TOREX GOLD RELEASES RESULTS OF TECHNICAL REPORT FOR THE MORELOS COMPLEX Media Luna Project extends life of mine through 2033; Attractive operating cost profile maintained
For Immediate Release
TOREX GOLD RELEASES RESULTS OF TECHNICAL REPORT
FOR THE MORELOS COMPLEX
Media Luna Project extends life of mine through 2033; Attractive operating cost profile maintained
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, March 31, 2022 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) has
released an updated technical report (“Technical Report”) for its Morelos Complex, which includes an integrated
life of mine plan and economics for the producing El Limón Guajes (“ELG”) Mine Complex (consisting of the
ELG Open Pits and ELG Underground) and the development stage Media Luna Project (“ML Project”). Based
on the results of the feasibility study included in the Technical Report, and with approval from the Board of
Directors on development of the ML Project, the Company also announces 2022 capital expenditure guidan ce
specific to the ML Project as well as an updated multi-year production outlook.
HIGHLIGHTS OF THE TECHNICAL REPORT
Key Economics – Base case metal prices
• Morelos Complex: Cumulative cash flow of $1,418M and after-tax NPV (5% discount rate) of $1,040M
• ML Project: After-tax NPV (5%) of $458M and after-tax IRR of 16.1%
• Long-term metal prices: $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu
Key Economics – Spot case metal prices1
• Morelos Complex: Cumulative cash flow of $2,322M and after-tax NPV (5%) of $1,751M
• ML Project: After-tax NPV (5%) of $949M and after-tax IRR of 24.9%
• Spot metal prices: $1,950/oz Au, $25.50/oz Ag, and $4.70/lb Cu as of March 25, 2022
Morelos Complex Summary – Life of Mine
• Life of mine of 11.75 years commencing April 1, 2022 and ending Q4 2033
• Annualized gold equivalent (“AuEq”) sold of 374 koz2 including 280 koz of Au
o Increased exposure to Cu and Ag with annual payable output of 34.8 Mlb Cu and 1,327 koz Ag
• Total cash cost3 of $809/oz AuEq sold and mine-site all-in sustaining cost3 of $954/oz AuEq sold
• Annualized revenue of $605M and mine-site EBITDA3 (excludes corporate items) of $298M
Morelos Complex Summary – Process plant operating at full capacity (through 2027)
• Annualized AuEq sold of 450 koz through 2027 when the process plant is operating at full capacity
• Total cash cost of $779/oz AuEq sold and mine-site all-in sustaining cost of $929/oz AuEq sold
• Annualized revenue of $733M and mine-site EBITDA of $378M
Capital Expenditures
• $848M to develop and bring the ML Project into commercial production
o Includes $85M of underground development during pre-commercial period (Q4 2023 to Q4 2024)
• Total sustaining capital expenditures3 of $545M over life of mine
1 See also Table 10 for After-Tax Sensitivities to Key Factors for the Morelos Complex and Media Luna Project.
2 Gold equivalent (AuEq) sold includes Au and AuEq values for Ag and Cu sold assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022) , $21/oz Ag, and
$3.50/lb Cu. A summary of life of mine payable production values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades.
Expected recovery and payable factors for Au, Ag and Cu can be found in Table 2.
3 These measures, as well as TCC margin, AISC margin, and sustaining and non -sustaining capital expenditures, are forward looking Non -GAAP Financial Performance
Measures or Non-GAAP ratios (collectively, “Non-GAAP Measures”). Please see Table 13 for the equivalent historical non-GAAP measure. For the year ended December
31, 2021, the following historic Non-GAAP Measures were reported in the Company’s management’s discussion and analysis (“MD&A”) for the year ended December 31,
2021, dated February 23, 2022, which is available on the Company’s website (www.torexgold.com) and under the Company’s SEDAR profile (www.sedar.com): EBITDA
- $461.6M; TCC - $674/oz Au; TCC margin $1,120/oz Au; AISC – $928/oz; AISC margin - $865/oz Au; sustaining capital costs - $85.3M; and no n-sustaining costs -
$152.4M. Please note that the AISC and AISC margin do not include Torex corporat e G&A and potential sustaining exploration costs , and mine-site EBITDA does not
include Torex corporate G&A. Please also see the Cautionary Notes on Non-GAAP Measures below.
