UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign
Private Issuer
Pursuant to Rule
13a-16 or
15d-16
UNDER the Securities
Exchange Act of 1934
For the month of March, 2023
Commission File Number: 001-39766

ORLA MINING LTD.
(Translation of registrant's name into English)
Suite 202, 595 Howe Street
Vancouver, British Columbia,
V6C 2T5, Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form
20-F ☐ Form 40-F ☒
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
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ORLA MINING LTD.. |
|
|
Date: March 16, 2023 |
|
/s/ Etienne
Morin |
|
Name: Etienne Morin
Title: Chief Financial Officer
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EXHIBIT INDEX
Exhibit
99.1
Orla Mining Reports Fourth Quarter and Year End 2022 Results
Strong First Year at Camino Rojo Provides Foundation for
Growth
VANCOUVER, BC, March 16, 2023 /CNW/ - Orla Mining Ltd. (TSX:
OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the
results for the fourth quarter and year ended December 31,
2022.
(All amounts are in U.S. dollars unless otherwise
stated)
Fourth Quarter and Full-Year 2022 Highlights:
-
Gold production during the fourth quarter was 32,017 ounces and
total gold production for 2022 was 109,596 ounces, achieving high
end of the increased annual production guidance range of 100,000 to
110,000 ounces (pre-released, please see the news release dated
January 16, 2023, Orla Mining Achieves High End of Increased 2022
Production Guidance and Provides 2023 Guidance).
-
All-in sustaining costs ("AISC")1,2 of $634 per ounce of
gold sold during the fourth quarter 2022 resulting in a full year
2022 AISC of $611 per ounce, at the low end of the guidance range
of $600-$700/oz.
-
Adjusted earnings for the fourth quarter was $20.7 million or $0.07
per share and for the full year 2022 was $57.1 million or $0.21 per
share.
-
Net income for the fourth quarter was $18.7 million or $0.06 per
share which included $5.6 million in expensed exploration and
development costs across the portfolio. Net income for the full
year 2022 was $45.8 million or $0.17 per share, which included
$18.9 million in expensed exploration and development costs.
-
Cash flow from operating activities before changes in non-cash
working capital during the fourth quarter and for the full year
2022 were $55.1 million and $111.1 million, respectively. Free cash
flow1 during the fourth quarter and for the full year
2022 totalled $11.6 million and $82.0 million, respectively.
-
Cash balance of $96.3 million and net debt of $49.5 million at
December 31, 2022.
-
Successfully completed the commissioning and ramp-up of the Camino
Rojo Oxide Mine on time and under budget with declaration of
commercial production on April 1, 2022.
-
Completed refinancing of project facility in April 2022 with a $150
million secured credit facility.
-
Strengthened growth pipeline with the acquisition of Gold Standard
Ventures Corp. ("Gold Standard"), the owner of the South Railroad
Project ("South Railroad"), a permitting-stage, open pit, heap
leach project located on the Carlin trend in Nevada. Exploration at
South Railroad was immediately reactivated upon completion of the
transaction.
"2022 was a monumental year for Orla as we transitioned to a cash
flowing gold producer," said Jason Simpson, President and Chief
Executive Officer of Orla. "The strong cash flows from Camino Rojo
will provide a foundation to build upon. Our rich pipeline of
exploration and development assets, which we are aggressively
advancing, will be critical in growing the Company and increasing
value for shareholders. We thank our stakeholders and partners for
their continued support."
