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Torex Gold Resources Inc. (TORXF) provides investors and stakeholders with authoritative updates through this dedicated news hub. Access verified press releases and operational announcements from the Canadian intermediate gold producer focused on its Morelos Property in Mexico's Guerrero Gold Belt.
This resource consolidates essential updates including quarterly earnings reports, Media Luna Project developments, exploration results, and operational milestones. Users gain timely insights into production figures, safety initiatives, and strategic decisions driving the company's disciplined growth strategy.
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Torex Gold Resources (TSX: TXG) has announced the completion of its Media Luna Project tie-in period and achieved first production of precious metal-rich copper concentrate. The milestone marks the company's transition to becoming a gold and copper producer.
The four-week tie-in period involved 83 tie-ins and 136 system commissions at the processing plant. The company expects to begin trucking copper concentrate in the coming days, with commercial production anticipated in the coming weeks.
Mining operations at Media Luna continue to progress with:
- Production rates ramping up with ore transport via Guajes Tunnel conveyor
- Monthly development rates exceeding budgeted 1,200 metres
- 88 stopes drilled off, including 46 planned for 2025
- Steady-state mining rate target of 7,500 tonnes per day expected by mid-2026
Torex Gold Resources has reported its year-end 2024 mineral reserves and resources for the Morelos Complex. Total Proven and Probable Reserves increased 7% to 5,096 koz AuEq at 3.92 g/t, with 63% attributable to gold, 30% to copper, and the remainder to silver.
Key highlights include:
- EPO's inaugural Probable Reserve of 781 koz AuEq declared in September 2024
- ELG Underground reserves increased 1% to 662 koz AuEq, supporting operations through early 2029
- 162% replacement rate of processed reserves during 2024
- Inferred Resources grew 4% to 2,243 koz AuEq at 4.22 g/t
The company plans to nearly double its drilling program to 125,000 metres in 2025, focusing on enhancing production beyond 2030, extending underground deposits' reserve life, and exploring regional targets. The updated base case solidifies annual production of at least 450,000 AuEq ounces through 2030, with a reserve life extending to at least 2035.
Torex Gold Resources has reported significant drilling results from Media Luna West and Media Luna East targets. At Media Luna West, drilling defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, notably 13.40 gpt gold equivalent over 28.4m. Initial drilling at Media Luna East yielded strong results, including 28.12 gpt gold equivalent over 18.3m with 18.84 gpt gold and 4.52% copper.
The company plans over 20,000 metres of drilling across both targets in 2025, with an inaugural Inferred Resource estimate for Media Luna West targeted by year-end 2025. The exploration program supports Torex's strategy to maintain annual gold equivalent production of over 450,000 ounces while extending operations beyond 2035.
The drilling results confirm the continuity of mineralization along a north-south trend, with stronger structural control and higher grades near the San Miguel fault, which is believed to be the main source of mineralization for the Media Luna Cluster.
Torex Gold Resources reported strong operational and financial results for 2024, achieving gold production of 452,523 ounces, meeting annual guidance for the sixth consecutive year. The company generated record annual revenue of $1.1 billion and record adjusted EBITDA of $540 million.
Key financial highlights include total cash costs of $940 per oz sold and all-in sustaining costs of $1,156 per oz sold. The company maintained strong liquidity with $331.5 million available, including $110.2 million in cash. The Media Luna Project reached 94% completion, with first concentrate production expected by end of March 2025.
However, the company faced significant safety challenges in 2024, including a tragic incident in December resulting in three fatalities at the ELG Underground, and another fatal injury in August involving a contractor worker.
Torex Gold Resources reports 94% completion of its Media Luna Project as of December 31, 2024. The project is on track for first copper concentrate production by end of Q1 2025, with engineering concluded and procurement 99% complete. Underground development is exceeding targets at 1,300 meters per month, with surface construction at 85% completion.
The company expects to achieve the designed mining rate of 7,500 tonnes per day by mid-2026, six months ahead of schedule. Q4 2024 expenditure was approximately $100 million, bringing total annual spend to $449 million. The company forecasts approximately $60 million in non-sustaining capital expenditures for 2025.
Commercial production is expected in early Q2 2025, with the company anticipating a return to positive free cash flow by mid-year. The project's completion includes 100% engineering completion, 99% procurement completion, 90% underground development/construction, and 85% surface construction.
Torex Gold Resources has provided its 2025 operational guidance and updated five-year production outlook for the Morelos Complex. The company expects gold equivalent production of 400,000 to 450,000 ounces in 2025, with all-in sustaining costs of $1,400 to $1,600 per ounce. The guidance includes a four-week processing plant shutdown in Q1 2025 for Media Luna Project upgrades.
Total capital expenditures for 2025 are guided at $175-195 million, significantly lower than 2024's $495-530 million. The company plans to invest $45 million in drilling and exploration, focusing on expanding resources and replacing reserves. Production is expected to increase in 2026, maintaining 450,000-500,000 gold equivalent ounces through 2030.
Torex anticipates returning to positive free cash flow by mid-2025 as Media Luna ramps up. The company will become a meaningful copper producer, with the metal representing approximately 20% of 2025 production. Production costs are expected to improve throughout the year, with Q4 costs anticipated to be at the lower end of the guided range.
Torex Gold Resources (TSX: TXG) achieved its full-year production guidance for the sixth consecutive year, reporting 452,523 ounces of gold production in 2024, within the revised guidance range of 450,000 to 470,000 oz. Fourth quarter production reached 103,795 oz, with gold sales of 108,647 oz.
Operations were temporarily suspended for over a week in December following a tragic incident at ELG Underground that resulted in the loss of three colleagues. Despite this setback, the company maintained strong operational performance, with consistent mill performance and robust mining rates at ELG Underground. The main El Limón pit concluded operations in Q4, with El Limón Sur pit expected to be exhausted in H1 2025.
Looking ahead to 2025, Torex plans to complete the Media Luna Project, begin EPO development, increase drilling and exploration investment, and expects to return to positive free cash flow by mid-year.
Torex Gold Resources announces the resumption of operations at the Morelos Complex following the lifting of a temporary suspension by the Director General of Mines. The company will restart all production and development activities, including open pit and underground mining, processing operations, and the Media Luna Project.
The company maintains its full-year 2024 production guidance of 450,000 to 470,000 ounces of gold, though it's tracking towards the lower end. The Media Luna Project schedule remains unchanged, with the four-week processing plant tie-in period scheduled for February 2025.
Torex Gold Resources has received a notification from the Director General of Mines under the Federal Ministry of Economy to temporarily suspend all activities within the Morelos Property. The suspension is to facilitate their inspection following a fatal incident at the El Limón Guajes underground mine on December 5th that resulted in three fatalities.
The company's operational and project activities within the Morelos Complex have been temporarily halted pending official permission to resume. Mining Unit officials are expected to arrive on Tuesday for inspection. Despite the suspension, the company maintains its full year 2024 production guidance and the Media Luna Project schedule remains unchanged.
Torex Gold Resources reports a tragic incident at its El Limón Guajes (ELG) underground mine where three individuals (two employees and one contractor) lost their lives due to carbon monoxide exposure, while another contractor was injured but is now recovering. The incident occurred in a restricted area being prepared for ventilation following a stope blast, where two individuals initially entered and two others followed in a rescue attempt.
The company has notified authorities and is cooperating with regulatory investigations while conducting its own internal investigation. Operations at ELG Underground have resumed after a 24-hour standdown. The company confirms that the incident will not impact its full-year 2024 production guidance or the Media Luna Project schedule.
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