TOREX GOLD REPORTS SECOND QUARTER RESULTS On track to meet full year production and cost guidance
For Immediate Release
TOREX GOLD REPORTS SECOND QUARTER RESULTS
On track to meet full year production and cost guidance
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, August 2, 2023 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports the Company’s financial and operational results for the three- and six-month periods ended June 30,
2023. Senior management of Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss
the quarterly results.
Jody Kuzenko, President & CEO of Torex, stated:
“2023 is proving to be another excellent year for Torex. We continued to successfully execute on our strategic
priorities through the first half of 2023, with production tracking toward the midpoint of annual guidance,
development of the Media Luna Project on budget and on schedule, and positive drill results recently released
for our ELG Underground.
“The second quarter was delivered to plan, with new quarterly throughput records set at both the mill and ELG
Underground. As previously disclosed and as we planned, production was lower and costs were higher relative
to the first quarter . This was due to an increased proportion of stockpiled material processed during Q2 as a
result of the depletion of reserves at the Guajes pit and the ongoing focus on waste stripping at the El Limón pit
with a view to extending pit life through to mid- 2025. Given the continued focus on waste stripp ing through Q3
and ongoing strength of the Mexican peso, we are currently tracking toward the upper end of annual total cash
costs and all-in sustaining costs guidance.
“We are also in the final stages of amending our credit agreement , which will extend the term of both the
revolving and term loan facilities by one year to 2026 and increase the capacity of the revolving facility by $50
million, bringing the total capacity of the revolving and term loan facilities to $300 million from $250 million. The
additional credit capacity reflects the strength of the underlying business and provides additional financial
flexibility to support our strategic priorities. The increased credit capacit y, combined with available liquidity of
more than $527 million at quarter-end and ongoing strong cash flow from ELG, puts us on solid footing to fund
the $606 million of remaining project expenditures for Media Luna, while continuing to invest in value-enhancing
exploration and drilling, and maintaining at least $100 million of cash on the balance sheet.
“All in all, 2023 is shaping up exactly as we planned. We expect the ongoing strength of our business to lead to
a further re-rating as we bring Media Luna into production in late- 2024, maintain strong production from ELG,
deliver ongoing reserve and resource growth on both sides of the Balsas River, and maintain a healthy and
flexible balance sheet.”
SECOND QUARTER 2023 HIGHLIGHTS
• Strong safety performance continues: Exited the quarter with a lost -time injury frequency (“LTIF”)
rate of 0.58 per million hours worked on a rolling 12-month basis. There was one lost-time injury in the
quarter at the Media Luna Project as the result of a contractor suffering a leg-related injury.
• Gold production: Delivered gold production of 107,507 ounces (“oz”) for the quarter (YTD - 230,425
oz) driven by a record milling rate of 13,293 tonnes per day (“tpd”) (YTD - 13,184 tpd) and a record
mining rate at ELG Underground of 1,913 tpd (YTD - 1,826 tpd). With quarterly production in the second
half of 2023 expected to mirror the first half of 2023, the Company remains on track to meet annual
production guidance of 440,000 to 470,000 ounces.
• Gold sold: Sold 105,749 oz of gold (YTD - 224,204 oz) at an average realized gold price 1 of $1,960
per oz (YTD - $1,928 per oz), contributing to revenue of $211.3 million (YTD - $440.1 million).
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Torex Gold Resources Inc.
• Total cash costs 1 and all-in sustaining costs 1: Total cash costs of $848 per oz sold (YTD - $775)
and all-in sustaining costs of $1,308 per oz sold (YTD - $1,187). All-in sustaining costs margin1 of $652
per oz sold (YTD - $741), implying an all-in sustaining costs margin1 of 33% (YTD - 38%). Cost of sales
was $138.1 million (YTD - $275.5 million) or $1,306 per oz sold in the quarter (YTD - $1,229), impacted
by the appreciation of the Mexican peso and the lower average gold grade of ore processed due to an
increase in the processing of stockpile ore, partially offset by the record milling throughput. The
Company's total cash costs and all-in sustaining costs for the year are trending towards the up per end
of the guided range largely due to the ongoing strength of the Mexican peso.
• Net income and adjusted net earnings1: Reported net income of $75.3 million or earnings of $0.88
per share on a basic basis and $0.85 per share on a diluted basis (YTD - $143.5 million, or $1.67 per
share on a basic basis and $1.66 per share on a diluted basis). Adjusted net earnings of $37.9 million
or $0.44 per share on a basic basis and $0.44 per share on a diluted basis (YTD - $88.2 million, or
$1.03 per share on a basi c basis and $1.02 per share on a diluted basis). Net income includes a net
derivative gain of $14.7 million (YTD - $11.9 million loss) related to gold forward contracts entered into
to mitigate downside price risk during the construction of the Media Luna Project.