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Torex Gold Resources Inc.
Total Mineral Reserves of 5,123 koz AuEq at an average grade of 3.90 g/t AuEq4
• Initial Mineral Reserves for Media Luna of 3,360 koz AuEq based on 23.0 Mt at 4.54 g/t AuEq
Initiatives underway to realize available upside and build-on on solid base case production/cash flow
• Exploration/Drilling: Significant potential to expand Mineral Reserves in the ELG Underground, within
the broader Media Luna area, and across the entire land package, which is 75% unexplored
• Development of EPO deposit: Potential to be a nearby source of incremental feed over and above the
levels anticipated from the ML Project
• ELG Underground: Potential to increase throughput with the investment in Portal #3 and utilizing bulk
mining in specific zones
Jody Kuzenko, President & CEO of Torex, stated:
“Today we achieve a mission critical milestone in our growth journey with the release of the updated Technical
Report for our Morelos Complex and approval from our Board of Directors to proceed with the development of
the ML Project. With tremendo us future exploration potential, advancing this project is fundamental to setting
up our wholly owned flagship Morelos Complex for safe and reliable production, strong free cash flow post the
construction period, and lasting economic prosperity for all of those who share stakes in Torex. With this
investment, the foundation for the future growth plans of Torex will be firmly laid.
“We always knew that the Media Luna Project would be challenging. The deposit is situated 7 km away from
our existing infrastr ucture, on the other side of a river, and hosts challenging metallurgy. True to the Torex
brand, the economics shown in the Technical Report are grounded in operating costs, capital costs, and ramp-
up time frames that are both realistic and achievable, accounting for the current inflationary environment, quotes
from vendors , and assum ptions on sustaining capital expenditures required to responsibly and sustainably
operate a 7,500 tpd underground mine.
“Notwithstanding these challenges, it is clear the upside economics of developing the ML Project are compelling.
We see significant opportunity to enhance the overall return of the ML Project by filling the mill post 2027 and
extending the overall mine life beyond what is implied by reserves. The investment we are making in exploration
and drilling in 2022, and going forward, reflects our determination to unlock the resource potential of our entire
Morelos Property, and deliver on our goal of developing a multi-decade mining operation.
“Importantly, the ML Project opens up the opportunity for Torex to diversify into becoming a meaningful copper
producer – an opportunity that could not have timed the market better. In fact, 20% of revenue of the Morelos
Complex is forecast to be attributable to copper, with the percentage increasing as the ML Project ramps up.
“Given the ongoing success of our strategy to cash up ahead of the build, we expect to fund the development
of the ML Project using our robust balance sheet, strong forecasted cash flow, and a prudent level of debt. With
over $405M of available liquidity at year -end (including $255M in cash), annual projected cash flow from ELG
Mine Complex of $190M through year-end 2024 (prior to capital expenditures on the ML Project), and a goal of
maintaining a minimum liquidity position of $100M, we are evaluating debt financing in the order of $250M to
$300M. Multiple debt financing options are being considered, including a gold prepay, high yield debt, and an
expanded credit facility. This financing decision will be made in the months to come.
“There is no doubt that we are well positioned financially, socially, and technically to advance the development
of the ML Project while continuing to invest in value accretive exploration – exploration that will both extend the
life of mine and continue to further enhance the overall return of the Morelos Complex . The future is here and
it’s clear – and in true Torex form, we will now turn our focus onto delivering.”
4 Gold equivalent (AuEq) Mineral Reserves account for underlying metal prices and metallurgical recoveries. Breakdown of Mineral Reserves by metal is outlined in Table
11 and a breakdown of Mineral Resources by metal is outlined in Table 12.
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Torex Gold Resources Inc.
SUMMARY OF TECHNICAL REPORT FOR MORELOS COMPLEX
The Technical Report outlines the updated economics of the Morelos Complex in Guerrero, Mexico. T he
Technical Report includes an integrated mine plan for the ELG Mine Complex as well as the ML Project.
