Torex Gold Resources Inc. - Chairman, Fred Stanford
Chairman, Fred Stanford
Source: Bloomberg
  • Shares in Torex Gold (TXG) have skyrocketed today after the company released its “simply extraordinary” results for the third quarter of 2020
  • The company reported gold production of 131,790 ounces – the second highest in its history after a total of 138,145 ounces produced in the same period last year
  • Net income also grew to US$60.3 million (C$79.33 million) from US$27.4 million (C$36 million) in the third quarter of 2019
  • The company is now looking to deliver on its previously announced full-year production guidance of between 390,000 and 420,000 ounces
  • Torex Gold (TXG) is currently up 9.84 per cent to $20.66 per share

Shares in Torex Gold (TXG) have skyrocketed today after the company released its “simply extraordinary” results for the third quarter of 2020.

For the three months ending September 30, the Toronto-based mining company produced 131,790 ounces of gold – the second highest in its history after a total of 138,145 ounces produced in the same period last year.

Record gold sales of 133,036 ounces were also achieved at an average price of US$1,884 (C$2,478) per ounce, compared to 132,535 ounces in the third quarter of 2019.

This culminated in total quarterly revenue of US$256.5 million (C$337.45 million) and net income of US$60.3 million (C$79.33 million), representing a substantial increase over last year’s results of US$198.2 million (C$260.75 million) and US$27.4 million (C$36 million), respectively.

Jody Kuzenko, President and CEO of Torex Gold, said the results demonstrate a record-breaking quarter across many facets of the business.

“Looking to the future, our primary focus is to continue to deliver consistent and reliable cash flow from ELG, pay down debt, and internally fund and bring Media Luna into production in early-2024 – while continuing to leverage potential opportunities to extend the current production profile of ELG through 2023 and into 2024.

“We have built up significant momentum in our ability as a team to deliver exceptional operational and financial results, and we are well-positioned to keep it up,” she added.

With this momentum in mind, Jody also noted that Torex is set to deliver on its previously announced full-year production guidance of between 390,000 and 420,000 ounces of gold.

Torex Gold (TXG) is currently up 9.84 per cent to $20.66 per share at 12:53pm EST.

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