Shares of Orla Mining Ltd (ORLA) surged 10.15% in pre-market trading on Monday, following the company's announcement of acquiring the Musselwhite Gold Mine in Ontario, Canada from Newmont Corporation. The strategic acquisition aims to position Orla as a premier, multi-asset, low-cost gold producer with a clear path to over 500,000 ounces of annual production.

The acquisition, valued at up to $850 million, will immediately more than double Orla's annual gold production to over 300,000 ounces. The Musselwhite mine, located in a tier-one mining jurisdiction, has robust reserves and resources, with a proven history of successful production and cash generation.

Orla plans to fund the transaction through a combination of debt facilities, a gold prepayment arrangement, and convertible notes led by its cornerstone shareholders, avoiding any upfront equity dilution. The transaction is expected to be significantly accretive to Orla's operating cash flow, gold production, and reserves and resources on a per-share basis.