Orla Mining(US:ORLA)2024-05-14 21:48Financial Performance - Revenue for Q1 2024 was $67,278,000, a 31.5% increase from $51,131,000 in Q1 2023[3] - Earnings from mining operations increased to $38,702,000, up 20.5% from $32,179,000 in the same period last year[3] - Net income for the period was $17,485,000, compared to $13,235,000 in Q1 2023, representing a 32.5% increase[3] - Basic earnings per share for Q1 2024 was $0.06, up from $0.04 in Q1 2023, a 50% increase[3] - The company reported a total comprehensive income of $16,183,000 for Q1 2024, compared to $13,296,000 in Q1 2023, an increase of 21.4%[3] - Gold revenue increased to $65,968,000 in Q1 2024 from $50,707,000 in Q1 2023, representing a 30% growth[18] - The Company reported income for the period of $17,485,000 for the three months ended March 31, 2024, compared to $13,235,000 for the same period in 2023, representing a 32.5% increase[53] - The Company reported a net income of $17.485 million for the three months ended March 31, 2024, compared to $13.235 million in 2023, which is an increase of about 32.5%[81] Assets and Liabilities - Total assets as of March 31, 2024, were $557,124,000, an increase from $535,778,000 at the end of 2023[2] - Cash and cash equivalents rose to $118,067,000 from $96,632,000, reflecting a 22.1% increase[2] - Current liabilities increased to $29,299,000 from $28,658,000, a rise of 2.2%[2] - Shareholders' equity increased to $418,192,000 from $400,541,000, marking an increase of 4.4%[2] - Current inventory as of March 31, 2024, was $28,686,000, slightly down from $29,451,000 at December 31, 2023[26] - Trade payables and accrued liabilities increased to $26,319,000 as of March 31, 2024, from $20,656,000 at December 31, 2023[35] - Long-term debt remained stable at $88,350,000 as of March 31, 2024, unchanged from December 31, 2023[36] Cash Flow and Operating Activities - Cash provided by operating activities was $32,406,000, compared to a cash outflow of $4,922,000 in Q1 2023[5] - Changes in non-cash working capital resulted in a positive cash flow of $10.695 million for the three months ended March 31, 2024, compared to a negative cash flow of $4.874 million in 2023[76] Expenses - Total operating costs for Q1 2024 were $18,109,000, up from $11,792,000 in Q1 2023, indicating a 53.5% increase[19] - Exploration and evaluation expenses decreased to $4,744,000 in Q1 2024 from $6,866,000 in Q1 2023, a reduction of 30.9%[21] - General and administrative expenses rose to $3,869,000 in Q1 2024 compared to $3,265,000 in Q1 2023, reflecting an 18.5% increase[22] - Interest and accretion expenses decreased to $2,075,000 in Q1 2024 from $3,247,000 in Q1 2023, a decline of 36.1%[23] - The total tax expense for the three months ended March 31, 2024, was $11.3 million, compared to $4.7 million for the same period in 2023[98] Shareholder Information - Share-based payments expense for the three months ended March 31, 2024, was $1,419,000, compared to $1,107,000 in 2023, reflecting a 28.2% increase[56] - The number of outstanding stock options increased from 7,998,054 as of March 31, 2023, to 5,897,340 as of March 31, 2024[59] - As of March 31, 2024, the number of outstanding Deferred Share Units (DSUs) increased to 894,903 from 658,506 in the same period of 2023, reflecting a growth of approximately 35.8%[64] - The total number of Performance Share Units (PSUs) outstanding as of March 31, 2024, was 522,876, a significant increase from 198,737 in 2023, representing a growth of 163.5%[68] Financial Compliance and Future Outlook - The Company maintained compliance with all financial covenants as of March 31, 2024[42] - The Company aims to safeguard its ability to continue as a going concern while pursuing exploration and development of mineral properties, indicating a focus on long-term growth strategies[83] - The estimated settlement dates for site closure provisions range from 2033 to 2047, with total undiscounted risk-adjusted cash flows of $10,071,000[48] Other Financial Information - The average interest rate paid on the Revolving Facility for the quarter ended March 31, 2024, was 7.9% per annum[39] - As of March 31, 2024, the undrawn amount on the Revolving Facility was $61.6 million[40] - The fair value of the Revolving Facility was estimated at $88.4 million using a discount rate of 7.9%[90] - The total carrying value of financial assets was $119.1 million, with cash and cash equivalents at $118.1 million[90] - The company has outstanding purchase orders and contracts totaling approximately $7.2 million as of March 31, 2024, up from $3.7 million at December 31, 2023[93] - The Company repaid $10 million of principal on the Revolving Facility subsequent to the reporting period[99] - The acquisition of Contact Gold Corp. was completed on April 29, 2024, with approximately 2.2 million common shares issued[100]