_____________________________ |
1
Cash cost, AISC, free cash flow and adjusted earnings are non-GAAP
measures. See the "Non-GAAP Measures" section of this news release
for additional information. |
Financial and Operations Update
Table
1: Financial and Operating Highlights |
|
Q4
2022 |
FY
2022 |
Operating |
|
|
|
Gold
Produced |
oz |
32,017 |
109,596 |
Gold
Sold |
oz |
32,438 |
107,502 |
Average
Realized Gold Price1 |
$/oz |
$1,743 |
$1,790 |
Cost of
Sales – Operating Cost |
$M |
$13.5 |
$45.6 |
Cash
Cost per Ounce1,2 |
$/oz |
$453 |
$449 |
All-in
Sustaining Cost per Ounce1,2 |
$/oz |
$634 |
$611 |
|
|
|
|
Financial |
|
|
|
Revenue |
$M |
$56.8 |
$193.2 |
Net
Income (loss) |
$M |
$18.7 |
$45.8 |
Adjusted
Earnings1 |
$M |
$20.7 |
$57.1 |
Earnings
(loss) per Share – basic |
$/sh |
$0.06 |
$0.17 |
Adjusted
Earnings per Share – basic1 |
$/sh |
$0.07 |
$0.21 |
|
|
|
|
Cash
Flow from Operating Activities before Changes in Non-Cash Working
Capital |
$M |
$55.1 |
$111.1 |
Free
Cash Flow1 |
$M |
$11.6 |
$82.0 |
|
|
|
|
Financial
Position |
|
Dec
31, 2022 |
Cash
and Cash Equivalents |
$M |
$96.3 |
Net
Debt1 |
$M |
$49.5 |
1. |
"Average
Realized Gold Price", "Cash Cost per Ounce", "All-in Sustaining
Cost per Ounce", "Adjusted Earnings", "Adjusted Earnings per Share
– basic", "Free Cash Flow", and "Net Debt" are non-GAAP measures.
See the "Non-GAAP Measures" section of this news release for
additional information. |
2. |
The
Company declared commercial production at Camino Rojo effective
April 1, 2022. Consequently, the "full year" figures for cash
cost per ounce and all-in sustaining cost per ounce are for the
period April 1, 2022 to December 31, 2022. |
Financial and Operations Summary
The Company declared commercial production at Camino Rojo on April
1, 2022 following sixteen months of construction which began in
December 2020. Camino Rojo achieved record quarterly gold
production of 32,017 ounces of gold in Q4 2022, primarily as a
result of an increased ore stacking rate during the quarter which
achieved a record 19,591 tonnes per day, 9% above nameplate
capacity of 18,000 tonnes per day. The average mining rate during
the fourth quarter was 41,128 tonnes per day which resulted in a
strip ratio of 0.70 during the quarter and 0.67 for the full year
2022. The average grade of ore processed during the fourth quarter
was 0.78 g/t gold, in line with plan, and the average grade of
processed for the full year 2022, was 0.82 g/t gold, approximately
5% higher than plan.
Gold sold during the fourth quarter and for the first full year of
operation totalled 32,438 ounces and 107,502 ounces,
respectively.
Fourth quarter cash costs and AISC totalled $453 and $634 per ounce
of gold sold, respectively. The key contributors to the AISC being
at the lower end of the guidance range is attributable to mining
softer ore than anticipated in the upper benches of the mine during
the first year of operation. As a result of the softer ore,
maintenance required on the crushing, conveying and stacking
systems was less than anticipated due to low wear. Lower
consumption rates on key inputs such as electricity and reagents
also contributed to the low AISC. The Company's AISC guidance for
2023 is a range of $750 to $850 per ounce of gold sold. The
increase in AISC from 2022 to 2023 is primarily related to
increased maintenance costs as the operations begin to encounter
more competent ore conditions, and moderate price inflation on key
costs inputs including reagents, consumables, and labour.
Sustaining capital in 2023 will be primarily the construction of a
dome at the ore stockpile for dust control management. Infill
drilling on the layback area at the Camino Rojo oxide mine will be
capitalized as sustaining capital and is expected to total $2
million.
During the first quarter of 2023, the Company will make its first
income tax payment (including the Special Mining Duty) in Mexico of
approximately $34 million related to the 2022 fiscal year. In 2023,
the Company will continue to strengthen its balance sheet through
the repayment of $45.0 million towards debt and other obligations.
