Media Luna (100% Owned)

We are looking to the future of our mining operations in Guerrero through our Media Luna Project, located seven kilometres from ELG, located on the south side of the Balsas River. Media Luna is an underground deposit that primarily contains gold, copper, and silver mineralization. The skarn hosted deposit was discovered in March 2012.

Our Board of Directors approved the Media Luna Project in March 2022 and construction is well underway, with anticipated commercial production in Q1 2025. With this investment, we will extend the life of mine through at least 2033 and lay a firm foundation for the future growth plans of Torex.

Results of Morelos Complex Technical Report (March 2022)

  • See Notes

    1 See also Table 10 for After-Tax Sensitivities to Key Factors for the Morelos Complex and Media Luna Project.
    2 Gold equivalent (AuEq) sold includes Au and AuEq values for Ag and Cu sold assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu. A summary of life of mine payable production values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades. Expected recovery and payable factors for Au, Ag and Cu can be found in Table 2.
    3 These measures, as well as TCC margin, AISC margin, and sustaining and non-sustaining capital expenditures, are forward looking Non-GAAP Financial Performance Measures or Non-GAAP ratios (collectively, “Non-GAAP Measures”). Please see Table 13 for the equivalent historical non-GAAP measure. For the year ended December 31, 2023, the following historic Non-GAAP Measures were reported in the Company’s management’s discussion and analysis (“MD&A”) for the year ended December 31, 2023, dated February 21, 2024, which is available on the Company’s website ( and under the Company’s SEDAR+ profile ( EBITDA: $422.6M; TCC: $866/oz; TCC margin: $1,086/oz; AISC: $1,200/oz; AISC margin: $752/oz; sustaining capital costs: $116.9M; and non-sustaining costs: $384.5M. Please note that the AISC and AISC margin do not include Torex corporate G&A and potential sustaining exploration costs, and mine-site EBITDA does not include Torex corporate G&A.
    4 Gold equivalent (AuEq) Mineral Reserves account for underlying metal prices and metallurgical recoveries. Breakdown of Mineral Reserves by metal is outlined in Table 11 and a breakdown of Mineral Resources by metal is outlined in Table 12.

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Morelos Property NI 43-101 Technical Report – ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study
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