| 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.
2025 Operational Outlook
| In millions of U.S. dollars, unless otherwise noted | 2025 | 2024 | ||
|---|---|---|---|---|
| Guidance | Actual | Guidance1 | ||
| Gold Equivalent2,3 | ||||
| Payable production2 | AuEq koz | 400 to 450 | 461 | 460 to 480 |
| All-in sustaining costs (AISC)3,4 | $/oz AuEq sold | $1,400 to $1,600 | Not yet reported | $1,130 to $1,190 |
| Capital Expenditures | ||||
| Sustaining capital expenditures4, 5 | M$ | $85 to $95 | Not yet reported | $55 to $65 |
| Non-sustaining capital expenditures4, 5 | M$ | $90 to $100 | Not yet reported | $440 to $465 |
| Total capital expenditures | M$ | $175 to $195 | Not yet reported | $495 to $530 |
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See Notes
- 2024 production guidance was revised upwards in October. For more information, see the press release dated October 30, 2024, titled "Torex Gold Provides Q3 2024 Update on Media Luna Project and Increases 2024 Production Guidance." 2024 non-sustaining capital expenditure guidance was revised in July. For more information, see the press release dated July 29, 2024, titled "Torex Gold Provides Q2 2024 Update on Media Luna Project." Both releases can be found on this website.
- Gold equivalent (“AuEq”) production includes gold (“Au”) and AuEq values for silver (“Ag”) and copper (“Cu”) sold using the market prices summarized in footnote 3 (payable production by metal are provided in Table 2 in the press release dated January 15, 2025, titled "Torex Gold Provides 2025 Operational Guidance and Updated Five-Year Production Outlook").
- 2025 guidance assumes average market prices of $2,500/oz Au, $28/oz Ag, and $4.30/lb Cu as well as a Mexican peso (“MXN”) to U.S. dollar (“USD”) of 20:1 (key sensitivities to changes in Au, Cu, and MXN:USD are provided in Table 5).
- These measures are non-GAAP financial measures. Refer to “Non-GAAP Financial Performance Measures” in the Company’s September 30, 2024 MD&A for further information and a detailed reconciliation.
- Sustaining and non-sustaining capital expenditures include drilling and exploration related expenditures (see Table 3 in the press release dated January 15, 2025, titled "Torex Gold Provides 2025 Operational Guidance and Updated Five-Year Production Outlook").
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 2029 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.
| Production (koz)1 |
Actual | Outlook 2022 |
Outlook 2023 |
Outlook 2024 |
Outlook 2025 |
2022 Technical Report |
|---|---|---|---|---|---|---|
| 2022 (Au) | 474 | 430 to 470 | ||||
| 2023 (Au) | 454 | 420 to 460 | 440 to 470 | 436 | ||
| 2024 (AuEq) | 461 | 385 to 425 | 400 to 450 | 460 to 480 | 405 | |
| 2025 (AuEq) | 415 to 455 | 425 to 475 | 425 to 475 | 400 to 450 | 434 | |
| 2026 (AuEq) | 425 to 475 | 425 to 475 | 450 to 500 | 457 | ||
| 2027 (AuEq) | 450 to 500 | 450 to 500 | 450 to 500 | 480 | ||
| 2028 (AuEq) | 450 to 500 | 450 to 500 | 337 | |||
| 2029 (AuEq) | 450 to 500 | 345 |
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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 Q1 2025. AuEq production includes Au and AuEq values for Ag and Cu sold assuming metal prices of $2,386/oz Au, $28.26/oz Ag, and $4.15/lb Cu for 2024; $2,500/oz Au, $28/oz Ag, and $4.30/lb Cu for 2025; and $1,500/oz Au, $19/oz Ag, and $3.50/lb Cu for 2026 onwards. For more information, see the Company’s press release dated January 14, 2025.