Torex Gold Declares Commercial Production at Media Luna

Core Viewpoint - Torex Gold Resources Inc. has officially declared commercial production at the Media Luna mine, marking its transition to a dual producer of gold and copper, and completing the development phase of the Media Luna Project [1][2]. Project Development - The Media Luna Project achieved commercial production as of April 26, 2025, with construction substantially complete, and mine and mill throughput averaging over 40% and 60% of design rates for 30 days, respectively [1][8]. - As of the end of Q1 2025, overall construction of Media Luna was 98% complete, with underground development at 98% and surface construction at 96% [8][9]. - The project team is focused on ramping up the underground mine to a design level of 7,500 tonnes per day (tpd) by mid-2026, which is six months ahead of the original schedule [4][11]. Financial Performance - The project was funded almost entirely through cash generated from existing operations at ELG, with a modest level of net debt expected to be repaid quickly as the company transitions to positive free cash flow generation in mid-2025 [3][6]. - In Q1 2025, $55.5 million was spent on the Media Luna Project, with non-sustaining capital expenditures expected to continue post-commercial production primarily for the completion of the paste plant [6][7]. Operational Readiness - The operational readiness plan for both surface and underground infrastructure is nearing completion, with commissioning activities for the flotation circuits and water treatment plant delivered [26][27]. - Approximately 200 employees were transferred from the ELG Open Pits to the underground mine, and over 160 new employees were recruited to meet the operational requirements [27]. Strategic Objectives - Torex aims to deliver Media Luna to full production, build the EPO project, optimize production and costs at Morelos, and grow reserves and resources while maintaining responsible mining practices [30][28].