Constellation Brands to Present at the 2025 Barclays Global Consumer Staples Conference on September 2, 2025
A live, listen-only webcast of the presentation will be available on the company's investor relations website at ir.cbrands.com under the News & Events section. When the presentation begins, financial information discussed in the presentation, and reconciliations of reported GAAP financial measures with comparable and other non-GAAP financial measures, will also be available on the company's investor relations website under the Financial History section. For anyone unable to participate in the webcast, a replay will be available on the company's investor relations website through the close of business on March 2, 2026.
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Orla Mining Reports Second Quarter 2025 Financial Results
VANCOUVER, BC, Aug. 11, 2025 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the second quarter ended June 30, 2025. (All amounts expressed in U.S. dollars unless ot herwise stated) Second Quarter 2025 Summary Record quarterly gold production of 77,811 ounces and total quarterly gold sold of 78,911 ounces (pre-released). Second quarter all-in sustaining cost 1 ("AISC") was $1,421 per ounce of gold sold. Year to date AISC was $1,260 per ounce of gold sold. Net income for the second quarter was $48.2 million or $0.15 per share Adjusted earnings 1 for the second quarter were $64.2 million or $0.20 per share. Cash flow from operating activities before changes in non-cash working capital during the second quarter was $102.7 million. Exploration and project expenditure 1 was $32.3 million during the quarter, of which $22.9 million was capitalized and $9.4 million was expensed. The Company experienced a pit wall event at Camino Rojo on July 23 rd. The mine has started the work on the action plan, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. As a result of the operational pause and mining resequencing at Camino Rojo, Orla updated annual consolidated guidance to 265,000 to 285,000 ounces of gold production and AISC of $1,350 to $1,550 per ounces of gold produced. The Company ended the period with $215.4 million in cash and $420.0 million in debt after paying $30.0 million towards its revolving credit facility during the quarter. "The second quarter marked another record production period for Orla, supported by strong contributions from Musselwhite. However, the pit wall event at Camino Rojo on July 23rd was an operational setback. Thanks to proactive geotechnical monitoring systems, no injuries occurred, and no equipment was damaged. While the temporary suspension of in-pit operations poses a short-term challenge for what has otherwise been a consistently strong-performing mine, the benefits of Orla's diversified production base are clear." Financial and Operations Update Table 1: Financial and Operating Highlights Operating Q2 2025 YTD 2025 Consolidated Total Gold Produced oz 77,811 125,570 Total Gold Sold oz 78,911 125,267 Average Realized Gold Price 2 $/oz $ 3,251 $ 3,127 Cash Cost per Ounce 2,3 $/oz $ 1,065 $ 934 All-in Sustaining Cost per Ounce 2,3 $/oz $ 1,421 $ 1,260 Camino Rojo, Mexico Ore Stacked tonnes 2,608,589 4,281,415 Stacked Ore Gold Grade g/t 0.57 0.66 Gold Produced oz 25,145 55,118 Gold Sold oz 26,591 57,103 Musselwhite, Canada 1 Ore Milled tonnes 294,568 398,855 Milled Ore Gold Head Grade g/t 5.52 5.52 Gold Produced oz 52,666 70,452 Gold Sold oz 52,318 68,163 Financial Revenue $m $ 263.7 $ 404.4 Cost of Sales – Operating Cost $m $ 85.6 $ 106.6 Net Income (Loss) $m $ 48.2 $ (21.6) Adjusted Earnings 2 $m $ 64.2 $ 102.8 Earnings per Share – basic $/sh $ 0.15 $ (0.07) Adjusted Earnings per Share – basic 2 $/sh $ 0.20 $ 0.32 Cash Flow from Operating Activities before Changes in Non-Cash Working Capital $m $ 102.7 $ 503.9 Free Cash Flow 2 $m $ 64.2 $ (339.9) Financial Position Jun 30, 2025 Dec 31, 2024 Cash and Cash Equivalents $m $ 215.4 $ 160.8 Net Cash (Debt) 2 $m $ (204.6) $ 160.8 1 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures (excluding cash cost and AISC) are provided from March 1, 2025 onwards. 2 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this news release. 