Q2 2024 Orla Mining Ltd Earnings Call Transcript
Key Points
- Camino Rojo produced higher-than-planned ounces at low costs, driving increased margins and cash flow.
- Full-year production guidance increased to 120,000 to 130,000 ounces of gold.
- All-in sustaining cost guidance decreased to $800 to $900 per ounce of gold sold.
- Record revenue of $85 million for the quarter with strong earnings of $24.3 million.
- Successful recovery improvement program increased gold recovery by 3% to 5%.
- Second half of the year expected to have lower gold grades compared to the first half.
- Increased stripping ratio to 1.5 in the second half, impacting operational costs.
- Exploration and project costs were $9.7 million, impacting overall expenses.
- Permitting process in Nevada is ongoing and expected to continue through next year.
- Debt repayment efforts continue, with $78 million in debt remaining at the end of Q2.
Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the second-quarter 2024 results. My name is Kayla, and I will be your conference operator today. (Operator Instructions) Please be advised that this call is being recorded.
I would like to turn the meeting over to Andrew Bradbury, Vice President of Investor Relations and Corporate Development. Please go ahead, Mr. Bradbury.
Thank you, operator, and welcome to Orla's second-quarter 2024 results conference Call.
We will be making forward-looking statements during today's call, and I would direct you to the first and second slides of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts to discussed today will refer to US dollars, unless otherwise indicated.
The Orla executive team is on the call this morning, and I'll pass the call to Jason Simpson, President and CEO.
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