Orla Mining Ltd. research snapshot
ORLA AI stock analysis reflects a completed transaction rather than a standalone trading view. Orla Mining was acquired by Equinox Gold and the business combination closed on July 31, 2026, so ORLA shares were delisted and each share converted into 1.0 Equinox Gold (EQX) share plus US$0.0001 in cash. At the August 4, 2026 data cutoff, the final verified ORLA close was $9.44 on July 30, market capitalization at that close was about $3.35 billion, and the combined company is expected to produce about 1.1 million ounces of gold per year. Former Orla shareholders should now evaluate their position through Equinox Gold, which traded near $9.04 on August 3, 2026. This is informational research and not investment advice.
Current price
$9.44 (final ORLA close, July 30, 2026)
Market cap
$3.35 billion at final close
AI score
60 / 100
Rating
Orla Mining was acquired by Equinox Gold on July 31, 2026 and delisted; each ORLA share became 1.0 EQX share plus US$0.0001 cash, so valuation now depends on the combined gold producer
Trend status
ORLA is delisted and no longer trades. Former holders now own Equinox Gold (EQX), which closed near $9.04 on August 3, 2026, below its 50 and 200 day moving averages
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Orla Mining operated the Camino Rojo gold mine in Mexico and the Musselwhite mine in Ontario, plus the South Railroad development project in Nevada. Before the merger its gross margin was about 68.7 percent, operating margin near 48 percent, and net margin near 19.5 percent on a trailing basis. These assets now sit inside Equinox Gold. | High |
| Moat | Gold mining has no structural moat beyond low-cost reserves and operating skill. Orla advantages included the high-grade Camino Rojo oxide deposit, the long-life Musselwhite mine, and low all-in sustaining costs. Those assets remain competitive inside Equinox Gold but are not unassailable. | Medium |
| Management | Orla CEO Jason Simpson moves into the combined company as president and is set to become CEO of Equinox Gold on October 31, 2026. Chuck Jeannes chairs the reconstituted board and Ross Beaty stays as chairman emeritus. The test is disciplined integration of Orla assets and capital allocation across a larger growth pipeline. | Medium-high |
| Financial trend | Orla revenue grew from $343.92 million in FY2024 to $1.06 billion in FY2025, up 207.6 percent, driven by the Musselwhite acquisition and strong production. Trailing twelve month revenue reached about $1.30 billion and TTM net income was around $252 million to $300 million depending on source. The balance sheet carried roughly $427 million cash against $321 million total debt. | Medium-high |
| Valuation | At the final $9.44 close, ORLA traded near 13x trailing earnings, 4.0x EV/EBITDA, 2.6x sales, and 9.5x free cash flow. The valuation is now largely historical because former ORLA holders own EQX, which traded near 10.8x trailing earnings and 6.6x forward earnings on August 3, 2026. | Medium |
| Technical trend | ORLA is delisted and its chart no longer updates. The final close was $9.44 on July 30, 2026, within a 52 week range of $8.43 to $21.98. Former holders should now follow EQX, which closed near $9.04 on August 3, 2026, below its 50 day moving average of $10.26 and 200 day moving average of $13.20. | Medium-high |
| Risk level | Key risks after the merger are gold price sensitivity, integration of Orla assets into Equinox Gold, dilution from the share issuance that expanded EQX shares by roughly 42.7 percent year over year, the CEO transition, operating risks in Mexico, and permitting for growth projects such as South Railroad and Camino Rojo underground. | Medium-high |
| AI confidence | High for confirmed merger facts, final ORLA financials, exchange ratio, production guidance, and current EQX data. Medium for integration outcomes, gold price direction, and the timing of the combined company growth pipeline. | Medium-high |
| Investment certainty | Low-to-medium certainty for former ORLA shareholders. The 1.0 EQX per share exchange removed the standalone ORLA equity, and the combined company faces a large share base, heavy capital spending on growth projects, and commodity price exposure. Outcomes depend on Equinox Gold execution, not on Orla alone. | Low-to-medium |
ORLA AI stock forecast
The ORLA AI stock forecast cannot target a standalone ORLA price because the shares are delisted and no longer trade. Each ORLA share was exchanged for 1.0 Equinox Gold share plus US$0.0001 cash, so any forward view now applies to EQX. The scenarios below use Equinox Gold price ranges and the conditions that would make each outcome more likely. Gold prices, integration, growth project execution, and the August 5, 2026 combined guidance are the main swing factors.
$14 to $20
More likely if gold prices stay strong, the combined company reports 2026 production near the top of the roughly 1.1 million ounce expectation, Orla assets integrate cleanly, growth projects reach their path toward more than 1.9 million ounces, and the market re-rates EQX toward its higher analyst targets.
$9 to $13
More likely if gold prices hold near current levels, combined production lands around the 1.1 million ounce midpoint, integration proceeds without major disruption, and EQX trades near its analyst consensus target of about $13 or the current $9 area on a lower gold price scenario.
