News & Media

Existing credit facilities revised to integrate ESG performance measures

TORONTO, May 04, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to announce that it has amended the terms of its $150 million revolving credit facility and its $100 million term loan to include incentive pricing terms related to achieving various Sustainability Performance Targets (“SPTs”) including those in safety, climate change, and alignment with the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”).

Jody Kuzenko, President & CEO of Torex, stated:

“We are pleased to be one of the first mid-tier gold producers to enter into a Sustainability-Linked Loan (“SLL”). We see this as an opportunity to lead and support the shift in the markets towards connecting the cost of capital with performance excellence on matters that are critical to the reputation and success of our company and our industry. This includes the safety of our workers, climate change, environmental stewardship, and social responsibility more broadly. Amending our credit facilities in this way is yet another example of Torex working in that “sweet spot” between continuously improving the commercial aspects of our business while even further bolstering our industry-leading position on matters of ESG.”

The SPTs linked to the revised financing terms have been set for fiscal years 2023 and 2024, considering the current 2025 maturity of the credit facilities. The SPTs are aligned with Torex’s previously disclosed sustainability targets.

The Bank of Montreal and ING Capital LLC acted as the Sustainability Structuring Agents for the SLL.

ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.

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CAUTIONARY NOTES ON FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes the statement that Torex’s key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties identified in the Company’s technical report (the “Technical Report”) released on March 31, 2022, entitled “NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study”, which has an effective date of March 16, 2022, the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) or other unknown but potentially significant impacts. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF and MD&A are available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.torexgold.com .