Stock Track | Orla Mining Soars 6.09% Pre-market on Musselwhite Gold Mine Acquisition to Boost Production

Stock Track11-18

Shares of Orla Mining Ltd (ORLA) surged 6.09% in pre-market trading on Monday, November 18, 2024, following the company's announcement of a strategic acquisition that is expected to more than double its annual gold production.

Orla Mining has entered into a definitive agreement to acquire the Musselwhite Gold Mine in Ontario, Canada from Newmont Corporation (MWL.AU) for an upfront cash consideration of $810 million and a contingent consideration of up to $40 million linked to gold prices.

The acquisition of Musselwhite, a producing underground gold mine with a long history of resource growth and conversion, will immediately boost Orla's annual gold production to over 300,000 ounces. Furthermore, with the development of the South Railroad Project in Nevada, the company has a clear path to reach an annual production of 500,000 ounces by 2027.

Musselwhite has proven and probable gold reserves of nearly 1.5 million ounces, as well as measured and indicated resources of 1.8 million ounces and an inferred resource of 190,000 ounces. The transaction is expected to be significantly accretive to Orla's operating and free cash flow, gold production, and gold reserves and resources on a per-share basis.

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