| 2018 Actual1 |
2019 Actual |
2020 Actual2 |
2021 Actual |
2022 Actual |
|
|---|---|---|---|---|---|
| Ore tonnes mined (kt) | 4,329 | 5,952 | 5,864 | 5,222 | 4,447 |
| Gold grade mined (gpt) | 2.69 | 2.92 | 2.94 | 3.18 | 3.53 |
| Ore tonnes processed (kt) | 4,152 | 4,393 | 4,162 | 4,512 | 4,599 |
| Gold grade processed (gpt) | 2.97 | 3.64 | 3.64 | 3.65 | 3.64 |
| Gold recovery (%) | 87 | 88 | 89 | 88 | 88 |
| Gold production (oz) | 353,947 | 454,811 | 430,484 | 468,203 | 474,035 |
| Gold sales (oz) 1,2 | 347,640 | 449,337 | 437,310 | 468,823 | 473,122 |
| Realized gold price ($/oz) 1,3 | 1,261 | 1,408 | 1,771 | 1,794 | 1,809 |
| Total cash costs ($/oz) 1,3 | 646 | 619 | 672 | 674 | 730 |
| All-in sustaining costs ($/oz) 1,3,4 | 964 | 805 | 924 | 928 | 1,008 |
Production Summary and Forecast
2022 Highlights
Gold production
Delivered record annual production of 474,035 ounces of gold, surpassing the high end of production guidance for 2022 and marking the fourth consecutive year that original production guidance has been achieved.
Gold sold
Record annual gold sales of 473,122 ounces at an average realized gold price1 of US $1,809/oz.
Total cash costs and margin per ounce of gold sold1
Total cash costs of US $730/oz resulting in a total cash costs margin of $1,079/oz (margin of 60%).
All-in sustaining costs and margin per ounce of gold sold1
All-in sustaining costs of US $1,008/oz resulting in an all-in sustaining costs margin of $801/oz (margin of 44%).
-
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 10 of the company's press release dated February 22, 2023. 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, 2022, dated February 22, 2023. The MD&A, and the Company's audited consolidated financial statements for the year ended December 31, 2022, are also available under the Company's SEDAR profile (www.sedar.com) or on the Company's website (www.torexgold.com).
FIVE-YEAR OPERATIONAL PERFORMANCE
-
See Notes
- Production in early 2018 was impacted by an illegal blockade of the operation.
- 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.
2023 Operational Outlook
| In millions of U.S. dollars, unless otherwise noted | 2023 | 2022 | ||
|---|---|---|---|---|
| Guidance | Guidance2 | Actual | ||
| Gold production | oz | 440,000 to 470,000 | 430,000 to 470,000 | 474,035 |
| Total cash costs1 | $/oz | 740 to 780 | 695 to 735 | 730 |
| All-in sustaining costs1 | $/oz | 1,080 to 1,130 | 980 to 1,030 | 1,008 |
| Sustaining Capital Expenditures1 | ||||
| Capitalized stripping | $M | 55 to 65 | 50 to 60 | 58.1 |
| ELG sustaining | $M | 60 to 70 | 35 to 45 | 44.8 |
| Total sustaining | $M | 115 to 135 | 85 to 105 | 102.9 |
| Non-Sustaining Capital Expenditures1 | ||||
| Media Luna Project | $M | 390 to 440 | 120 to 150 | 143.2 |
| Media Luna infill drilling/other | $M | 20 | 20 | 21.3 |
| ELG non-sustaining | $M | 2 | 15 to 20 | 21.6 |
| Non-sustaining capital expenditures | $M | 412 to 462 | 155 to 190 | 186.1 |
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See Notes
- For more information on operational and financial results, including information on non-GAAP measures (such as total cash costs, all-in sustaining costs, sustaining and non-sustaining capital expenditures), please refer to Torex Gold’s latest MD&A filed on SEDAR (www.sedar.com) or on the Company’s website (www.torexgold.com).
- 2022 guidance was revised to reflect lower guided non-sustaining capital expenditure for the Media Luna Project as disclosed in the Company’s MD&A dated November 8, 2022.
- 2023 guidance assumes a realized gold price of $1,750 per ounce, MXN:USD of 20.0, and a diesel price of $20.50 per litre.
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 2025 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 as the gold equivalent production profile for Media Luna is consistent with the profile outlined in the latest Technical Report.
During 2022, drilling was successful in identifying additional mineralization along the boundary of the El Limón open pit, which is expected to extend 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. Following an average record mining rate of 1,523 tonnes per day in 2022 (including 1,685 tpd in Q4), the Company is targeting to exit 2023 at a mining rate of 1,800 tonnes per day and exit 2024 at a rate of 2,000 tonnes per day. The forecast rates compare 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 |
2022 Technical Report |
|---|---|---|---|---|---|
| 2021 (Au) | 468.2 | 430 to 470 | |||
| 2022 (Au) | 474.0 | 430 to 470 | 430 to 470 | ||
| 2023 (Au) | 400 to 450 | 420 to 460 | 440 to 470 | 435.7 | |
| 2024 (AuEq) | 300 to 350 (Au) | 385 to 425 | 400 to 450 | 405.5 | |
| 2025 (AuEq) | 415 to 455 | 425 to 475 | 433.8 | ||
| 2026 (AuEq) | 425 to 475 | 457.1 | |||
| 2027 (AuEq) | 450 to 500 | 480.0 |
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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 Q4 2024. For more information on AuEq, see the Company’s press release dated January 17, 2023.