| 2019 Actual |
2020 Actual1 |
2021 Actual |
2022 Actual |
2023 Actual |
|
|---|---|---|---|---|---|
| Ore tonnes mined (kt) | 5,952 | 5,864 | 5,222 | 4,447 | 5,127 |
| Gold grade mined (gpt) | 2.92 | 2.94 | 3.18 | 3.53 | 3.16 |
| Ore tonnes processed (kt) | 4,393 | 4,162 | 4,512 | 4,599 | 4,810 |
| Gold grade processed (gpt) | 3.64 | 3.64 | 3.65 | 3.64 | 3.29 |
| Gold recovery (%) | 88 | 89 | 88 | 88 | 89 |
| Gold production (oz) | 454,811 | 430,484 | 468,203 | 474,035 | 453,778 |
| Gold sales (oz) | 449,337 | 437,310 | 468,823 | 473,122 | 444,750 |
| Realized gold price ($/oz) | 1,408 | 1,771 | 1,794 | 1,809 | 1,952 |
| Total cash costs ($/oz) | 619 | 672 | 674 | 730 | 866 |
| All-in sustaining costs ($/oz) | 805 | 924 | 928 | 1,008 | 1,200 |
Production Summary and Forecast
2023 Highlights
Gold production
Delivered annual production of 453,778 ounces of gold, marking the fifth consecutive year that original production guidance has been achieved and becoming the largest producer in Mexico.
Gold sold
Annual gold sales of 444,750 ounces at an average realized gold price1 of US $1,952/oz.
Total cash costs and margin per ounce of gold sold1
Total cash costs of US $866/oz resulting in a total cash costs margin of $1,086/oz (margin of 56%).
All-in sustaining costs and margin per ounce of gold sold1
All-in sustaining costs of US $1,200/oz resulting in an all-in sustaining costs margin of $752/oz (margin of 38%).
-
See Notes
- 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 11 of the Company’s press release dated February 21, 2024. 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, 2023, dated February 21, 2024. The MD&A, and the Company's audited consolidated financial statements for the year ended December 31, 2023, are available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).
FIVE-YEAR OPERATIONAL PERFORMANCE
-
See Notes
- Production in 2020 was impacted by a mandated suspension of operations by the Government of Mexico to minimize the spread of COVID-19. Operations were halted in April, partially resumed in May with processing of stockpiles, and fully resumed in June with the restart of open pit and underground mining operations.
2024 Operational Outlook
| In millions of U.S. dollars, unless otherwise noted | 2024 | 2023 | ||
|---|---|---|---|---|
| Guidance | Actual | Guidance5 | ||
| Production | ||||
| Gold Equivalent1 | AuEq oz | 410,000 to 460,000 | N/A | Not provided |
| Gold | oz | 400,000 to 450,000 | 453,778 | 440,000 to 470,000 |
| Total Cash Costs2 | ||||
| Gold Equivalent basis | $/oz AuEq sold | 900 to 950 | N/A | Not provided |
| By-product basis3 | $/oz Au sold | 860 to 910 | 866 | 840 to 870 |
| All-in Sustaining Costs2 | ||||
| Gold Equivalent basis | $/oz AuEq sold | 1,130 to 1,190 | N/A | Not provided |
| By-product basis3 | $/oz Au sold | 1,100 to 1,160 | 1,200 | 1,160 to 1,200 |
| Sustaining Capital Expenditures3 | ||||
| Sustaining | $ | 50 to 60 | 68 | 60 to 70 |
| Capitalized Waste Stripping | $ | 5 | 49 | 55 to 65 |
| Total Sustaining | $ | 55 to 65 | 117 | 115 to 135 |
| Non-Sustaining Capital Expenditures3 | ||||
| Media Luna Project | $ | 350 to 400 | 366 | 360 to 390 |
| Media Luna Cluster Drilling/Other4 | $ | 10 to 15 | 18 | 22 |
| Total Non-Sustaining | $ | 360 to 415 | 385 | 382 to 412 |
-
See Notes
- 2024 gold production is guided to be in the range of 410,000 to 460,000 oz on an AuEq basis. Gold equivalent (AuEq) production includes Au and AuEq values for silver (Ag) and copper (Cu) sold assuming metal prices of $1,900/oz gold, $23/oz silver, and $3.75/lb copper.
