Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price9.44 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-08-07Read Markdown8.61+9.6% to today Distribution gives way to Markdown after a 19% slide in 5 weeks
2026-07-02Read Distribution10.65-11.4% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Orla Mining Ltd. holds its Markdown at $9.44. Elevated stress, defensive posture warranted, held for 13 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 13 days
Price at the screen
$9.44
Valuation
13.11 trailing · 5.35 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.17
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
17.62%
Below 33%
Interest-bearing debt is just 17.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
20.72%
Below 49%
Money owed to the company is 20.7% of assets, under the 49% limit.
Pass
Revenue purity
0.79%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Orla Mining clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 18%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Get an email when ORLA's ethical verdict changes
Today ORLA passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Only one analyst covers it, too few to cross-check it; our model's value is 1.78x the price, above our 1.35x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold miner flashes cheap yet cycle warns caution
Picture a miner chasing gold veins that shine bright one year and vanish the next as prices swing like a pendulum. Orla shows eye catching revenue growth of 169 percent, a 19 percent profit margin and 42 percent return on equity, all at a forward multiple of just 5.3 times with a clean ethical pass and a 35 percent gap to our fair value. The business clears our basic screens on paper.
Yet we pass. Gold miners sit in a deeply cyclical trade where earnings peak when metal prices peak, and a low multiple often marks the top rather than a bargain. One analyst target sits much higher, but that does not change the pattern we have seen repeat across commodity cycles.
The real risk is mistaking a temporary price spike for lasting value. When gold cools, margins compress fast and the low multiple offers little protection. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ORLA trades on NYSE American (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Markdown$9.44+0.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-10-21Markdown$9.44+0.0%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-10-02Markdown$9.44+0.0%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-09-08Markdown$9.44+9.6%Entry 5
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 9.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-08-07Markdown · changed$8.61-19.2%Entry 4
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 19.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-07-18Distribution$10.65+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 41%. The street (1 analysts) rates it buy, with a mean price target of $22.
2026-07-03Distribution$10.65+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Distribution$10.65Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
