Urbana Corporation Announces Additional Investment in Tetra Trust Company
TORONTO, April 11, 2025 (GLOBE NEWSWIRE) -- Urbana Corporation ("Urbana") (TSX and CSE: URB, URB.A) is pleased to announce that it has substantially increased its equity stake in Tetra Trust Company ('Tetra'), Canada's premier trust company licensed for the custody of digital assets, from 19.5% to 55.6% through the acquisition of additional shares from existing shareholders.
As Canada's first trust company licensed to custody digital assets in Canada, Tetra has been at the forefront of building innovative and trusted financial infrastructure in the new digital age, keeping billions of digital assets safe and secure within the Canadian jurisdiction.
Urbana continues to believe strongly in Tetra's strategy, leadership, and long-term growth potential and commitment to support ongoing initiatives across product innovation, operations, and market expansion. It is excited to have this opportunity to take a much larger position in Tetra.
'We're thrilled to see continued support from Urbana,' said Didier Lavallée, CEO of Tetra. 'This additional investment is a strong vote of confidence in the direction we're heading and the value we're building for our stakeholders.'
The transaction was completed on April 10, 2025. As part of the transaction, Urbana will propose a nominee for an independent board member.
About Urbana
Urbana Corporation is a diversified corporation with a focus on financial services, information services and innovative technologies. The long-term goal of Urbana is to seek and acquire investments for income and capital appreciation through a combination of public and private investments. The portfolio mix of actively managed publicly traded securities with private equity investments has generated significant long-term investment results. For more information, visit www.urbanacorp.com.
About Tetra
Founded in 2019, Tetra Trust Company is the first Canadian and leading trust company licensed to custody digital assets. Backed by major players in the industry such as Urbana Corporation, Canadian Securities Exchange and Coinbase Ventures, Tetra delivers the most advanced digital asset storage technology, setting the standard for digital asset custody in the country. For more information, visit www.tetratrust.com.
For further information contact:Elizabeth Naumovski Investor Relations(416) 595-9106 enaumovski@urbanacorp.com
Certain statements in this news release constitute 'forward-looking' statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.Sign in to access your portfolio
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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 otherwise 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 cost1 ("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 earnings1 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 expenditure1 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 23rd. 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." - Jason Simpson, President and Chief Executive Officer of Orla _____________________________________ 1 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release. Financial and Operations Update Table 1: Financial and Operating HighlightsOperatingQ2 2025 YTD 2025 ConsolidatedTotal Gold Produced oz 77,811 125,570 Total Gold Sold oz 78,911 125,267 Average Realized Gold Price2 $/oz $ 3,251 $ 3,127 Cash Cost per Ounce2,3 $/oz $ 1,065 $ 934 All-in Sustaining Cost per Ounce2,3 $/oz $ 1,421 $ 1,260 Camino Rojo, MexicoOre 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, Canada1Ore 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 FinancialRevenue $m $ 263.7 $ 404.4 Cost of Sales – Operating Cost $m $ 85.6 $ 106.6 Net Income (Loss) $m $ 48.2 $ (21.6) Adjusted Earnings2 $m $ 64.2 $ 102.8 Earnings per Share – basic $/sh $ 0.15 $ (0.07) Adjusted Earnings per Share – basic2 $/sh $ 0.20 $ 0.32 Cash Flow from Operating Activities before Changes in Non-Cash Working Capital $m $ 102.7 $ 503.9 Free Cash Flow2 $m $ 64.2 $ (339.9) Financial PositionJun 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:Measured Indicated Measured & Indicated Inferredkt g/t / % koz / Mlbs kt g/t / % koz / Mlbs kt g/t / % koz / Mlbs kt g/t / % koz / Mlbs Gold 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396 Silver 31.5 7 10.6 17,048 10.6 17,055 10.9 1,949 Zinc - - 0.25 278 0.25 278 0.21 26 Gold Equiv. 2.11 1 2.58 4,156 2.58 4,156 2.33 418 See Appendix 1 to this news release and the Company's news release dated June 5, 2025 for additional information (Orla Mining Delivers Initial Underground Mineral Resource for Camino Rojo in Mexico, Paving the Way for Future Development Planning). 