• EBITDA1 and adjusted EBITDA 1: Generated EBITDA of $125.3 million (YTD - $227.8 million) and
adjusted EBITDA of $105.7 million (YTD - $238.4 million).
• Cash flow generation : Net cash generated from operating activities totalled $89.6 million (YTD -
$136.6 million) and $92.8 million (YTD - $154.7 million) before changes in non-cash operating working
capital, including income taxes paid of $16.7 million (YTD - $92.2 million) and $29.8 million in relation
to the site-based employee profit sharing program for 2022 in Mexico. Negative free cash flow1 of $37.4
million (YTD - $91.4 million) net of cash outlays for capital expenditures, lease payments and interest .
• Strong financial liquidity: The quarter closed with net cash1 of $273.8 million, including $285.3 million
in cash and $11.5 million of lease- related obligations, no borrowings on the credit facilities of $250.0
million and letters of credit outstanding of $7.9 million, provid ing $527.4 million in available liquidity. In
accordance with its financing plan, the Company is in the advanced stages of extending and increasing
the available credit facilities with a syndicate of international banks. It is expected that these
amendments will be executed in Q3 2023 and provide the Company with a total of $300.0 million in
available credit (an increase from the current $250.0 million) with a maturity date in 2026 (extended
from the current 2025 maturity) and a one-year extension to draw on the term loan.
• Media Luna Project: Media Luna Project expenditures totalled $77.2 million during the quarter (YTD -
$143.6 million), with a remaining project spend of $606.2 million. Expenditures during this period were
primarily focused on continued development of the Guajes Tunnel and South Portals, with development
of the Guajes Tunnel reaching 4,500 metres and South Portal Lower reaching 2,075 metres by end of
the second quarter. As of June 30, 2023, physical progress on the Project was approximately 35%, with
detailed engineering, procurement activities, underground development, and surface construction
advancing. As of June 30, 2023, the Company had commitments in place for $395.9 million of project
expenditures (approximately 45% of total budgeted expenditures). The pace of investment is expected
to increase into the second half of 2023 and remain relatively consistent through the first half of 2024,
before declining as development activities wind down ahead of commercial production, which is
anticipated in early -2025. The project continues to track to overall schedule and budget. Media Luna
Project expenditures are trending towards the lower end of the full year guided range of $390 million to
$440 million.
• Exploration and Drilling Activities: In July, the Company announced assay results from the ongoing
drilling program at the ELG Underground mine2. Infill and step- out drilling at El Limón Sur Deep was
successful in extending higher -grade mineralization outside of the current resource block model.
Additionally, step-out drilling completed in late-2022 encountered the deepest recognized mineralization
at the 400- metre elevation within the El Limón Sur Trend, which demonstrates the continuity of
mineralization at depth at the ELG Underground. Overall, the positive results from the underground
drilling program support ongoing resource expansion and reserve growth within ELG Underground,
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Torex Gold Resources Inc.
which in turn supports the Company's strategic focus on filling the mill with higher -grade feed beyond
2027.
• Release of the 2022 Responsible Gold Mining Report: In May, the Company released its 2022
Responsible Gold Minin g Report (RGMR), the Company’s eighth annual disclosure of its ESG
performance. The Report can be found on the Company’s website at www.torexgold.com.
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 N on-GAAP Measures, please refer to the Company’s management’s discussion and analysis (“MD&A”) for the three- and six-month periods
ending June 30, 2023 , dated August 1, 2023. The MD&A, and the Company’s unaudited condensed consolidated interim financial statements for the
three- and six-month periods ended June 30, 2023, are available on Torex’s website ( www.torexgold.com) and under the Company’s S EDAR profile
(www.sedar.com).
2. For more information on ELG Underground drilling results, see the Company’s news release titled “Torex Gold Reports Results P ositive Drilling Results
from ELG Underground” issued on July 11, 2023, and filed on SEDAR at w ww.sedar.com and on the Company’s website at www.torexgold.com.
Table 1: Operating & 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 standardized meaning under International Financial Reporting
Standards (“IFRS”). 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. Refer to “Non-GAAP Financial Performance Measures” for further information and a detailed reconciliation to the comparable IFRS
measures in the MD&A for the three- and six-month periods ending June 30, 2023, dated August 1 , 2023.
