The study reaffirms the project's strong economics, the company said. It showed an after-tax net present value, discounted at 5%, of US$783 million and 48% internal rate of return at $3,100 gold price.

The board has also approved the start of project construction, subject to receipt of all required permits. The company will now transition to the execution phase, with full construction to start in mid-2026.

The project has an annual gold production of 130,000 ounces over the first five years at an average all-in sustaining cost of $1,485 per ounce.

Significant engineering work, contractor and supplier engagement, and project optimizations have been completed, forming the basis for the initial capital cost estimate of $395 million.

South Railroad will become Orla's third operating mine, expected to increase consolidated annual production to close to 500,000 ounces.

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