Production Summary and Forecast

2021 Highlights

Gold production
Delivered record annual production of 468,203 ounces of gold, achieving the high end of production guidance for 2021.
Gold sold
Record annual gold sales of 468,823 ounces at an average realized gold price of US $1,794/oz.
Total cash costs per ounce of gold sold 1
Total cash costs of US $674/oz.
All-in sustaining costs per ounce of gold sold 1
All-in sustaining costs of US $928/oz.
  • 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 23, 2022. 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, 2021, dated February 23, 2022. The MD&A, and the Company's audited consolidated financial statements for the year ended December 31, 2021, are also available under the Company's SEDAR profile (
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For additional information and disclosure related to our 2021 performance, please refer to our 2021 Financial Results
  • See Notes
    • Commercial production was declared on April 1, 2016.
    • Sales in 2016 include 31,518 ounces of gold during the pre-commercial period (January through March 2016) and 244,095 ounces of gold during the commercial period (April through December).
    • Realized gold price, Total cash costs, and All-in sustaining costs for 2016 reflect commercial sales only.
    • All in sustaining cash costs in 2016 include corporate level costs and reflect sales during the commercial period of 2016 (April through December).
    • Production in late 2017 and 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.

2022 Operational Outlook

  • See Notes
    • For more information on operational and financial results, including information on non-GAAP measures (such as realized gold price, total cash costs, total cash costs margin, all-in sustaining costs, all-in sustaining costs margin, adjusted earnings, EBITDA, adjusted EBITDA, free cash flow, sustaining and non-sustaining capital expenditures, unit costs, and net cash/debt), please refer to Torex Gold’s latest MD&A filed on SEDAR ( or on the Company’s website (
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For additional information and disclosure related to our 2022 operational outlook, please click here.

Multi-Year Production Outlook

  • See Notes
    • Gold equivalent production is after payable factors and is based on long-term metal prices of $1,600/oz gold, $21/oz silver and $3.50/lb copper.


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For additional information and disclosure related to our multi-year production outlook, please click here.
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