Business
Torex Gold Resources Announces Record-Breaking Quarter
Achieves Net Cash Position of $77 million (All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Torex Gold
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Achieves Net Cash Position of $77 million (All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces the Company’s financial and operational results for the three and nine months ended September 30, 2020. Jody Kuzenko, President & CEO of Torex, stated: “Q3 was simply extraordinary -- a record-breaking quarter across many facets of the business. Gold sales of 133,036 ounces were the highest in our history, as was the realized gold price of $1,884 per ounce. The record realized margin of $1,250 per ounce generated during the quarter underpins our best quarterly financial performance ever, including $163 million of EBITDA, $173 million of operating cash flow ($138 million before changes in working capital) and $124 million of free cash flow. “For the first time since commercial production, we achieved a net cash position at quarter end, hitting $77 million. This represents a $130 million improvement from last quarter and an impressive $174 million improvement year-over-year. During Q3, we paid down $72 million of debt, bringing outstanding debt down to $155 million. Post quarter end, we paid down an additional $50 million against our revolver, which deleverages our balance sheet even further. “Our focus on COVID controls and health and safety did not let up – we closed the quarter with 8.5 million hours worked without a lost time injury and, as of today, that trend continues. In addition to performance excellence on safety, production, and costs, we extended our innovation mindset to labour relations and concluded a new 2-year collective bargaining agreement with our unionized workforce. “As we head into the final stretch of 2020, we are poised to deliver on full-year guidance. Looking to the future, our primary focus is to continue to deliver consistent and reliable cash flow from ELG, pay down debt, and internally fund and bring Media Luna into production in early 2024 – while continuing to leverage potential opportunities to extend the current production profile of ELG through 2023 and into 2024. We have built up significant momentum in our ability as a team to deliver exceptional operational and financial results, and we are well-positioned to keep it up.” This release should be read in conjunction...