TOREX GOLD DELIVERS RECORD ANNUAL PRODUCTION IN 2021 Full Year Output at the Upper End of Guidance
For Immediate Release
TOREX GOLD DELIVERS RECORD ANNUAL PRODUCTION IN 2021
Full Year Output at the Upper End of Guidance
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, January 11, 2022 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports record annual gold production of 46 8,200 ounce s at El Limón Guajes (ELG) for the full year 2021 ,
including 109,410 ounces in the last quarter of the year. Gold sold during 2021 was 468,820 ounces at an
average realized gold price 1 of $1,790 per ounce , including 109,390 ounces during the fourth quarter at an
average realized price of $1,795 per ounce.
TABLE 1: FOURTH QUARTER AND FULL YEAR 2021 OPERATIONAL HIGHLIGHTS
Q4 2021 FY 2021
Gold Produced oz 109,410 468,200
Average Plant Throughput tpd 12,610 12,360
Average Underground Ore Mined tpd 1,030 1,260
Average Open Pit Ore Mined tpd 9,390 13,040
Strip Ratio waste:ore 10.4 7.3
Torex plans to release its fourth quarter and year-end 2021 financial and operational results after market close
on Wednesday February 23, 2022 , followed the next morning by a conference call hosted by senior
management. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly
results.
Jody Kuzenko, President & CEO of Torex, stated:
“We had an exceptional year in 2021, with annual gold production of 468,200 ounces – a new record for Torex.
The full year result lands squarely on plan, at the upper end of the guided range of 430,000 to 470,000 ounces
and beats the prior annual record of 454,811 ounces achieved in 2019. During the year, the Company also set
a record milling rate of more than 12,360 tpd and a record underground mining rate of 1, 260 tpd , both
demonstrating the continuous improvement approach applied by our various operating teams.
“True to Torex form, our safety performance was also remarkable in the year as we closed out 2021 recording
only one contractor lost time injury, with almost 6 million hours worked lost time injury free. That said, Q4 specific
results out of the mines were impacted by a short-term suspension of blasting activities owing to a high potential
uncontrolled blasting incident at the Media Luna project on the South Side of the Balsas River. While there were
no injuries or infrastructure damage, a s always, we took the steps to investigate and ensure that all standards
were in order prior to resuming production. Additionally, our robust controls around in-process inventory enabled
us, once again, to deliver on our Q4 production plan.
“The year ahead will be pivotal for Torex as we deliver an updated Technical Report for the broader Morelos
property, which will include an integrated mine plan and associated economics of the combined ELG and Media
Luna operations. Development activities at Media Luna are expected to significantly ramp -up this year as we
advance the Guajes Tunnel and South Portal Lower and Upper, place orders for long -lead items, and begin
integrating operations on the north side of the Balsas Rive r with development on the south side . In addition,
with exploration and drilling now forming a fundamental part of our go forward strategy, we will look to
demonstrate the resource potential we know exists at Morelos.
1 See “Cautionary Notes – Non-IFRS Financial Performance Measures”
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Torex Gold Resources Inc.
“With a new annual production record set despite the ongoing challenges associated with COVID-19, our team
continues to demonstrate the consistent and reliable results that people have come to expect of Torex , and I
am confident that 2022 will bring more of the same.”
2022 OPERATIONAL GUIDANCE TO BE RELEASED NEXT WEEK
The Company expects to release operational guidance for 2022 next week. Guidance will include production,
costs, as well as non -sustaining and sustaining capital expenditure expectations for E LG only. Capital
expenditure guidance specific to the development of Media Luna will be released with the updated Technical
Report, which is expected to be released by the end of Q1.
FOURTH QUARTER AND YEAR-END 2021 CONFERENCE CALL AND WEBCAST DETAILS
Torex plans to release its fourth quarter and year-end financial and operational results after market close on
Wednesday, February 23, 2022. A conference call and webcast hosted by senior management will be held on
Thursday, February 24, 2022 at 9:00 AM ET.
Telephone Access
Please join the conference call approximately ten minutes prior to the scheduled start time. Dial -in details for
the conference call are as follows:
• Toronto local or International: 1-416-915-3239
• Toll-Free (North America): 1-800-319-4610
Webcast Access
A live webcast will be available on the Company’s website at www.torexgold.com/investors/upcoming-events/.
The webcast will be archived on the Company’s website at www.torexgold.com/investors/financial-reports/.
ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and
operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective
Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the
El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El
Limón Sur open pits, the El Limón Guajes underground mine inclu ding zones referred to as Sub -Sill and El
Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial
production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project,
and for which the Company issued an updated preliminary economic assessment in September 2018. The
property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]
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Torex Gold Resources Inc.
CAUTIONARY NOTES
Non-IFRS Financial Performance Measures
Average realized gold price is a financi al performance measure with no standard meaning under International Financial Reporting Standards (“IFRS”) and might not be
comparable to similar financial measures disclosed by other issuers. Please refer to the “Non-IFRS Financial Performance Measures – Average Realized Price and Average
Realized Margin” and “Non -IFRS Financial Performance Measures – Reconciliation of Average Realized Price and Average Realized Margin to Revenue” sections (the
“MD&A Information”) in the Company’s management’s discussion and analysis (the “MD&A”) for the quarter ended September 30, 2021, dated November 2, 2021, available
on the Company’s SEDAR profile at www.sedar.com for further information with respect to average realized gold price and a detailed reconciliation of this non-IFRS financial
performance measures to revenue, the most directly comparable measure under IFRS. The MD&A Information is incorporated by re ference into this press release.
Forward-Looking Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. While pending
the results of the feasibility study on the Media Luna project, the Company is advancing the project to and continues the ear ly works program to maintain the schedule to
first production. However, the Company has not taken a production decision in advance of completing the feasibility study for Media Luna. Forward -looking information
includes, but is not limited to, statements that: the expected release of the updated Technical Report in Q1 2022 and the ramp-up of development activities at Media Luna
in 2022. Generally, forward-looking information can be identified by the use of forward -looking terminology such as "expects",” “planned” or v ariations of such words and
phrases or statements that certain actions, events or results “will”, or “is expected to" occur. Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied
by such forward-looking information, including, without limitation, risks and uncertainties associated with: skarn deposits, the ability of the Company’s mining and exploration
operations to operate as intended due to shortage of skilled employees or shortages in supply chains; government or regulatory actions or inactions; and those risk factors
identified in the Company’s annual info rmation form and management’s discussion and analysis or other unknown but potentially significant impacts. Notwithstanding t he
Company's efforts, there can be no guarantee that the Company’s mitigation measures to protect employees and surrounding communities from COVID-19 will be effective.
Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of i ts experience and perception of
trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such
statements are made. Although the Company has attempted to identify important factors that could cause actual results to diff er materially from th ose contained in the
forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that s uch information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any forward -looking information, whether as a result of new information or future eve nts or
otherwise, except as may be required by applicable securities laws.