Business
Torex Gold Resources Reports an Excellent Close to 2022
Delivers on full year production and cost guidance; exits the year with liquidity of $622 million(All amounts expressed in U.S. Dollars unless otherwise stated)
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Delivers on full year production and cost guidance; exits the year with liquidity of $622 million(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operational results for the three months and year ended December 31, 2022. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Jody Kuzenko, President & CEO of Torex, stated: “Operational consistency and disciplined cost control resulted in another strong year across all measures for Torex. Record gold production of 474,035 ounces was driven by record mill throughput and record underground mining rates. Our steadfast focus on controlling costs resulted in an impressive all-in sustaining costs margin of 44% for the year, with cost guidance achieved despite persistent inflationary pressures. “In addition to the robust financial and operational results, steady progress was made at the Media Luna Project with the project achieving overall completion of 15% at year-end, including engineering, procurement, surface construction and underground development. First production remains on schedule for Q4 2024, with lead times and costs for schedule-critical procurement packages tracking well to the estimates assumed in the 2022 Technical Report. At the Guajes Tunnel, advance rates during December were an outstanding 7.2 meters per day; as such, the tunnel has now crossed under the Balsas River and breakthrough remains on schedule for Q1 2024. Construction and development activities at Media Luna will increase further over the coming quarters, with 2023 expected to be the peak year of spending on the project. “Our record operational performance in conjunction with robust margins led to adjusted EBITDA of $479 million and free cash flow generation of $130 million. As a result, the Company’s year-end cash position increased to $376 million, resulting in available liquidity of more than $622 million. With a robust balance sheet and strong forecast cash flow from El Limón Guajes over the next two years, we are well positioned to fund the $750 million of remaining project expenditures at Media Luna, continue to invest in value enhancing exploration and drilling, and maintain $100 million of balance sheet ...