11:48 AM EDT, 10/10/2024 (MT Newswires) -- Orla Mining ( ORLA ) on Thursday reported third-quarter production of 43,788 ounces of gold and raised its 2024 gold production guidance to 130,000 to 140,000 ounces.

The previous guidance was for production of between 120,000 and 130,000 ounces. Year-to-date outperformance at the Camino Rojo mine in Mexico drove the guidance increase. Orla attributed this year's outperformance to improved recoveries from finer crushing, higher mined and processed grades and higher tonnes stacked.

The company sold 38,265 ounces of gold during the quarter.

The company in August improved its full-year all-in sustaining cost guidance to a range of US$800 to US$900 per ounce of gold sold. As a result of the higher production guidance, full-year AISC is now expected to be in the low end of the guidance range.

In the third quarter, Orla repaid US$20 million toward its revolving credit facility, bringing the outstanding drawn amount to US$58.4 million. As of Sept. 30, Orla's cash position was US$180.9 million, resulting in a net cash position of US$122.5 million. The company has an undrawn amount of US$91.6 million on its revolving credit facility, which supports total liquidity of US$272.5 million at quarter-end.

The company will release third-quarter financial and operating results on Nov. 12.

Orla' shares were last seen up $0.17 to $5.82 on the Toronto Stock Exchange.

Price: 5.82, Change: +0.17, Percent Change: +3.01