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Torex Gold Reports Strong Q2 2022 Financial Results

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Torex Gold Reports Strong Q2 2022 Financial Results
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On Observe to Obtain Full Yr Manufacturing and Value Steerage
(All quantities expressed in U.S. except in any other case said)

TORONTO, Aug. 03, 2022 (GLOBE NEWSWIRE) —  Torex Gold Sources Inc. (the “Firm” or “Torex”) (TSX: TXG) reviews the Firm’s monetary and operational outcomes for the three and 6 months ended June 30, 2022. The Firm will host a convention name tomorrow morning at 9:00 AM (ET) to debate the quarterly outcomes.

Torex can be happy to announce the appointment of Mr. Rodrigo Sandoval to its Board of Administrators.

Jody Kuzenko, President & CEO of Torex, said:

“Torex delivered strong outcomes throughout a number of fronts in Q2. Our robust manufacturing, mixed with ongoing self-discipline in price containment, resulted in sturdy income, working money circulate, and free money circulate technology this quarter. With greater than $310 million in money available, robust forecasted money circulate from ELG, and superior stage plans to extend our obtainable credit score facility to $250 million, Torex is in a really beneficial place to fund the event of Media Luna whereas persevering with to spend money on value-generating exploration.

“Our wonderful operational efficiency this quarter was primarily pushed by larger grades from the ELG open pits in addition to file mining charges within the ELG Underground. Underground mining charges averaged 1,582 tonnes per day in Q2, effectively surpassing the prior file of 1,429 tonnes per day achieved in the identical quarter final yr. With completion of Portal #three anticipated later this yr and potential to leverage lengthy gap open stoping in parts of the mine, we’re steadily making good points towards reaching our long-term goal of two,000 tonnes per day within the ELG Underground.

“At Media Luna, venture exercise continues to ramp up following Board approval on March 31st. Earthworks have progressed as deliberate throughout the quarter, and advance charges continued to enhance in each the Guajes Tunnel and South Portal Decrease. Procurement actions are effectively underway, with the important thing give attention to lengthy lead gadgets together with flotation cells, regrind mills, the Guajes Tunnel conveyor, and the battery electrical fleet. As of June 30th, bodily progress on the Media Luna Challenge was roughly 5%, precisely in step with our plan.

“Primarily based on an in depth assessment of scheduled price flows for Media Luna, the Firm has redistributed the timing of oblique prices related to freight, import taxes, and contingency. In consequence, non-sustaining capital expenditure steerage for Media Luna in 2022 has been lowered to $170 to $210 million from $220 million to $270 million. Whereas the timing of those expenditures has been shifted to 2023 and 2024, the general price to develop Media Luna stays unchanged.

“Regardless of difficult headwinds with the present inflationary surroundings and the persistence of COVID-19, we delivered a really strong first half of 2022, and we’re effectively on monitor to ship on manufacturing and price steerage for the fourth yr in a row.”

Richard Howes, Chair of the Board, said:

“We’re more than happy to welcome Rodrigo Sandoval to the Torex Board of Administrators. Rodrigo brings important social, business and political information and expertise from inside Mexico’s mining business, which is able to serve to reinforce the general governance of the Firm. With Rodrigo’s appointment, we’ve now accomplished the method began two years in the past to refresh, strengthen and diversify the competencies and abilities of our Board.”