Three Months Ended Six Months Ended
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
In millions of U.S. dollars, unless otherwise noted 2023 2023 2022 2023 2022
Operating Results
Lost-time injury frequency1 /million hours 0.58 0.53 0.00 0.58 0.00
Total recordable injury frequency1 /million hours 1.66 1.87 1.32 1.66 1.32
Gold produced oz 107,507 122,918 123,185 230,425 235,631
Gold sold oz 105,749 118,455 123,363 224,204 231,375
Total cash costs2 $/oz 848 709 703 775 724
Total cash costs margin2 $/oz 1,112 1,190 1,162 1,153 1,147
All-in sustaining costs2 $/oz 1,308 1,079 911 1,187 969
All-in sustaining costs margin2 $/oz 652 820 954 741 902
Average realized gold price2 $/oz 1,960 1,899 1,865 1,928 1,871
Financial Results
Revenue $ 211.3 228.8 235.0 440.1 442.7
Cost of sales $ 138.1 137.4 139.6 275.5 271.8
Earnings from mine operations $ 73.2 91.4 95.4 164.6 170.9
Net income $ 75.3 68.2 70.3 143.5 110.3
Per share - Basic $/share 0.88 0.79 0.82 1.67 1.29
Per share - Diluted $/share 0.85 0.79 0.80 1.66 1.27
Adjusted net earnings2 $ 37.9 50.3 57.0 88.2 94.2
Per share - Basic2 $/share 0.44 0.59 0.66 1.03 1.10
Per share - Diluted2 $/share 0.44 0.58 0.66 1.02 1.09
EBITDA2 $ 125.3 102.5 155.9 227.8 259.0
Adjusted EBITDA2 $ 105.7 132.7 137.1 238.4 247.8
Cost of sales $/oz 1,306 1,160 1,132 1,229 1,175
Net cash generated from operating
activities $ 89.6 47.0 126.9 136.6 173.6
Net cash generated from operating
activities before changes in
non-cash operating working capital
$ 92.8 61.9 120.6 154.7 180.2
Free cash flow2 $ (37.4 ) (54.0 ) 73.1 (91.4 ) 53.4
Cash and cash equivalents $ 285.3 321.9 310.7 285.3 310.7
Net cash2 $ 273.8 318.4 306.3 273.8 306.3
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Torex Gold Resources Inc.
CONFERENCE CALL AND WEBCAST DETAILS
The Company will host a conference call tomorrow at 9:00 AM ( ET) in which senior management will discuss
the second 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.
Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Cost of Sales
1. This amount excludes a gain of $1.8 million, loss of $3.6 million and gain of $2.2 million for the three months ended June 30, 2023, March 31, 2023, and
June 30, 2022, respectively, and a loss of $1.8 million and gain of $1.8 million for the six months ended June 30, 2023 and June 30, 2022, 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 nil for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively, $0.1 million and $0.1 million for the six
months ended June 30, 2023 and June 30, 2022, respectively, within general and administrative costs. Included in general and administrative costs is
share-based compensation expense in the amount of $1.2 million or $11/oz for the three months ended June 30, 2023, $1.9 million or $16/oz for the
three months ended March 31, 2023, $0.8 million or $6/oz for the three months ended June 30, 2022, $3.1 million or $14/oz for the six months ended
June 30, 2023 and $2.6 million or $11/oz for the six months ended June 30, 2022. This amount excludes other expenses totalling $1.6 million, $0.6 million
and nil for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively, and $2.2 million and nil for the six months ended
June 30, 2023 and June 30, 2022, respectively.
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 Condensed Consolidated Interim Statements of
Cash Flows.
