Torex Gold Reports Q3 2024 Production Results Solidly on track to deliver full-year production guidance following strong third quarter results
Torex Gold Reports Q3 2024 Production
Results
Solidly on track to deliver full-year production guidance
following strong third quarter results
Toronto, Ontario--(Newsfile Corp. - October 8, 2024) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) reports Q3 2024 gold production of 119,412 ounces ("oz") and gold sold of
122,130 oz. With year-to-date gold production of 348,728 oz, the Company is on track to achieve annual
gold production guidance of 400,000 to 450,000 oz.
TABLE 1: PRELIMINARY THIRD QUARTER 2024 OPERATIONAL RESULTS
Q3 2024
Mining
ELG Open Pits - Ore tonnes mined per day
tpd
16,731
ELG Open Pits - Waste tonnes mined per day
tpd
46,727
ELG Open Pits - Strip ratio
waste:ore
2.8
ELG Underground - Ore tonnes mined per day
tpd
2,127
Processing
Average plant throughput
tpd
12,889
Average gold recovery
%
90.7
Average gold grade of ore processed
gpt
3.47
Gold produced
oz
119,412
Gold sold
oz
122,130
Operational results are preliminary in nature and subject to final reconciliation. Financial and operational
results for Q3 2024 will be released after market close on Wednesday November 6, 2024. A conference
call hosted by senior management will be held the following day at 9:00 AM ET.
Jody Kuzenko, President & CEO of Torex, stated:
"We delivered a strong operational result during the third quarter with gold production of 119,412 oz,
bringing year-to-date gold production to 348,728 oz. With this solid performance, we are well on track to
deliver on full-year production guidance for the sixth consecutive year.
"The increased production relative to the first two quarters of the year reflects the impact of higher
processed grades, stable mine production and steady recoveries, partially offset by slightly lower tonnes
processed and timing of gold pours at quarter-end. As expected, mining rates at ELG Underground
remained above 2,000 tonnes per day ("tpd") while, at the open pit, the lower strip ratio relative to the
first half of the year was in line with the mine plan as we move into the final phases of the El Limón open
pit.
"Overall, the strong operational performance combined with a record high gold price supports continued
margin expansion and robust cash flow generation. The forecast cash flow generation in combination
with an already strong funding position provides the financial capacity and flexibility to complete and
ramp-up Media Luna in 2025, commence the development of EPO mid next year, increase investment in
value-creating exploration and drilling, and place the Company in a solid position to consider returning
capital to shareholders."
THIRD QUARTER 2024 CONFERENCE CALL AND WEBCAST DETAILS
Torex plans to release its third quarter financial and operational results after market close on
Wednesday, November 6, 2024. A conference call and webcast hosted by senior management will be
held on Thursday, November 7, 2024, at 9:00 AM ET.
Telephone Access
For expedited access to the conference call,
registration
is open to obtain an access code in advance,
which will allow participants to join the call directly at the scheduled time.
Alternatively, dial-in details are as follows:
Toronto local or International: 1-647-484-8814
Toll-Free (North America): 1-844-763-8274
Please dial in approximately ten minutes prior to the scheduled start time if using the dial-in details
above and request to join the Torex Gold Resources conference call.
Webcast Access
A webcast and replay will be available on the Company's website at
www.torexgold.com/investors/upcoming-events/
.
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 Property, an area of 29,000 hectares in the highly prospective
Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is
the Morelos Complex, which includes the El Limón Guajes ("ELG") Mine Complex, the Media Luna
Project, a processing plant, and related infrastructure. Commercial production from the Morelos
Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was
released in March 2022. Torex's key strategic objectives are: integrate and optimize the Morelos
Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and
capital allocation; retain and attract best industry talent; and build on ESG excellence.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
Dan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not
limited to, statements that: the Company is solidly on track to deliver full-year production guidance
following strong third quarter results; the Company is on track to achieve annual gold production
guidance of 400,000 to 450,000 oz; with this solid performance, we are well on track to deliver on full-
year production guidance for the sixth consecutive year; overall, the strong operational performance
combined with a record high gold price supports continued margin expansion and robust cash flow
generation; the forecast cash flow generation in combination with an already strong funding position
provides the financial capacity and flexibility to complete and ramp-up Media Luna in 2025, commence
the development of EPO mid next year, increase investment in value-creating exploration and drilling,
and place the Company in a solid position to consider returning capital to shareholders; and Torex's key
strategic objectives are integrate and optimize its Morelos Property, deliver Media Luna to full
production, grow reserves and resources, disciplined growth and capital allocation, retain and attract
best industry talent, and build on ESG excellence. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "guidance", "expects", "planned", or
variations of such words and phrases or statements that certain actions, events or results are "on track
to" or "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 identified in the
Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101
Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an
effective date of March 16, 2022, Company's annual information form ("AIF") and management's
discussion and analysis ("MD&A") or other unknown but potentially significant impacts. Forward-looking
information is based on the reasonable assumptions, estimates, analyses and opinions of management
made in light of its 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 differ materially from those 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
such 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 events or otherwise, except as may be required by
applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/226017