SECOND QUARTER 2022 HIGHLIGHTS

  • Security excellence continues: No misplaced time accidents within the quarter. The Firm exited the quarter with a misplaced time damage frequency fee of zero per million hours labored on a rolling 12-month foundation and surpassed 10 million hours labored with no misplaced time damage in June.
  • Gold manufacturing: Delivered gold manufacturing of 123,185 ounces for the quarter. Gold manufacturing is on monitor to satisfy full yr manufacturing steerage of 430,000 to 470,000 ounces.
  • Gold offered: Offered 123,363 ounces of gold at a median realized gold value1 of $1,865 per ounce, contributing to income of $235.zero million.
  • Whole money prices1 and all-in sustaining prices1: Whole money prices of $703 per ounce offered and all-in sustaining prices of $911 per ounce offered. The Firm is on monitor to ship on full yr whole money prices steerage of $695 to $735 per ounce in addition to all-in sustaining prices steerage of $980 to $1,zero30 per ounce given ongoing price administration to attenuate the impression of inflationary pressures.
  • Internet earnings and adjusted web earnings1: Reported web earnings of $70.three million or earnings of $zero.82 per share on a primary foundation and $zero.80 per share on a diluted foundation. Adjusted web earnings of $57.zero million or $zero.66 per share on a primary foundation and $zero.66 per share on a diluted foundation. Internet earnings consists of an unrealized spinoff acquire of $17.zero million associated to gold value contracts entered into throughout Q1 2022 to cut back draw back value danger throughout the building of the Media Luna Challenge (roughly 25% of manufacturing between October 2022 to December 2023).
  • EBITDA1 and adjusted EBITDA1: Generated EBITDA of $155.9 million and adjusted EBITDA of $137.1 million.
  • Money circulate from operations: Money circulate from operations totalled $126.9 million and $120.6 million previous to adjustments in non-cash working working capital. Money circulate from operations consists of $18.6 million of earnings taxes paid and a cost of $21.5 million in relation to mandated revenue sharing in Mexico for 2021.
  • Free money circulate1: Free money circulate of $74.zero million together with whole capital expenditures of $52.5 million.
  • Internet money1 and monetary liquidity: Internet money of $306.three million, together with $310.7 million in money and $four.four million of lease obligations, with no debt and an undrawn $150.zero million credit score facility, offering greater than $460 million in obtainable liquidity as at June 30, 2022. The Firm is within the superior levels of extending and growing the obtainable credit score amenities with a syndicate of worldwide banks. It’s anticipated that these amenities will probably be executed in Q3 2022 and supply the Firm with a complete of $250 million in obtainable credit score with a maturity date in 2025.
  • Media Luna Challenge: Challenge interval building at Media Luna commenced as of April 1, 2022, with direct venture expenditures of $29.6 million throughout the quarter out of a complete finances of $874.5 million (together with adjustment of $26.1 million for Q1 2022 underspend). Spend primarily centered on continued growth of the Guajes Tunnel and South Portals, with growth of the Guajes Tunnel reaching greater than 2,100 metres and South Portal greater than 700 metres at quarter finish. Building at Media Luna is effectively underway with long-lead procurement and earthworks on schedule. On the finish of the quarter, bodily progress on the Media Luna Challenge was roughly 5%.
  • Appointment of New Director: The Firm broadcasts the appointment of Mr. Rodrigo Sandoval to the Board of Administrators. Mr. Sandoval is a seasoned government primarily based in Mexico with over 20 years of expertise in company finance predominantly within the useful resource and infrastructure sectors, presently as Chief Monetary Officer of Grupo Gigante and beforehand with Grupo Mexico.
  1. These measures are Non-GAAP Monetary Efficiency Measures or Non-GAAP ratios (collectively, “Non-GAAP Measures”). For an in depth reconciliation of every Non-GAAP Measure to its most immediately comparable IFRS monetary measure see Tables 2 to 10 of this press launch. For extra data on these Non-GAAP Measures, please confer with the Firm’s administration’s dialogue and evaluation (“MD&A”) for the quarter ended June 30, 2022, dated August three, 2022. The MD&A, and the Firm’s unaudited condensed consolidated interim monetary statements for the quarter ended June 30, 2022, can be found on Torex’s web site (www.torexgold.com) and underneath the Firm’s SEDAR profile (www.sedar.com).