Operational and economic estimates are based on a project period commencing April 1, 2022, unless otherwise
noted. References to production and metal sold are based on payable levels unless otherwise stated. All values
of economic inputs are nominally based, and all amounts expressed in U.S. dollars unless otherwise stated.
Table 1: Summary of Technical Report
Notes to Table 1
1. Total cash costs – gold equivalent, mine-site all-in sustaining costs – gold equivalent, total cash costs – by-product, mine-site all-in sustaining costs – by-product, non-
sustaining and sustaining capital costs and mine-site EBITDA are Non-GAAP Measures. See footnote 3 above and Cautionary Note below on Non-GAAP Measures.
2. AuEq sold includes Au and AuEq values for Ag and Cu assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu.
3. Estimates are based on the project period commencing April 1, 2022. All amounts in U.S. dollars.
Metrics as of April 1, 2022 Morelos ELG ML
Complex Standalone Incremental
Total Processed
Life of Mine years 11.75 3.5 8.25
Total ore processed kt 39,778 15,931 23,847
Gold (Au) grade processed g/t 2.89 2.91 2.88
Silver (Ag) grade processed g/t 16.7 4.3 25.0
Copper (Cu) grade processed % 0.56 0.12 0.85
Total Payable Sold
Gold (Au) koz 3,294 1,330 1,964
Silver (Ag) koz 15,587 661 14,926
Copper (Cu) Mlbs 409 4 405
Gold equivalent (AuEq) koz 4,392 1,347 3,045
Unit Operating Costs (including PTU)
ELG Open Pit $/t mined $2.81
ELG Underground $/t ore mined $98.19
ML Underground $/t ore mined $34.04
Processing $/t ore milled $34.54
Site support $/t ore milled $13.47
Transport/Treatment/Refining $/t ore milled $5.67
Total operating cost $/t ore milled $84.15
Total operating cost with royalties $/t ore milled $89.08
Operating Costs
Total cash costs - gold equivalent $/oz AuEq $809 $831
Mine-site all-in sustaining costs - gold equivalent $/oz AuEq $954 $1,023
Total cash costs - by-product $/oz Au $545 $820
Mine-site all-in sustaining costs - by-product $/oz Au $739 $1,015
Total Capital Expenditures
Non-sustaining $M $850 $2 $848
Sustaining $M $545 $184 $361
Reclamation and closure $M $93
Economics
Gross revenue $M $7,106 $2,234 $4,872
Mine-site EBITDA $M $3,503 $1,067 $2,436
Cumulative cash flow $M $1,418 $590 $828
After-tax NPV (5% discount rate) $M $1,040 $582 $458
After-tax IRR % 16.1%
Project payback period years 5.8
Base Case Commodity/Currency
Gold price $/oz $1,600 $1,600 $1,600
Silver price $/oz $21.00 $21.00 $21.00
Copper price $/lb $3.50 $3.50 $3.50
MXN/USD 20.00 20.00 20.00
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Torex Gold Resources Inc.
The updated mine plan and economics outlined for the Morelos Complex in the Technical Report are based on
Proven & Probabl e Mineral Reserve s for the ELG Mine Complex and the Media Luna Project. Differences
between Mineral Reserve s (tonnes and grade) compared to life of mine total s outlined in Table 1, reflect a
project period commencing April 1, 2022 compared with Mineral Reserves which have an effective date o f
December 31, 2021 for the ELG Mine Complex and an effective date of October 31, 2021 for the ML Project.
Details on the Company’s Mineral Reserves and Mineral Resources can be found in Table 11 and Table 12.
Metal Sold
Over an estimated life of mine of 11.75 years, based on Mineral Reserves, the Morelos Complex is expected to
deliver annualized payable sales of 280 koz of gold (“Au”), 1,327 koz of silver (“Ag”), and 34.8 Mlb of copper
(“Cu”). On a AuEq basis2, annualized payable AuEq sold over the life of the Morelos Complex is forecast to
average 374 koz. AuEq sold is calculated by applying the long-term metal prices of $1,600/oz Au ($1,700/oz in
2022), $21/oz Ag, and $3.50/lb Cu assumed within the base case economics set out in the Technical Report .
