Orla Mining is a Canadian gold producer with two operating mines and a third in development. Orla mines gold (with silver as a by-product), processes it into doré bars, and sells at spot gold prices net of refining costs and royalties. The core business is simple: produce more ounces at lower cost, and benefit from higher gold prices. Orla's two operating assets are Musselwhite and Camino Rojo. Musselwhite is a high-grade underground mine in Ontario acquired from Newmont in early 2025 for $810M, running at roughly 6 g/t head grade and processing about 1.1 million tonnes per year. Camino Rojo is a low-grade (~0.85 g/t), open-pit heap leach operation in Zacatecas, Mexico, that achieved commercial production in 2022 and is one of the lowest-cost gold mines globally. The two mines have very different cost profiles: Camino Rojo is a high-margin, free cash flow generator, while Musselwhite is higher-cost but carries meaningful exploration upside given its high-grade ore body. Orla's growth pipeline includes South Railroad, a heap leach project in Nevada with ~1.52 million oz in reserves and construction targeted for mid-2026, with first production expected in early 2028 at roughly 104,000 oz per year. Below Camino Rojo, a large underground sulfide project is in pre-feasibility, targeting a potential 17-year mine life at up to 215,000 oz per year. Orla also has a dispute with Panama over cancelled mining concessions, where it is pursuing international arbitration claiming damages of at least $400M.