MeritValue

Orla Mining Ltd.

ORLAdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Orla Mining Ltd. earns about 11% on invested capital, but has diluted owners by 37% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.12M1$193.2M2$233.6M3$343.9M4$1.06B4
Net income−$26.3M5$45.8M6−$27M7$89M8$106.9M8
Operating cash flow−$24.7M9$95.3M10$65.3M11$174.6M12$803.3M12
Capital expenditure$3.3M13$5.73M14$8.15M15$16.1M16$35.1M16
Free cash flow (derived)−$28M9$89.6M10$57.1M11$158.5M12$768.2M12
Total debt$161.4M17$145.8M18$88.4M19—$355.7M19
Cash & equivalents$20.5M20$96.3M21$96.6M22$160.8M22$420.8M22
Diluted shares247.6M305.8M315.1M321.7M340.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$19.29
your share of equity
Profit it earned you last year
$3.14
Free cash flow it threw off
$22.58
Debt you’d be carrying
$10.46

10 shares is a claim on $19.29 of net worth that earned you $3.14 and generated $22.58 of cash last year, against $10.46 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 -6%FY22 10%FY23 1%FY24 26%FY25 22%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+37% shares · 5y

Share count is up 37% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 120% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001104659-23-034210 (RevenueFromContractsWithCustomers)
  2. 40-F · period ending 2022-12-31 · accession 0001104659-24-036402 (RevenueFromContractsWithCustomers)
  3. 40-F · period ending 2023-12-31 · accession 0001410578-25-000372 (RevenueFromContractsWithCustomers)
  4. 40-F · period ending 2024-12-31 · accession 0001104659-26-032222 (RevenueFromContractsWithCustomers)
  5. 40-F · period ending 2021-12-31 · accession 0001104659-23-034210 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001104659-24-036402 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001410578-25-000372 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001104659-26-032222 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001104659-23-034210 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001104659-24-036402 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001410578-25-000372 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001104659-26-032222 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001104659-23-034210 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001104659-24-036402 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001410578-25-000372 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001104659-26-032222 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001104659-23-034210 (Borrowings)
  18. 40-F · period ending 2022-12-31 · accession 0001104659-24-036402 (Borrowings)
  19. 40-F · period ending 2023-12-31 · accession 0001104659-26-032222 (Borrowings)
  20. 40-F · period ending 2021-12-31 · accession 0001104659-24-036402 (CashAndCashEquivalents)
  21. 40-F · period ending 2022-12-31 · accession 0001410578-25-000372 (CashAndCashEquivalents)
  22. 40-F · period ending 2023-12-31 · accession 0001104659-26-032222 (CashAndCashEquivalents)