TOREX GOLD REPORTS AN EXCELLENT CLOSE TO 2022 Delivers on full year production and cost guidance; exits the year with liquidity of $622 million
For Immediate Release
TOREX GOLD REPORTS AN EXCELLENT CLOSE TO 2022
Delivers on full year production and cost guidance; exits the year with liquidity of $622 million
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, February 22, 2023 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports the Company’s financial and operational results for the three months and year ended December 31,
2022. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results.
Jody Kuzenko, President & CEO of Torex, stated:
“Operational consistency and disciplined cost control resulted in another strong year across all measures for
Torex. Record gold production of 474,035 ounces was driven by record mill throughput and record underground
mining rates. Our steadfast focus on controlling costs resulted in an impressive all-in sustaining costs margin of
44% for the year, with cost guidance achieved despite persistent inflationary pressures.
“In addition to the robust financial and operational results, steady progress was made at the Media Luna Project
with the project achieving overall completion of 15% at year-end, including engineering, procurement, surface
construction and underground development. First production remains on schedule for Q4 2024, with lead times
and costs for schedule -critical procurement packages tracking well to the estimates assumed in the 2022
Technical Report. At the Guajes Tunnel, advance rates during December were an outstanding 7. 2 meters per
day; as such, the tunnel has now crossed under the Balsas River and breakthrough remains on schedule for
Q1 2024. Construction and development activities at Media Luna will increase further over the coming quarters,
with 2023 expected to be the peak year of spending on the project.
“Our record operational performance in conjunction with robust margins led to adjusted EBITDA of $479 million
and free cash flow generation of $130 million. As a result, the Company’s year -end cash position increased to
$376 million, resulting in available liquidity of more than $622 million. With a robust balance sheet and strong
forecast cash flow from El Limón Guajes over the next two years, we are well positioned to fund the $750 million
of remaining project expenditures at Media Luna, continue to invest in value enhancing exploration and drilling,
and maintain $100 million of balance sheet liquidity – all of which are fundamental to support our ambitious
plans for growth.”
FULL YEAR 2022 HIGHLIGHTS
• Strong safety performance continues: The Company exited the year with no fatalities and a lost-time
injury frequency (“LTIF”) rate of 0.28 per million hours worked on a rolling 12-month basis.
• Record annual gold production: Delivered record annual gold production of 474 ,035 ounces (“oz”)
for the year, surpassing the prior record of 468,203 oz set in 2021. Full year gold production surpassed
the upper end of the guided range of 430,000 to 470,000 oz, marking the fourth consecutive year that
original production guidance ha s been achieved. During the year, the Company also achieved record
annual throughput in the mill of 12,600 tonnes per day (“tpd”) and record annual mining rate from ELG
Underground of 1,523 tpd.
• Record annual gold sold: Record annual gold sold of 473,122 oz at an average realized gold price 1
of $1,809 per oz, contributing to revenue of $868.5 million.
• Met full year cost guidance : Total cash costs 1 of $730 per oz sold, at the upper end of the guided
range of $695 to $735 per oz sold. All -in sustaining costs1 of $1,008 per oz sold, near the mid-point of
the guided range of $980 to $1,030 per oz sold. Full year cost guidance was achieved despite significant
global inflationary pressures. All -in sustaining cost s margin1 of $801 per oz sold, implying an all-in
sustaining costs margin1 of 44%. Cost of sales was $564.6 million or $1,193 per oz sold.
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Torex Gold Resources Inc.
• Strong profitability and EBITDA 1: Reported net income of $188.8 million, or earnings of $2.20 per
share on a basic basis and $2.19 per share on a diluted basis. Adjusted net earnings1 of $167.1 million,
or $1.95 per share on a basic basis and $1.94 per share on a diluted basis. Net income includes a
derivative gain of $8.8 million related to gold forward contracts entered into during the first and fourth
quarters of 2022 to reduce downside price risk during the construction of the Media Luna Project.
Generated EBITDA of $482.8 million and adjusted EBITDA of $478.5 million.