Metal sales are after metallurgical recoveries and payable factors for Au, Ag, and Cu.
During the period in which the capacity of the processing plant is fully utilized ( April 2022 through December
2027), annualized AuEq sold is forecast to average 450 koz. Based on current Mineral Reserves, annual sales
are forecast to decline post 2027 when the ML Project becomes the sole source of feed for the processing plant.
Initiatives to fill the mill beyond 2027 are currently underway (Figure 1).
Figure 1: Annualized AuEq sold of 374 koz estimated over the life of mine; Annual AuEq sold through 2027 is
expected to average 450 koz when the capacity of the processing plant is to be fully utilized
Notes to Figure 1:
1. AuEq sold includes Au and AuEq values for Ag and Cu assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu.
2. A summary of life of mine payable sold values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades. Expected
recovery and payable factors for Au, Ag and Cu can be found in Table 2.
3. 2022 payable AuEq sold includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022 .
Over the life of the Morelos Complex, approximately 75% of AuEq sold is attributable to Au, approximately 20%
to Cu, and the remainder to Ag. The proportion of AuEq sold attributable to Cu is expected to increase materially
commencing with start-up of the ML Project, with annual payable Cu of approximately 45 Mlb forecast between
2025 and 2033, representing close to 28% of AuEq sold over this period.
Mining
Ore for the Morelos Complex will be sourced from the ELG Open Pit operation, ELG Underground operation,
and ML Project. Production during the near-term will be predominantly supported by ELG Open Pit while longer
term production will be supported by the ML Project. Ongoing Reserve growth could extend the current
production profile of the ELG Underground beyond 2027 (Figure 2).
Mining activities within the ELG Open Pit operations are expected to decline over the coming years with
depletion of the Guajes and El Limón Sur pits in H1 2023 and the El Limón open pit in H2 2024.
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Torex Gold Resources Inc.
Mining activities within the ELG Underground are forecast to run through Q3 2027 based on Mineral Reserves
and assume an average daily mining rate of 1,370 tpd between 2022 and 2026. The mining method considered
in the ELG Underground is cut -and-fill. Opportunities to transition to lower cost bulk mining are currently being
studied, which could result in potentially higher output in the ELG Underground and lower unit costs. The
Company also sees significant potential to continue to grow the Mineral Reserves of the ELG Underground ,
which increased 20% in 2021 following a 15% increase in 2020.
Figure 2: ML Project expected to be the sole source of ore post 2027 based on current Mineral Reserves
Notes to Figure 2:
1. Ore mined in 2022 includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022 .
The ML Project is being developed with six primary mining zones each with designated infrastructure. At steady-
state production, the underground mine is expected to deliver an average rate of 7,500 tpd of ore to the
upgraded processing plant. The Technical Report assumes a credible ramp-up to steady-state production with
first development ore in Q 4 2023. Production stoping is expected to commence in Q2 2024 with the mine
achieving commercial production in Q1 2025. The ML Project is expected to be operating at 7,500 tpd in Q1
2027, implying a 3-year ramp-up from first production ore or 3.5 years from first development ore (Figure 3).
Figure 3: Credible ramp-up period of 3 years assumed for the ML Project
The predominant mining method at the ML Project will be longhole stoping. Mined stopes will be filled using
paste backfill. The paste plant will be located on surface with access from the south side of the Balsas River.
Ore will be conveyed through the 6.5-kilometre Guajes Tunnel, which optimizes the use of existing infrastructure
by connecting the processing plant on the north side of the Balsas River to the ML Project on the south side.
Processing
Ore mined from the Morelos Complex (ELG Open Pit, ELG Underground and ML Project) as well as surface
stockpiles will be processed through the existing facility located on the north side of the Balsas River. Upgrades
to the existing processing plant are required to deal with higher levels of soluble iron and recover elevated levels
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Torex Gold Resources Inc.
of copper and silver contained within the ML deposit relative to those found within the ELG Mine Complex .
Additions to the current processing plant include a Cu flotation circuit, an FeS flotation circuit, water treatment
facility, regrind mill, and variable speed drives on the ball mill.
