Business
Torex Gold Resources Reports Q3 2021 Financial Results
(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Nov. 03, 2021 (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, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operational results for the three and nine months ended September 30, 2021. Jody Kuzenko, President & CEO of Torex, stated: “Our solid operational performance in Q3 resulted in a strong financial result, with adjusted EBITDA of $119.3 million and free cash flow of $29.4 million. The Company’s quarter-end cash balance increased from $196.0 million at the end of June to $221.6 million at the end of September. The focus on delivering consistent production in a safe manner continued with no lost time injuries during the quarter, and our employee and contractor workforce now sits at 3.75 million hours lost time injury free. “As a result of the reliable performance achieved so far this year, we are tracking very well against our 2021 operational guidance. With a similar level of production to Q3 anticipated in Q4, we expect full year gold production to come in at the upper end of the guidance range of 430,000 to 470,000 ounces. Total cash costs for the full year are expected to be toward the mid-point of the guided range of $680 to $720 per ounce. All-in sustaining costs are expected to increase in Q4 as a greater amount of waste is capitalized as part of the El Limón pushback; however, with lower than anticipated waste mined in Q3, all-in sustaining costs for the full year are expected to be toward the mid-point of the guided range of $920 to $970 per ounce sold. “Overall, we are executing on the plan we outlined more than a year ago – a plan focused on extending and optimizing production and cash flow from ELG, advancing and de-risking Media Luna toward first production in early 2024, as well as strengthening the balance sheet. With more than $220 million in cash on hand and solid cash generation from ELG forecast through at least mid-2024, we are in a strong financial position to advance Media Luna and continue to invest in near-mine and regional exploration.” THIRD QUARTER 2021 HIGHLIGHTS Safety performance: No lost time injuries during the quarter; exited the quarter with a LTIF of 0.26 per 1 million hours worked and a TRIF of 2.44 per 1 million hours worked, both on a rolling 12-month basis. COVID-19 update: To...