The Company will also make increasing investments into its
prospective exploration and development growth portfolio, enabled
by the Company's strong financial position and continued high
margin gold production.
Exploration Update
Additional exploration details related to 2022 results and 2023
plans on individual country exploration programs was provided in
press releases dated January 31, 2023, February 8, 2023, and
February 16, 2023. In 2023, the exploration spending will be
increased to $35 million, with the project spend breakdown in the
Guidance Summary outlined below.
Camino Rojo Sulphide Project and Regional Exploration Update
(Mexico)
During the 2022 directional drill program into the Camino Rojo
Sulphide, drilling continued to intercept wide zones of
higher-grade gold mineralization. These results in conjunction with
metallurgical results from the 2021 drilling supports the potential
for underground development and a standalone processing option for
the Camino Rojo Sulphides. A large component of 2022 program
included infilling the sulphide deposit and improving the
geological model to support potential underground mine development
scenario. A total of 9,174 metres was completed in 15 holes in
2022, returning 32 significant mineralized drill intercepts with
grade-by-thickness factor greater than 50 g/t by metre Au (g/t *
m), including 16 intercepts with grade-by-thickness factor greater
than 100 g/t by metre Au.
Drill results have also shown that gold mineralization extends
deeper than the limit of the current mineral resource. These deeper
intercepts suggest gold mineralization remains open at depth along
and adjacent to interpreted feeder-like structures for the
currently defined Camino Rojo deposit.
A 34,000-metre, 57-hole follow-up drill program will continue to
infill the Camino Rojo Sulphides in 2023 (20% of the holes will
extend to test the deep potential of the deposit). In addition,
6,500 metres will be drilled on the extensions of the Camino Rojo
oxide deposit to update and expand resources and reserves. The 2023
drilling is expected to strengthen the confidence for the
development of a Preliminary Economic Assessment that contemplates
underground mining by infilling the higher-grade (>2 g/t)
portions of the deposit with 50 metre spacing of south-oriented
drill holes. Overall drill spacing at the end of this next phase,
including historical north-oriented drill holes, will be 25-30
metres.
On the regional exploration program, Orla completed its first
diamond drill core hole outside Camino Rojo in 2022. The Guanamero
target is approximately 7 kilometres northeast of Camino Rojo and
the initial drill results were encouraging. The team is targeting
new discoveries on the large regional land package testing targets
on the northeast-southwest mine trend and the northwest-southeast
regional trend.
For additional detail, please see the news release dated January
31, 2023, Orla Mining Continues to Intersect Wide, Higher-Grade
Sulphide Zones and Expose Deeper Potential at Camino Rojo,
Mexico.
South Railroad Project and Exploration Update (Nevada,
US)
In August 2022, Orla completed the acquisition of Gold Standard,
the owner of South Railroad, a permitting-stage, open pit, heap
leach project located on the Carlin trend in Nevada, USA. A
Feasibility Study on South Railroad was completed in February 2022
under the previous owner and South Railroad has been integrated
into the Company's growth plans with key priorities to include
project permitting, review of project schedule including critical
path activities, and assessment of current exploration supporting
resource expansion.
Upon completion of the transaction, Orla accelerated exploration
activities on the large, prospective land package. South Railroad
is on the Carlin trend and is a target rich environment with
multiple styles and zones of mineralization. The immediate
exploration objectives have been to upgrade current resources and
define new potential resources through infill and step out
drilling. Drill results thus far have been significant and resource
updates are expected in 2023.
For additional detail, please see the news release dated February
8, 2023, Orla Mining Drills Significant Gold Intersections at
Multiple Oxide Targets upon Reactivation of Exploration at South
Railroad Project, Nevada.
