| 2016 Actual |
2017 Actual5 |
2018 Actual5 |
2019 Actual |
2020 Actual6 |
2021 Actual |
|
|---|---|---|---|---|---|---|
| Ore tonnes mined (kt) | 2,922 | 3,648 | 4,329 | 5,952 | 5,864 | 5,222 |
| Gold grade mined (gpt) | 3.01 | 2.50 | 2.69 | 2.92 | 2.94 | 3.18 |
| Ore tonnes processed (kt) | 3,376 | 3,710 | 4,152 | 4,393 | 4,162 | 4,512 |
| Gold grade processed (gpt) | 3.15 | 2.43 | 2.97 | 3.64 | 3.64 | 3.65 |
| Gold recovery (%) | 85% | 86% | 87% | 88% | 89% | 88% |
| Gold production (oz) | 279,937 | 240,873 | 353,947 | 454,811 | 430,484 | 468,203 |
| Gold sales (oz) 1,2 | 275,613 | 248,797 | 347,640 | 449,337 | 437,310 | 468,823 |
| Realized gold price ($/oz) 1,3 | $1,263 | $1,254 | $1,261 | $1,408 | $1,771 | $1,794 |
| Total cash costs ($/oz) 1,3 | $543 | $709 | $646 | $619 | $672 | $674 |
| All-in sustaining costs ($/oz) 1,3,4 | $733 | $989 | $964 | $805 | $924 | $928 |
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 (www.sedar.com).
-
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
| In millions of U.S. dollars, unless otherwise noted | 2022 | 2021 | ||
|---|---|---|---|---|
| Guidance | Guidance | Actual | ||
| Gold Production | koz | 430 to 470 | 430 to 470 | 468.2 |
| Total Cash Costs1 | $/oz | $695 to $735 | $680 to $720 | $674 |
| All-in Sustaining Costs1 | $/oz | $980 to $1,030 | $920 to $970 | $928 |
| Sustaining Capital Expenditures1 | ||||
| Capitalized Waste | $ | $50 to $60 | $45 to $50 | $49.1 |
| ELG Sustaining | $ | $35 to $45 | $30 to $40 | $36.2 |
| Total Sustaining | $ | $85 to $105 | $75 to $90 | $85.3 |
| Non-Sustaining Capital Expenditures1 | ||||
| ELG Non-Sustaining | $ | $15 to $20 | $25 to $40 | $36.8 |
| Media Luna Project | $ | $220 to $270 | $100 to $110 | $115.6 |
| Media Luna Infill Drilling/Other | $ | $20 | na | na |
| Non-Sustaining Capital Expenditures | $ | $255 to $310 | $125 to $150 | $152.4 |
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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 (www.sedar.com) or on the Company’s website (www.torexgold.com).
Multi-Year Production Outlook
On September 1, 2021, Torex released a multi-year production outlook for the Company’s El Limón Guajes mining complex (“ELG”). Based on the results of the updated Morelos Complex Technical Report, the Company updated its 3-year production outlook to incorporate gold-equivalent payable production from the Media Luna project, which will begin in 2024. The updated outlook forms the new base case for production from the Company's Morelos Complex. Initiatives to further improve upon the mine plans are underway, including further potential optimizations at the ELG Mine Complex.
| Payable Production | Guidance | Multi-Year Outlook1 | |||
|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | ||
| Updated Outlook (Morelos Complex) | |||||
| Gold | koz | 430 to 470 | 420 to 460 | - | - |
| Gold equivalent | koz | - | - | 385 to 425 | 415 to 455 |
| Prior Outlook (ELG Complex standalone) | |||||
| Gold | koz | 430 to 470 | 400 to 450 | 300 to 350 | - |
-
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.