$5 to $8
More likely if gold prices fall sharply, integration or mine operations disappoint, capital spending strains the balance sheet, the CEO transition creates disruption, or permitting delays hit Castle Mountain, South Railroad, Camino Rojo underground, or Los Filos.
ORLA AI technical analysis
ORLA AI technical analysis cannot use a live ORLA chart because the stock was delisted on July 31, 2026. The final verified ORLA close was $9.44 on July 30, 2026, with a 52 week range of $8.43 to $21.98. Former ORLA shareholders now hold Equinox Gold (EQX), so the relevant technical levels are EQX levels. EQX closed near $9.04 on August 3, 2026, below its 50 day moving average of $10.26 and 200 day moving average of $13.20.
| Level | Value | Why it matters |
|---|---|---|
| Final ORLA price | $9.44 | Final verified ORLA close on July 30, 2026, before the merger closed and the stock was delisted on July 31, 2026. |
| ORLA 52-week range | $8.43 to $21.98 | Historic ORLA range. The chart is no longer active, so these levels have reference value only. |
| EQX current price | $9.04 (August 3, 2026) | Former ORLA shareholders now hold EQX on a 1.0 to 1.0 basis, so EQX is the security to monitor. |
| EQX near resistance | $10.26 to $11.00 | The 50 day moving average near $10.26 and the round $11 level form the first resistance zone for the combined company. |
| EQX major resistance | $13.20 to $19.00 | The 200 day moving average near $13.20 and the EQX 52 week high of $18.96 define the major resistance area. |
| EQX near support | $8.00 to $8.85 | Recent EQX trading lows and the round $8 level form the first support zone. Holding this area keeps the base case intact. |
| EQX secondary support | $6.11 (52-week low) | The EQX 52 week low of $6.11 is the last major support before lower territory. |
| EQX moving averages | 50-day $10.26, 200-day $13.20 | EQX trades below both moving averages, which is consistent with a medium-term downtrend that has not yet reversed. |
| EQX momentum | RSI near 42.6 | EQX RSI near 42.6 shows weak but not oversold momentum ahead of the August 5, 2026 earnings and combined guidance release. |
| EQX volatility | Beta 2.40 | EQX carries a high beta of 2.40, so the shares can move more sharply than the market on gold price and execution news. |
| Invalidation levels | EQX close below $6.11 or failed guidance | A sustained EQX close below its 52 week low or a weak August 5 combined guidance release would be the main negative signals for former ORLA shareholders. |
ORLA AI trading strategy
The ORLA AI trading strategy is a rules-based framework for former ORLA shareholders who now hold Equinox Gold shares, not personalized advice. Because ORLA is delisted, the strategy focuses on EQX price action, combined company guidance, production, costs, and gold prices.
Former ORLA holders should treat their shares as Equinox Gold exposure and track the August 5, 2026 Q2 results and consolidated 2026 guidance, combined production of roughly 1.1 million ounces, cash costs, all-in sustaining costs, and net debt. A clean guidance upgrade would be the first constructive signal.
Set a review trigger if EQX closes below its 52 week low of $6.11, if guidance disappoints, if integration or mine operations falter, or if gold prices break down. Reassess position size given EQX beta of 2.40.
EQX trades below its 50 day moving average at $10.26 and its 200 day moving average at $13.20. A sustained close above $10.26 with rising volume would be the first step toward stabilization, and a move above the 200 day average would challenge the downtrend structure.
Do not assume the merger guarantees recovery. If EQX fails at the 50 day average and makes a new low, the trend framework stays bearish regardless of the bullish merger narrative.
Track gold prices, combined quarterly production, cash costs, all-in sustaining costs, capital spending on Castle Mountain, South Railroad, Camino Rojo underground, and Los Filos, net debt, and the CEO handover from Darren Hall to Jason Simpson on October 31, 2026.
If capital spending outpaces cash flow, if debt rises materially, or if the CEO transition disrupts operations, the risk profile of former Orla shareholders increases even if gold prices hold.
Investment research summary
Orla Mining found, developed, and operated low-cost gold mines, mainly Camino Rojo in Mexico and Musselwhite in Ontario, with the South Railroad project in Nevada as a growth option. The business model converted low-cost gold ounces into strong margins and free cash flow, and those assets now belong to Equinox Gold.
Gold mining has a limited structural moat. Orla relied on high-grade, low-cost reserves and operational skill rather than brand or switching costs. Camino Rojo and Musselwhite remain competitive assets inside Equinox Gold, but their advantage depends on gold prices and execution.
The former Orla thesis can fail for former shareholders if the combined company disappoints on integration, if the larger share base dilutes per-share value, if gold prices fall, if Mexican operations face disruption again, if growth projects consume capital without producing ounces, or if the CEO transition causes a setback.
