For 2022, gold production was anticipated to be between 90,000 to 1000,000 ounces for the full year, which was in line with earlier estimates for the first year of production.

Gold production in January totalled 6,263 ounces and the mine was expected to ramp up to design capacity within the first half of the year.

All-in sustaining costs for the second to fourth quarter were forecast to be $600 to $700 per ounce of gold sold, with commercial production likely to start at the mine around March 31.

Total sustaining capital was anticipated to total $5 million, with most of the non-sustaining capital relating to the mine's direct project costs as construction activities are completed in the first quarter.

Exploration spending for 2022 was likely to total $15 million. Two-thirds of this was earmarked for activities in Mexico and the remaining $5 million for Panama.

Orla Mining's president and chief executive officer, Jason Simpson, said the company was pleased to be providing its maiden annual production and cost guidance.

"The ramp-up of operations at Camino Rojo continues to be on schedule and we remain confident in our ability to declare commercial production in the first quarter of 2022," Simpson said.

Orla is the sole owner of the Camino Rojo oxide gold mine, which is in Zacatecas state in Central Mexico. It is a gold and silver open-pit and heap-leach mine that covers 160,000ha.

On February 25, Orla Mining traded on the TSX at C$4.86/share, down 3.38% on the day. Its shares have hovered around the $5 mark since the beginning of the year.