Desk 1: Working & Monetary Highlights

                         
                Three Months Ended   Six Months Ended
        Jun 30,   Mar 31,   Jun 30,   Jun 30,   Jun 30,
In thousands and thousands of U.S. dollars, except in any other case famous       2022   2022     2021   2022   2021
Working Outcomes                        
Misplaced-time damage frequency1   /million hours   zero.00   zero.12     zero.26   zero.00   zero.26
Whole recordable damage frequency1   /million hours   1.32   1.69     2.83   1.32   2.83
Gold produced   oz   123,185   112,446     118,zero54   235,631   247,563
Gold offered   oz   123,363   108,zero12     111,424   231,375   240,443
Whole money prices2   $/oz   703   748     637   724   606
Whole money prices margin2   $/oz   1,162   1,128   zero 1,179   1,147   1,189
All-in sustaining prices2   $/oz   911   1,034     897   969   874
All-in sustaining prices margin2   $/oz   954   841     919   902   922
Common realized gold value2   $/oz   1,865   1,876     1,816   1,871   1,795
Monetary Outcomes                        
Income   $   235.zero   207.7     205.9   442.7   437.1
Value of gross sales   $   139.6   132.2     119.7   271.eight   251.6
Earnings from mine operations   $   95.four   75.5     86.2   170.9   185.5
Internet earnings   $   70.three   40.zero     60.7   110.three   115.7
Per share – Primary   $/share   zero.82   zero.47     zero.71   1.29   1.35
Per share – Diluted   $/share   zero.80   zero.46     zero.69   1.27   1.31
Adjusted web earnings2   $   57.zero   37.2     47.four   94.2   104.7
Per share – Primary2   $/share   zero.66   zero.43     zero.55   1.10   1.22
Per share – Diluted2   $/share   zero.66   zero.43     zero.55   1.09   1.22
EBITDA2   $   155.9   103.1     126.9   259.zero   279.6
Adjusted EBITDA2   $   137.1   110.7     122.1   247.eight   267.zero
Value of gross sales   $/oz   1,132   1,224     1,074   1,175   1,zero46
Money from working actions   $   126.9   46.7     82.four   173.6   147.6
Money from working actions earlier than adjustments in non-cash working working capital   $   120.6   60.eight     98.four   180.2   177.6
Free money circulate2   $   74.zero   (19.1 )   21.9   54.9   31.2
Money and money equivalents   $   310.7   237.zero     196.zero   310.7   196.zero
Internet money2   $   306.three   233.four     191.5   306.three   191.5
                         

 

 

 

  1. On a 12-month rolling foundation, per million hours labored
  2. Whole money prices, whole money prices margin, all-in sustaining prices, all-in sustaining prices margin, common realized gold value, adjusted web earnings, EBITDA, adjusted EBITDA, free money circulate and web money are non-GAAP monetary measures with no customary which means underneath Worldwide Monetary Reporting Requirements (“IFRS”). Consult with “Non-GAAP Monetary Efficiency Measures” for additional data and an in depth reconciliation to the comparable IFRS measures within the Firm’s MD&A for the quarter ended June 30, 2022, dated August 2, 2022, obtainable on Torex Gold’s web site (www.torexgold.com) and underneath the Firm’s SEDAR profile (www.sedar.com).

CONFERENCE CALL AND WEBCAST DETAILS

The Firm will host a convention name tomorrow at 9:00 AM (ET) the place senior administration will focus on the second quarter working and monetary outcomes. Please dial in or entry the webcast roughly ten minutes previous to the beginning of the decision:

  • Toronto native or Worldwide: 1-416-915-3239
  • Toll-Free (North America): 1-800-319-4610

A reside webcast of the convention name will probably be obtainable on the Firm’s web site at https://torexgold.com/buyers/upcoming-events/. The webcast will probably be archived on the Firm’s web site.

Desk 2: Reconciliation of Whole Money Prices and All-in Sustaining Prices to Value of Gross sales

 

                         
                Three Months Ended   Six Months Ended
In thousands and thousands of U.S. dollars, except in any other case famous       Jun 30, 2022 Mar 31, 2022 Jun 30, 2021 Jun 30, 2022 Jun 30, 2021
Gold offered   oz   123,363     108,zero12     111,424     231,375     240,443  
                         
Whole money prices per ozsold                        
Manufacturing prices and royalties   $   91.6     85.eight     74.6     177.four     151.zero  
Much less: Silver gross sales   $   (zero.7 )   (zero.7 )   (zero.four )   (1.four )   (1.1 )
Much less: Copper gross sales   $   (four.2 )   (four.three )   (three.2 )   (eight.5 )   (four.1 )
Whole money prices   $   86.7     80.eight     71.zero     167.5     145.eight  
Whole money prices per ozsold   $/oz   703     748     637     724     606  
                         