3 Cash cost and AISC on a year-to-date basis for 2025 include the impact of the Musselwhite Mine as of April 1, 2025 onwards. Refer to "Non-GAAP Measures" for further discussion. Second Quarter 2025 Consolidated Summary Gold produced during the quarter totaled 77,811 ounces, with contributions from the Camino Rojo Oxide Mine and the Musselwhite Mine. This period represented the first full quarter of contribution from Musselwhite, resulting in a quarterly record for production for the Company. Gold sold during the quarter totalled 78,911 ounces, also a quarterly record. Consolidated cash costs and AISC totaled $1,065 and $1,421 per ounce of gold sold, respectively. Camino Rojo Operations Summary The Camino Rojo Oxide Gold Mine produced 25,145 ounces of gold in the second quarter of 2025, in-line with plan. During the quarter, Camino Rojo mined nearly 2.0 million tonnes of ore and 2.6 million tonnes of waste, for an implied strip ratio of 1.33. A total of 1.7 million tonnes of ore were stacked at an average grade of 0.71 g/t gold equating to an average daily stacking rate of approximately 18.5 thousand tonnes. In addition, 0.9 million tonnes of low-grade ore were rehandled and placed on the leach pad, at an average grade of 0.32 g/t gold. In total, 2.6 million tonnes of ore at an average grade of 0.57 g/t gold were placed on the heap leach pad during the quarter. Gold sold during the second quarter 2025 totaled 26,591 ounces and sustaining capital during the second quarter of 2025 totaled $0.5 million. On July 23rd, Camino Rojo experienced an uncontrolled material movement on the north wall, resulting in no injuries or equipment damage. Work has started on the action plan, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. Approximately 9.0 million tonnes of predominantly oxidized material (strip ratio 1:0.9, average grade 0.74 g/t Au) is planned to be removed and stacked on the heap leach. No material was lost or sterilized; the update to 2025 guidance reflects a deferral of production based on grade and recovery mix. See " 2025 Guidance Update" below for details. Musselwhite During the quarter, Musselwhite mined 303,000 tonnes of ore and milled 295,000 tonnes at a mill head grade of 5.52 g/t gold. Gold recovery rates of 96.5% resulted in gold production of 52,666 ounces. Gold sold during the quarter was 52,318 ounces. Lateral development metres in the quarter totalled 2,746 metres. Lateral development is to access mining horizons for existing reserves and to provide additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories. Sustaining capex was $18.4 millions, mostly driven by underground development and PQ Deep Extension. Project and Exploration Summary The key project highlight of the quarter was the release of the initial underground Mineral Resource estimate at Camino Rojo on June 5, 2025. The Mineral Resource estimate will support future technical studies, engineering evaluations, and permitting preparations as the project advances. During the quarter, exploration focused on drilling activities at Camino Rojo in Mexico, the South Carlin Complex (including the South Railroad Project) in Nevada, and Musselwhite in Canada. For the second quarter, a total of 23,248 metres were drilled, with 7,575 metres in Mexico, 4,686 metres in Nevada and 10,987 metres at Musslewhite. Project development activities during the period focused on advancing permitting efforts for the South Railroad Project in Nevada and progressing the potential underground development at Camino Rojo. Camino Rojo, Mexico: During the quarter, the Company released an initial underground Mineral Resource estimate for the Camino Rojo deposit, incorporating mineralization hosted in the Camino Rojo Sulphides and extending into the underlying Zone 22. As a reminder Zone 22 represents the vertical and down plunge continuation of the Camino Rojo sulphide mineralization. A supporting technical report was released in July. Summary highlights of the initial resource: Zone 22 accounts for only 7% (0.29 Moz AuEq) of the current underground Indicated Mineral Resource and 19% (0.08 Moz AuEq) of the current underground Inferred Mineral Resource. Drilling is ongoing and 2025 results will inform future updates. Recovery model supported by ongoing metallurgical work and the mineral resource is divided into three spatially distinct zones, each with specific processing options for the Caracol-hosted mineralization: Heap leaching (3%), Flotation by cyanidation (CIL) (25%), Flotation followed by pressure oxidation ("POX") as a pre-treatment prior to cyanidation (CIL with POX) (72%). Initial metallurgical testing indicates that material from Zone 22 is amenable to both cyanide leaching and flotation. Development strategy focuses on advancing the underground resource