Torex Gold touts ‘strong' start to 2023, reports net income of $68.2 million in first quarter

-Torex Gold reported on Wednesday that the company delivered gold production of 122,918 oz for the quarter driven by a record milling rate of 13,073 tpd and a record mining rate at ELG Underground of 1,738 tpd.

In Q1 2023, the company sold 118,455 oz of gold at an average realized gold price of $1,899 per oz, contributing to revenue of $228.8 million . “Given the strong cost performance during the quarter, the company is on track to achieve full year total cash costs guidance of $740 to $780 per oz and all-in sustaining costs guidance of $1,080 to $1,130 per ounce,” Torex added.

Torex said it generated EBITDA of $102.5 million and adjusted EBITDA of $132.7 million , adding that the quarter closed with net cash of $318.4 million.

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