Q3 2024 Torex Gold Resources Inc Earnings Call Transcript
Key Points
- Torex Gold Resources Inc (TORXF) achieved record quarterly revenue driven by a record average realized gold price.
- The company is on track to meet its production guidance for the sixth consecutive year.
- Costs are trending downwards quarter-over-quarter, with cash costs and all-in sustaining costs both decreasing by approximately $100 per ounce compared to the prior quarter.
- The Media Luna project is 87% complete, with significant progress in engineering, procurement, and construction.
- Torex Gold Resources Inc (TORXF) maintains a strong liquidity position, with available liquidity remaining consistent quarter-over-quarter despite significant capital expenditures.
- Costs are expected to be at the top end of guidance for the year due to higher royalties and profit sharing associated with the strong gold price.
- The tie-in period for the Media Luna project has been rescheduled to February 2025, potentially impacting production timelines.
- 2025 costs are anticipated to be temporarily elevated due to the Media Luna ramp-up and higher gold prices impacting royalties and profit sharing.
- The company faces ongoing challenges with elevated cyanide consumption due to high levels of copper and iron in the ore.
- There is uncertainty regarding the new Mexican administration's stance on mining laws and concessions, although discussions remain ongoing.
Good morning, and welcome to the Torex Gold's third-quarter 2024 conference call and webcast. (Operator Instructions) Please note that this event is being recorded.
I will now pass the call over to Dan Rollins, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. On behalf of the Torex team, welcome to our Q3 2024 conference call. Before we begin, I wish to inform listeners that a presentation accompanying today's conference call can be found under the Investors section of our website at www.torexgold.com. I would also like to note that certain statements to be made today by the management team may contain forward-looking information. As such, please refer to the detailed cautionary notes on the page 2 of today's presentation as well as those included in the Q3 2024 MD&A.
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