Cerro Quema Exploration Update (Panama)
In 2022, exploration drilling at Cerro Quema began with regional
exploration at the La Prieta and La Pelona targets before moving to
metallurgical, infill, and expansion drilling at Caballito and La
Pava mineralized zones and early-stage follow-up drilling at
Quemita Norte target. In total, 9,044 metres were drilled in Panama
during the year.
Exploration at the Caballito and La Pava deposits and the Quemita
Norte target in the second half of 2022 continued to generate
significant drill intersections. These new drill results build on
the previously reported 2022 positive drill results generated at
the early stage La Pelona and La Prieta regional targets, and
further highlight the presence of significant copper and gold
mineralization at the Cerro Quema project.
The 2023 exploration program will follow-up on the encouraging
results generated at La Pelona and La Prieta regional targets in
2022. Upon completion of the exploration and drilling campaign
during the dry season in the first half of 2023, exploration and
operational activities will be reduced in Panama. Data
interpretation of the results will take place primarily in the
second half of 2023 while on-the-ground activities will be
minimal.
2023 Guidance Summary
On January 16, 2023, the Company announced its 2023 annual guidance
which contained the outlook for production, operating and capital
costs, and exploration spending across the Company's portfolio, as
set forth below. In addition, Orla expects to repay $45.0 million
in debt and other obligations during the course of 2023. This
includes $22.2 million related to principal repayments on the
credit facility and $22.8 million as a final payment on the Layback
Agreement.
Gold
Production |
oz |
100,000
- 110,000 |
All-in
Sustaining Costs ("AISC")1,2 |
$/oz Au
sold |
$750 -
$850 |
Capital
Expenditures 2 |
|
|
Sustaining Capital Expenditures |
$m |
$6 |
Non-Sustaining Capital Expenditures |
$m |
$4 |
Exploration |
|
|
Mexico |
$m |
$20 |
USA (Nevada) |
$m |
$10 |
Panama |
$m |
$3 |
Total Exploration |
$m |
$33 |
Site
Admin & Permitting Expenses
(Nevada/Panama) |
$m |
$11 |
Corporate
G&A |
$m |
$15 |
1.
AISC is a non-GAAP measure. See the "Non-GAAP Measures"
section of this news release for additional
information. |
2.
Exchange rates used to forecast cost metrics include MXN/USD of
20.0 and CAD/USD of 1.28 |
Financial Statements
Orla's audited financial statements and management's discussion and
analysis for the year ended December 31, 2022, will be available on
the Company's website at www.orlamining.com, and under the
Company's profiles on SEDAR and EDGAR.
Qualified Persons Statement
The scientific and technical information in this news release was
reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief
Operating Officer of the Company, and Mr. Sylvain Guerard, P.
Geo., Senior Vice President, Exploration of the Company, who
are the Qualified Persons as defined under NI 43-101 - Standards
of Disclosure for Mineral Projects.
Fourth Quarter and Year End 2022 Conference Call
Orla will host a conference call on Friday, March 17, 2023, at
10:00 AM, Eastern Time, to provide a corporate update following the
release of its financial and operating results for the fourth
quarter and year ended 2022:
Dial-In Numbers:
Conference ID: 5844017
Toll Free Dial-In:
1 (888) 550-5302
Toll
Dial-In:
1 (646) 960-0685
Webcast:
https://orlamining.com/investors/presentations-and-events/
About Orla Mining Ltd.
