Orla Mining's (OLA.TO) adjusted earnings surged year over year in the first quarter, driven by higher realized gold prices, the company reported on Monday.
Adjusted earnings were US$134.7 million, or $0.39 per share, up from $38.6 million, or $0.12 per share. The result beat the earnings per share consensus estimate of $0.35 as compiled by FactSet.
Revenue was $378.9 million, an increase from $140.7 million. The result missed the sales consensus estimate of $408.8 million as compiled by FactSet.
The company produced 81,206 ounces of gold, up from 47,759 ounces. Gold sales were 81,540 ounces, rising from 46,356 ounces. The average realized gold price rose to $4,575/ounce from $2,915/ounce.
Orla remains on track to meet its full-year 2026 consolidated gold production guidance of 340,000 to 360,000 ounces.
The company also declared a quarterly dividend of $0.015 per common share, payable June 9 to shareholders of record at the close of business on May 26.
During the quarter, energy prices have risen sharply due to the war in the Middle East. To date, Orla has experienced an increase of about 6% in diesel price resulting in a $3.00/oz impact to all-in sustaining costs. The company has not experienced any fuel availability issues.