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  5. OLA: I have done a little bit of work on Orla Mining. [Orla Mining Ltd]
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Q: I have done a little bit of work on Orla Mining. It came on my radar when I saw their heaps of paydirt at the Camino Rojo mine in Zacatecas, Mexico (You can see the operation from the highway that connects Saltillo with the city of Zacatecas). That mine seems to have very low operating costs and even a partial pitwall collapse last year did not seem to hurt ORLA too much. What I didn't know is that they bought the Musselwhite Gold mine north of Thunder Bay from Newmont. Apparently Newmont wasn't interested in Musselwhite (too small for them) so there was very little capital spent at that mine. Orla saw potential at Musselwhite, bought the mine and started to invest. The processing plant at Musselwhite was running way below name plate capacity due to a lack of mined ore Orla has located more ore and has been using the mill at a much higher capacity and low and behold they are making money. To me that demonstrated a smart management team. And since Orla is now a two mine miner (with one mine in Canada and the other in Mexico) I am considering a position in ORLA. But what is your opinion of Orla and if you were to do a deeper dive on Orla what would you be looking for/at?
Asked by Paul on February 23, 2026
5i Research Answer:

OLA is now a nearly $9B company, trading at 27x earnings. Reserves, costs (all in), grade, capacity, depletion, exploration, assays (on more drilling), insider buying, mine life, debt (and all financials) are always important metrics. The balance sheet at OLA is strong, and based on consensus (11 analysts, 10 BUY 1 HOLD) earnings are expected to more than double this year. Stock momentum is very good and we like the sector a lot. OLA has beaten estimates in seven of the past eight quarters. There has been some insider selling in the past six months. The Canadian mine we think is important as Mexico could see stocks getting a discount (recent turmoil and events at VZLA). Market cap is at the point where more and larger funds may be looking at it. All in we think it looks good for the sector. Most 'deeper' analysis will examine mine development, grades, reserves and resources. Much of this uses estimates which of course can vary widely and change dynamics. 

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