• Robust cash flow generation: Net cash generated from operating activities totalled $408.1 million and
$382.3 million before changes in non -cash operating working capital, including income taxes paid of
$107.3 million and positive free cash flow1 of $129.8 million.
• Strong financial liquidity: The Company extended and increased the available credit facilities with a
syndicate of international banks in the third quarter of 2022, providing a total of $250 million in available
credit maturing in 2025. The year closed with net cash 1 of $372.1 million, including $376.0 million in
cash and $3.9 mil lion of lease obligations, no borrowings on the credit facilities and letters of credit
drawn of $3.4 million, providing more than $622 million in available liquidity.
• Media Luna Project: Based on the results of the Media Luna Feasibility Study, included in an updated
Technical Report for the Morelos Property released on March 31, 2022, the Board of Directors approved
the development of the Media Luna Project, more than tripling the Morelos Property life of mine to 11.75
years. Media Luna Pr oject expenditures incurred in 2022 totalled $124.7 million from commencement
of construction as of April 1, 2022, with a remaining project spend of $749.8 million. Expenditures during
this period were primarily focused on continued development of the Guaj es Tunnel and South Portals,
with development of the Guajes Tunnel reaching 3,250 metres and South Portal Lower reaching 1,423
metres by end of year. As of December 31, 2022, physical progress on the Project was approximately
15%, with key engineering and procurement activities advancing. To date, lead times and costs of
executed purchase orders are substantially in line with the assumptions made in the 2022 Technical
Report. As a result of the previously announced lower procurement spend, there was an unde rrun in
capital expenditures on the Project for 2022, and full -year non-sustaining capital expenditure for the
Media Luna Project of $143.2 million was within the revised guidance of $120 million to $150 million.
As of December 31, 2022, the Company had co mmitments in place for $229.7 million of project
expenditures (approximately 26% of total budgeted expenditures). The pace of investment is expected
to accelerate over the coming quarters, and the overall Project schedule remains on track at this early
stage.
• Receipt of Key Media Luna Environmental Permit: In the third quarter of 2022, the Company
received approval from Mexico’s Secretariat of Environmental and Natural Resources (“SEMARNAT”)
on the key, culminating environmental permit for the Project (the “MIA Integral”), which allows for
operations to begin at Media Luna.
• Inaugural Climate Change Report Released: In November, the Company released its inaugural
Climate Change Report aligned with the recommendations of the Task Force on Climate-Related
Financial Disclosure, including greenhouse gas (“GHG”) emissions reduction targets in support of its
overall commitment to achieve net zero GHG emissions by 2050, which include a 10% reduction in
absolute emissions by 2030, otherwise stated as a 25% reduction in business as usual emissions.
• Completion of World Gold Council Year 2 Responsible Gold Mining Principles (RGMP)
Requirements: In December, the Company’s World Gold Council RGMP Year Two Implementation
Progress Report (as of November 2022) was published. The Year Two Report highlights the Company’s
progress in reaching compliance with the RGMPs and provides independent assurance of progress
from KPMG.
FOURTH QUARTER 2022 HIGHLIGHTS
• Safety performance : Two lost -time injuries in the quarter with an employee suffering a fractured
forearm and a contractor injuring an eye.
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Torex Gold Resources Inc.
• Gold production: Delivered gold production of 116,196 oz for the quarter driven by strong gold grades
to the mill, in part due a record mining rate at ELG Underground of 1,685 tpd, exceeding the previous
record of 1,582 tpd set during Q2 2022.
• Gold sold: Sold 121,913 oz at an average realized gold price of $1,784 per oz, with revenue of $216.5
million.
• Total cash costs and all -in sustaining costs: Total cash costs of $ 711 per oz sold and all -in
sustaining costs of $1,034 per oz sold. Cost of sales was $146.6 million or $1,202 per oz sold in the
quarter.
• Net income and adjusted net earnings: Reported net income of $34.6 million or earnings of $0.40
per share on both a ba sic and diluted basis. Adjusted net earnings of $38.3 million or $0.45 per share
on a basic basis and $0.44 per share on a diluted basis. Net income includes a net derivative loss of
$20.0 million related to gold forward contracts entered into in 2022.
