06:34 AM EDT, 03/20/2024 (MT Newswires) -- Orla Mining Ltd. ( ORLA ) overnight Tuesday reported fourth-quarter 2023 adjusted earnings of US$15.7 million, or US$0.05 per share, down from US$20.7 million, or US$0.07 per share, in the year-ago quarter.

Fourth-quarter 2023 revenue amounted to US$62.9 million, an increase from US$56.8 million in the prior-year period.

Fourth-quarter 2023 gold production was a record 34,484 ounces. The company sold 31,300 ounces during the quarter.

For the full year 2023, gold production was a record 121,877 ounces, exceeding the company's 2023 guidance of 110,000 to 120,000 ounces.

Orla expects to produce 110,000 to 120,000 ounces of gold from the Camino Rojo Oxide Mine in 2024.

Capital expenditures are projected to be US$31.0 million in 2024.

Orla's shares fell 2.8% yesterday.