Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports the Company’s financial and operating results for the three
months and year ended December 31, 2019.
Fred Stanford, President & CEO of Torex,
stated:
“The record operational and safety performance
in 2019 was equally matched by the strong financial performance,
with the Company generating record EBITDA and record free cash
flow. Balance sheet strength materially improved year-over-year, as
evident in the almost $200 million decline in net debt. With the
price of gold remaining buoyant, and production guided to be in a
similar range as last year, 2020 holds the potential to be another
excellent year for Torex. We exited the year with a Lost Time
Injury rate of 0.63 over the trailing 12 months and in February
surpassed 5 million hours lost time injury free, an amazing
accomplishment.
“Advancing Media Luna was a priority in 2019 and
it will continue to be a key focus in the next few years. The
infill drill program that was concluded in 2019 had a 100% success
rate in upgrading targeted Inferred tonnes to the Indicated
confidence category. This is an excellent indicator of the
robustness of the geological model. The 2020 infill drill program
is anticipated to be completed in time to incorporate the results
into the upcoming feasibility study, which is expected to be
concluded in Q1 2021. One of the trade-off studies completed
in 2019 resulted in a decision as to how to access the Media Luna
deposit. Tunneling under the Balsas River to reach the deposit
reduces the social complexity, minimizes surface disturbance,
reduces costs, and in our view, reduces permitting risk. This 7 km
tunnel will take longer to excavate than the other options. An
early start is essential to minimize schedule risk, hence some of
the Media Luna build capital has been advanced to 2020 to
facilitate getting started with the excavation of this tunnel in
the second half of this year.
“On the Muckahi front, we successfully
demonstrated the viability of the most innovative aspects of the
mining system in 2019. We are now excavating our second 30-degree
down ramp and are continuously improving the technique.
Incorporating 30‑degree ramps into mine designs will be a game
changer for the industry. Moving beyond tunneling to ore
production, we demonstrated we could achieve ‘conveyable
fragmentation’ when blasting a long hole open stope. The team then
demonstrated they could completely ‘muck out’ the long hole open
stope with a low cost electric slusher. With the major innovations
demonstrated as viable in 2019, 2020 will focus on optimizing the
processes tested in 2019, and initiating testing of the various
conveyor applications in the Muckahi Mining System. A conveyor for
the 30-degree ramp has been designed, manufactured, and is
currently in transit to the mine. It will be installed in the ELD
deposit in Q2. We all look forward to getting the conveyor
installed and demonstrating the potential of a mine that can
eliminate diesel trucks and transport ore up and out of the mine
with an electrically powered conveyor.
“The coming year promises to be one of solid
cash flow, advancement of our Media Luna growth project, and
pushing forward with our proprietary Muckahi Mining System to fuel
future growth. Exciting times for Torex.”
This release should be read in conjunction with
the Company’s December 31, 2019 Financial Statements and MD&A
on the Company’s website or on SEDAR. A summary of Torex’s
operating and financial results can be found in Table 1.
Full Year 2019 Highlights
- Safety milestone:
5 million hours worked with no lost time injury reached in February
2020.
- Gold production:
Produced 454,811 ounces of gold in 2019, surpassing the previous
annual production record of 353,947 ounces established in 2018
by 28%.
- Gold sold: Record
full year sales of 449,337 ounces at an average realized gold
price1 of $1,408/oz, towards the upper end of the full year
guidance of 400,000 to 460,000 ounces.
- Total cash costs per ounce
of gold sold1: Total cash costs of $619/oz, at the upper
end of the guided range of $540/oz to $620/oz.
- All-in sustaining costs per
ounce of gold sold1: All-in sustaining costs of $805/oz,
above the midpoint of full year guided range of $735/oz to
$845/oz.
- Net income and Adjusted net
income1: Reported net income of $71.2 million or $0.84 per
share on a basic basis and $0.83 per share on a diluted basis.
Excluding, amongst other items, certain impairment provisions and
unrealized gains and losses, adjusted net income totalled $67.8
million, or $0.80 per share on a basic and $0.79 diluted
basis.