The current processing facility is expected to operate at 13,000 tpd through September 2024. The current plan
is to complete the required tie-ins to the processing plant over a 4-week period in October 2024 , with wet
commissioning to commence in November 2024. The commissioning period for the flotation circuits is expected
to be relatively straight forward, and steady -state throughput of 10,600 tpd is expected to be reached by year-
end 2024. Depending on the mix of ore types and sources, a portion of feed will be blended, while other portions
will be batched processed over the life of mine.
A separate stockpile of ore mined from the ML Project between Q4 2023 and Q4 2024 will be created to facilitate
the wet commissioning of the upgraded processing plant (Figure 4).
Figure 4: Exploration and drilling key to ensuring full capacity utilization in the processing plant post 2027
Notes to Figure 4:
1. Ore processed in 2022 includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022.
The Company sees significant potential to bolster the long-term production profile of the Morelos Complex by
extending the life of th e ELG Underground, potentially increasing mining rates in the ELG Underground ,
potentially developing the nearby EPO deposit, and identifying additional sources of incremental feed across
the broader Morelos Property. Incremental sources of higher-grade feed would allow the Company to defer the
processing of lower grade stockpiles until later in the mine life.
The upgraded processing plant is expected to result in commercially meaningful recoveries for Cu and improved
recoveries for Ag, while maintaining Au recoveries at similar levels to those currently being achieved.
Metallurgical recoveries over the life of the Morelos Complex are expected to average 89.8% Au, 80.5% Ag,
and 86.4% Cu. The life of mine recoveries, inc luding Media Luna, compare favourably to the current plant
configuration recoveries of 89.0% Au, 30.0% Ag and 10.0% Cu.
Table 2: Upgraded processing plant expected to deliver significantly higher recoveries for Cu and Ag
Notes to Table 2:
1. Recoveries and payable factors are based on the project period commencing April 1, 2022.
Capacity = 10,600 t/d
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Torex Gold Resources Inc.
Recovered production is subject to payable factors associated with metal contained in concentrate and to a
lesser extent doré. Over the life of mine, total payable factors for metals contained in concentrate and doré/other
are forecast to average 99.3% Au, 90.9% Ag, and 96.5% Cu (Table 2).
Tailings Management
Tailings from the current processing facility will continue to be deposited in the existing Filtered Tailings Storage
Facility. Upon commissioning of the upgraded processing plant, the Company envisions depositing tailings into
the depleted Guajes open pit . Over the life of the Morelos Complex, approximately 50% of tailings generated
will be deposited into one of the tailings facilities with the remainder used underground as paste back -fill.
Key Infrastructure
The development of the ML Project requires significant investment in infrastructure to access the deposit as
well as exploit the deposit, including development of the Guajes Tunnel, South Portal Upper, South Portal Lower
and a surface paste plant.
The 6.5-kilometre Guajes Tunnel is a key schedule item as the tunnel will be the primary conduit for moving
ore, material, supplies, and personnel between M L on the south side of the Balsas River and the processing
plant on the north side. The $76M go forward investment in the Guajes Tunnel, although more capital intensive
than concepts outlined in the 2018 Preliminary Economic Assessment (the “PEA”), was selected as the superior
option given that it provides unfettered access to the entire south side of the Morelos Property, an area the
Company believes offers significant resource upside.
The development of South Portal Upper and South Portal Lower will provide access for personnel, materials,
and supplies from the south side of the property. These access points will also allow for the development of the
upper, middle, and lower portions of the Media Luna deposit in advance of the Guajes Tunnel being completed.
In addition, South Portal Lower will allow the Company to commence development of the Guajes Tunnel from
the south side of the Balsas River, which will optimize the overall progress of tunnelling. The Company has
budgeted advance rates of 6-6.5 metres/day (“m/d”) from north to south and 4.5-5 m/d from south to north.
Development of the two southside portals is estimated at $40M over the project period.
The construction of an appropriate surface paste plant on the south side of the Balsas River is also an upgrade
over the PEA conceptual design which envisioned cemented rock fill. Paste backfill is a more suitable option for
mining the Media Luna deposit given the predominant mining method will be longhole stoping, average size of
stopes, overall scale of the underground operation , and more attractive operating cost profile . Construction of
the paste plant and associated tailings pipeline is estimated at $78M.
