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Torex Gold Resources reports 1Q adjusted profit; announces CEO transition

May 06, 2020 11:58 AM ETTorex Gold Resources Inc. (TORXF) Stock, TXG:CA StockTORXFBy: Vandana Singh, SA News Editor
  • Torex Gold Resources (OTCPK:TORXF -6.7%) posted an adjusted profit of $19.9M in Q1, a turnaround from loss of $5.7M; but has not yet listed new production guidance for 2020
  • “The U.S. monetary stimulus in reaction to COVID-19 resulted in the depreciation in many emerging-market currencies, including Mexico’s. This has us offside with our currency hedges and when ‘marked to market,’ the significant lost opportunity to benefit from the depreciated peso affected earnings. “There were also benefits realized due to the rapid deterioration in the value of the peso. All said and done, the business was solid for the quarter, [but] the financials are a bit messy.” said Fred Stanford,  president and CEO
  • Quarterly gold production was 108,537 ounces, up from 77,870 in the same period a year ago, average realized gold price rose to $1,571 an ounce from $1,302; AISC per ounce were $975.
  • The company repaid $21.8M of debt during the quarter.
  • Additionally, announced that Jody Kuzenko will succeed Stanford as CEO following the company’s annual shareholder meeting, and Stanford will transition to executive chair.
  • Previously: Torex Gold Resources reports Q1 results (May 6)

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