11:38 AM EST, 01/16/2025 (MT Newswires) -- (Updates shares.)

Orla Mining ( ORLA ) on Thursday said it hit its full-year 2024 production guidance range of 130,000 to 140,000 ounces.

Fourth-quarter 2024 gold production of 26,531 ounces brought total 2024 production to 136,748 ounces. The company attributed the record annual production to higher-than-planned tonnes stacked, higher grades processed and higher recoveries due to finer crusher product size. Orla expects full-year 2024 all-in sustaining costs to be at the low end of the guidance range of US$800 to US$900 per ounce of gold sold.

For 2025, the company expects to produce 110,000 to 120,000 ounces of gold at an all-in sustaining cost of US$875 to US$975 per ounce of gold sold.

The Camino Rojo operation maintained higher mining rates during the fourth quarter as a result of the mine pit redesign to ensure steady production through 2024 and 2025, the company said. During the fourth quarter, Orla repaid the entire outstanding balance of US$58.4 million under its revolving credit facility, taking it to a debt-free position. At December 31 Orla's cash position was US$160.8 million.

Orla shares were last seen down $0.09 to $8.29 on the Toronto Stock Exchange.

Price: 8.28, Change: -0.10, Percent Change: -1.19