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(Kitco News) - Torex Gold (TSX: TXG) today reported Q1 2023 gold production of 122,918 ounces, which is an increase of 9% compared to Q1 2022 (112,440 ounces).
The company said it had an "excellent start" to 2023, with first quarter production driven by record throughput in the processing plant and another quarterly record established on mining rates at the El Limón Guajes Underground.
Torex added that its ongoing focus on the maintenance strategy at the processing plant continues to improve output with the mill averaging 13,073 tonnes per day during the quarter, surpassing the previous quarterly record of 13,063 tpd established in Q2 2017.
The company reiterated its 2023 production guidance of 440,000 to 470,000 ounces of gold.
President and CEO Jody Kuzenko commented, "In addition to the strong production results, just over 12 months into a 33-month construction period, the Media Luna Project remains on schedule and is tracking to budget. Following the new process established last quarter, a stand-alone Media Luna Project update will be published ahead of our quarterly financial results.
"The strong start to the year, coupled with the higher gold price, bodes well for a solid quarter of EBITDA, while, as expected, cash flow from operations will be impacted by the seasonality of annual royalty and tax payments. Robust forecast cash flow from ELG combined with our healthy balance sheet places Torex on solid footing to fund the development of Media Luna and invest in value-creating drilling and exploration, while maintaining at least $100 million of liquidity."
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The company's principal asset is the Morelos Complex, which includes the El Limón Guajes Mine Complex, the Media Luna Project, a processing plant, and related infrastructure.
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