- EBITDA1 and Adjusted
EBITDA1: Record EBITDA of $330.3 million and record
adjusted EBITDA of $332.9 million.
- Cash flow from
operations: Cash flow from operations totalled $301.3
million ($327.3 million prior to changes in non-cash working
capital). Cash flow from operations includes $64.5 million of
current income tax accrued but expected to be paid out in Q1 2020,
noting a modest tax installment made in December 2019.
- Free cash flow1:
Free cash flow of $181.2 million ($223.7 million prior to
non-sustaining capital expenditures). Free cash flow includes
interest paid and changes in non-cash working capital.
- Cash balance:
Ended the year with cash of $161.8 million compared with $122.2
million the end of 2018 ($149.0 million including $26.8 million of
restricted cash).
- Total outstanding
debt: Following $164.4 million of debt repayments in 2019,
total debt (excluding $8.6 million of deferred financing charges)
stood at $174.9 million at year‑end compared with $333.5 million at
the end of 2018.
- Net debt1: Exited
2019 with net debt of $21.7 million, reflecting a $198.6 million
decline year-over-year.
- Updated Media Luna resource
estimate2: Upgraded approximately 25% of the Inferred
resource at Media Luna following completion of a 175-hole infill
drill program. The National Instrument 43-101 compliant resource
estimate includes 2.24 million gold equivalent ounces at a
gold equivalent grade of 5.55 g/t in the Indicated category and
4.23 million gold equivalent ounces at a gold equivalent grade of
4.23 g/t in the Inferred category.
- Achieved key deliverables
set out for Muckahi: In 2019, demonstrated the ability to
drill on the level and at a 30-degree down angle using a jumbo
mounted from a monorail. Achieved desired fragmentation within
first long-hole open stope and mucked out the stope using a
slusher. The Company plans to pilot the individual components of
Muckahi as an integrated system in ELD in 2020, with the goal of
proving out the key aspects of Muckahi by year-end.
Fourth Quarter 2019
Highlights
- Gold production:
Produced 121,151 ounces of gold, the second highest quarter of
production on record.
- Gold sold: Sold
126,910 ounces of gold at an average realized price of
$1,481/oz.
- Total cash costs1 and
All-in sustaining costs1: Total cash cost of $617/oz and
all-in sustaining cost of $767/oz.
- Net income and Adjusted net
income1: Reported net income of $35.1 million or $0.41 per
share on a basic and diluted basis. Adjusted net income of $34.0
million, or $0.40 per share on a basic and diluted basis.
- EBITDA1 and Adjusted
EBITDA1: Generated EBITDA of $102.2 million and adjusted
EBITDA of $105.1 million.
- Cash flow from
operations: Cash flow from operations totalled $97.9
million ($101.4 million prior to changes in non-cash working
capital).
- Free cash flow1:
Generated $71.6 million in free cash flow ($82.5 million prior to
non-sustaining capital expenditures).
- Debt payments:
Repaid $82.5 million of outstanding debt during the quarter.
Conference Call and Webcast
Details
The Company will host a conference call today at
9:00 AM (ET) where senior management will discuss the fourth
quarter and year end operating and financial results. Please call
the below numbers approximately 10 minutes prior to the start of
the call:
- Toronto local or international:
1-416-915-3239
- Toll-Free (North America):
1-800-319-4610
- Toll-Free (France):
0800-900-351
- Toll-Free (Switzerland):
0800-802-457
- Toll-Free (United Kingdom):
0808-101-2791
A live audio webcast of the conference call will
be available on the Company’s website at www.torexgold.com. The
webcast will be archived on the Company’s website.
1 Refer to “Non-IFRS Financial Performance
Measures” in the Company’s December 31, 2019 MD&A for further
information and a detailed reconciliation.2 For more information on
the updated Mineral Resource estimate for the Media Luna project
see news release issued on January 13, 2020, and filed on SEDAR at
www.sedar.com and on the Company’s website at
www.torexgold.com.