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. The technical report for the 2021 Feasibility Study on
the Camino Rojo oxide gold project entitled "Unconstrained
Feasibility Study NI 43-101 Technical Report on the Camino Rojo
Gold Project – Municipality of Mazapil, Zacatecas, Mexico"
dated January 11, 2021, is available on SEDAR and EDGAR under the
Company's profile at www.sedar.com and www.sec.gov,
respectively. Orla also owns 100% of Cerro Quema located in Panama
which includes a gold production scenario and various exploration
targets. Cerro Quema is a proposed open pit mine and gold heap
leach operation. The technical report for the Pre-Feasibility Study
on the Cerro Quema oxide gold project entitled "Project
Pre-Feasibility Updated NI 43-101 Technical Report on the Cerro
Quema Project, Province of Los Santos, Panama"
dated January 18, 2022, is available on SEDAR and EDGAR under
the Company's profile at www.sedar.com and www.sec.gov,
respectively. Orla also owns 100% of the South Railroad Project, a
feasibility-stage, open pit, heap leach project located on the
Carlin trend in Nevada. The technical report for the 2022
Feasibility Study entitled "South Railroad Project, Form
43-101F1 Technical Report Feasibility Study, Elko County,
Nevada" dated March 23, 2022, is available on SEDAR and EDGAR
under the Company's profile at www.sedar.com and www.sec.gov,
respectively. The technical reports are available on Orla's website
at www.orlamining.com.
Non-GAAP Measures
The Company has included certain performance measures in this news
release which are not specified, defined, or determined under
generally accepted accounting principles (in the Company's case,
International Financial Reporting Standards ("IFRS"")). These are
common performance measures in the gold mining industry, but
because they do not have any mandated standardized definitions,
they may not be comparable to similar measures presented by other
issuers. Accordingly, the Company uses such measures to provide
additional information and you should not consider them in
isolation or as a substitute for measures of performance prepared
in accordance with generally accepted accounting principles
("GAAP").
In this section, all currency figures in tables are in thousands,
except per-share and per-ounce amounts.
Average Realized Gold Price
Average realized gold price per ounce sold is calculated by
dividing gold sales proceeds received by the Company for the
relevant period by the ounces of gold sold. The Company believes
the measure is useful in understanding the gold price realized by
the Company throughout the period.
AVERAGE
REALIZED GOLD PRICE |
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Revenue |
$
56,758 |
4,091 |
|
$
193,230 |
4,091 |
Silver
sales |
(229) |
(30) |
|
(836) |
(30) |
Gold
sales |
56,529 |
4,061 |
|
192,394 |
4,061 |
Ounces
of gold sold |
32,438 |
2,422 |
|
107,502 |
2,422 |
AVERAGE
REALIZED GOLD PRICE PER OUNCE SOLD |
$
1,743 |
1,677 |
|
$
1,790 |
1,677 |
Net Debt
Net debt is calculated as total debt adjusted for unamortized
deferred financing charges less cash and cash equivalents and
short-term investments at the end of the reporting period. This
measure is used by management to measure the Company's debt
leverage. The Company believes that in addition to conventional
measures prepared in accordance with IFRS, net debt is useful to
evaluate the Company's leverage and is also a key metric in
determining the cost of debt.
NET
DEBT |
December
31,
2022 |
December
31,
2021 |
Current
portion of long term debt |
$
45,000 |
$
25,293 |
Long
term debt |
100,795 |
136,060 |
Less:
Cash and cash equivalents |
(96,278) |
(20,516) |
NET
DEBT |
$
49,517 |
$
140,837 |
Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per
share
Adjusted earnings (loss) excludes deferred taxes, unrealized
foreign exchange, changes in fair values of financial instruments,
impairments and reversals due to net realizable values,
restructuring and severance, and other items which are significant
but not reflective of the underlying operational performance of the
Company. We believe these measures are useful to market
participants because they are important indicators of the strength
of our operations and the performance of our core business.