through: Continued drilling Exploration drift design Flowsheet optimization Metallurgical and engineering studies Permitting activities The Company continued the infill drill campaign at Zone 22, the extension of the Camino Rojo Sulphides. The 15,000-metre drill program was completed in late July 2025. An additional 5,000 metres are planned in 2025 at Zone 22 for infill and expansion along the down-plunge. Results from these drill programs are expected to enhance the Zone 22 resource, which was included in the recently released Camino Rojo Mineral Resource update, as discussed above. A drill campaign to test regional targets started in mid-April, with 1,722 metres drilled in the second quarter. Please see Company's news release dated August 7, 2025, for additional information (Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo, Mexico – High grade intersections outside current resource panels enhances potential). South Railroad Project & South Carlin Complex, Nevada: The South Railroad Project is currently advancing under the guidance of the US Bureau of Land Management (BLM) in accordance with the National Environmental Policy Act (NEPA) for permitting. Orla continues to engage with local, state and federal stakeholders to sustain momentum in the permitting process. The Notice of Intent (NOI) is expected to be published in the coming weeks (Q3) with the Company targeting a Record of Decision (final permitting decision) approximately 12 months thereafter. Following this approval, construction on the South Railroad Project would commence, with first gold production targeted for 2028. Orla's 2025 exploration program at the South Carlin Complex is focused on increasing resources at Dark Star, Pinion and satellite deposits, as well as discovering new zones of mineralization. Drilling activities resumed in May at the new Spike target – located south of Pod-Sweet Hollow, as well as at the North Bullion target area. In June, the Dark Star and Bowl drill programs were initiated. Exploration activities are expected to continue through the end of 2025. Musselwhite, Ontario: At Musselwhite, the exploration objective is to define a critical mass of additional reserves and resources to support expansion of the operation and significantly extend the mine life. In the second quarter, underground exploration drilling progressed with three rigs, completing 7,413 metres. The deep directional surface program aimed at confirming the down-plunge extension of the mine trend began in late May with one drill rig. By early June, three rigs were operational, collectively completing 2,757 metres of drilling in the second quarter. The deep directional target zones are expected to be reached in the third quarter. Additionally, the near-mine surface program focused on identifying shallow mineralization as potential open pit mill feed started in June, with 817 metres drilled in the quarter. All exploration drilling programs will continue through the year. 2025 Guidance Update Since the pit wall event on July 23, Camino Rojo has continued to crush and stack stockpiled material at a rate of approximately 20,000 tonnes per day (in addition to 20,000 tonnes per day being truck stacked), to mitigate the short-term impact on production. Based on the current action plan and Camino Rojo's updated pit sequencing, Orla's annual production, cash costs, and AISC guidance has been updated and is shown below. 1 Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this news release for further detail. Financial Statements Orla's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the quarter ended June 30, 2025, are available on the Company's website at and under the Company's profiles on SEDAR+ and EDGAR. Qualified Persons Statement The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects. Second Quarter 2025 Conference Call Orla will host a conference call on Tuesday, August 12, 2025, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the second quarter 2025: Dial-In Numbers / Webcast: About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. NON-GAAP MEASURES We have included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts. AVERAGE REALIZED GOLD PRICE Average realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold. NET CASH (NET DEBT) Net cash (net debt) is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period. ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE Adjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company. Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 Net income (loss) for the period $ 48,212 $ 24,265 $ (21,620) $ 41,750 Change in fair values of financial instruments 3,000 — 83,725 — Unrealized foreign exchange 2,167 (1,520) 4,732 (2,431) One-time Musselwhite acquisition costs 1,699 — 11,914 — Increased costs from inventory fair value adjustment 744 — 10,513 — Share based compensation related to PSUs 532 167 2,628 291 Accretion of deferred revenue 7,828 122 10,878 244 ADJUSTED EARNINGS $ 64,182 $ 23,034 $ 102,770 $ 39,854 Millions of shares outstanding – basic 324.9 318.0 371.1 316.6 Adjusted earnings per share – basic $ 0.20 $ 0.07 $ 0.32 $ 0.13 Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against those companies which capitalize their exploration costs, we note that included within Orla's net income for each period are exploration costs which were expensed, as follows: FREE CASH FLOW Free Cash Flow is calculated as the sum of cash flow from operating activities and cash flow from investing activities, excluding certain unusual transactions. Included within the figures for Q1 2025 are $798,504,000 for the acquisition of Musselwhite Mine. CASH COST AND ALL-IN SUSTAINING COST Cash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is intended to reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance. The Musselwhite Mine was acquired on February 28, 2025, and accounting rules require metal inventory on hand at acquisition date (February 28, 2025) to be valued on the books at fair value rather than historical cost which is ordinarily the case. Accordingly, Orla management concluded it would not be meaningful to readers to present cash costs and AISC for Musselwhite Mine for the one-month period ended March 31, 2025. The tables below exclude the costs of, and gold sales of, Musselwhite Mine for the period March 1 to March 31, 2025. Consequently, the year-to-date numbers presented in the table below have been adjusted to reflect Musselwhite's contribution as of April 1, 2025. Three months ended June 30, 2025 Six months ended June 30, 2025 CASH COST Camino Rojo Mussel-white Corporate Total Camino Rojo Mussel-white Corporate Total Cost of sales – operating costs $ 21,600 $ 63,979 $ — $ 85,579 $ 42,583 $ 63,979 $ — $ 106,562 Inventory valuation adjustment at acquisition — (744) — (744) — (744) — (744) Cost of sales - royalties 2,823 3,577 — 6,400 5,588 3,577 — 9,165 Silver sales (6,943) (264) — (7,207) (12,476) (264) — (12,740) CASH COST $ 17,480 $ 66,548 $ — $ 84,028 $ 35,695 $ 66,548 $ — $ 102,243 Ounces sold 26,591 52,318 n/a 78,909 57,103 52,318 n/a 109,421 Cash cost per ounce sold $ 657 $ 1,272 $ n/a $ 1,065 $ 625 $ 1,272 $ n/a $ 934 Three months ended June 30, 2025 Six months ended June 30, 2025 ALL-IN SUSTAINING COST Camino Rojo Mussel-white Corporate Total Camino Rojo Mussel-white Corporate Total Cash cost, as above $ 17,480 $ 66,548 $ — $ 84,028 $ 35,695 $ 66,548 $ — $ 102,243 Office and administration — — 6,202 6,202 — — 11,789 11,789 Share based payments (excl PSUs) 33 355 592 980 63 355 1,685 2,103 Accretion of site closure provisions 140 786 — 926 260 786 — 1,046 Amortization of site closure provisions 19 661 — 680 169 661 — 830 Sustaining capital 519 889 — 1,408 969 889 — 1,858 Sustaining capitalized exploration and development expenses — 17,552 — 17,552 — 17,552 — 17,552 Lease payments 165 194 — 359 303 194 — 497 ALL-IN SUSTAINING COST $ 18,356 $ 86,895 $ 6,794 $ 112,135 $ 37,459 $ 86,895 $ 13,474 $ 137,918 Ounces sold 26,591 52,318 n/a 78,909 57,103 52,318 n/a 109,421 All-in sustaining cost per ounce sold $ 690 $ 1,663 $ n/a $ 1,421 $ 656 $ 1,663 $ n/a $ 1,260 (note, the tables above exclude costs and gold sales for Musselwhite Mine for the period March 1 to March 31, 2025) EXPLORATION AND PROJECT DEVELOPMENT COSTS Exploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies. Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the impact of the pit wall event on the Company's operations; the Company's estimates of material to be removed from the north wall of the pit, including the strip ratio, expected grade, the stacking of such material on the heap leach over the coming months, tonnage, and the extent of the pushback; the Company's revised 2025 guidance, including production and AISC; the Company's exploration programs, including timing, expenditures, and the goals and results thereof; the timing of permitting, construction, and production at South Railroad; the initial mineral resource estimate for Camino Rojo; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the impact of the pit wall event on Camino Rojo; the future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; the Company's ability to successfully integrate the Musselwhite Mine; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the obtaining of a subsequent agreement with Fresnillo to access the sulphide mineral resource at the Camino Rojo Project and develop the entire Camino Rojo Project mineral resources estimate; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Cautionary Note to U.S. Readers This news release has been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources", "indicated mineral resources", "measured mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission ("SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934, as amended. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in Industry Guide 7 under the U.S. Securities Act. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system (MJDS), the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by United States companies. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the above terms are "substantially similar" to CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules. Accordingly, information contained in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Appendix: Camino Rojo Underground Mineral Resource Estimate Table 1: Camino Rojo Underground Mineral Resource Estimate: Mineral Resources Notes: CIM (2014) definitions were followed for Mineral Resources. The mineral resource estimate for Camino Rojo has an effective date of March 31, 2025. The Qualified Person responsible for the mineral resource estimate is Marie-Christine Gosselin, Senior Resource Geologist of SLR Consulting (Canada) Ltd. Mineral resources are estimated using a long-term price of US$2,300 /oz gold, US$1.25 /lb zinc and US$29 /oz silver and the following smelter terms: for oxide 99.9% payable Au and 98% payable Ag, and for sulphide 95% payable Au, 90% payable Ag and 95% payable Zn. Offsite costs (refining, transport and insurance) of US$145 /wmt transportation and US$230 /dmt treatment; a 2.5% NSR royalty. Metallurgical recoveries vary according to geometallurgical domains from heap leach, CIL, and flotation CIL with POX and are either constant or formula based. Heap leach recoveries range from 40% to 70% for gold and from 11% to 34% for silver. For CIL and CIL with POX, gold and silver recoveries are calculated using grade dependent formulae. The underground CIL mean recovery is 92% for gold and 36% for silver. The underground CIL with POX mean recovery is 85% for gold and 41% for silver. Zinc recovery by flotation is 80%. Mineral Resources are estimated in underground resource panels using NSR cut-off grades of 59.02 US$/t for leach material, 68.73 US$/t for CIL material, and 76.23 US$/t for CIL w/POX material. Underground resource panels have a minimum width of 2m. The NSR for heap leach material is calculated with the following formula: NSR ($/t) = US$71.98 x Au recovery x Au grade + US$0.84 x Ag recovery x Ag grade (g/t). The NSR for CIL material is calculated with the following formula: NSR ($/t) = US$68.34 x Au recovery x Au grade (g/t) + US$0.73 x Ag recovery x Ag grade (g/t). The NSR for CIL w/POX material is calculated with the following formula: NSR ($/t) = US$68.34 x Au recovery x Au grade (g/t) + US$0.73 x Ag recovery x Ag grade (g/T) + US$0.00146 x Zn recovery x Zn grade (ppm). The gold equivalent (AuEq) for heap leach material is calculated with the following formula: Au grade (g/t) + (US$0.84 x Ag recovery x Ag grade (g/t)) /(US$71.98 x Au recovery). The AuEq for CIL material is calculated with the following formula: Au grade (g/t) + (US$0.73 x Ag recovery x Ag grade (g/t)) / (US$68.34 x Au recovery). The AuEq for CIL w/POX material is calculated with the following formula: Au grade (g/t) + (US$0.73 x Ag recovery x Ag grade (g/t)) / (US$68.34 x Au recovery) + (US$0.00146 x Zn recovery x Zn grade (ppm)) / (US$68.34 x Au recovery). Numbers may not add due to rounding. The Mineral Resource estimate includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The following factors, among others, could affect the mineral resource estimate: commodity price and exchange rate assumptions, pit slope angles, assumptions used in generating the resource pit shell and underground resource panels, including metal recoveries, and mining and process cost assumptions. SOURCE Orla Mining Ltd.