About Torex Gold Resources
Inc.Torex is an intermediate gold producer based in
Canada, engaged in the exploration, development and operation of
its 100% owned Morelos Gold Property, an area of 29,000 hectares in
the highly prospective Guerrero Gold Belt located 180 kilometers
southwest of Mexico City. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”),
comprised of the El Limón, Guajes and El Limón Sur open pits, the
El Limón Guajes underground mine including zones referred to as
Sub-Sill and El Limón Deep (“ELD”), and the processing plant and
related infrastructure, which is in the commercial production stage
as of April 1, 2016, and the Media Luna deposit, which is an early
stage development project, and for which the Company issued an
updated preliminary economic assessment in September 2018 (the
“Technical Report”). The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC. |
|
Fred Stanford President and CEO Direct: (647) 260-1502 Email:
fred.stanford@torexgold.com |
Dan Rollins Vice President, Corporate Development & Investor
Relations Direct: (647) 260-1503 Email:
dan.rollins@torexgold.com |
CAUTIONARY NOTES
Muckahi Mining System The
Technical Report includes information on Muckahi. It is important
to note that Muckahi is experimental in nature and has not been
tested in an operating mine. Many aspects of the system are
conceptual, and proof of concept has not been demonstrated. Drill
and blast fundamentals, standards and best practices for
underground hard rock mining are applied in the Muckahi, where
applicable. The proposed application of a monorail system for
underground transportation for mine development and production
mining is unique to underground hard rock mining. There are
existing underground hard rock mines that use a monorail system for
transportation of materials and equipment, however not in the
capacity described in the Technical Report. Aspects of Muckahi
mining equipment are currently in the design and test stage. The
mine design, equipment performance and cost estimations are
conceptual in nature, and do not demonstrate technical or economic
viability. The Company has completed the development and the first
phase of testing the concept for the mine development and
production activities and will move to optimization in 2020 to
further verify the viability of Muckahi.
Forward-Looking StatementsThis
news release contains “forward-looking statements” and
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information
includes, but is not limited to, information with respect to the
future exploration, development and exploitation plans concerning
the Morelos Gold Property; the adequacy of the Company’s financial
resources; the Company’s business plans and strategy, including
without limitation, the strategy to grow production from high
quality conventional mining assets, or those with the potential to
achieve high value through the deployment of Muckahi, if proven,
and other events or conditions that may occur in the future; the
results set out in the Technical Report including the PEA including
with respect to mineral resource and mineral reserve estimates, the
ability to exploit estimated mineral reserves, the Company’s
expectation that the ELG Mine Complex will be profitable with
positive economics from mining, expected recoveries, grades, annual
production, receipt of all necessary approvals and permits, the
parameters and assumptions underlying the mineral resource and
mineral reserve estimates and the financial analysis, and expected
gold prices; the potential for 2020 to be another excellent year
for Torex; the indication from the success of the infill drill
program that was concluded in 2019 of the robustness of the
geological model; expectation that the tunnel under the Balsas
River to reach the Media Luna deposit reduces the social
complexity, minimizes surface disturbance, reduces costs, and
reduces permitting risk; expectation that incorporating 30‑degree
ramps into mine designs will be a game changer for the industry;
planned installation of the 30-degree ramp conveyor and expectation
of demonstrating the potential of a mine that can eliminate diesel
trucks and transport ore up and out of the mine with an
electrically powered conveyor; the expectation that 2020 to be a
year of solid cash flow, advancement of the Media Luna growth
project, and pushing forward with the proprietary Muckahi Mining
System to fuel future growth; the expectation that the Company will
be able to generate sufficient cash flow to satisfy the financial
covenants under the Debt Facility and service its indebtedness on a
timely basis; the expected successful completion of the ramp-up of