ADJUSTED
EARNINGS |
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Net
income (loss) for the period |
$
18,690 |
$
(5,018) |
|
$
45,770 |
$
(26,278) |
Unrealized
foreign exchange |
1,971 |
1,903 |
|
(1,862) |
3,921 |
Loss on
early settlement of project loan |
— |
— |
|
13,219 |
— |
ADJUSTED
EARNINGS (LOSS) |
$
20,661 |
$
(3,115) |
|
$
57,127 |
$
(22,357) |
|
|
|
|
|
|
Millions
of shares outstanding – basic |
304.5 |
247.6 |
|
272.2 |
241.4 |
Adjusted
earnings (loss) per share – basic |
$
0.07 |
$
(0.01) |
|
$
0.21 |
$
(0.09) |
|
|
|
|
|
|
Companies may choose to expense or capitalize their exploration
expenditures. Orla generally expense our exploration costs
based on our accounting policy. To assist the reader in
comparing against those companies which capitalize their
exploration costs, we note that included within Orla's net income
(loss) for each period are exploration costs which were expensed,
as follows:
|
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Exploration
& evaluation expense |
$
5,605 |
$
2,863 |
|
$
18,939 |
$
15,108 |
|
|
|
|
|
|
Free Cash Flow
The Company believes market participants use Free Cash Flow to
evaluate the Company's operating cash flow capacity to meet
non-discretionary outflows of cash. Free Cash Flow is not
meant to be a substitute for the cash flow information presented in
accordance with IFRS. Free Cash Flow is calculated as the sum of
cash flow from operating activities and cash flow from investing
activities, excluding certain unusual transactions.
FREE
CASH FLOW |
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Cash
flow from operating activities |
$
31,836 |
$
(17,087) |
|
$
95,311 |
$
(24,742) |
Cash
flow from investing activities |
(20,188) |
(10,563) |
|
(13,356) |
(113,266) |
FREE
CASH FLOW |
$
11,648 |
$
(27,650) |
|
$
81,955 |
$
(138,008) |
|
|
|
|
|
|
Millions
of shares outstanding – basic |
304.5 |
247.6 |
|
272.2 |
241.4 |
Free
cash flow per share – basic |
$
0.04 |
$
(0.11) |
|
$
0.30 |
$
(0.57) |
Cash Costs and All-In Sustaining Costs
The Company calculates cash cost per ounce by dividing the sum of
operating costs and royalty costs, net of by-product silver
credits, by ounces of gold sold. Management believes that
this measure is useful to market participants in assessing
operating performance.
The Company has provided an AISC performance measure that reflects
all the expenditures that are required to produce an ounce of gold
from operations. While there is no standardized meaning of
the measure across the industry, the Company's definition conforms
to the all-in sustaining cost definition as set out by the World
Gold Council in its guidance dated November 14, 2018. Orla believes
that this measure is useful to market participants in assessing
operating performance and the Company's ability to generate free
cash flow from current operations.
Figures are presented only from April 1, 2022, as the Camino Rojo
Oxide Gold Mine commenced commercial production on that date.
CASH
COST |
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Cost of
sales – operating costs |
$
13,482 |
$
— |
|
$
36,231 |
$
— |
Related
to previous quarter |
— |
— |
|
(503) |
— |
Royalties |
1,439 |
— |
|
3,755 |
— |
Silver
sales |
(229) |
— |
|
(617) |
— |
CASH
COST |
$
14,692 |
$
— |
|
$
38,866 |
$
— |
|
|
|
|
|
|
Ounces
sold |
32,438 |
— |
|
86,618 |
— |
Cash
cost per ounce sold |
$
453 |
$ n/a |
|
$
449 |
$ n/a |
|
|
|
|
|
|
ALL-IN
SUSTAINING COST |
Q4
2022 |
Q4
2021 |
|
2022 |
2021 |
Cash
cost, as above |
$
14,692 |
$
— |
|
$
38,866 |
$
— |
General
and administrative |
2,741 |
— |
|
7,634 |
— |
Share
based payments |
526 |
— |
|
1,582 |
— |
Accretion
of site closure provision |
160 |
— |
|
395 |
— |
Amortization
of site closure provision |
105 |
— |
|
448 |
— |
Sustaining
capital |
2,116 |
— |
|
3,533 |
— |
Lease
payments |
216 |
— |
|
442 |
— |
ALL-IN
SUSTAINING COST |
$
20,556 |
$
— |
|
$
52,900 |
$
— |
|
|
|
|
|
|
Ounces
sold |
32,438 |
— |
|
86,618 |
— |
All-in
sustaining cost per ounce sold |
$
634 |
$ n/a |
|
$
611 |
$ n/a |
|
|
|
|
|
|
Forward-looking Statements
This news release contains certain "forward-looking information"
and "forward-looking statements" within the meaning of Canadian
securities legislation and within the meaning of Section 27A of the
United States Securities Act of 1933, as amended, Section 21E of
the United States Exchange Act of 1934, as amended, the United
States Private Securities Litigation Reform Act of 1995, or in
releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, including,
without limitation, statements regarding the Company's 2023
