Welcome to our dedicated page for Torex Gold Resou news (Ticker: TORXF), a resource for investors and traders seeking the latest updates and insights on Torex Gold Resou stock.
Torex Gold Resources Inc. reports operating, exploration and capital-allocation developments for a Canadian mining company producing gold, copper and silver from the Morelos Complex in Guerrero, Mexico. Recurring updates cover production and financial results, Media Luna and ELG Underground performance, drilling results, mineral reserves and resources, and safety performance across the mining operation.
The company also reports on the Los Reyes gold-silver project in Sinaloa, early-stage exploration properties in Mexico and Nevada, dividends, share repurchases, debt repayment, board matters and executive succession planning.
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.
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.