Torex Gold (TSX: TXG) this morning reported Q3 production of 119,034 ounces of gold equivalent from their Morelos Complex in Mexico. The figure represents production from the ELG open pit and underground operations, as well as from the Media Luna underground operations.
Broken out, production amounted to 95,058 ounces of gold, 485.2 thousand ounces of silver, and 14.0 million pounds of copper, at average grades of 3.07 g/t, 22.8 g/t and 0.68%, respectively.
Gold equivalent sales over the quarter meanwhile amounted to 118,082 ounces.
Year to date, payable gold equivalent production has totaled 261,520 ounces at current metal prices, which expands to 269,846 ounces at guidance metal prices, with Torex continuing to target the lower end of annual payable production guidance in the range of 400,000 to 450,000 ounces of gold equivalent.
“The production we delivered in Q3 demonstrates the steady-state potential of Morelos now that the Media Luna Project is complete, which, combined with an improving cost profile and record metal prices, is expected to result in significant free cash flow generation for the foreseeable future,” commented Jody Kuzenko, CEO of Torex Gold.
Operationally, Media Luna is said to be at mining rates above the targeted 6,000 tonnes per day, and is on pace to hit design capacity of 7,500 tpd by mid 2026. On the processing side, throughput rates exceeded the design capacity of 10,600 tpd, with recoveries for both gold and copper above design levels of 90% and 92% respectively.
Full financial results are slated to be released after market close on November 5.
Torex Gold last traded at $63.03 on the TSX.
Information for this story was found via the sources and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