guidance, including production, operating costs and capital costs;
the Company's exploration plans, including timing, expenditures and
the goals thereof; and the timing of new mineral resource
estimates. Forward-looking statements are statements that are
not historical facts which address events, results, outcomes or
developments that the Company expects to occur. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made and they
involve a number of risks and uncertainties. Certain material
assumptions regarding such forward-looking statements were made,
including without limitation, assumptions regarding: the future
price of gold, silver, and copper; anticipated costs and the
Company's ability to fund its programs; the Company's ability to
carry on exploration, development, and mining activities; tonnage
of ore to be mined and processed; ore grades and recoveries;
decommissioning and reclamation estimates; the Company's ability to
secure and to meet obligations under property agreements, including
the layback agreement with Fresnillo plc; that all conditions of
the Company's credit facility will be met; the timing and results
of drilling programs; mineral reserve and mineral resource
estimates and the assumptions on which they are based; the
discovery of mineral resources and mineral reserves on the
Company's mineral properties; that political and legal developments
will be consistent with current expectations; the timely receipt of
required approvals and permits, including those approvals and
permits required for successful project permitting, construction,
and operation of projects; the timing of cash flows; the costs of
operating and exploration expenditures; the Company's ability to
operate in a safe, efficient, and effective manner; the Company's
ability to obtain financing as and when required and on reasonable
terms; the impact of the COVID-19 pandemic on the Company's
operations; that the Company's activities will be in accordance
with the Company's public statements and stated goals; and that
there will be no material adverse change or disruptions affecting
the Company or its properties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involve
significant known and unknown risks and uncertainties, which could
cause actual results to differ materially from those anticipated.
These risks include, but are not limited to: uncertainty and
variations in the estimation of mineral resources and mineral
reserves; the Company's dependence on the Camino Rojo oxide mine;
risks related to the Company's indebtedness; risks related to
exploration, development, and operation activities; risks related
to natural disasters, terrorist acts, health crises, and other
disruptions and dislocations, including the COVID-19 pandemic;
foreign country and political risks, including risks relating to
foreign operations and expropriation or nationalization of mining
operations; concession risks at the Cerro Quema project; the
receipt of a Category III EIA for Cerro Quema; delays in obtaining
or failure to obtain governmental permits, or non-compliance with
permits; environmental and other regulatory requirements; delays in
or failures to enter into a subsequent agreement with Fresnillo plc
with respect to accessing certain additional portions of the
mineral resource at the Camino Rojo project and to obtain the
necessary regulatory approvals related thereto; the mineral
resource estimations for the Camino Rojo project being only
estimates and relying on certain assumptions; loss of, delays in,
or failure to get access from surface rights owners; uncertainties
related to title to mineral properties; water rights; financing
risks and access to additional capital; risks related to guidance
estimates and uncertainties inherent in the preparation of
feasibility and pre-feasibility studies; uncertainty in estimates
of production, capital, and operating costs and potential
production and cost overruns; the fluctuating price of gold,
silver, and copper; unknown labilities in connection with
acquisitions; global financial conditions; uninsured risks; climate
change risks; competition from other companies and individuals;
conflicts of interest; risks related to compliance with
anti-corruption laws; volatility in the market price of the
Company's securities; assessments by taxation authorities in
multiple jurisdictions; foreign currency fluctuations; the
Company's limited operating history; litigation risks; the
Company's ability to identify, complete, and successfully integrate
acquisitions; intervention by non-governmental organizations;
outside contractor risks; risks related to historical data; the
