Orla Mining Juggles Record Gold Production with Labour Disputes in Mexico

Orla Mining's revenue nears $1B as gold tops $4,700/oz, but a CUSMA labour dispute blocks US exports. Q1 output hits targets; stock surges 7% but RSI signals overbought.

The gold price has surged past $4,700 an ounce, and Orla Mining is riding the wave. The Canadian-listed gold producer posted a near-tripling of annual revenue to over $1 billion in 2025, but the company’s ascent is shadowed by a protracted labour rights dispute that has blocked its US export route for more than a year.

Production Targets on Track

Orla’s operational performance remains robust. The company extracted 81,206 ounces of gold in the first quarter of 2026, keeping it firmly on course to hit its full-year guidance of 340,000 to 360,000 ounces. A key milestone came from Mexican regulators: the environmental agency SEMARNAT has approved the expansion of the Camino Rojo mine, allowing Orla to complete the open-pit operation and begin construction of an underground exploration ramp. Underground development is slated to start in the second half of 2026.

Labour Dispute and Export Blockade

Yet the operational picture is complicated by a serious labour rights conflict. A CUSMA dispute-resolution panel found that Orla Mining had violated freedom of association rights at the Camino Rojo site, leading to a freeze on the company’s export accounts. For over a year, Orla has been unable to ship gold directly to the United States. The governments of Mexico, Canada and the US are now working to coordinate a solution.

In response, Orla has reshuffled its management team. The company is appointing a new General Manager and a new Director of Risk and Compliance. It is also rolling out a fresh labour rights policy designed to protect minority unions and prevent external interference in union activities. The company has stated it is actively safeguarding workers’ rights at Camino Rojo.

Adding to the pressure, a separate investigation into suspected criminal activity at the mine from 2025 is largely complete, with North American authorities already informed. Mexican officials have also raised concerns about reports of organized crime influence within mining unions.

Market Reaction and Technical Signals

The stock has responded positively to the production news and management changes, jumping more than seven percent on Wednesday to €12.31. Earlier in the week, shares had reached €12.41. However, technical indicators flash a warning: the relative strength index (RSI) stands at 95.1, signaling a severely overbought condition.

Analysts remain broadly bullish. Stifel Canada has reiterated its buy rating with a C$36 price target, while the consensus rating is also a “buy” with a median target of $23.40. The market is looking ahead to the first-quarter earnings release on May 8, with expectations for earnings per share of $0.37.

The Road Ahead

The May 8 quarterly report will provide deeper insight into Orla’s financial health. A further update on the business outlook is expected on May 10. For investors, the critical question is whether the new compliance structures and management changes can unlock the US export channel. The resolution of the labour dispute will likely determine the company’s long-term valuation as much as its record gold production.