All-in sustaining prices per ozsold                        
Whole money prices   $   86.7     80.eight     71.zero     167.5     145.eight  
Normal and administrative prices1   $   5.zero     7.eight     6.6     12.eight     14.5  
Reclamation and remediation prices   $   1.2     1.four     1.1     2.6     2.three  
Sustaining exploration prices expensed   $   –     –     1.2     –     2.zero  
Sustaining capital expenditure2   $   19.5     21.7     20.zero     41.2     45.5  
Whole all-in sustaining prices   $   112.four     111.7     99.9     224.1     210.1  
Whole all-in sustaining prices per ozsold   $/oz   911     1,034     897     969     874  
                         

 

  1. This quantity excludes a acquire of $2.2 million, loss $zero.four million and acquire of $1.6 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, and a acquire of $1.eight million and acquire of $four.three million for the six months ended June 30, 2022 and June 30, 2021, respectively, in relation to the remeasurement of share-based funds. This quantity additionally excludes company depreciation and amortization bills totalling nil, $zero.1 million and $zero.1 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, $zero.1 million and $zero.2 million for the six months ended June 30, 2022 and June 30, 2021, respectively, recorded inside common and administrative prices. Included on the whole and administrative prices is share-based compensation expense within the quantity of $zero.eight million or $6/ozfor the three months ended June 30, 2022, $1.eight million or $16/ozfor the three months ended March 31, 2022, $1.four million or $13/ozfor the three months ended June 30, 2021, $2.6 million or $11/ozfor the six months ended June 30, 2022 and $three.6 million or $15/ozfor the six months ended June 30, 2021.
  2. Earlier than adjustments in web working capital, capital expenditures for the three and 6 months ended June 30, 2022 totalled $63.2 million and $114.zero million, respectively, together with lease funds of $zero.9 million and $1.5 million, respectively. Sustaining capital expenditures of $19.5 million and $41.2 million within the three and 6 months ended June 30, 2022, respectively, are associated to $7.9 million and $24.zero million, respectively, for the money element of capitalized stripping actions, and $11.6 million and $17.2 million, respectively, for sustaining tools and infrastructure expenditures. Non-sustaining capital expenditures of $40.5 million and $70.6 million for the three and 6 months ended June 30, 2022, respectively, referring to ELG Underground and the Media Luna Challenge, have been excluded from AISC.

Desk three: Reconciliation of Sustaining and non-sustaining prices to Capital Expenditures

 

                         
                Three Months Ended   Six Months Ended
        Jun 30,   Mar 31,   Jun 30,   Jun 30,   Jun 30,
In thousands and thousands of U.S. dollars       2022     2022   2021   2022   2021
Sustaining   $   11.6     5.6   7.7   17.2   14.9
Capitalized Stripping   $   7.9     16.1   12.three   24.zero   30.6
Non-sustaining   $   5.zero     5.7   7.eight   10.7   15.three
Whole ELG   $   24.5     27.four   27.eight   51.9   60.eight
Media Luna Challenge   $   29.6     18.5   23.three   48.1   36.zero
Media Luna Infill Drilling/Different   $   5.9     5.9   7.zero   11.eight   12.three
Different & Working Capital Modifications   $   (7.5 )   13.5   2.2   6.zero   6.four
Capital expenditures1   $   52.5     65.three   60.three   117.eight   115.5
                         

 

  1. The amount of money expended on additions to property, plant and tools within the interval as reported within the consolidated statements of money flows.

Desk four: Reconciliation of Common Realized Value and Whole Money Prices Margin to Income

 

                         
                Three Months Ended   Six Months Ended
In thousands and thousands of U.S. dollars, except in any other case famous       Jun 30, 2022 Mar 31, 2022 Jun 30, 2021 Jun 30, 2022 Jun 30, 2021
Gold offered   oz   123,363     108,zero12     111,424     231,375     240,443  
                         
Income   $   235.zero     207.7     205.9     442.7     437.1  
Much less: Silver gross sales   $   (zero.7 )   (zero.7 )   (zero.four )   (1.four )   (1.1 )
Much less: Copper gross sales   $   (four.2 )   (four.three )   (three.2 )   (eight.5 )   (four.1 )
Much less: Realized loss on Gold Contracts   $   –     –     –     –     (zero.2 )
Whole proceeds   $   230.1     202.7     202.three     432.eight     431.7  
Whole common realized gold value   $/oz   1,865     1,876     1,816     1,871     1,795  
                         
