Location | Zacatecas, Mexico |
Ownership | 100% |
Status | Operating |
Type of Mine | Open pit heap leach |
2023 Gold Production | 121,877 ounces |
2023 AISC | $736/oz sold (Au) |
2024 Gold Production Guidance | 110,000 – 120,000 ounces |
2024 AISC Guidance | $875 to $975/oz sold (Au)³ |
Gold Mineral Reserve (proven and probable) | 1.1 Moz (50.5 Mt at 0.73 g/t)¹ |
Gold Mineral Resource (measured and indicated) | 9.1 Moz Total (337.4 Mt at 0.84 g/t) ² |
Exploration | 138,636 Ha land package |
1. The Mineral Reserve estimate for Camino Rojo has an effective date of December 31, 2023. The Mineral Reserve estimate has been updated from the 2021 Camino Rojo Report to account for depletion due to mining activity at the Camino Rojo Oxide Mine and for current gold and silver price and costs. The following table sets out the reconciliation of the Mineral Reserves (in thousands of ounces) at Camino Rojo by category at December 31, 2023 to those set forth in the 2021 Camino Rojo Report.
2. The effective dates of the Mineral Resource estimates for Camino Rojo are: (i) December 31, 2023 for the oxides (leach material); and (ii) June 7, 2019 for the sulphides (mill material). The oxide Mineral Resource estimate has been updated from the 2021 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs. The following table sets out the reconciliation of the oxide Mineral Resources (in thousands of ounces) at Camino Rojo by category at December 31, 2023 to those set forth in the 2021 Camino Rojo Report.
3. Total cash cost and AISC are non-GAAP measures and are net of silver credits and includes royalties payable.
The Camino Rojo Project is a high quality, oxide heap leach operation in a low-risk jurisdiction. This type of operation leverages Management’s and the Board’s extensive exploration, development and operating experience in Mexico.
Operations |
| Q4 2023 | FY 2023 |
Gold Produced | oz | 34,484 | 121,877 |
Gold Sold | oz | 31,300 | 118,993 |
Average Realized Gold Price2 | $/oz | $1,974 | $1,941 |
Cost of Sales – Operating Cost1 | $M | $16.4 | $57.7 |
Cash Cost per Ounce1,2 | $/oz | $536 | $506 |
All-in Sustaining Cost per Ounce 1,2 | $/oz | $802 | $736 |
Mining and Processing Totals |
| Q4 2023 | FY 2023 | |
Ore Mined | tonnes | 1,861,068 | 7,436,960 | |
Waste Mined | tonnes | 802,824 | 4,161,591 | |
Total Mined | tonnes | 2,663,892 | 11,598,551 | |
Strip Ratio | w:o | 0.43 | 0.56 | |
Ore Stacked | tonnes | 1,747,816 | 7,005,694 | |
Stacked Ore Gold Grade | g/t | 0.73 | 0.79 |
1. Cost of Sales and AISC are non-GAAP measures.
2. Exchange rates used to forecast cost metrics include MXN/USD of 18.0 and CAD/USD of 1.33. A +/-1.0 change to the MXN/USD exchange rate would have a impact of +/-$10/oz on AISC.
For 2024, the Company expects production to be in the range of 110,000 to 120,000 ounces, with AISC guidance for 2024 is $875 to $975 per ounce of gold sold. The increase in AISC over 2023 is due primarily to increased waste movement, sustaining capex, maintenance costs and price inflation. Sustaining capital expenditures include the planned heap leach pad expansion during the first half of the year, pit wells expansion project, and capitalized exploration cost to drill the near-pit oxide targets.
Gold Production | Oz | 110,000 – 120,000 |
Total Cash Cost (net of by-product) | $/oz au sold | $625 - $725 |
All-in sustaining cost (“AISC”) | $/oz au sold | $875 - $975 |
Capital Expenditures | $m | $31.0 |
–Sustaining capital expenditures | $m | $18.0 |
–PP&E / Leases |
| $17.5 |
–Exploration – capitalized |
| $0.5 |
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Non-sustaining capital expenditures | $m | $13.0 |
–Projects |
| $2.0 |
–Exploration – capitalized |
| $11.0 |
Exploration Expenses & Project Development (expensed) | $m | $31.0 |
Corporate G&A (incl. share-based comp.) | $m | $19.0 |
Reserve Category | Tonnes (000's) | Gold (g/t) | Silver (g/t) | Gold (koz) | Silver (koz) |
Proven Mineral Reserve | 14,488 | 0.78 | 15.4 | 362 | 7,195 |
Probable Mineral Reserve | 35,917 | 0.71 | 15.3 | 821 | 17,624 |
Total Proven & Probable Reserve (including stockpiles) | 50,404 | 0.73 | 15.3 | 1,183 | 24,819 |
Resource Type by Category | Tonnes (000's) | Gold (g/t) | Silver (g/t) | Gold (koz) | Silver (koz) |
Oxide Resource: |
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Measured Mineral Resource | 17,715 | 0.79 | 14.5 | 449.3 | 8,285 |
Indicated Mineral Resource | 60,916 | 0.71 | 12.8 | 1,396.4 | 25,010 |
Meas./Ind. Mineral Resource | 78,631 | 0.73 | 13.2 | 1,845.7 | 33,295 |
Inferred Mineral Resource | 4,258 | 0.60 | 5.7 | 82.7 | 773 |
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Sulphide Resource: |
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Measured Mineral Resource | 3,358 | 0.69 | 9.1 | 74 | 997 |
