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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.
All content undergoes strict verification to ensure accuracy and compliance with financial disclosure standards. The news collection serves as a reliable reference for tracking Torex Gold's progress in gold mining operations, resource optimization efforts, and technological implementations across its mining complex.
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Torex Gold Resources reports a tragic incident at their El Limón Guajes (ELG) underground mine where three workers lost their lives due to carbon monoxide exposure on December 5th. Two employees and one contractor, aged 32, 36, and 39, were fatally affected. A fourth contract employee was hospitalized and is expected to recover.
The company has suspended operations at the ELG Underground mine and notified relevant authorities. An investigation will be conducted to determine the cause of the accident. The company's management expressed their commitment to supporting the affected families and understanding the cause of this tragic incident.
Torex Gold Resources has announced compelling new results from its 2024 ELG Underground drilling program. The program has demonstrated potential to extend mine life through high-grade mineralization discoveries and resource expansion. Key findings include impressive grades at El Limón Sur Trend with intercepts up to 94.30 gpt AuEq over 6.1m, and successful drilling at El Limón Deep, Sub-Sill, and El Limón West trends. Surface mapping revealed potential mineralization extension north towards La Flaca fault. The company has completed 29,442m of the planned 43,200m drilling program for 2024, with a $12 million budget allocation.
Torex Gold Resources has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB). The company is authorized to purchase up to 7,116,777 common shares, representing 10% of its public float, between November 21, 2024, and November 20, 2025. Daily purchases are to 66,028 shares, with block purchase exceptions allowed weekly. All purchased shares will be cancelled, funded through available working capital. The company maintains discretion over purchases, which may be suspended at any time based on market conditions and growth opportunities.
Torex Gold Resources announces positive results from its ongoing 2024 EPO exploration program, indicating strong potential to upgrade Inferred Resources to Indicated Resources and expand resources northward. Key highlights include drill hole ML23-1009 returning 10.67 gpt gold equivalent over 36.6 metres, and ML23-1001 yielding 6.82 gpt gold equivalent over 18.9 metres. The company has budgeted $10 million for the 2024 drilling program, targeting 21,000 meters with four rigs. EPO currently hosts 1.15 Moz gold equivalent Indicated Resource at 5.14 gpt and 0.72 Moz Inferred Resource at 4.52 gpt.
Torex Gold reported strong Q3 2024 financial results with an all-in sustaining costs margin of 52%. The company delivered gold production of 119,412 ounces at total cash costs of $926 per oz and all-in sustaining costs of $1,101 per oz. Revenue reached a record $313.7 million with a record quarterly average realized gold price of $2,313 per oz.
The Media Luna Project is approximately 87% complete, with plant tie-ins rescheduled to February 2025. The company updated its 2024 production guidance to 450,000-470,000 oz. Torex ended the quarter with available liquidity of $347 million, including $115 million in cash.
Torex Gold reports its Media Luna Project is 87% complete and announces increased 2024 production guidance. The company has rescheduled plant tie-in from November 2024 to February 2025, with first copper concentrate expected in Q1 2025. The revised schedule allows for increased 2024 gold production to 450,000-470,000 ounces, up from previous guidance of 400,000-450,000 ounces. Project expenditures of $840 million have been incurred, with $110 million remaining. The company maintains strong liquidity of $345 million, providing a $235 million funding buffer.
Torex Gold Resources Inc. (TSX: TXG) reports Q3 2024 gold production of 119,412 ounces and gold sold of 122,130 ounces. With year-to-date gold production of 348,728 ounces, the Company is on track to achieve annual gold production guidance of 400,000 to 450,000 ounces.
Key operational highlights include:
- ELG Open Pits: 16,731 ore tonnes mined per day, 46,727 waste tonnes mined per day, strip ratio of 2.8
- ELG Underground: 2,127 ore tonnes mined per day
- Processing: 12,889 tonnes per day average plant throughput, 90.7% average gold recovery, 3.47 gpt average gold grade of ore processed
The increased production reflects higher processed grades, stable mine production, and steady recoveries. The Company expects continued margin expansion and robust cash flow generation due to strong operational performance and record high gold prices.
Torex Gold Resources Inc. (TSX: TXG) has announced the addition of Caroline Donally to its Board of Directors, effective October 1, 2024. Ms. Donally brings over 25 years of experience in commerce and finance within the mining sector, including expertise in private equity, financing, accounting, M&A, tax, and treasury. She is currently a Managing Partner at Sprott Inc. and has previously held positions at Denham Capital Management, Rand Merchant Bank, Investec, and BDO Spencer Steward.
Rick Howes, Chair of the Board, highlighted Ms. Donally's extensive experience and value creation track record in the mining industry. Her appointment comes at a important time as Torex completes the Media Luna project and anticipates returning to positive free cash flow in mid-2025. Ms. Donally's global experience and deep understanding of mining financial markets are expected to provide valuable insights as the company enters its next growth phase.
Torex Gold Resources has integrated the EPO underground deposit into its updated life-of-mine plan for the Morelos Complex, following an internal pre-feasibility study. Highlights include:
The new plan fortifies a production profile of at least 450,000 ounces gold equivalent (koz AuEq) per year through 2030, with EPO mineral reserves estimated at 781 koz AuEq. Capital expenditures for EPO are estimated at $81.5 million, leveraging existing Media Luna Project infrastructure. The EPO deposit is expected to produce its first ore in late 2026, with the development starting mid-2025.
EPO will enhance cash flow and position Torex towards positive free cash flow by mid-2025. The updated production outlook sees annualized production averaging 422 koz AuEq through 2035. The company's five-year outlook projects increased production in 2028, reaching up to 500 koz AuEq due to higher-grade EPO feed.
Additionally, infill drilling to upgrade Inferred Resources is underway, with a goal to bolster reserves and extend the mine's life further.
Torex Gold Resources Inc. (TSX: TXG) reported a fatal accident involving a 40-year-old male contractor at its Morelos Complex on August 29, 2024. The incident occurred in the Guajes Tunnel, leading to the temporary suspension of Media Luna construction activities in the area. The company has notified the appropriate authorities and plans to launch an investigation to determine the cause of the accident.
Jody Kuzenko, President & CEO of Torex, expressed deep sadness over the incident and assured that the company is providing full support to the deceased worker's family. Torex is committed to understanding the circumstances of the accident to prevent similar incidents in the future.
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