Much less: Whole money prices   $/oz   703     748     637     724     606  
Whole money prices margin   $/oz   1,162     1,128     1,179     1,147     1,189  
Whole money prices margin   %   62     60     65     61     66  
                         

 

Desk 5: Reconciliation of All-in Sustaining Prices Margin to Income

 

                         
                Three Months Ended   Six Months Ended
In thousands and thousands of U.S. dollars, except in any other case famous       Jun 30, 2022 Mar 31, 2022 Jun 30, 2021 Jun 30, 2022 Jun 30, 2021
Gold offered   oz   123,363     108,zero12     111,424     231,375     240,443  
                         
Income   $   235.zero     207.7     205.9     442.7     437.1  
Much less: Silver gross sales   $   (zero.7 )   (zero.7 )   (zero.four )   (1.four )   (1.1 )
Much less: Copper gross sales   $   (four.2 )   (four.three )   (three.2 )   (eight.5 )   (four.1 )
Much less: Realized loss on Gold Contracts   $   –     –     –     –     (zero.2 )
Much less: All-in sustaining prices   $   (112.four )   (111.7 )   (99.9 )   (224.1 )   (210.1 )
All-in sustaining prices margin   $   117.7     91.zero     102.four     208.7     221.6  
Whole all-in sustaining prices margin   $/oz   954     841     919     902     922  
Whole all-in sustaining prices margin   %   50     44     50     47     51  
                         

 

Desk 6: Reconciliation of Adjusted Internet Earnings to Internet Earnings

 

                         
                Three Months Ended       Six Months Ended
In thousands and thousands of U.S. dollars, except in any other case famous       Jun 30, 2022   Mar 31, 2022   Jun 30, 2021   Jun 30, 2022   Jun 30, 2021
Primary weighted common shares excellent   shares   85,840,954     85,797,699     85,718,zero19     85,819,446     85,680,464  
Diluted weighted common shares excellent   shares   86,115,zero71     86,zero91,564     86,198,zero22     86,zero95,zero60     86,158,780  
                         
Internet earnings   $   70.three     40.zero     60.7     110.three     115.7  
                         
Changes:                        
Unrealized international change loss (acquire)   $   zero.four     (1.zero )   (2.zero )   (zero.6 )   (2.9 )
Change in unrealized good points and losses on spinoff contracts   $   (17.zero )   eight.2     (1.2 )   (eight.eight )   (5.four )
Remeasurement of share-based funds   $   (2.2 )   zero.four     (1.6 )   (1.eight )   (four.three )
Tax impact of above changes   $   5.7     (2.three )   1.four     three.four     three.eight  
Tax impact of foreign money translation on tax base   $   (zero.2 )   (eight.1 )   (9.9 )   (eight.three )   (2.2 )
Adjusted web earnings   $   57.zero     37.2     47.four     94.2     104.7  
Per share – Primary   $/share   zero.66     zero.43     zero.55     1.10     1.22  
Per share – Diluted   $/share   zero.66     zero.43     zero.55     1.09     1.22  
                         

 

Desk 7: Reconciliation of EBITDA and Adjusted EBITDA to Internet Earnings

 

                         
                Three Months Ended   Six Months Ended
In thousands and thousands of U.S. dollars       Jun 30, 2022 Mar 31, 2022 Jun 30, 2021 Jun 30, 2022 Jun 30, 2021
Internet earnings   $   70.three     40.zero     60.7     110.three     115.7  
                         
Finance (earnings) prices, web   $   (zero.three )   zero.four     –     zero.1     (zero.2 )
Depreciation and amortization1   $   48.1     46.four     45.three     94.5     101.zero  
Present earnings tax expense   $   37.zero     24.6     31.2     61.6     68.zero  
Deferred earnings tax expense (restoration)   $   zero.eight     (eight.three )   (10.three )   (7.5 )   (four.9 )
EBITDA   $   155.9     103.1     126.9     259.zero     279.6  
                         
Changes:                        
Change in unrealized good points and losses on spinoff contracts   $   (17.zero )   eight.2     (1.2 )   (eight.eight )   (5.four )
Unrealized international change loss (acquire)   $   zero.four     (1.zero )   (2.zero )   (zero.6 )   (2.9 )
Remeasurement of share-based funds   $   (2.2 )   zero.four     (1.6 )   (1.eight )   (four.three )
Adjusted EBITDA   $   137.1     110.7     122.1     247.eight     267.zero  
                         

 

  1. Contains depreciation and amortization included in price of gross sales, common and administrative bills and exploration and analysis bills.