the processing plant and achieving a steady state throughput rate
of 13,000 tpd; near term growth opportunities in both the Sub-Sill
and El Limón Deep zone and mid-term growth potential of Media Luna;
plans to seek opportunities to acquire assets in the Americas that
enable profitable and effective geographic diversification;
achieving guidance and other objectives for 2020; expected metal
recoveries; expected gold production, total cash costs per ounce of
gold sold, AISC per ounce of gold sold and revenues from
operations, and capital costs; goals of the Muckahi test program to
successfully demonstrate the ability to load a conveyor on a
30-degree ramp and convey up that ramp, demonstrate the
functionality of the tramming conveyor, demonstrate the ability to
achieve the required fragmentation across multiple long hole open
stopes, and demonstrate ability to remove muck completely with a
slusher across multiple long hole open stopes; expectation the
second stope to test Muckahi will further validate the
fragmentation results of the blasting and the mucking rates of the
slusher; expected timing of installing the 30-degree conveyor and
the delivery of the tramming conveyor; the ability to mine and
process estimated mineral reserves; expectation that depreciation
in 2020 will range between $250 to $300 million reflecting in part
an increase in depreciation of previously capitalized deferred
stripping; the expectation for 2020 that the diesel credit in
Mexico will no longer be available and the effective tax rate for
the Company will be 45% to 50%; plans to continue with gold hedging
arrangements beyond the current 12-month hedge; expected recovery
and timing of receipt of value-added tax; further advances of funds
if required, pursuant to the Debt Facility (which is subject to
certain customary conditions precedent); continued unimpeded
operations; expectation that the Debt Facility will provide greater
flexibility and permit the development of Media Luna, the Muckahi
mining system and other existing and future projects of the
Company; plans to continue testing the Muckahi mining system,
including without limitation, the testing of the tramming conveyor,
fragmentation and mucking with a slusher; expected continued mining
of the ELD using Muckahi; expectation of achieving goal of
demonstrating the effectiveness of the Muckahi mining system; plan
to advance the Media Luna Project from early stage development to
production; plans to complete the infill drilling programs on Media
Luna and related budgets; expectation that the infill drill program
in 2020 at Media Luna will upgrade a greater proportion of mineral
resources to indicated confidence category and in time to
incorporate into the feasibility study; expectation that additional
infill drill programs will be completed at Media Luna and that the
programs will be successful in upgrading inferred tonnes to
indicated confidence category; plans to complete key trade off
studies; plans to complete early field survey and technical study
work in support of the permitting and approval process for Media
Luna; plans to start the tunnel from the ELG to Media Luna in Q3
2020 and expectation that this early start to the tunnel will
de-risk this component of the development schedule; expectation
that the Company will be able to secure required permits in order
to commence commercial production; plan and timeline to complete a
feasibility study and subject to the outcome of the feasibility
study, among other things, projected timeline for commencement of
production; plans to fund expenditures to construct Media Luna from
cash flows from the ELG Open Pits and ELG Underground; the estimate
of Media Luna’s precommercial expenditures, net of precommercial
revenues; plans to diversify the Company’s single asset risk; the
focus of exploration programs on advancing known mineralization and
mineral resources to production, and remediation plans and
estimated associated costs; status of the patent application for
Muckahi as patent pending; and plans to advance known
mineralization and resources to production, including, infill
drilling programs on Sub-Sill and El Limon Deep to with a purpose
of upgrading resource confidence class. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans,” “expects,” or “does not expect,” “is
expected,” “budget,” “scheduled,” “goal,” “estimates,” “forecasts,”
“intends,” “anticipates,” or “does not anticipate,” “believes” or
“potential” or variations of such words and phrases or statements
that certain actions, events or results “may,” “could,” “would,”
“might,” or “will be taken,” “occur,” or “be achieved.”
