Torex Gold generates record net income, EBITDA and cash flow
(Kitco News) - Torex Gold Resources (TSX: TXG) reported Wednesday that the company produced 430,484 ounces of gold in 2020, surpassing the high end of revised guidance (390,000 to 420,000 ounces), issued following the COVID-19 shutdown, and the low end of original guidance (420,000 to 480,000 ounces).
The company said it has achieved record net income of $109.0 million or $1.27 per share on a basic basis and $1.25 per share on a diluted basis. Adjusted net income totaled a record $135.7 million, or $1.59 per share on a basic and $1.58 diluted basis.
Torex also posted record EBITDA of $413.0 million, record adjusted EBITDA of $431.4 million, and record cash flow from operations of $342.1 million ($328.8 million prior to changes in non-cash working capital).
President and CEO Jody Kuzenko commented, “2020 was a record-breaking year for many aspects of our business despite the challenges associated with COVID-19. Our strong operational performance, in combination with a resurgent gold price, underpinned our strongest annual financial performance ever. Our ongoing focus on cost containment also paid off, with full year TCC and AISC coming in below the bottom end of revised guidance.”
“With the company forecast to be debt free in Q1 2021 and strong ongoing cash flow expected from El Limón Guajes, Torex is well positioned to fully fund and bring Media Luna into production in early 2024,” added Kuzenko.
Torex is an intermediate gold producer based in Canada, engaged in the mining, developing and exploring of its 100% owned Morelos gold property, located 180 kilometres southwest of Mexico City. The company’s principal asset is the El Limón Guajes mining complex.