Desk eight: Free Money Circulation

 

                         
                Three Months Ended   Six Months Ended
In thousands and thousands of U.S. dollars       Jun 30, 2022 Mar 31, 2022 Jun 30, 2021 Jun 30, 2022 Jun 30, 2021
Internet money generated from working actions   $   126.9     46.7     82.four     173.6     147.6  
Much less:                        
Additions to property, plant and tools1   $   (52.5 )   (65.three )   (60.three )   (117.eight )   (115.5 )
Curiosity paid   $   (zero.four )   (zero.5 )   (zero.2 )   (zero.9 )   (zero.9 )
Free money circulate   $   74.zero     (19.1 )   21.9     54.9     31.2  
                         

 

  1. The amount of money expended on additions to property, plant and tools within the yr as reported on the consolidated statements of money flows.

Desk 9: Internet Money

 

                 
        Jun 30,   Mar 31,   Jun 30,
In thousands and thousands of U.S. dollars       2022     2022     2021  
Money and money equivalents   $   310.7     237.zero     196.zero  
Much less: Lease obligations   $   (four.four )   (three.6 )   (four.5 )
Internet money   $   306.three     233.four     191.5  
                 

 

Desk 10: Unit Prices

 

                               
          Three Months Ended             Six Months Ended
In thousands and thousands of U.S. dollars, except in any other case famous   Jun 30, 2022   Mar 31, 2022   Jun 30, 2021   Jun 30, 2022   Jun 30, 2021
                               
Gold offered (oz)   123,363       108,zero12       111,424       231,375       240,443    
Tonnes mined – open pit (kt)   eight,947       10,zero19       9,724       18,966       20,965    
Tonnes mined – underground (kt)   144       114       130       258       253    
Tonnes processed (kt)   1,124       1,134       1,zero91       2,258       2,202    
Whole money prices:                              
Whole money prices ($)   86.7       80.eight       71.zero       167.5       145.eight    
Whole money prices per ozsold ($)   703       748       637       724       606    
Breakdown of manufacturing prices   $ $/t   $ $/t   $ $/t   $ $/t   $ $/t
Mining – open pit   27.four   three.06   25.7   2.57   24.7   2.54     53.1   2.80   50.eight   2.42
Mining – underground   12.zero   83.64   9.eight   86.14   10.four   79.92     21.eight   84.74   19.eight   78.33
Plant   38.2   33.95   37.2   32.77   41.9   38.37     75.three   33.35   77.1   35.00
Website assist   12.four   11.02   11.zero   9.66   11.9   10.95     23.three   10.34   22.four   10.19
Mexican revenue sharing (PTU)   5.7   5.08   eight.1   7.16   (2.1 ) (1.96 )   13.eight   6.13   7.7   three.51
Capitalized stripping   (7.9 )     (16.1 )     (12.three )     (24.zero )     (30.6 )  
Stock motion   (four.6 )     2.7       (6.three )     (1.9 )     (10.four )  
Different   1.three       1.2       zero.2       2.5       zero.eight    
Manufacturing prices   84.5       79.6       68.four       164.1       137.eight    
                               

 

 

ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer primarily based in Canada, engaged within the exploration, growth, and operation of its 100% owned Morelos Property, an space of 29,000 hectares within the extremely potential Guerrero Gold Belt situated 180 kilometres southwest of Mexico Metropolis. The Firm’s principal asset is the Morelos Advanced, which incorporates the El Limón Guajes (“ELG”) Mining Advanced, the Media Luna Challenge, the processing plant and associated infrastructure. Industrial manufacturing from the Morelos Advanced commenced on April 1, 2016 and an up to date Technical Report for the Morelos Advanced was launched in March 2022. Torex’s key strategic targets are to increase and optimize manufacturing from the ELG Mining Advanced, de-risk and advance Media Luna to business manufacturing, construct on ESG excellence, and to develop by way of ongoing exploration throughout the complete Morelos Property.