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. ConsolidatedInitial Guidance Revised Guidance Gold ProductionCamino Rojo110 - 120 95 - 105 Musselwhite 170 - 180 170 - 180 Total Gold Production Koz 280 - 300 265 - 285 Total Cash Cost1 (net of by-product) Camino Rojo$625 - $725 $800 - $900 Musselwhite - April to December$1,000 - $1,200 $1,000 - $1,200 Total Cash Cost (Net of by-product)1 $/oz sold $850 - $1,050 $900 - $1,100 AISC1 – ConsolidatedCamino Rojo$700 - $800 $850 - $950 Musselwhite - April to December$1,550 - $1,750 $1,550 - $1,750 AISC1 $/oz sold $1,300 - $1,500 $1,350 - $1,550 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: USA - Toll-Free: +1 (800) 715-9871 USA / International Toll: +1 (646) 307-1963 Canada – Toronto: +1 (647) 932-3411 Canada - Toll-Free: +1 (800) 715-9871 Conference ID: 3544393 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. Q2 2024 Q2 2024YTD Q2 2024 YTD Q2 2024 Revenue $ 263,747 $ 84,570$ 404,417 $ 151,848 Silver sales (7,207) (3,256)(12,740) (4,566) Gold sales 256,540 81,314391,677 147,282 Ounces of gold sold 78,909 34,875125,266 66,921 AVERAGE REALIZED GOLD PRICE $ 3,251 $ 2,332$ 3,127 $ 2,201 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. June 30, 2025 Dec 31, 2024 Cash and cash equivalents $ 215,448 $ 160,849 Less: Long term debt (420,000) — NET CASH $ (204,552) $ 160,849 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 2024YTD 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 1672,628 291 Accretion of deferred revenue 7,828 12210,878 244 ADJUSTED EARNINGS $ 64,182 $ 23,034$ 102,770 $ 39,854 Millions of shares outstanding – basic 324.9 318.0371.1 316.6 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: Q2 2024 Q2 2024YTD Q2 2024 YTD Q2 2024 Exploration & evaluation expense $ 9,412 $ 6,649$ 18,291 $ 11,393 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. Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 Cash flow from operating activities $ 94,822 $ 48,969$ 506,287 $ 77,119 Cash flow from investing activities (30,632) (4,906)(846,181) (9,130) FREE CASH FLOW $ 64,190 $ 44,063$ (339,894) $ 67,989 Millions of shares outstanding – basic 324.9 318.0323.6 316.6 Free cash flow per share – basic $ 0.20 $ 0.14$ (1.05) $ 0.21 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, months ended June 30, 2025Six 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 — 6,4005,588 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 78,90957,103 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, 2025Six 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 98063 355 1,685 2,103 Accretion of site closure provisions 140 786 — 926260 786 — 1,046 Amortization of site closure provisions 19 661 — 680169 661 — 830 Sustaining capital 519 889 — 1,408969 889 — 1,858 Sustaining capitalized exploration and development expenses — 17,552 — 17,552— 17,552 — 17,552 Lease payments 165 194 — 359303 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 78,90957,103 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. Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 Exploration and evaluation expense $ 9,412 $ 6,649$ 18,291 $ 11,393 Expenditures on mineral properties capitalized 22,851 3,10329,783 6,979 EXPLORATION AND PROJECT DEVELOPMENT $ 32,263 $ 9,752$ 48,074 $ 18,372 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: DescriptionsMeasured Indicated Measured & Indicated Inferred kt g/t koz kt g/t koz kt g/t koz kt g/t koz GOLD (Au) Heap leach 7 1.95 0 1,704 2.90 159 1,711 2.90 159 214 2.29 16CIL - - - 12,475 2.07 832 12,475 2.07 832 2,549 1.81 148FLOT/POX/CIL - - - 35,900 2.56 2,958 35,900 2.56 2,958 2,813 2.57 232Total - Gold 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396 kt g/t koz kt g/t koz kt g/t koz kt g/t koz SILVER (Ag) Heap leach 7 31.5 7 1,704 13.2 722 1,711 13.3 729 214 15.1 104CIL - - - 12,475 8.7 3,480 12,475 8.7 3,480 2,549 10.2 835FLOT/POX/CIL - - - 35,900 11.1 12,847 35,900 11.1 12,847 2,813 11.2 1,010Total - Silver 7 31.5 7 50,079 10.6 17,048 50,086 10.6 17,055 5,576 10.9 1,949 kt % Mlb kt % Mlb kt % Mlb kt % Mlb ZINC (Zn) Heap leach - - - - - - - - - - - -CIL - - - - - - - - - - - -FLOT/POX/CIL - - - 35,900 0.35 278 35,900 0.35 278 2,813 0.42 26Total - Zinc 0 0 0 35,900 0.35 278 35,900 0.35 278 2,813 0.42 26 kt g/t koz kt g/t koz kt g/t koz kt g/t koz AUEQ (Au) Heap leach 7 2.11 1 1,704 3.03 166 1,711 3.03 166 214 2.44 17CIL - - - 12,475 2.11 848 12,475 2.11 848 2,549 1.85 152FLOT/POX/CIL - - - 35,900 2.72 3,142 35,900 2.72 3,142 2,813 2.75 249Total - AUEQ 7 2.11 1 50,079 2.58 4,156 50,086 2.58 4,156 5,576 2.33 418 kt g/t koz/Mlb kt g/t or % koz/Mlb kt g/t or % koz/Mlb kt g/t or % koz/Mlb TOTALS Au 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396Ag 31.5 7 10.6 17,048 10.6 17,055 10.9 1,949Zn - - 0.25 278 0.25 278 0.21 26AuEq 2.11 1 2.58 4,156 2.58 4,156 2.33 418 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. View original content to download multimedia: Sign in to access your portfolio
Business Wire
38 minutes ago
- Business Wire
Mineros S.A. Acquires 80% of La Pepa from Pan American to Own 100%
MEDELLIN, Colombia--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) ('Mineros' or the 'Company') is pleased to announce that it will acquire from Pan American Silver Corp. ('Pan American') an 80% interest in the La Pepa Project for $40 million (the 'La Pepa Project Purchase'), bringing its interest in the La Pepa Project to 100%. The La Pepa Project Purchase is structured as a transaction between subsidiaries of Mineros and Pan American for the purchase and sale of all shares of Minera Cavancha SpA not currently owned by Mineros. Minera Cavancha SpA currently holds the La Pepa Project pursuant to a joint venture between Mineros and Pan American. In connection with the La Pepa Project Purchase, that joint venture will be terminated. The La Pepa Project Purchase is expected to close on or before September 30, 2025. 'We are pleased to add the balance of the La Pepa Project not already owned by us to our portfolio of organic growth projects,' stated David Londoño, President and CEO of Mineros. 