Orla Mining Ltd. (NYSE:ORLA) Q4 2022 Earnings Conference Call March 17, 2023 10:00 AM ET
Company Participants
Andrew Bradbury - VP of IR
Jason Simpson - President and CEO
Andrew Cormier - COO
Etienne Morin - CFO
Sylvain Guerard - SVP, Exploration
Operator
Good morning, ladies and gentlemen, and welcome to Orla Mining's Conference Call for the Fourth Quarter and Year-End 2022 Results. My name is Rob, and I will be your conference operator today. [Operator Instructions] Please be advised that this call is being recorded.
I would like to turn the meeting over to Andrew Bradbury, Vice President of Investor Relations and Corporate Development for Orla Mining. Please go ahead, Mr. Bradbury.
Andrew Bradbury
Thank you, operator, and welcome to Orla's fourth quarter and year end 2022 results conference call. We will be making forward-looking statements during today's call, and I would direct you to the first and second slides of the presentation which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars, unless otherwise indicated.
On the call this morning is Orla's executive team. I'll now pass the call over to President and Chief Executive Officer, Jason Simpson.
Jason Simpson
Thank you, Andrew.
Our fourth quarter was highlighted by our efforts and sustainability that underpin all our activities. This includes strong health and safety performance, sound environmental management and creating value for our stakeholders. One very recent example, which you may have seen in media, is the signing of a collaborative agreement with the government of Zacatecas, which will integrate local suppliers into our business operations. We know that our mining investments have a multiplying effect on our community stakeholders. And this agreement intends to grow that opportunity.
The next thing I would like to highlight is that we set another production record at Camino Rojo by maintaining the processing rate above nameplate design. The production outperformance was matched with impressively low cost, generating strong cash flow. This strengthened our already robust balance sheet.
In less than one year from commissioning Camino Rojo, we have reduced our net debt to $50 million and are processing at rates, which exceed nameplate capacity. Orla has formed a foundation upon which we can build the company. Our strong financial position will support growth through our prospective exploration portfolio and development stage projects.
Stepping out from the quarter and looking back at the full year, 2022 was a transformational period for the company as we commissioned the Camino Rojo oxide mine on time and under budget. Since commissioning, we consistently outperformed on production, enabling us to increase guidance in our very first year as producers.