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
ramp-up of the processing plant to steady state production of
13,000 tpd; predictability of the grade; ability to achieve design
gold recovery levels; fluctuation in gold and other metal prices;
commodity price risk; currency exchange rate fluctuations; capital
and operational cost estimates; satisfying financial covenants
under the Debt Facility; illegal blockades; dependence on good
relationships with employees and contractors and labour unions;
dependence on key executives and employees; limited operating
history; generating positive cash flow; the ability of the Company
to secure additional financing if required; the safety and security
of the Company properties; servicing of the indebtedness of the
Company; the ability to secure necessary permits and licenses,
title to the land on which the Company operates, including surface
and access rights; foreign operations and political and country
risk; the uncertainty of diversifying the Company’s single asset
risk; government policies and practices in respect of the
administration of recovery of VAT funds and recovery of VAT funds;
exploration, development, exploitation and the mining industry
generally; environmental risks and hazards; decommissioning and
reclamation costs; parameters and assumptions underlying mineral
resource and mineral reserve estimates and financial analyses being
incorrect; actual results of current exploration, development and
exploitation activities not being consistent with expectation;,
risks associated with skarn deposits; potential litigation; hiring
the required personnel and maintaining personnel relations; future
commodity prices; infrastructure; single property focus; use and
reliance of experts outside Canada; competition; hedging contracts;
interest rate risk; price and volatility of public stock; conflicts
of interest of certain personnel; credit and liquidity risk;
compliance with anti-corruption laws; enforcement of legal rights;
accounting policies and internal controls as well as those risk
factors included herein and elsewhere in the Company’s public
disclosure.
Table 1: Operating and financial results
summary
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
|
Dec 31, |
|
Dec 31, |
|
In
millions of U.S. dollars, unless otherwise noted |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore tonnes mined |
|
kt |
|
|
1,573 |
|
|
1,416 |
|
|
1,810 |
|
|
1,153 |
|
|
1,234 |
|
|
|
5,952 |
|
|
4,329 |
|
Waste tonnes mined |
|
kt |
|
|
10,795 |
|
|
11,923 |
|
|
11,450 |
|
|
12,281 |
|
|
10,065 |
|
|
|
46,449 |
|
|
28,296 |
|
Total tonnes mined |
|
kt |
|
|
12,368 |
|
|
13,339 |
|
|
13,260 |
|
|
13,434 |
|
|
11,299 |
|
|
|
52,401 |
|
|
32,625 |
|
Strip ratio 2 |
|
waste:ore |
|
|
7.3 |
|
|
9.1 |
|
|
6.8 |
|
|
11.5 |
|
|
8.6 |
|
|
|
8.4 |
|
|
6.7 |
|
Average gold grade of ore mined 4 |
|
gpt |
|
|
3.06 |
|
|
3.19 |
|
|
2.91 |
|
|
2.45 |
|
|
2.76 |
|
|
|
2.92 |
|
|
2.69 |
|
Ore in stockpile 5 |
|
mt |
|
|
2.4 |
|
|
1.9 |
|
|
1.7 |
|
|
0.9 |
|
|
0.8 |
|