'While we remain focused on acquiring producing gold assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier gold producer. Additionally, the acquisition of La Pepa Project exposes us to Chile, an additional jurisdiction with a long and well-established mining history.' La Pepa Project, Chile The La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó, at 4,200 metres above sea level in the Andes Mountains. It is 100% owned by Minera Cavancha SpA, a joint venture entity that is owned 20% by Mineros and 80% by Pan American. The La Pepa Project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development. Key details about the project include: Exploration and Development: The project targets a porphyry-style gold system with two types of auriferous mineralization: gold disseminated in stockwork and high-sulphidation epithermal replacement veins. Envisioned as an open-pit mining and heap-leaching operation. Drilling and Results: A 6,342-metre drilling program (2019-2020) confirmed lateral continuity and potential expansion at depth. For further information, see Mineros' annual information form for the year ended December 31, 2021, dated March 31, 2022. Future Plans: Mineros plans to use the Mineral Resource estimate effective October 31, 2021 as the basis for a preliminary economic assessment (PEA) to evaluate feasibility as a heap-leaching operation. Mineral Resources reported in this press release were estimated by Geoestima Spa. (GeoEstima), inside an optimized pit envelope with cut-off grades of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade, assuming a long-term gold price of $1,650 per ounce. All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add up due to rounding. The qualified person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of the Mineral Resources. ABOUT MINEROS S.A. Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. Mineros' common shares are listed on the Toronto Stock Exchange under the symbol 'MSA', and on the Colombia Stock Exchange under the symbol 'MINEROS'. Election of Directors – Electoral Quotient System The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at and from SEDAR+ at QUALIFIED PERSON Scientific and technical information contained in this news release has been approved by Orlando Rojas, MAIG, Principal Consultant and Director at GeoEstima, who is a qualified person within the meaning of NI 43-101, and who is independent of the Company. CAUTIONARY NOTE REGARDING MINERAL RESOURCE ESTIMATES In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves (the 'CIM Standards'). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered. FORWARD-LOOKING STATEMENTS This news release contains 'forward looking information' within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to completion of the La Pepa Project Purchase; the estimate of Mineral Resources; exploration plans; and mining techniques that may be suitable for the La Pepa Project. Forward looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. For further information of these and other risk factors, please see the 'Risk Factors' section of the Company's annual information form dated March 31, 2025, available on SEDAR+ at The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
Business Insider
an hour ago
- Business Insider
The data is in: Many Canadians are still avoiding travel to the US
Canadians are still avoiding travel to the United States. Preliminary data from the Canadian government suggests the number of Canadians visiting the United States by car declined year over year for the seventh straight month in July. Canadian residents returning to the country from the United States via car declined by nearly 37% compared to July 2024, according to Statistics Canada. Road trips typically account for the majority of Canadians traveling to the United States. Return trips by air also declined nearly 26% year-over-year, while Canadian residents returning from overseas countries increased. Canadians started boycotting United States travel and American goods in response to President Donald Trump's tariff policy and expressed desire to make the neighbor to the north the 51st state, Business Insider previously reported. On August 1, Trump raised tariffs on Canada to 35% for goods that don't fall under the United States-Mexico-Canada Agreement. Trump said Canada had failed to secure its border and crack down on drug trafficking. Canadian Prime Minister Mark Carney has said most goods fall under the USMCA. On Friday, he said 85% of Canada's trade with the United States was "tariff-free."However, according to US Census Bureau Data, about 38% of Canadian goods, when measured by value, entered the United States under USMCA in 2024. Canadians told Business Insider earlier this year they were boycotting the United States to protest Trump's policies and that the situation had led to a surge in national pride. Travel companies have previously said Canadians were opting for Europe, Mexico, and the Caribbean instead of the United States. A recent survey by Longwoods International, a market research consultancy focused on the travel tourism industry, found Canadian sentiment has remained icy toward the United States. The survey, which polled 1,000 Canadian adults in July, found that 63% said United States government policies made them less likely to visit the country. It also found that while 84% of respondents believed the United States was full of attractions, only 36% felt it was welcoming to travelers from diverse backgrounds.