Jason Simpson, Orla CEO, becomes president of the combined company and is scheduled to take over as CEO on October 31, 2026. Chuck Jeannes chairs the board and Ross Beaty remains involved as chairman emeritus. The key question is whether this leadership team preserves per-share value while integrating two companies and funding a large growth pipeline.
Gold miners have consolidated to replace reserves and gain scale. The combined Equinox Gold expects about 1.1 million ounces per year with a path toward more than 1.9 million ounces from Valentine, Castle Mountain, South Railroad, Los Filos, and Camino Rojo underground. Central bank buying and geopolitical demand remain supportive for the sector.
At the final ORLA close of $9.44 the stock traded near 13x earnings and 4.0x EV/EBITDA, a discount that reflected merger and commodity uncertainty. Former shareholders now hold EQX at about 10.8x trailing earnings with a $13.00 average analyst target. The margin of safety depends on Equinox Gold executing integration and its growth pipeline without excessive dilution.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| ORLA final price | $9.44 close on July 30, 2026 | StockAnalysis.com ORLA price history | August 4, 2026 |
| Delisting and merger completion | ORLA delisted on July 31, 2026 after the Equinox Gold business combination closed; each ORLA share became 1.0 EQX share plus US$0.0001 cash | Equinox Gold completion news release and StockAnalysis delisting note | August 4, 2026 |
| ORLA market capitalization | $3.35 billion at final close, verified as $9.44 x 345.99 million shares with a 2.5% deviation | StockAnalysis.com statistics and financial_rigor.py market cap check | August 4, 2026 |
| ORLA shares outstanding | 345.99 million, up 11.6% year over year | StockAnalysis.com share statistics | August 4, 2026 |
| FY2025 results | Revenue $1.06 billion, up 207.6% from $343.92 million in FY2024; net income $106.90 million; EPS $0.30 | StockAnalysis.com income statement | August 4, 2026 |
| TTM revenue | Approximately $1.30 billion as of March 2026, cross-validated at $1.296 billion with a 0.15% deviation | StockAnalysis.com overview and income statement, cross-validated with financial_rigor.py | August 4, 2026 |
| TTM net income | Approximately $300 million per quarterly sum (Q2 2025 through Q1 2026); StockAnalysis statistics showed $252.13 million, an 8.7% source difference | StockAnalysis.com income statement and statistics | August 4, 2026 |
| Final valuation ratios | 13.1x trailing PE, 4.03x EV/EBITDA, 2.59x price to sales, 9.45x price to free cash flow at the $9.44 final close | StockAnalysis.com statistics and financial_rigor.py valuation check | August 4, 2026 |
| Balance sheet | Cash $427.35 million, total debt $321.29 million, net cash $106.06 million, book value $756.43 million at the final reading | StockAnalysis.com balance sheet statistics | August 4, 2026 |
| Final technical reference | 52-week range $8.43 to $21.98, 50 day moving average $10.37, 200 day moving average $13.62, RSI 47.02, beta 1.17 | StockAnalysis.com ORLA stock price statistics | August 4, 2026 |
| EQX current price | $9.04 close on August 3, 2026, with a 52 week range of $6.11 to $18.96 | StockAnalysis.com EQX quote | August 4, 2026 |
| EQX valuation | Market cap $7.07 billion, 10.78x trailing PE, 6.64x forward PE, 5.24x EV/EBITDA, 789.11 million shares, beta 2.40 | StockAnalysis.com EQX statistics | August 4, 2026 |
| EQX analyst consensus | 9 analysts, Strong Buy, average price target $13.00, up 43.8% from the August 3 close | StockAnalysis.com EQX forecast page | August 4, 2026 |
| Combined company production | About 1.1 million ounces of gold per year from existing assets, with a path toward more than 1.9 million ounces from Valentine, Castle Mountain, South Railroad, Los Filos, and Camino Rojo underground | Equinox Gold and Orla Mining completion news release | August 4, 2026 |
| Leadership transition | Chuck Jeannes named chairman; Jason Simpson to become CEO on October 31, 2026 as Darren Hall retires; Ross Beaty remains chairman emeritus | Equinox Gold completion news release | August 4, 2026 |
| Data source gap | Live ORLA quotes, volume, and updated analyst targets stopped at the July 31, 2026 delisting. TTM net income differed by 8.7% between StockAnalysis statistics and the quarterly income statement sum. Forward scenarios are estimates based on EQX, and technical indicator values can differ across sources and dates. | StockAnalysis.com and Equinox Gold disclosures | August 4, 2026 |
This ORLA AI stock analysis is an informational tool for research and education only. It is not investment advice, a recommendation, or a guarantee of future performance. ORLA was delisted on July 31, 2026 after the Equinox Gold merger, so this page describes a completed transaction and former shareholders now hold EQX. Scenario ranges are estimates based on public data as of August 4, 2026 and can be wrong. Gold mining stocks carry commodity price, jurisdiction, integration, dilution, and operating risks.
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