Latest news with #TorexGold
Yahoo
26-05-2025
- Business
- Yahoo
Torex Gold Announces Amendment to RSU Plan
Toronto, Ontario--(Newsfile Corp. - May 26, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announces that an amendment to the Company's restricted share unit plan (the "RSU Plan") will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders of Torex scheduled to be held on June 18, 2025 (the "Meeting"). The RSU Amendment is being made in response to comments from a proxy voting advisory and corporate governance services firm (the 'Proxy Advisory Firm'). The amendment to the RSU Plan, being the insertion of 'amend this Section 5.02' as a new subsection (d) and the corresponding grammatical changes (the 'RSU Amendment'), will expressly restrict Torex's board of directors (the 'Board') from amending the amendment section of the RSU Plan. Although any amendment to the amendment section of the RSU Plan is currently subject to shareholder approval under the rules of the Toronto Stock Exchange (the 'TSX'), the RSU Amendment addresses Proxy Advisory Firm's concern that such rules could change in the future. The RSU Amendment has been approved by the Board and, in accordance with the rules of the TSX, must be approved by shareholders at the Meeting in order to be effective. Accordingly, the RSU Amendment will be presented to shareholders at the Meeting as an addition to the resolution to approve all unallocated share units under the RSU Plan. Other than in respect of the RSU Amendment, management of the Company knows of no amendments, variations or other matters to come before the Meeting. For additional information about the Meeting, please refer to the management information circular dated May 7, 2025 in respect of the Meeting, which is available on SEDAR+ at and on the Company's website at ABOUT TOREX GOLD RESOURCES INC. Torex Gold Resources Inc. 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 highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is the Morelos Complex, which includes the producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking opportunities to acquire assets that enable diversification and deliver value to shareholders. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES KuzenkoPresident and CEODirect: (647) RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements about: the RSU Amendment and it being presented to shareholders at the Meeting; and the Company's key strategic objectives: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "objective", "target", "continue", "potential", "focus", "demonstrate", "belief" or variations of such words and phrases or statements that certain actions, events or results "will", "would", "could" or "is expected to" occur. 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, without limitation, risks and uncertainties associated with: the ability to upgrade mineral resources categories of mineral resources with greater confidence levels or to mineral reserves; risks associated with mineral reserve and mineral resource estimation; and those risk factors identified in the Company's current technical report and the Company's annual information form and management's discussion and analysis or other unknown but potentially significant impacts. Forward-looking information is based on the assumptions discussed in the technical report and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF and MD&A are filed on SEDAR+ at and the Company's website at To view the source version of this press release, please visit
Yahoo
02-05-2025
- Business
- Yahoo
Torex Gold begins commercial production at Media Luna mine in Mexico
Canadian intermediate gold producer Torex Gold Resources has commenced commercial production at the Media Luna mine in Mexico, after completing the development phase of the Media Luna project. Torex Gold invested $55.5m in the Media Luna project during the first quarter of 2025 (Q1 2025). The overall construction of the Media Luna mine was nearly complete (98%) by the end of the first quarter, showing progress from 94% at the quarter's start. The most significant elements of the surface construction still to be completed include the commissioning of the paste plant and the integration of the upgraded power infrastructure with the national grid. The completion of the paste plant and the paste distribution system, which are expected later this quarter, will support the increase in mining rates at the processing plant. The installation of updated power infrastructure is complete, and the national energy regulator, Comisión Federal de Electricidad, is conducting final checks before integrating the 230kV transmission line into the national grid. This step is expected to align with the commissioning of the paste plant. Torex president and CEO Jody Kuzenko said: 'The delivery of Media Luna and our transition to become both a gold and copper producer, substantially within budget and schedule, demonstrates Torex as not only a consistent and reliable operator but also a company capable of achieving excellence in the execution of major and complex