Consistent Operator with Industry-Leading Safety Track Record
For the past four years, Torex has consistently met or beaten operational guidance and has done so with an industry-leading safety record. We exited 2022 with no fatalities and a lost-time injury frequency rate of 0.28 per million hours worked on a rolling 12-month basis. We strongly believe that the same things that drive safety excellence drive production excellence. Our operational and financial results prove it.
Financially Strong Gold Producer with Robust Margins and a Healthy Balance Sheet
With $376 million in cash, liquidity of $623 million and no long-term debt as at the end of 2022, a competitive cost profile, and strong projected cash flow from ELG, we are well-positioned to fund the development of Media Luna, invest in value-creating drilling and exploration, and maintain at least $100 million of liquidity on the balance sheet.
Long-Life Potential via our Media Luna Project
Media Luna is a low-risk brownfield expansion that is expected to more than triple our existing mine life through at least 2033 and add significant copper exposure. As of December 31, 2022, the Media Luna deposit had Probable Reserves of 3.36 million gold equivalent ounces at an average gold equivalent grade of 4.54 grams per tonne ("gpt"), including 2.08 million ounces of gold at an average grade of 2.81 gpt, 18.9 million ounces of silver at 25.6 gpt, and 444 million pounds of copper at 0.88%.
The current Mineral Resource, which includes Mineral Reserves, covers approximately 30% of the magnetic anomalies within the Media Luna Cluster, highlighting the potential to significantly expand and upgrade the resource base at Media Luna over the coming years.
Excellent Relationships in Mexico through Strong Commitment to ESG
We have very productive relationships with our employees, union, and local communities, a solid record of environmental performance and a best-in-class safety record. We have been strategic about setting up programs that see a complete alignment of economic interests of our Company, shareholders and our important stakeholder groups; when we do well, our employees and our communities do well.
Innovation – a Key Differentiator to Drive Value and Reduce Risk
Since our inception, we have differentiated ourselves from our peers by embracing innovation and leveraging our unique approach to design principles, operational practices, and social management. Shareholders have benefited from these actions through best-in-class safety performance, lower energy consumption, reduced environmental footprint and improved margins.