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 ( or on the Company's website (
Press Release Press Release
For additional information and disclosure related to our 2022 performance, please refer to our 2022 Financial Results.


  • 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

  • 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 ( or on the Company’s website (
    • 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.
Press Release Press Release
For additional information and disclosure related to our 2023 operational outlook, please click here.

Five-Year Production Outlook For the Morelos Complex

  • 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.


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