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Torex Gold Resources Reports First Quarter Results
(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, May 10, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" (All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, May 10, 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 ended March 31, 2023. Senior management of Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the quarterly results. Jody Kuzenko, President & CEO of Torex, stated: “The consistent operational and cost performance that investors have come to expect of Torex continued in the first quarter of 2023, placing the Company in an excellent position to deliver on full year operational guidance for a fifth year in a row. During the quarter, the team produced 122,918 ounces of gold at an all-in sustaining cost1 of $1,079 per ounce, implying an all-in sustaining costs margin1 of 42%. Our solid production and disciplined cost management, combined with the higher gold price, resulted in adjusted EBITDA1 of $132.7 million and net cash generation from operating activities of $47.0 million. Per usual course of business for first quarters, cash flow was impacted by tax and royalty payments of $85.9 million. “Development of the Media Luna Project is tracking to schedule and budget, with the project approximately 24% complete at quarter end. Through the end of March, approximately 34% of project expenditures had been committed, including 22% incurred. As disclosed previously, the Guajes Tunnel has advanced more than four kilometres with breakthrough on track for early Q1 2024, if not before. During the quarter, the contract was finalized for the hybrid battery electric and diesel underground mining fleet, with fabrication dates established and first deliveries anticipated later this year. The level of spending on Media Luna is expected to increase through the remainder of 2023 as surface construction and underground development activities continue to gain momentum. “In terms of the forward look, production during Q2 and Q3 will be closer to the bottom end of the quarterly run-rate implied by full year guidance. Our mine plan for the next two quarters sees the conclusion of mining in the Guajes pit, a heavy focus on waste stripping in the El Limón pit and draw down of stockpiled material. Given the mine plan, total cash costs and all-in sustaining costs during Q2 and Q3 ...