Company not having paid a dividend; risks related to the Company's
foreign subsidiaries; risks related to the Company's accounting
policies and internal controls; the Company's ability to satisfy
the requirements of Sarbanes-Oxley Act of 2002; enforcement of
civil liabilities; the Company's status as a passive foreign
investment company for U.S. federal income tax purposes;
information and cyber security; gold industry concentration;
shareholder activism; and risks associated with executing the
Company's objectives and strategies; as well as those risk factors
discussed in the Company's most recently filed management's
discussion and analysis, and annual information form, which are
available on www.sedar.com and www.sec.gov. Except as required by
the securities disclosure laws and regulations applicable to the
Company, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
Cautionary Note to U.S. Readers
This news release has been prepared in accordance with Canadian
standards for the reporting of mineral resource and mineral reserve
estimates, which differ from the previous and current standards of
the United States securities laws. In particular, and without
limiting the generality of the foregoing, the terms "mineral
reserve", "proven mineral reserve", "probable mineral reserve",
"inferred mineral resources", "indicated mineral resources",
"measured mineral resources" and "mineral resources" used or
referenced in this news release are Canadian mineral disclosure
terms as defined in accordance with Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")
and the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") – CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the "CIM
Definition Standards").
For United States reporting purposes, the United States
Securities and Exchange Commission ("SEC") has adopted amendments
to its disclosure rules (the "SEC Modernization Rules") to
modernize the mining property disclosure requirements for issuers
whose securities are registered with the SEC under the Securities
Exchange Act of 1934, as amended. The SEC Modernization Rules more
closely align the SEC's disclosure requirements and policies for
mining properties with current industry and global regulatory
practices and standards, including NI 43-101, and replace the
historical property disclosure requirements for mining registrants
that were included in Industry Guide 7 under the U.S. Securities
Act. As a foreign private issuer that is eligible to file reports
with the SEC pursuant to the multijurisdictional disclosure system,
the Company is not required to provide disclosure on its mineral
properties under the SEC Modernization Rules and provides
disclosure under NI 43-101 and the CIM Definition Standards.
Accordingly, mineral reserve and mineral resource information
contained in this news release may not be comparable to similar
information disclosed by United States companies.
As a result of the adoption of the SEC Modernization Rules, the
SEC now recognizes estimates of "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources." In
addition, the SEC has amended its definitions of "proven mineral
reserves" and "probable mineral reserves" to be "substantially
similar" to the corresponding CIM Definition Standards that are
required under NI 43-101. While the above terms are "substantially
similar" to CIM Definition Standards, there are differences in the
definitions under the SEC Modernization Rules and the CIM
Definition Standards. There is no assurance any mineral reserves or
mineral resources that the Company may report as "proven mineral
reserves", "probable mineral reserves", "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the reserve or resource estimates under the standards
adopted under the SEC Modernization Rules or under the prior
standards of Industry Guide 7. Accordingly, information contained
in this news release may not be comparable to similar information
made public by U.S. companies subject to the reporting and
disclosure requirements under the United States federal securities
laws and the rules and regulations thereunder.
SOURCE Orla Mining Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/March2023/16/c0898.html
%CIK: 0001680056
For further information: Jason Simpson, President &
Chief Executive Officer; Andrew Bradbury, Vice President, Investor
Relations & Corporate Development, www.orlamining.com,
info@orlamining.com
CO: Orla Mining Ltd.
CNW 19:28e 16-MAR-23
This regulatory filing also includes additional resources:
ex991.pdf
Orla Mining (AMEX:ORLA)
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