• EBITDA and adjusted EBITDA: Generated EBITDA of $96.0 million and adjusted EBITDA of $122.9
million.
• Robust cash flow generation: Net cash generated from operating activities totalled $132.1 million and
$110.8 million before changes in non -cash operating working capital, including income taxes paid of
$18.5 million and positive free cash flow1 of $41.4 million.
1. These measures are Non -GAAP Financial Performance Measures or Non -GAAP ratios (collectively, “Non -GAAP Measures”). For a detailed reconciliation of each
Non-GAAP Measure to its most directly comparable IFRS financial measure see Tables 2 to 10 of this press release. For additional information on these Non-GAAP
Measures, please refer to the Company’s management’s discussion and analysis (“MD&A”) for the year ended December 31, 2022, dated February 22, 2023. The
MD&A, and the Company’s audited consolidated financial statements for the year ended December 31, 2022, are available on Torex’s website (www.torexgold.com)
and under the Company’s SEDAR profile (www.sedar.com).
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Torex Gold Resources Inc.
Table 1: Operating and Financial Highlights
1. On a 12-month rolling basis, per million hours worked.
2. Total cash costs, total cash costs margin, all-in sustaining costs, all-in sustaining costs margin, average realized gold price, adjusted net earnings, EBITDA, adjusted
EBITDA, free cash flow and net cash are non-GAAP financial measures with no standard meaning under International Financial Reporting Standards (“IFRS”). Refer to
“Non-GAAP Financial Performance Measures” for further information and a detailed reconciliation to the comparable IFRS measures in the Company’s MD&A for the year
ended December 31, 2022, dated February 22, 2023, available on Torex Gold’s website (www.torexgold.com) and under the Company’s SEDAR profile (www.sedar.com).
CONFERENCE CALL AND WEBCAST DETAILS
The Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will discuss the
full year and fourth quarter operating and financial results. Please dial in or access the webcast approximately
ten minutes prior to the start of the call:
• Toronto local or International: 1-416-915-3239
• Toll-Free (North America): 1-800-319-4610
A live webcast of the conference call will be available on the Company’s website at
https://torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company’s website.
Three Months Ended Year Ended
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
In millions of U.S. dollars, unless otherwise noted 2022 2022 2021 2022 2021
Operating Results
Lost-time injury frequency1 /million hours 0.28 0.10 0.14 0.28 0.14
Total recordable injury frequency1 /million hours 1.58 1.69 2.32 1.58 2.32
Gold produced oz 116,196 122,208 109,411 474,035 468,203
Gold sold oz 121,913 119,834 109,391 473,122 468,823
Total cash costs2 $/oz 711 760 764 730 674
Total cash costs margin2 $/oz 1,073 955 1,034 1,079 1,120
All-in sustaining costs2 $/oz 1,034 1,059 1,079 1,008 928
All-in sustaining costs margin2 $/oz 750 656 719 801 865
Average realized gold price2 $/oz 1,784 1,715 1,798 1,809 1,794
Financial Results
Revenue $ 216.5 209.3 202.0 868.5 855.8
Cost of sales $ 146.6 146.2 135.1 564.6 529.3
Earnings from mine operations $ 69.9 63.1 66.9 303.9 326.5
Impairment loss $ - - 41.2 - 41.2
Net income (loss) $ 34.6 43.9 (0.5 ) 188.8 151.7
Per share - Basic $/share 0.40 0.51 (0.01 ) 2.20 1.77
Per share - Diluted $/share 0.40 0.51 (0.01 ) 2.19 1.71
Adjusted net earnings2 $ 38.3 34.6 32.4 167.1 180.0
Per share - Basic2 $/share 0.45 0.40 0.38 1.95 2.10
Per share - Diluted2 $/share 0.44 0.40 0.38 1.94 2.09
EBITDA2 $ 96.0 127.8 62.4 482.8 461.6
Adjusted EBITDA2 $ 122.9 107.8 104.6 478.5 490.8
Cost of sales $/oz 1,202 1,220 1,235 1,193 1,129
Net cash generated from
operating activities $ 132.1 102.4 94.6 408.1 330.0
Net cash generated from
operating activities before
changes in non-cash
operating working capital
$ 110.8 91.3 87.4 382.3 365.2
Free cash flow2 $ 41.4 33.5 37.3 129.8 97.9
Cash and cash equivalents $ 376.0 339.2 255.7 376.0 255.7
Net cash2 $ 372.1 336.1 252.4 372.1 252.4
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Torex Gold Resources Inc.
Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Cost of Sales
1. This amount excludes a loss of $2.5 million, gain of $0.3 million and loss of $0.1 million for the three months ended Decemb er 31, 2022, September 30, 2022, and
December 31, 2021, respectively, and a loss of $0.4 million and gain of $5.9 million for the years ended December 31, 2022 and December 31, 2021, respectively,
in relation to the remeasurement of share -based payments. This amount also excludes corporate depreciation and amortization expenses totalling nil, $0.1 million
and $0.2 million for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively, $0.2 million and $0.7 million for the
years ended December 31, 2022 and December 31, 2021, respectively, recorded within g eneral and administrative costs. Included in general and administrative
costs is share-based compensation expense in the amount of $0.8 million or $7/oz for the three months ended December 31, 2022, $0.8 million or $7/oz for the three
months ended September 30, 2022, $0.7 million or $6/oz for the three months ended December 31, 2021, $4.2 million or $9/oz for the years ended Dec ember 31,
2022 and $5.2 million or $11/oz for the years ended December 31, 2021.
2. Before changes in net working capital and other, capital expenditures for the three months and year ended December 31, 2022 t otalled $105.6 million and $289.0
million, respectively, including lease payments (principal and interest) of $1.2 million and $4.4 million, respectively. Sustaining capital expenditures of $32.3 million
and $102.9 million in the three months and year ended December 31, 2022, respectively, are related to $17.5 million and $58.1 million, respectively, for the cash
component of capitalized stripping activities, $13.5 million and $40.8 million, respectively, for sustaining equipment and infrastructure expendit ures, and $1.3 million
and $4.0 million, respectively, for sustaining exploration costs capitalized. Non-sustaining capital expenditures of $73.3 million and $186.1 million for the three months
and year ended December 31, 2022, respectively, relating to ELG Underground and the Media Luna Project, have been excluded fr om AISC.
Table 3: Reconciliation of Sustaining and Non-Sustaining Costs to Capital Expenditures
1. The amount of cash expended on additions to property, plant and equipment in the period as reported in the consolidated statements of cash flows.
Three Months Ended Year Ended
In millions of U.S. dollars, unless otherwise noted Dec 31,
2022 Sep 30,
2022 Dec 31,
2021 Dec 31,
2022 Dec 31,
2021
Gold sold oz 121,913 119,834 109,391 473,122 468,823
Total cash costs per oz sold
Production costs and royalties $ 91.0 94.9 88.8 363.3 330.5
Less: Silver sales $ (1.4 ) (0.6 ) (0.8 ) (3.4 ) (2.5 )
Less: Copper sales $ (2.9 ) (3.2 ) (4.5 ) (14.6 ) (12.1 )
Total cash costs $ 86.7 91.1 83.5 345.3 315.8
Total cash costs per oz sold $/oz 711 760 764 730 674
All-in sustaining costs per oz sold
Total cash costs $ 86.7 91.1 83.5 345.3 315.8
General and administrative costs1 $ 5.7 5.0 6.1 23.5 25.6
Reclamation and remediation costs $ 1.4 1.4 1.1 5.4 4.5
Sustaining exploration costs expensed $ - - 1.1 - 4.0
Sustaining capital expenditure2 $ 32.3 29.4 26.1 102.9 85.3
Total all-in sustaining costs $ 126.1 126.9 118.0 477.1 435.3
Total all-in sustaining costs per oz sold $/oz 1,034 1,059 1,079 1,008 928
Three Months Ended Year Ended
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
In millions of U.S. dollars 2022 2022 2021 2022 2021
Sustaining $ 14.8 12.8 10.9 44.8 36.2
Capitalized Stripping $ 17.5 16.6 15.2 58.1 49.1
Non-sustaining $ 6.6 4.3 5.7 21.6 36.8
Total ELG $ 38.9 33.7 31.8 124.5 122.1
Media Luna Project $ 62.6 32.5 32.3 143.2 93.6
Media Luna Infill Drilling/Other $ 4.1 5.4 2.9 21.3 22.0
Working Capital Changes & Other $ (14.8 ) (3.0 ) (10.1 ) (11.8 ) (7.3 )
Capital expenditures1 $ 90.8 68.6 56.9 277.2 230.4
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Torex Gold Resources Inc.