|
|
2.4 |
|
|
0.8 |
|
Processing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tonnes processed |
|
kt |
|
|
1,116 |
|
|
1,139 |
|
|
1,062 |
|
|
1,076 |
|
|
1,197 |
|
|
|
4,393 |
|
|
4,152 |
|
Average plant throughput |
|
tpd |
|
|
12,130 |
|
|
12,380 |
|
|
11,670 |
|
|
11,956 |
|
|
13,011 |
|
|
|
12,036 |
|
|
11,863 |
|
Average gold recovery |
|
% |
|
|
89 |
|
|
89 |
|
|
88 |
|
|
88 |
|
|
85 |
|
|
|
88 |
|
|
87 |
|
Average gold grade of ore processed |
|
gpt |
|
|
3.87 |
|
|
4.11 |
|
|
3.92 |
|
|
2.62 |
|
|
2.93 |
|
|
|
3.64 |
|
|
2.97 |
|
Production and sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold produced |
|
oz |
|
|
125,151 |
|
|
138,145 |
|
|
113,645 |
|
|
77,870 |
|
|
96,316 |
|
|
|
454,811 |
|
|
353,947 |
|
Gold sold |
|
oz |
|
|
126,910 |
|
|
132,535 |
|
|
113,419 |
|
|
76,473 |
|
|
104,169 |
|
|
|
449,337 |
|
|
347,640 |
|
Financial
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
|
190.0 |
|
|
198.2 |
|
|
150.7 |
|
|
101.9 |
|
|
130.7 |
|
|
|
640.8 |
|
|
442.9 |
|
Cost of sales |
|
$ |
|
|
149.0 |
|
|
130.1 |
|
|
115.7 |
|
|
85.1 |
|
|
96.5 |
|
|
|
479.9 |
|
|
334.7 |
|
Earnings from mine operations |
|
$ |
|
|
41.0 |
|
|
68.1 |
|
|
35.0 |
|
|
16.8 |
|
|
34.2 |
|
|
|
160.9 |
|
|
108.2 |
|
Net income (loss) |
|
$ |
|
|
35.1 |
|
|
27.4 |
|
|
10.0 |
|
|
(1.3 |
) |
|
1.4 |
|
|
|
71.2 |
|
|
23.2 |
|
Per share - Basic |
|
$/share |
|
|
0.41 |
|
|
0.32 |
|
|
0.12 |
|
|
(0.02 |
) |
|
0.02 |
|
|
|
0.84 |
|
|
0.27 |
|
Per share - Diluted |
|
$/share |
|
|
0.41 |
|
|
0.32 |
|
|
0.12 |
|
|
(0.02 |
) |
|
0.02 |
|
|
|
0.83 |
|
|
0.27 |
|
Adjusted net earnings (loss) 1 |
|
$ |
|
|
34.0 |
|
|
30.8 |
|
|
8.8 |
|
|
(5.7 |
) |
|
13.9 |
|
|
|
67.8 |
|
|
19.7 |
|
Per share - Basic 1 |
|
$/share |
|
|
0.40 |
|
|
0.36 |
|
|
0.10 |
|
|
(0.07 |
) |
|
0.16 |
|
|
|
0.80 |
|
|
0.23 |
|
Per share - Diluted 1 |
|
$/share |
|
|
0.40 |
|
|
0.36 |
|
|
0.10 |
|
|
(0.07 |
) |
|
0.16 |
|
|
|
0.79 |
|
|
0.23 |
|
EBITDA 1 |
|
$ |
|
|
102.2 |
|
|
116.6 |
|
|
74.3 |
|
|
37.2 |
|
|
56.1 |
|
|
|
330.3 |
|
|
185.7 |
|
Adjusted EBITDA 1 |
|
$ |
|
|
105.1 |
|
|
115.1 |
|
|
76.5 |
|
|
36.2 |
|
|
57.5 |
|
|
|
332.9 |
|
|
181.9 |
|
Cost of sales |
|
$/oz |
|
|
1,174 |
|
|
982 |
|
|
1,020 |
|
|
1,113 |
|
|
926 |
|
|
|
1,068 |
|
|
963 |
|
Total cash costs 1 |
|
$/oz |
|
|
617 |
|
|
561 |
|
|
606 |
|
|
745 |
|
|
627 |
|
|
|
619 |
|
|
646 |
|
All-in sustaining costs 1 |
|
$/oz |
|
|
767 |
|
|
675 |
|
|
760 |
|
|
1,161 |
|
|
926 |
|
|
|
805 |
|
|
964 |
|
Average realized gold price 1 |
|
$/oz |
|
|
1,481 |
|
|
1,478 |
|
|
1,314 |
|
|
1,302 |
|
|
1,235 |
|
|
|
1,408 |
|
|
1,261 |
|
Cash from operating activities |
|
$ |
|
|
97.9 |
|
|
122.5 |
|
|
48.6 |
|
|
32.3 |
|
|
59.3 |
|
|
|
301.3 |
|
|
226.8 |
|
Cash from operating activities before changes in non-cash working
capital 6 |
|
$ |
|
|
101.4 |
|
|
116.9 |
|
|
72.6 |
|
|
36.4 |
|
|
61.2 |
|
|
|
327.3 |
|
|
185.5 |
|
Free cash flow 1 |
|
$ |
|
|
71.6 |
|
|
96.4 |
|
|
20.6 |
|
|
(7.4 |
) |
|
18.8 |
|
|
|
181.2 |
|
|
85.9 |
|
Net debt 1 |
|
$ |
|
|
21.7 |
|
|
97.2 |
