Officer, Orla Mining
Orla also gave 2026 guidance: 340,000 to 360,000 ounces total from both mines. They plan more spending at Musselwhite, Camino Rojo, and the South Carlin project in Nevada to grow output.
What This Means
The record year puts Orla in a strong spot as gold demand holds steady. Higher production means more cash from sales, especially with costs under control. The jump to over 300,000 ounces shows the mix of Camino Rojo's steady heap leach process and Musselwhite's high-grade underground mining works well.
Investors reacted fast, with shares up 25% in days after the January 20 update. Earlier reports noted an 18% rise right after the news, then more gains. Market value now sits around C$6.67 billion at C$22.58 per share.
For 2026, the higher guidance signals confidence. Exploration at Musselwhite targets the mine trend extension, underground growth, and nearby zones like Camp Bay. At Camino Rojo, consistent stacking and grade improvements should deliver reliable ounces. South Carlin adds another layer, with plans to ramp up.
Orla declared its first quarterly dividend, a sign of maturing finances. This comes as the company pushes its 'Growth for Longer' plan at Musselwhite, aiming for mine life extension through capital over 24 months.
The strong second half of 2025, despite early hurdles, proved the team's ability to handle issues. Camino Rojo rebounded fully, and Musselwhite outperformed from day one under Orla. These results set up steady growth, with production weighted to later in 2026 for both sites.
Orla's focus stays on execution across its sites in Mexico, Canada, and Nevada. The record output and outlook point to more ounces ahead, supporting the company's path to bigger scale.
