| 2016 Actual |
2017 Actual5 |
2018 Actual5 |
2019 Actual |
2020 Actual6 |
|
|---|---|---|---|---|---|
| Ore tonnes mined (kt) | 2,922 | 3,648 | 4,329 | 5,952 | 5,864 |
| Gold grade mined (gpt) | 3.01 | 2.50 | 2.69 | 2.92 | 2.94 |
| Ore tonnes processed (kt) | 3,376 | 3,710 | 4,152 | 4,393 | 4,162 |
| Gold grade processed (gpt) | 3.15 | 2.43 | 2.97 | 3.64 | 3.64 |
| Gold recovery (%) | 85% | 86% | 87% | 88% | 89% |
| Gold production (oz) | 279,937 | 240,873 | 353,947 | 454,811 | 430,484 |
| Gold sales (oz) 1,2 | 275,613 | 248,797 | 347,640 | 449,337 | 437,310 |
| Realized gold price ($/oz) 1,3 | $1,263 | $1,254 | $1,261 | $1,408 | $1,771 |
| Total cash costs ($/oz) 1,3 | $543 | $709 | $646 | $619 | $672 |
| All-in sustaining costs ($/oz) 1,3,4 | $733 | $989 | $964 | $805 | $924 |
Production Summary and Forecast
2020 Highlights
Gold production
Delivered 430,480 ounces of gold, exceeding the high end of revised production guidance for 2020. Guidance was adjusted in August 2020 due to a partial quarter of operations in Q2 associated with a mandated shutdown by the Government of Mexico to combat COVID-19 within the country.
Gold sold
Full year sales of 437,310 ounces at an average realized gold price of US $1,771/oz.
Total cash costs per ounce of gold sold 1
Total cash costs of US $672/oz.
All-in sustaining costs per ounce of gold sold 1
All-in sustaining costs of US $924/oz.
-
See Notes
- Refer to “Non-IFRS Financial Performance Measures” in the Company’s December 31, 2020 MD&A for further information and a detailed reconciliation.
-
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 for ELG
On January 19, 2022, Torex released production and operating guidance for 2022.
| 2022 Guidance |
2021 Guidance1 |
||
|---|---|---|---|
| Gold Production | ounces | 430,000 to 470,000 | 430,000 to 470,000 |
| Total Cash Costs2a | $/oz sold | $695 to $735 | $680 to $720 |
| All-in Sustaining Costs2b | $/oz sold | $980 to $1,030 | $920 to $970 |
| Sustaining Capital Expenditures2c | |||
| Capitalized Waste | M$ | $50 to $60 | $45 to $50 |
| ELG Sustaining | M$ | $35 to $45 | $30 to $40 |
| Total Sustaining | M$ | $85 to $105 | $75 to $90 |
| Non-Sustaining Capital Expenditures2d | |||
| ELG Non-Sustaining | M$ | $15 to $20 | $25 to $40 |
| Media Luna Non-Sustaining | M$ | Pending | $100 to $110 |
| Total Non-Sustaining | M$ | Pending | $125 to $150 |
-
See Notes
- 2021 guidance was updated mid-year to reflect increased level of capital waste related to approval of El Limón pushback
- Refer to “Non-IFRS Financial Performance Measures” in the Company’s September 30, 2021 MD&A for further information and a detailed reconciliation. See also the Cautionary Notes to this press release.
- Total cash costs in 2021 have averaged $646 per ounce gold sold through Q3.
- All-in sustaining costs in 2021 have averaged $883 per ounce gold sold through Q3.
- Sustaining capital expenditures in 2021 have totaled $59.2 million (including $33.9 million of capitalized waste) through Q3.
- Non-sustaining capital expenditures in 2021 have totaled $111.5 million (including $80.4 million of capital expenditures for Media Luna) through Q3.
Three-Year Production Outlook: ELG
On September 1, 2021, Torex released a multi-year production outlook for the Company’s El Limón Guajes mining complex (“ELG”), The production outlook through 2024 does not include any gold equivalent production from Media Luna. Upon completion of the Media Luna Feasibility Study in Q1 2022, it is expected that this production outlook will be updated.
Table 1: ELG production outlook through 2024 (excluding any contribution from Media Luna)
|
Guidance1 |
3-Year Outlook2 |
|||
|---|---|---|---|---|
|
2021 |
2022 |
2023 |
2024 |
|
|
Gold Production (Koz) |
430 to 470 |
430 to 470 |
400 to 450 |
300 to 350 |
-
See Notes
- Please refer to Torex’s Q2 2021 MD&A for additional information related to 2021 operational guidance including total cash costs, all-in sustaining costs, sustaining capital expenditures, and non-sustaining capital expenditures. A copy of the Q2 2021 MD&A has been filed on SEDAR (www.sedar.com) as well as on the Company’s website (www.torexgold.com).
- Production outlook excludes any production from Media Luna. In addition to gold, Media Luna is expected to produce significant levels of copper and silver relative to the modest levels of silver and copper currently produced at ELG.