Table 4: Reconciliation of Average Realized Gold Price and Total Cash Costs Margin to Revenue
Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue
Three Months Ended Year Ended
In millions of U.S. dollars, unless otherwise noted
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Gold sold oz 121,913 119,834 109,391 473,122 468,823
Revenue $ 216.5 209.3 202.0 868.5 855.8
Less: Silver sales $ (1.4 ) (0.6 ) (0.8 ) (3.4 ) (2.5 )
Less: Copper sales $ (2.9 ) (3.2 ) (4.5 ) (14.6 ) (12.1 )
Add (less): Realized gain (loss) on gold
contracts $ 5.3 - - 5.3 (0.2 )
Total proceeds $ 217.5 205.5 196.7 855.8 841.0
Total average realized gold price $/oz 1,784 1,715 1,798 1,809 1,794
Less: Total cash costs $/oz 711 760 764 730 674
Total cash costs margin $/oz 1,073 955 1,034 1,079 1,120
Total cash costs margin % 60 56 58 60 62
Three Months Ended Year Ended
In millions of U.S. dollars, unless otherwise noted
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Gold sold oz 121,913 119,834 109,391 473,122 468,823
Revenue $ 216.5 209.3 202.0 868.5 855.8
Less: Silver sales $ (1.4 ) (0.6 ) (0.8 ) (3.4 ) (2.5 )
Less: Copper sales $ (2.9 ) (3.2 ) (4.5 ) (14.6 ) (12.1 )
Add (less): Realized gain (loss) on gold
contracts $ 5.3 - - 5.3 (0.2 )
Less: All-in sustaining costs $ (126.1 ) (126.9 ) (118.0 ) (477.1 ) (435.3 )
All-in sustaining costs margin $ 91.4 78.6 78.7 378.7 405.7
Total all-in sustaining costs margin $/oz 750 656 719 801 865
Total all-in sustaining costs margin % 42 38 39 44 47
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Torex Gold Resources Inc.
Table 6: Reconciliation of Adjusted Net Earnings to Net Income (Loss)
Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income (Loss)
1. Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses.