projects. "Notably, our strong operational performance through the build period, supported by a backdrop of record gold prices, allowed us to accomplish what is largely unheard of in the industry – funding the project almost entirely through the generation of cash from our existing operations at ELG [El Limón Guajes]. The modest level of net debt accumulated through the build period will be repaid quickly as the company pivots to positive free cash flow generation in the middle of 2025.' After integrating the flotation circuits into the processing plant, the project team is working on escalating the underground mine's production to reach the targeted throughput of 7,500 tonnes per day (tpd) by mid-2026. The underground development and construction also reached 98% completion at the end of the quarter, with the Guajes Tunnel conveyor commissioned and transporting ore to the processing plant. The surface and underground operational readiness activities are also nearing completion, with a focus on the recruitment and training of employees for the Media Luna mine and modified process plant. More than 200 employees were transferred and more than 160 were recruited, with a focus on local hiring, to support the new operational requirements. In March 2025, Torex completed the four-week tie-in period for the Media Luna project, marking the first production of metal-rich copper concentrate. "Torex Gold begins commercial production at Media Luna mine in Mexico" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
02-05-2025
- Business
- The Market Online
Torex Gold reaches production at second mine in Mexico
Torex Gold Resources (TSX:TXG) achieved commercial production at the Media Luna mine in Mexico Production from the broader Morelos property, including the ELG and EPO mines, is estimated to surpass 450,000 gold equivalent ounces per year beyond 2030 Torex is an intermediate gold producer based in Canada exploring, developing and producing from its 29,000-hectare Morelos property 180 kilometres southwest of Mexico City Torex Gold stock has added 123.57 per cent year-over-year and 110.12 per cent since 2020 Torex Gold Resources (TSX:TXG) achieved commercial production at the Media Luna mine in Mexico. According to Friday's news release, the company defines commercial production as 'when construction is substantially complete, mine and mill throughput have averaged over 40 and 60 per cent of design rates for 30 days, respectively, product is saleable, and metallurgical recoveries have averaged at least 60 per cent of design recovery levels.' Media Luna yielded its first precious-metals-rich copper concentrate on March 24, with shipments to port beginning in the first week of April and positive free cash flow expected sometime in mid 2025. The company is focused on ramping up the underground mining to 7,500 tons per day by mid 2026, six months ahead of the deadline delineated in Media Luna's feasibility study. The Guajes Tunnel conveyor. (Source: Torex Gold Resources) A feasibility study for EPO, the Morelos property's next mine, is in progress, with first production slated for late 2026. Once EPO is operational, Morelos' annual production is forecasted to remain at more than 450,000 gold equivalent ounces beyond 2030 with a mine life extending through 2035. Torex Gold has been net income profitable over the past five fiscal years, while growing revenue from US$789 million in 2020 to over US$1.1 billion in 2024. Leadership insights 'I'm proud to announce that we have accomplished one of the last key milestones associated with the Media Luna project by achieving commercial production,' Jody Kuzenko, Torex Gold's president and chief executive officer, said in a statement. 'The delivery of Media Luna and our transition to become both a gold and copper producer, substantially within budget and schedule, demonstrates Torex as not only a consistent and reliable operator, but also a company capable of achieving excellence in the execution of major and complex projects.' 'Notably, our strong operational performance through the build period, supported by a backdrop of record gold prices, allowed us to accomplish what is largely unheard of in the industry – funding the project almost entirely through the generation of cash from our existing operations at ELG,' Kuzenko added. 'The modest level of net debt accumulated through the build period will be repaid quickly as the company pivots to positive free cash flow generation in the middle of 2025.' About Torex Gold Resources Torex Gold Resources is an intermediate gold producer based in Canada exploring, developing and producing from its 29,000-hectare Morelos property on the highly prospective Guerrero Gold belt about 180 kilometres southwest of Mexico City. Commercial production at Morelos began at the ELG mine in April 2016. Torex Gold stock (TSX:TXG) last traded at C$42.97. The stock has added 123.57 per cent year-over-year and 110.12 per cent since 2020. Join the discussion: Find out what everybody's saying about this gold producer on the Torex Gold Resources Inc. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