Globe and Mail
10 minutes ago
- Globe and Mail
Best Stock to Buy Right Now: Uber vs. DoorDash
Key Points Uber has a huge global brand and could benefit from the growth of autonomous driving. DoorDash has leveraged its leadership in the U.S. delivery business to build a growing international footprint. One factor could lead investors to favor one company over the other. 10 stocks we like better than Uber Technologies › In the delivery business, transportation giant Uber Technologies (NYSE: UBER) lags DoorDash (NASDAQ: DASH) in the U.S. However, globally Uber's mobility segment generates more revenue than DoorDash, so you can't just dismiss Uber. Despite the importance of delivery to both companies, such comparisons offer little clarity on which might be the more suitable choice for prospective shareholders. Investors need to take a closer look at both companies to determine which might deliver higher returns. The case for Uber In recent years, Uber has emerged as a global transportation giant and is the worldwide leader in delivery as measured by revenue. Delivery is its fastest-growing segment, increasing revenue by 15% in the first quarter of 2025 and 20% in the second quarter. Investors and consumers know Uber best for offering ridesharing services in over 15,000 cities across the globe. Although it competes with companies like Lyft and DiDi in various countries, a globally recognized brand appears to drive its growth. The company also appears poised to play a significant role in autonomous driving. Even though companies like Tesla and Alphabet are developing platforms, Uber has the customer base and the platform that can connect riders to autonomous vehicles. So it likely makes more sense for manufacturers to turn to Uber rather than developing such platforms in-house. This approach has contributed to Uber's improving financials. In the first half of 2025, revenue of $24 billion surged 16% higher compared to the same period in 2024. In comparison, costs and expenses rose by 8% in the same period. This enhanced Uber's profitability to the point that net income attributable to Uber for the first two quarters of the year was $3.1 billion. In the first half of 2024, Uber earned $361 million. That growing profitability has positioned Uber to initiate a $20 billion share repurchase program. Moreover, even though Uber's P/E ratio is 16 thanks to a one-time benefit, the forward P/E ratio of 25 confirms this is an inexpensive stock relative to its growth. Indeed, the lower valuation may reflect some uncertainty about the success of autonomous driving. Still, between this low valuation and prospects for growth in mobility, Uber looks like an increasingly attractive holding. Why investors might consider DoorDash stock DoorDash leads the delivery business in the U.S., transporting items from restaurants, grocery stores, and retailers. In the second quarter of 2025, the company reached 10 billion cumulative orders, with 761 million orders made on the platform in Q2. That was a 20% yearly increase. DoorDash has also upped its game internationally and it now operates in 30 countries. Much of that growth came through acquisitions. The company purchased U.K.-based delivery company Deliveroo for 2.9 billion pounds ($3.9 billion) and bought SevenRooms, which specializes in software in the hospitality industry, for $1.2 billion. On the surface, such expansions seem to bode well for the consumer discretionary stock. In the first half of 2025, DoorDash generated $6.3 billion in revenue, a 23% increase compared to the same period in 2024. The company limited cost and expense growth to 11% over the same period. Consequently, it turned profitable, reporting a net income attributable to DoorDash shareholders of $478 million during the first two quarters of the year, well above the $180 million net loss in the first half of 2024. Moreover, DoorDash announced its own share repurchase plans in February when it authorized the buyback of $5 billion worth of shares. Nonetheless, it has so far not bought any stock and indicated it may not act on the authorization. DoorDash's valuation may be one reason why. Its recent turn to profitability likely explains its 150 P/E ratio. Still, its forward P/E is 55, indicating the stock is relatively expensive. However, with the aforementioned 23% yearly revenue growth for the year's first half, investors could still choose to bid the stock higher. Uber or DoorDash? Between the two companies, Uber is likely to drive higher returns in the coming years. DoorDash's lead in the U.S. delivery business and slightly faster revenue growth are notable, and it could continue to grow its revenue and customer base rapidly as it continues its international expansion. Still, Uber has a longer track record of profitability and a more considerable global footprint. The factor that appears to make Uber stand out is valuation, which is considerably lower than that of DoorDash. That lower P/E ratio also may make Uber stock attractive even without the potential benefit of autonomous driving, meaning it is more likely to deliver higher returns over time. Should you invest $1,000 in Uber Technologies right now? Before you buy stock in Uber Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Uber Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 11, 2025
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WOW Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of WideOpenWest, Inc. is Fair to Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of WideOpenWest, Inc. (NYSE: WOW) to affiliates of DigitalBridge Investments, LLC and Crestview Partners for $5.20 per share is fair to WideOpenWest shareholders. Halper Sadeh encourages WideOpenWest shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@ or zhalper@ The investigation concerns whether WideOpenWest and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for WideOpenWest shareholders; (2) determine whether DigitalBridge and Crestview are underpaying for WideOpenWest; and (3) disclose all material information necessary for WideOpenWest shareholders to adequately assess and value the merger consideration. On behalf of WideOpenWest shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
