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Torex Gold Resources Releases Results of Technical Report for the Morelos Complex
Media Luna Project extends life of mine through 2033; Attractive operating cost profile maintained(All amounts expressed in U.S. Dollars unless otherwise stated
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Media Luna Project extends life of mine through 2033; Attractive operating cost profile maintained(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) has released an updated technical report (“Technical Report”) for its Morelos Complex, which includes an integrated life of mine plan and economics for the producing El Limón Guajes (“ELG”) Mine Complex (consisting of the ELG Open Pits and ELG Underground) and the development stage Media Luna Project (“ML Project”). Based on the results of the feasibility study included in the Technical Report, and with approval from the Board of Directors on development of the ML Project, the Company also announces 2022 capital expenditure guidance specific to the ML Project as well as an updated multi-year production outlook. HIGHLIGHTS OF THE TECHNICAL REPORT Key Economics – Base case metal prices Morelos Complex: Cumulative cash flow of $1,418M and after-tax NPV (5% discount rate) of $1,040M ML Project: After-tax NPV (5%) of $458M and after-tax IRR of 16.1% Long-term metal prices: $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu Key Economics – Spot case metal prices1 Morelos Complex: Cumulative cash flow of $2,322M and after-tax NPV (5%) of $1,751M ML Project: After-tax NPV (5%) of $949M and after-tax IRR of 24.9% Spot metal prices: $1,950/oz Au, $25.50/oz Ag, and $4.70/lb Cu as of March 25, 2022 Morelos Complex Summary – Life of Mine Life of mine of 11.75 years commencing April 1, 2022 and ending Q4 2033 Annualized gold equivalent (“AuEq”) sold of 374 koz2 including 280 koz of Au Increased exposure to Cu and Ag with annual payable output of 34.8 Mlb Cu and 1,327 koz Ag Total cash cost3 of $809/oz AuEq sold and mine-site all-in sustaining cost3 of $954/oz AuEq sold Annualized revenue of $605M and mine-site EBITDA3 (excludes corporate items) of $298M Morelos Complex Summary – Process plant operating at full capacity (through 2027) Annualized AuEq sold of 450 koz through 2027 when the process plant is operating at full capacity Total cash cost of $779/oz AuEq sold and mine-site all-in sustaining cost of $929/oz AuEq sold Annualized revenue of $733M and mine-site EBITDA of $378M Capital Expenditures $848M to develop and bring the ML Project into commercial productio...