For additional data, please contact:

TOREX GOLD RESOURCES INC.

 
Jody Kuzenko Dan Rollins
President and CEO Senior Vice President, Company Growth & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]

CAUTIONARY NOTE

Ahead Trying Data

This press launch accommodates “forward-looking statements” and “forward-looking data” inside the which means of relevant Canadian securities laws. Ahead-looking data additionally consists of, however just isn’t restricted to, statements that: With greater than $310 million in money available, sturdy forecasted money circulate from ELG, and superior stage plans to extend the Firm’s obtainable credit score facility to $250 million, Torex is in a really beneficial place to fund the event of Media Luna whereas persevering with to spend money on value-generating exploration; with completion of Portal #three anticipated later this yr and potential to leverage lengthy gap open stoping in parts of the mine, the Firm is steadily making good points towards reaching its long-term goal of two,000 tonnes per day within the ELG Underground; the lowered steerage of non-sustaining capital expenditure steerage for Media Luna in 2022 to $170 to $210 million from $220 million to $270 million; whereas the timing of those non-sustaining capital expenditures has been shifted to 2023 and 2024, the general price to develop Media Luna stays unchanged; the Firm is effectively on monitor to ship on manufacturing and price steerage for the fourth yr in a row; gold manufacturing is on monitor to satisfy full yr manufacturing steerage of 430,000 to 470,000 ounces; the Firm is on monitor to ship on full yr whole money prices steerage of $695 to $735 per ounce in addition to all-in sustaining prices steerage of $980 to $1,zero30 per ounce; the gold value contracts have been entered into throughout Q1 2022 to cut back draw back value danger throughout the building of the Media Luna Challenge; the expectation of extending and growing the obtainable credit score amenities with a syndicate of worldwide banks; the expectation that these credit score amenities will probably be executed in Q3 2022 and supply the Firm with a complete of $250 million in obtainable credit score with a maturity date in 2025; the Media Luna long-lead procurement and earthworks are on schedule; and Torex’s key strategic targets are to increase and optimize manufacturing from the ELG Mining Advanced, de-risk and advance Media Luna to business manufacturing, construct on ESG excellence, and to develop by way of ongoing exploration throughout the complete Morelos Property.. Typically, forward-looking data and statements will be recognized by way of forward-looking terminology comparable to “forecast,” “plans,” “expects,” or “doesn’t anticipate,” “is predicted,” “strategic” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “will”, “might,” “may,” “would,” “may,” or “on monitor,”, “effectively positioned to” or “in a beneficial place to” happen. Ahead-looking data is topic to recognized and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, stage of exercise, efficiency or achievements of the Firm to be materially totally different from these expressed or implied by such forward-looking data, together with, with out limitation, dangers and uncertainties recognized within the technical report (the “Technical Report”) launched on March 31, 2022, entitled “NI 43-101 Technical Report ELG Mine Advanced Lifetime of Mine Plan and Media Luna Feasibility Research”, which has an efficient date of March 16, 2022, and the Firm’s annual data kind and administration’s dialogue and evaluation or different unknown however probably important impacts. Ahead-looking data and statements are primarily based on the assumptions mentioned within the Technical Report and such different affordable assumptions, estimates, evaluation and opinions of administration made in mild of its expertise and notion of traits, present situations and anticipated developments, and different elements that administration believes are related and affordable within the circumstances on the date such statements are made. Though the Firm has tried to establish necessary elements that would trigger precise outcomes to vary materially from these contained within the forward-looking data, there could also be different elements that trigger outcomes to not be as anticipated. There will be no assurance that such data will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such data. Accordingly, readers mustn’t place undue reliance on forward-looking data. The Firm doesn’t undertake to replace any forward-looking data, whether or not because of new data or future occasions or in any other case, besides as could also be required by relevant securities legal guidelines.

 

 

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