Indicated Mineral Resource | 255,445 | 0.88 | 7.4 | 7,221 | 60,606 |
Meas./Ind. Mineral Resource | 258,803 | 0.88 | 7.4 | 7,295 | 61,603 |
Inferred Mineral Resource | 56,564 | 0.87 | 7.5 | 1,576 | 13,713 |
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Total Mineral Resource | Tonnes (000's) | Gold (g/t) | Silver (g/t) | Gold (koz) | Silver (koz) |
Measured Mineral Resource | 21,072 | 0.77 | 13.7 | 523 | 9,281 |
Indicated Mineral Resource | 313,361 | 0.85 | 8.4 | 8,617 | 85,616 |
Meas./Ind. Mineral Resource | 337,433 | 0.84 | 8.75 | 9,141 | 94,898 |
Inferred Mineral Resource | 60,822 | 0.85 | 7.4 | 1,659 | 14,486 |
Resource Type by Category | Tonnes (000's) | Lead (%) | Zinc (%) | Lead (M lbs) | Zinc (M lbs) |
Sulphide Resource: | |||||
Measured Mineral Resource | 3,358 | 0.13% | 0.38% | 9.3 | 28.2 |
Indicated Mineral Resource | 255,445 | 0.07% | 0.26% | 404.3 | 1,468.7 |
Meas./Ind. Mineral Resource | 258,803 | 0.07% | 0.26% | 413.6 | 1,496.9 |
Inferred Mineral Resource | 56,564 | 0.05% | 0.23% | 63.1 | 299.4 |
Mineral Reserve Notes:
1. Stephen Ling, P.Eng. of Orla Mining is the qualified person responsible for the Mineral Reserve estimate for Camino Rojo.
2. The Mineral Reserve estimate for Camino Rojo has an effective date of December 31, 2023. The oxide Mineral Reserve estimate has been updated from the 2022 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs.
3. Mineral Reserves are based on prices of $1,500/oz gold and $20/oz silver.
4. Mineral Reserves are based on net smelter returns (“NSR”) cut-off of $7.34 per tonne.
5. NSR value for leach material is as follows:
6. The NSR values account for metal recoveries, refining costs, and refinery payable percentages.
7. Stockpiles are all derived from Camino Rojo mined material and are calculated using reconciled production figures adjusted for mining accuracy. Stockpile grades are calculated from grade control block grades. For the stockpile, no cut‐off grade is used for reporting.
8. See “Camino Rojo Project Feasibility Study NI 43-101 Technical Report” on this website or on SEDAR
Mineral Resource Notes:
1. The effective dates of the Mineral Resource estimates for Camino Rojo are: (i) December 31, 2023, for the oxides (leach material); and (ii) June 7, 2019 for the sulphides (mill material). The oxide Mineral Resource estimate has been updated from the 2022 Camino Rojo Report to account for depletion from mining operations at the Camino Rojo Oxide Mine and for current gold and silver price and costs.
2. Michael G. Hester, FAusIMM, of IMC, is the qualified person responsible for the Mineral Resource estimate for Camino Rojo.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Mineral Resources for leach (oxide) material are based on prices of $1,800/oz gold and $23/oz silver.
5. Mineral Resources for mill (sulphide) material are based on prices of $1,400/oz gold, $20/oz silver, $1.05/lb lead, and $1.20/lb zinc.
6. Mineral Resources are based on NSR cut-off grades of $7.20/t for leach material and $13.71/t for mill material.
7. NSR value for leach material is as follows:
8. NSR value for mill material is 36.75 x gold (g/t) + 0.429 x silver (g/t) + 10.75 x lead (%) + 11.77 x zinc (%), based on recoveries of 86% gold, 76% silver, 60% lead, and 64% zinc.
9. The NSR values account for metal recoveries, refining costs, and refinery payable percentages.
10. Includes 2.5% NSR royalty and a US dollar: Mexican Peso exchange rate of 1:19.3.
11. Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.
12. The Mineral Resource estimate assumes that the conceptual constraining pit shell used to constrain the estimate extends onto land held by Fresnillo. Any potential development of the Camino Rojo Project that includes an open pit encompassing the entire Mineral Resource estimate (particularly Mineral Resources amenable to milling) would be dependent on obtaining an agreement with Fresnillo (in addition to the Layback Agreement, which is only with respect to a portion of the heap leach material included in the Mineral Reserve estimate).
13. The Mineral Resources are inclusive of those Mineral Resources that were converted to Mineral Reserves.
14. The Mineral Resources reported are contained on mineral titles controlled by Orla and mineral titles in the existing Layback Agreement with Fresnillo.
15. Stockpiles are all derived from Camino Rojo mined material and are calculated using reconciled production figures adjusted for mining accuracy. Stockpile grades are calculated from grade control block grades and depleted by mining accuracy where appropriate. For the stockpile, no cut‐off grade is used for reporting.
16. See “Camino Rojo Project Feasibility Study NI 43-101 Technical Report” on this website or on SEDAR