Three Months Ended Year Ended
In millions of U.S. dollars, unless
otherwise noted
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Basic weighted average
shares outstanding shares 85,843,808 85,843,808 85,749,183 85,831,727 85,714,843
Diluted weighted average
shares outstanding shares 86,166,019 86,039,606 86,161,396 86,079,481 86,140,607
Net income (loss) $ 34.6 43.9 (0.5 ) 188.8 151.7
Adjustments:
Unrealized foreign
exchange (gain) loss $ (0.9 ) 0.3 0.9 (1.2 ) (0.7 )
Change in unrealized gains
and losses on derivative
contracts
$ 25.3 (20.0 ) - (3.5 ) (5.4 )
Impairment loss $ - - 41.2 - 41.2
Remeasurement of
share-based payments $ 2.5 (0.3 ) 0.1 0.4 (5.9 )
Tax effect of above
adjustments $ (8.1 ) 6.0 (12.7 ) 1.3 (8.8 )
Tax effect of currency
translation on tax base $ (15.1 ) 4.7 3.4 (18.7 ) 7.9
Adjusted net earnings $ 38.3 34.6 32.4 167.1 180.0
Per share - Basic $/share 0.45 0.40 0.38 1.95 2.10
Per share - Diluted $/share 0.44 0.40 0.38 1.94 2.09
Three Months Ended Year Ended
In millions of U.S. dollars
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Net income (loss) $ 34.6 43.9 (0.5 ) 188.8 151.7
Finance (income) costs, net $ (4.5 ) (0.8 ) 0.7 (5.2 ) 0.8
Depreciation and amortization1 $ 55.6 51.4 46.7 201.5 199.7
Current income tax expense $ 50.7 32.3 20.8 144.6 123.4
Deferred income tax (recovery) expense $ (40.4 ) 1.0 (5.3 ) (46.9 ) (14.0 )
EBITDA $ 96.0 127.8 62.4 482.8 461.6
Adjustments:
Impairment loss $ - - 41.2 - 41.2
Change in unrealized gains and losses on
derivative contracts $ 25.3 (20.0 ) - (3.5 ) (5.4 )
Unrealized foreign exchange (gain) loss $ (0.9 ) 0.3 0.9 (1.2 ) (0.7 )
Remeasurement of share-based
payments $ 2.5 (0.3 ) 0.1 0.4 (5.9 )
Adjusted EBITDA $ 122.9 107.8 104.6 478.5 490.8
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Torex Gold Resources Inc.
Table 8: Free Cash Flow
1. The amount of cash expended on additions to property, plant and equipment in the year as reported on the consolidated statements of cash flows.
Table 9: Net Cash
Table 10: Unit Cost Measures
Three Months Ended Year Ended
In millions of U.S. dollars
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Net cash generated from operating
activities $ 132.1 102.4 94.6 408.1 330.0
Less:
Additions to property, plant and
equipment1 $ (90.8 ) (68.6 ) (56.9 ) (277.2 ) (230.4 )
Interest paid $ 0.1 (0.3 ) (0.4 ) (1.1 ) (1.7 )
Free cash flow $ 41.4 33.5 37.3 129.8 97.9
Dec 31, Sep 30, Dec 31,
In millions of U.S. dollars 2022 2022 2021
Cash and cash equivalents $ 376.0 339.2 255.7
Less: Lease obligations $ (3.9 ) (3.1 ) (3.3 )
Net cash $ 372.1 336.1 252.4
Three Months Ended Year Ended
In millions of U.S. dollars, unless
otherwise noted
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Gold sold (oz) 121,913 119,834 109,391 473,122 468,823
Tonnes mined - open pit
(kt) 9,505 9,980 9,836 38,451 39,684
Tonnes mined -
underground (kt) 155 143 95 556 460
Tonnes processed (kt) 1,141 1,199 1,160 4,599 4,512
Total cash costs:
Total cash costs ($) 86.7 91.1 83.5 345.3 315.8
Total cash costs per
oz sold ($) 711 760 764 730 674
Breakdown of
production costs
$ $/t $ $/t $ $/t $ $/t $ $/t
Mining - open pit 28.6 3.01 28.6 2.87 26.3 2.67 110.4 2.87 103.2 2.60
Mining - underground 10.9 70.19 13.2 91.89 9.1 95.51 45.9 82.53 38.7 84.01
Processing 38.2 33.43 38.2 31.82 40.4 34.80 151.6 32.97 158.2 35.05
Site support 13.2 11.54 12.8 10.64 12.7 10.98 49.3 10.72 46.5 10.31
Mexican profit sharing
(PTU) 3.9 3.43 5.9 4.96 4.6 3.93 23.7 5.15 16.3 3.61
Capitalized stripping (17.5 ) (16.6 ) (15.2 ) (58.1 ) (49.1 )
Inventory movement 6.2 5.2 3.8 9.5 (11.4 )
Other 0.8 1.4 1.1 4.8 2.5
Production costs 84.3 88.7 82.8 337.1 304.9