- 2024 guidance assumes a realized gold price of $1,900/oz and MXN:USD of 18.0.
- These measures are non-GAAP financial measures. Refer to “Non-GAAP Financial Performance Measures” for further information and a detailed reconciliation to historical IFRS measures found in the Company's MD&A dated February 21, 2024, filed on SEDAR+ (www.sedarplus.ca) or on the Company's website (www.torexgold.com).
- For the year ended December 31, 2023, this amount includes $16.0 million for Media Luna infill drilling and $2.2 million for ELG non-sustaining capital expenditures (2023 guidance of $20 million and $2 million, respectively).
- 2023 guidance was revised to reflect higher guided total cash costs and all-in sustaining costs, and lower guided non-sustaining capital expenditure for the Media Luna Project, as disclosed in the Company’s MD&A dated November 13, 2023.
Five-Year Production Outlook For the Morelos Complex
Ongoing efforts to further improve the near-term production profile for the Morelos Complex continue to bear fruit with higher production forecast through 2028 than was previously envisioned in the most recent Technical Report entitled “Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico” (“Technical Report”) dated effective March 16, 2022, filed on March 31, 2022.
The improved near-term production outlook is directly related to ongoing efforts to extend and optimize production from ELG and successful results from our exploration and drilling programs over the past two years.
During 2022, drilling was successful in identifying additional mineralization along the boundary of the El Limón open pit, which has extended the life of the deposit to mid-2025. In addition, drilling within the El Limón Sur open pit has extended the life of the deposit to late 2024.
In addition to the drilling success at the ELG Open Pit operations, efforts to enhance the contribution from the ELG Underground have also been successful. The Company achieved its target of increasing mining rates to 2,000 tonnes per day one year ahead of schedule, with an average underground mining rate of 2,070 tonnes per day in 2024. This rate compares favourably to the 1,400 tonnes per day outlined in the most recent Technical Report.
| Production (koz)1 |
Actual | Outlook 2021 |
Outlook 2022 |
Outlook 2023 |
Outlook 2024 | 2022 Technical Report |
|---|---|---|---|---|---|---|
| 2021 (Au) | 468 | 430 to 470 | ||||
| 2022 (Au) | 474 | 430 to 470 | 430 to 470 | |||
| 2023 (Au) | 454 | 400 to 450 | 420 to 460 | 440 to 470 | 436 | |
| 2024 (AuEq) | 300 to 350 (Au) | 385 to 425 | 400 to 450 | 410 to 460 | 405 | |
| 2025 (AuEq) | 415 to 455 | 425 to 475 | 425 to 475 | 434 | ||
| 2026 (AuEq) | 425 to 475 | 425 to 475 | 457 | |||
| 2027 (AuEq) | 450 to 500 | 450 to 500 | 480 | |||
| 2027 (AuEq) | 350 to 400 | 337 |
-
See Notes
- Payable gold production (Au) disclosed for 2023 and prior periods. Payable gold equivalent production (AuEq) disclosed for 2024 and beyond given increased contribution from copper and silver with the forecast start-up of Media Luna in Q4 2024. AuEq production includes Au and AuEq values for Ag and Cu sold assuming metal prices of $1,900/oz Au, $23/oz Ag, and $3.75/lb Cu for 2024; $1,800/oz Au, $21/oz Ag, and $3.50 Cu for 2025; and $1,700/oz Au, $21/oz Ag, and $3.50/lb Cu for 2026 onwards. For more information, see the Company’s press release dated January 16, 2024.