The increase in power requirements associated with the ML Project and upgraded processing facility will require
upgrades to the main power line, substation, and switching centre. Overall power demand is expected to
increase to a peak load of 60 MW in 2027 from 25 MW in 2022. Power upgrades are estimated at $19M.
Capital Expenditures
Non-sustaining capital expenditures 3 over the life of the Morelos Complex are estimated at $ 850M, including
$848M to bring the ML Project into commercial production . The upfront capital investment in the ML Project
includes $85M of underground mine development during the pre -commercial mining period between Q4 2023
and Q4 2024 (Table 3).
The upfront capital required to develop the ML Project excludes $124M of direct project expenditures incurred
prior to April 1, 2022, of which $37M is related to the Guajes Tunnel and $28M to the development of South
Portal Upper and Lower. In addition to the ML Project, approximately $2M is estimated to complete Portal #3
within the ELG Underground.
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Torex Gold Resources Inc.
Of the upfront capital expenditure to develop the ML Project, approximately 60% is related to direct project
expenditures and the remainder is associated with indirect expenditures, including $62M related to freight and
IMMEX. Of the direct project expenditures, the largest capital outlays are related to underground mine
development ($173M), accessing the deposit via the Guajes Tunnel ($76M) as well as South Po rtal Upper and
Lower ($40M), upgrades to the process plant ($98M), and tailings/paste plant ($78M). Of the indirect
expenditures, the largest components are contingency ($100M) and EPCM costs ($82M).
Table 3: The ML Project is expected to cost $848M to develop
Notes to Table 3:
1. Non-sustaining capital expenditures is a Non-GAAP Measure. See footnote 3 above and the Cautionary Note below on Non-GAAP Measures.
2. Estimates are based on the project period commencing April 1, 2022. All amounts in U.S. dollars.
Sustaining capital expenditures over the life of the project are estimated at $545M, implying an average annual
spend of $46M. Sustaining capital expenditures include $94M of capitalized stripping within the ELG Open Pit.
Table 4: Annual sustaining capital expenditures expected to average $46M over life of the Morelos Complex
Notes to Table 4:
1. Sustaining capital expenditure is a Non-GAAP Measure. See footnote 3 above and Cautionary Note below on Non-GAAP Measures.
2. AuEq sold includes Au and AuEq values for Ag and Cu assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu.
3. A summary of life of mine payable sold values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades. Expected
recovery and payable factors for Au, Ag and Cu can be found in Table 2.
4. Estimates are based on the project period commencing April 1, 2022. All amounts in U.S. dollars.
Reclamation costs over the life of the project are estimated at $93M.
Metrics as of April 1, 2022 Total
($M)
Non-Sustaining - Media Luna Project
Directs
Guajes Portal & Tunnel $75.8
South Portals & Tunnels $40.2
Underground Mine $172.6
Process Plant $98.3
Tailings and Paste Plant $77.8
On-Site Infrastructure $15.0
Off-Site Infrastructure $25.9
Total Directs $505.6
Indirects
Freight and IMMEX $61.6
Contractor Indirects $20.3
Mobilization, Spares, Vendor Support $26.6
EPCM $81.5
Owners Cost $53.3
Contingency $99.5
Total Indirects $342.8
Total Non-Sustaining - Media Luna Project $848.4
Total Non-Sustaining - ELG $1.7
Total Non-Sustaining - Morelos Complex $850.1
Metrics as of April 1, 2022 Total Total Total
($M) ($/t ore) ($/oz AuEq)
Total ore processed (kt) 39,778
Total payable gold equivalent sold (koz AuEq) 4,392
Sustaining
ELG Open Pit - Capitalized Stripping $93.7 $2.4 $21
ELG Open Pit - Other $24.8 $0.6 $6
ELG Underground $33.8 $0.8 $8
Media Luna Underground $266.0 $6.7 $61
Process Plant $92.8 $2.3 $21
Support equipment leases $34.0 $0.9 $8
Total Sustaining - Morelos Complex $545.1 $13.7 $124