Torex Gold Reports Strong Close to 2023 Production guidance achieved for the fifth consecutive year; Q4 marks second-highest quarter of production to date
Torex Gold Reports Strong Close to 2023
Production guidance achieved for the fifth consecutive year;
Q4 marks second-highest quarter of production to date
Toronto, Ontario--(Newsfile Corp. - January 9, 2024) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) reports gold production of 137,993 ounces during the fourth quarter, and full-year
gold production of 453,778 ounces, near the midpoint of the guided range of 440,000 to 470,000
ounces. Gold sold during the quarter was 138,794 ounces resulting in full-year gold sales of 444,750
ounces. The difference between gold sold versus produced was due to the timing of pours at year end.
TABLE 1: PRELIMINARY FOURTH QUARTER AND FULL-YEAR 2023 OPERATIONAL
RESULTS
Q4 2023
FY 2023
Mining
ELG Open Pits - Ore tonnes mined per day
tpd
19,404
11,976
ELG Open Pits - Waste tonnes mined per day
tpd
85,224
102,830
ELG Open Pits - Strip ratio
waste:ore
4.4
8.6
ELG Underground - Ore tonnes mined per day
tpd
2,300
2,070
Processing
Average plant throughput
tpd
13,236
13,178
Average gold recovery
%
89.5
88.6
Average gold grade of ore processed
gpt
4.03
3.29
Gold produced
oz
137,993
453,778
Gold sold
oz
138,794
444,750
Operational results are preliminary in nature and subject to final reconciliation. Financial and operational
results for the fourth quarter and year end 2023 will be released after market close on Wednesday,
February 21, 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 closed out 2023 on a high note with gold production of 137,993 ounces during the fourth quarter, the
second-highest production quarter on record. With this strong finish, the team delivered on full-year
production guidance for the fifth straight year. The operational performance was matched by an equally
impressive safety performance, with no lost-time injuries at ELG or the Media Luna Project for the
second quarter in a row.
"A number of operational records were broken this year. The operational momentum in ELG
Underground continued with an average mining rate of 2,300 tonnes per day ("tpd") during the quarter,
and an average rate of 2,070 tpd for the year, surpassing the previous annual record set in 2022. In the
ELG Open Pits, average ore production of 19,404 tpd set a new record for daily ore tonnes mined in a
quarter, and as anticipated, gold grades improved in the quarter with the period of heavy waste stripping
concluded. Throughput rates in the processing plant remained above 13,000 tpd for the fourth
consecutive quarter as plant uptime averaged 92.7% during Q4. The consistent performance in the
processing plant culminated in a new annual throughput record of 13,178 tpd.
"We look forward to carrying this operational and safety momentum into 2024, which will be a pivotal
year for Torex as we continue to generate cash at ELG, bring Media Luna into production, complete an
internal economic study on EPO, and further drive value through the drill bit at Morelos."
FOURTH QUARTER AND YEAR-END 2023 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 21, 2024. A conference call and webcast hosted by senior management will
be held on February 22, 2024, 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 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 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 to optimize and extend production from the
ELG Mine Complex, de-risk and advance Media Luna to commercial production, build 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
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 looks forwards to carrying this operational and safety
momentum into 2024, which will be a pivotal year for Torex as the Company continues to generate cash
at ELG, bring Media Luna into production, complete an internal economic study on EPO, and further
drive value through the drill bit at Morelos; and 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, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos
Property. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as "strategic objectives", or variations of such words and phrases or statements such
as "looks forwards to" that certain actions, events or results are 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 available 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/193675