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Torex Gold Resources Reports Q2 2024 Results; on Track to Deliver on Full-Year Operational Guidance
Another consistent quarter of safe and reliable production; on track to deliver on full-year operational guidance (All amounts expressed in U.S. dollars unless
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Another consistent quarter of safe and reliable production; on track to deliver on full-year operational guidance (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - August 7, 2024) - Torex Gold Resources Inc. (the \"Company\" or \"Torex\") (TSX: TXG) reports the Company's financial and operational results for the three and six months ended June 30, 2024. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Jody Kuzenko, President & CEO of Torex, stated: \"With another strong quarter behind us, we are on track to deliver on our commitments from ELG while concurrently concluding the Media Luna Project. First half gold production of 229,316 ounces (\"oz\") places us firmly on pace to deliver on production guidance for the sixth year in a row. Our cost discipline, coupled with a record realized gold price1 of $2,193 per oz, resulted in a robust all-in sustaining costs margin1 of 44% during the quarter. While costs have trended above guidance through the first half of the year, we expect them to improve in the second half as the strip ratio in the open pit declines. Given higher royalties and Mexican profit sharing due to the stronger gold price, we expect full-year costs to be at the upper end of the guided ranges. \"As outlined in our recent quarterly update, the Media Luna Project remains on track to deliver first copper concentrate production by year-end and to achieve commercial production in Q1 2025. Project capital expenditures have been adjusted for the impact of the stronger Mexican peso and we have more than sufficient liquidity to fully fund the remaining project period expenditures. As at quarter end, we had total available liquidity1 of $346 million (including $109 million in cash), which is more than sufficient to cover the $224 million remaining on the project, maintain our strategic objective of $100 million of cash on the balance sheet, and continue to advance our strategic priorities. We expect the funding position to strengthen even further over the rest of the year, driven by the robust free cash flow1 generated from ELG which, prior to spending on Media Luna, was $252 million over the last 12 months. \"During the quarter, we also outlined our five-year strategic exploration plan for the Morelos Complex, which we expec...