Three Months Ended Six Months Ended
In millions of U.S. dollars, unless otherwise noted Jun 30,
2023 Mar 31,
2023 Jun 30,
2022 Jun 30,
2023 Jun 30,
2022
Gold sold oz 105,749 118,455 123,363 224,204 231,375
Total cash costs per oz sold
Production costs and royalties $ 93.1 88.4 91.6 181.5 177.4
Less: Silver sales $ (1.3 ) (1.5 ) (0.7 ) (2.8 ) (1.4 )
Less: Copper sales $ (2.1 ) (2.9 ) (4.2 ) (5.0 ) (8.5 )
Total cash costs $ 89.7 84.0 86.7 173.7 167.5
Total cash costs per oz sold $/oz 848 709 703 775 724
All-in sustaining costs per oz sold
Total cash costs $ 89.7 84.0 86.7 173.7 167.5
General and administrative costs1 $ 5.9 6.6 5.0 12.5 12.8
Reclamation and remediation costs $ 1.3 1.4 1.2 2.7 2.6
Sustaining capital expenditure $ 41.4 35.8 19.5 77.2 41.2
Total all-in sustaining costs $ 138.3 127.8 112.4 266.1 224.1
Total all-in sustaining costs per oz sold $/oz 1,308 1,079 911 1,187 969
Three Months Ended Six Months Ended
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
In millions of U.S. dollars 2023 2023 2022 2023 2022
Sustaining $ 19.5 14.6 11.6 34.1 17.2
Capitalized Stripping (Sustaining) $ 21.9 21.2 7.9 43.1 24.0
Non-sustaining $ 0.4 0.7 5.0 1.1 10.7
Total ELG $ 41.8 36.5 24.5 78.3 51.9
Media Luna Project $ 77.2 66.4 29.6 143.6 48.1
Media Luna Infill Drilling/Other $ 4.9 3.1 5.9 8.0 11.8
Working Capital Changes & Other $ 0.6 (6.3 ) (7.5 ) (5.7 ) 6.0
Capital expenditures1 $ 124.5 99.7 52.5 224.2 117.8
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Torex Gold Resources Inc.
Table 4: Reconciliation of Average Realized Price and Total Cash Costs Margin Per Ounce of Gold Sold
to Revenue
Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue
Three Months Ended Six Months Ended
In millions of U.S. dollars, unless otherwise noted
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Gold sold oz 105,749 118,455 123,363 224,204 231,375
Revenue $ 211.3 228.8 235.0 440.1 442.7
Less: Silver sales $ (1.3 ) (1.5 ) (0.7 ) (2.8 ) (1.4 )
Less: Copper sales $ (2.1 ) (2.9 ) (4.2 ) (5.0 ) (8.5 )
Less: Realized (loss) gain on gold contracts $ (0.6 ) 0.5 - (0.1 ) -
Total proceeds $ 207.3 224.9 230.1 432.2 432.8
Total average realized gold price $/oz 1,960 1,899 1,865 1,928 1,871
Less: Total cash costs $/oz 848 709 703 775 724
Total cash costs margin $/oz 1,112 1,190 1,162 1,153 1,147
Total cash costs margin % 57 63 62 60 61
Three Months Ended Six Months Ended
In millions of U.S. dollars, unless otherwise noted
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Gold sold oz 105,749 118,455 123,363 224,204 231,375
Revenue $ 211.3 228.8 235.0 440.1 442.7
Less: Silver sales $ (1.3 ) (1.5 ) (0.7 ) (2.8 ) (1.4 )
Less: Copper sales $ (2.1 ) (2.9 ) (4.2 ) (5.0 ) (8.5 )
Less: Realized (loss) gain on gold contracts $ (0.6 ) 0.5 - (0.1 ) -
Less: All-in sustaining costs $ (138.3 ) (127.8 ) (112.4 ) (266.1 ) (224.1 )
All-in sustaining costs margin $ 69.0 97.1 117.7 166.1 208.7
Total all-in sustaining costs margin $/oz 652 820 954 741 902
Total all-in sustaining costs margin % 33 42 50 38 47
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Torex Gold Resources Inc.
Table 6: Reconciliation of Adjusted Net Earnings to Net Income
Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income
1. Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses.