|
|
221.2 |
|
|
234.4 |
|
|
220.3 |
|
|
|
21.7 |
|
|
220.3 |
|
Cash and cash equivalents |
|
$ |
|
|
161.8 |
|
|
168.0 |
|
|
83.5 |
|
|
91.6 |
|
|
122.2 |
|
|
|
161.8 |
|
|
122.2 |
|
Restricted cash |
|
$ |
|
|
- |
|
|
- |
|
|
32.3 |
|
|
26.9 |
|
|
26.8 |
|
|
|
- |
|
|
26.8 |
|
Working capital (deficiency) 3 |
|
$ |
|
|
96.5 |
|
|
116.7 |
|
|
(27.4 |
) |
|
18.1 |
|
|
41.6 |
|
|
|
96.5 |
|
|
41.6 |
|
Total debt |
|
$ |
|
|
174.9 |
|
|
255.7 |
|
|
298.2 |
|
|
318.3 |
|
|
333.5 |
|
|
|
174.9 |
|
|
333.5 |
|
Total assets |
|
$ |
|
|
1,229.6 |
|
|
1,263.1 |
|
|
1,230.2 |
|
|
1,251.7 |
|
|
1,271.4 |
|
|
|
1,229.6 |
|
|
1,271.4 |
|
Total liabilities |
|
$ |
|
|
394.8 |
|
|
464.6 |
|
|
461.0 |
|
|
493.8 |
|
|
511.8 |
|
|
|
394.8 |
|
|
511.8 |
|
- Adjusted net earnings (loss), total
cash costs, all-in sustaining costs, average realized gold price,
EBITDA, adjusted EBITDA, free cash flow and net debt are financial
performance measures with no standard meaning under International
Financial Reporting Standards (“IFRS”). Refer to “Non-IFRS
Financial Performance Measures” for further information and a
detailed reconciliation.
- Ore mined from the ELG Underground
of 98 kt and 400 kt is included in ore tonnes mined and excluded
from the strip ratio in the three and twelve months ended December
31, 2019, respectively. For the three months ended September 30,
2019, June 30, 2019, March 31, 2019 and December 31, 2018, ore
mined from the ELG Underground was 102 kt, 117 kt, 83 kt and 67 kt,
respectively.
- Current liabilities at June 30,
2019 included a scheduled repayment of $75.0 million in June 2020
under the 2017 Revolving Facility. As a result of the refinancing,
the $75.0 million due under the 2017 Revolving Facility was
deferred.
- Included within average gold grade
of ore mined is the mined long term, low grade inventory. Excluding
the long term, low grade inventory, the average gold grade of ore
mined is 3.23 gpt and 3.18 gpt for the three and twelve months
ended December 31, 2019. For the three months ended September 30,
2019, June 30, 2019, March 31, 2019 and December 31, 2018, the
average gold grade of ore mined is 3.37 gpt, 3.33 gpt, 2.66 gpt and
2.92 gpt, respectively.
- Included within ore in stockpile is
0.8 mt of long term, low grade inventory, with a carrying value of
nil at December 31, 2019. As at September 30, 2019, June 30, 2019,
March 31, 2019, and December 31, 2018, the long term, low
grade inventory was 0.6 mt, 0.5 mt, 0.2 mt and 0.1 mt,
respectively, with nil carrying value. As at
December 31, 2019 the long term, low grade inventory has
an average grade of 0.87 gpt.
- Cash generated from operating
activities before changes in non-cash working capital was amended
to exclude current income tax expense in order to align with
changes in presentation of the Company’s Statement of Cash
Flows.
- Sum of the quarters may not add to
the year to date amounts due to rounding. 2018 represents 350 days
of operations due to the illegal ‘Blockade’.
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