Business
Torex Gold Reports Q1 2025 Results
Results in line with expectations and tracking well to full-year guidance (All amounts expressed...
About this update from Torex Gold Resources Inc.
[{"type":"text","content":"Torex Gold Reports Q1 2025 ResultsResults in line with expectations and tracking well to full-year guidance(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - May 7, 2025) - Torex Gold Resources Inc. (the \"Company\" or \"Torex\") (TSX: TXG) reports the Company's financial and operational results for the three months ended March 31, 2025. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Jody Kuzenko, President & CEO of Torex, stated:\"The first quarter was marked with significant milestones for Torex. We completed the tie-ins at the processing plant not only on time but, more importantly, safely. We also delivered first concentrate production, with regular shipments commencing in April. Earlier this week, we proudly declared commercial production at Media Luna, marking the conclusion of the project phase and the beginning of our transition back to positive free cash flow1 generation.\"Production levels for the quarter were in line with our expectations given the four-week shutdown at the processing plant. Production is expected to pick up during the second quarter through the early stages of ramp up and increase further through the back half of the year, with annual guidance being maintained. All-in sustaining costs1 for Q1 were much better than originally anticipated as initial sales from Media Luna did not commence until early April. As a result, the higher cost ore associated with the commissioning phase of the Media Luna mine will now be recognized in Q2, aligning with initial sales from Media Luna. \"As is typical of our cash flow seasonality, the first quarter was the highest for tax and royalty payments for the year. These payments, coupled with the final capital spend on Media Luna and limited production, necessitated the net $130 million draw on our credit facility per our plan. As we hit our projected free cash flow inflection point mid-year with completion of Media Luna Project spending, we expect to repay the modest amount of debt drawn quickly, particularly as production ramps up under a backdrop of record gold prices.\"With our highest cash outflow and lowest production quarter of the year now behind us, our focus is set on further unlocking value for our shareholders through returning to positive free cash flow, executing ...