Three Months Ended Six Months Ended
In millions of U.S. dollars, unless
otherwise noted
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Basic weighted average
shares outstanding shares 85,884,895 85,869,276 85,840,954 85,877,128 85,819,446
Diluted weighted average
shares outstanding shares 86,565,950 86,398,732 86,115,071 86,464,387 86,095,060
Net income $ 75.3 68.2 70.3 143.5 110.3
Adjustments:
Unrealized foreign exchange
(gain) loss $ (2.5 ) (0.5 ) 0.4 (3.0 ) (0.6 )
Unrealized (gain) loss on
derivative contracts $ (15.3 ) 27.1 (17.0 ) 11.8 (8.8 )
Remeasurement of
share-based payments $ (1.8 ) 3.6 (2.2 ) 1.8 (1.8 )
Derecognition of provisions
for uncertain tax
provisions
$ - (15.2 ) - (15.2 ) -
Tax effect of above
adjustments $ 5.9 (9.0 ) 5.7 (3.1 ) 3.4
Tax effect of currency
translation on tax base $ (23.7 ) (23.9 ) (0.2 ) (47.6 ) (8.3 )
Adjusted net earnings $ 37.9 50.3 57.0 88.2 94.2
Per share - Basic $/share 0.44 0.59 0.66 1.03 1.10
Per share - Diluted $/share 0.44 0.58 0.66 1.02 1.09
Three Months Ended Six Months Ended
In millions of U.S. dollars
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Net income $ 75.3 68.2 70.3 143.5 110.3
Finance (income) costs, net $ (3.2 ) (3.0 ) (0.3 ) (6.2 ) 0.1
Depreciation and amortization1 $ 45.0 49.1 48.1 94.1 94.5
Current income tax expense $ 18.6 16.8 37.0 35.4 61.6
Deferred income tax (recovery) expense $ (10.4 ) (28.6 ) 0.8 (39.0 ) (7.5 )
EBITDA $ 125.3 102.5 155.9 227.8 259.0
Adjustments:
Unrealized (gain) loss on derivative
contracts $ (15.3 ) 27.1 (17.0 ) 11.8 (8.8 )
Unrealized foreign exchange (gain) loss $ (2.5 ) (0.5 ) 0.4 (3.0 ) (0.6 )
Remeasurement of share-based
payments $ (1.8 ) 3.6 (2.2 ) 1.8 (1.8 )
Adjusted EBITDA $ 105.7 132.7 137.1 238.4 247.8
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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 period as reported on the Condensed Consolidated Interim Statements of
Cash Flows.
2. Including borrowing costs capitalized to property, plant and equipment.
Table 9: Net Cash
Three Months Ended Six Months Ended
In millions of U.S. dollars
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Net cash generated from operating
activities $ 89.6 47.0 126.9 136.6 173.6
Less:
Additions to property, plant and
equipment1 $ (124.5 ) (99.7 ) (52.5 ) (224.2 ) (117.8 )
Lease payments $ (1.4 ) (0.8 ) (0.9 ) (2.2 ) (1.5 )
Interest paid2 $ (1.1 ) (0.5 ) (0.4 ) (1.6 ) (0.9 )
Free cash flow $ (37.4 ) (54.0 ) 73.1 (91.4 ) 53.4
Jun 30, Mar 31, Jun 30,
In millions of U.S. dollars 2023 2023 2022
Cash and cash equivalents $ 285.3 321.9 310.7
Less: Lease-related obligations $ (11.5 ) (3.5 ) (4.4 )
Net cash $ 273.8 318.4 306.3
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Torex Gold Resources Inc.
Table 10: Unit Cost Measures
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 A pril 1,
2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key
strategic objectives are to optimize and extend production from the ELG Mine Complex, de-risk and advance
Media Luna to commercial production, buil d on ESG excellence, and to grow through ongoing exploration
across the entire Morelos Property.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]
Three Months Ended Six Months Ended
In millions of U.S.
dollars, unless
otherwise noted
Jun 30,
2023
Mar 31,
2023
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
Gold sold (oz) 105,749 118,455 123,363 224,204 231,375
Tonnes mined -
open pit (kt) 11,768 9,354 8,947 21,121 18,966
Tonnes mined -
underground
(kt)
174 156 144 330 258
Tonnes
processed
(kt)
1,210 1,177 1,124 2,386 2,258
Total cash
costs:
Total cash costs
($) 89.7 84.0 86.7 173.7 167.5
Total cash costs
per oz sold ($) 848 709 703 775 724
Breakdown of
production
costs $ $/t $ $/t $ $/t $ $/t $ $/t
Mining - open pit 32.1 2.73 28.4 3.03 27.4 3.06 60.5 2.87 53.1 2.80
Mining -
underground 14.3 82.29 12.6 80.42 12.0 83.64 26.9 81.41 21.8 84.74
Processing 43.0 35.60 39.7 33.72 38.2 33.95 82.7 34.68 75.3 33.35
Site support 14.3 11.84 12.1 10.25 12.4 11.02 26.4 11.05 23.3 10.34
Mexican profit
sharing (PTU) 5.3 4.38 5.5 4.64 5.7 5.08 10.8 4.52 13.8 6.13
Capitalized
stripping (21.9 ) (21.2 ) (7.9 ) (43.1 ) (24.0 )
Inventory
movement (0.9 ) 3.5 (4.6 ) 2.6 (1.9 )
Other 0.5 0.9 1.3 1.4 2.5
Production costs 86.7 81.5 84.5 168.2 164.1