Q1 2021 Torex Gold Resources Inc Earnings Call

May 13, 2021

Thank you for standing by this is the conference operator.

Welcome to the tour X Gold Resources, Inc. First quarter 2021 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded after the presentation, there will be and opportunity to ask the questions to join the question queue. You May Press Star then one on your telephone.

Key pattern should you need assistance during the conference call you may signal, an operator by pressing star and zero I would now like to turn the conference over to Dan Rollins, Vice President Corporate development and Investor Relations. Please go ahead Mr. Owens.

Thank you operator, and good morning, everyone.

On behalf of the <unk> team welcome to our first quarter 2021 conference call.

Before we begin and I wish to inform listeners that the presentation accompanying today's conference call can be accessed under the upcoming events subsection within the investors section of our website at Www Dot Taurus gold Dot com.

A copy of the presentation can also be found on the website under the investors presentations.

I'd also like to note that certain statements to be made today by the management team may contain forward looking information.

As such please refer to the detailed cautionary notes on page two of today's presentation as.

And as well as those included in the Q1, 2020 one M DNA.

On the call today, we of jewelry cause anchor president and CEO as well as Andrew noted CFO.

Following the presentation Jodi and Andrew will be available for the question and answer period.

This conference call is being webcast and will be available for replay on our website.

This morning's press release and the accompanying financial statements and MD&A are posted on the website and have been filed on SEDAR.

Also please note that all amounts mentioned in the call today are in U S dollars unless otherwise stated.

I'll now turn the call over to Jody. Thank.

And you Dan and good morning to all of the lines welcome to the Torch Gold Q1 results call and as you started last quarter. We bought the can be using a slide deck to step you three of the key highlights of the quarter. This deck and all related disclosure has been posted to our new website launched just this week and it has a new look it's user friendly its investor.

Friendly and I would encourage all of you to visit it.

In terms of the agenda for the call I will provide a brief reminder of the strategic plan. We are working with two then it will step you through the key business and operational highlights for the quarter I will spend some extra time on ESG. This quarter given that we just released our annual responsible gold mining report and then over to Andrew Snowdon for some.

On the financials and after that I'll provide a progress update on our critical path projects and close with some commentary relating to our most recent news about the ongoing board refresh.

Dan mentioned, the Safe Harbor language, so I'll take you right through to slide four.

This slide sets out the five pillars of our strategic plan and it hasnt changed and I won't take you through the pillars individually, we keep it in here to provide the context for the quarterly updates as against the plan.

Beyond the steady state progress against all pillars, we issued a number of press releases and the quarter about various milestones achieved.

On optimizing and extending El Che either of two updates of note. One we published the updated E. L D MRO and our in quarter, one showing the expected depletion of the pit, but importantly, showing of 15% increase and underground reserves over 2019.

And as we drive to conclusion on our pushback analysis that early ball pits, we expect to put out three year guidance midyear.

On the Derisking of advanced media Luna, we obtained our Mia modification permit and the quarter, enabling us to start on the south side infrastructure and prepare to call or the portal over the summer.

On ESG Excellence, we announced our solar plant, we released our responsible gold mining reports and continued with our board refresh.

And finally on valuation we further strengthened the balance sheet as we paid down the last of our debt and renegotiated our credit facility.

With our total available liquidity at quarter and standing at just over $320 million, we're exactly where we want to be.

And some we're making meaningful progress against all facets of the strategic plan.

Now this next slide sets of Chief financial and operational highlights we've had a strong start to the year and are tracking well to deliver on full year production and cost guidance.

Production at 129000 ounces is the best ever first quarter of production on record and you can see on the bar chart on the slide the Q1, 2020 achievement versus where we landed in Q1 of 2021.

More than 15% improvement year on year.

These production results were primarily driven by grade mines coming in at 3.4 grams per tonne and then applying a blip blending strategy to get processed grade up to $3 97 grams per tonne.

This grade offset lower throughput at the plant the lower throughput was driven by both the extended planned maintenance and unplug them and and planned maintenance, particularly in January where we took the two blocks shutdown.

As of the year progresses, we expect the grade to normalize closer to reserve levels. So you could expect us to transition to that targeted 40000 hours per month production rate.

I will leave the details of T. C C. A second financial net.

Pardon the interruption the says the operator, we seem to have lost the presenters. Please stay on the line as we attempt to get them back on the line. Thank you.

Please stay on the line the call will be beginning shortly.

Thank you for your patience the call will be of resuming shortly.

Thank you for your patience the speakers are back online. Please proceed.

Thank you Anastasia and we've had some technical difficulties there, but that's sort of where nothing if not agile 16 months into of pandemic I'm sure. We can the press on here with some technical difficulties on the phone line.

And I'll pick up on slide five and not being sure where I dropped off with the key financial and operational highlights we've had a strong start to the year and are tracking well to deliver on full year production and cost guidance production out of 129000 ounces is the best ever first quarter of production on record and you can see on the bar charts. The.

Q1, 2020 achievement versus where we landed in Q1 of 2021 more than a 15% improvement year on year.

These production results were primarily driven by grade mines coming in at 3.4 grams per tonne and then applying our blending strategy to blends up to $3 97 grams per tonne for head grades for the mill.

This grade offset lower throughput at the plant that lower throughput was driven by both extended planned maintenance and unplanned maintenance, particularly in January where we took of two blocks shutdown.

And the year of Progressive we expect the grade to normalize closer to preserve levels. So you can expect us to transition to that targeted 40000, and about 40000 ounces per month production range.

I will leave the details of total cash costs, and a sick and financial metrics to Andrew but will point out that our balance sheet is in excellent shape.

For our plan, we are now debt free and cashing out the head of media Luna closing the quarter with the hundred and $72 million and the bank.

These next two slides are on the ESG as it remains a key area of focus for the company continuing our excellent work on the ground and working on our disclosure to improve our ratings.

Three specific attention points on the slide one COVID-19 continues to be an issue in Mexico.

With case counts and death counts still on the rise and vaccination distribution progressing slowly.

Our strategy of multiple layers of controls, including aggressively screening for symptoms prior to site of rival.

And kept our site COVID-19 free but it has enabled uninterrupted operation.

Two our excellence in safety continues with no lost time injuries and the quarter and thirdly, we've landed on two external standards against which we will assess our performance on key ESG risks. Those are noted in the bottom right hand quadrant of the slide.

The World Gold Council responsible gold mining principles were and the self assessment phase on those now and we became a signatory to the international Cyanide management code, we're partway through executing our plan to achieve full compliance.

And on the issue of enhanced ESG disclosure and just this week, we released our 2020 responsible gold mining report, it's posted on our new website, where we have of dedicated ESG reporting portal.

Some of the key highlights are noted on the slides I won't take you through all of the numbers and start with the modestly there of four key areas I'd like to point out one is the clear commitments and Mexico and its people, but the substantial contribution to the economy.

Our employee base and it's largely Mexican nationals, we of fair compensation and bonus payments and our procurement policies direct spend in country, where it is feasible to do so.

Our local community relations continue to thrive with our investment and community infrastructure and developing the agreements called coda cops renewed for 2020 one.

Our relationships with our Union continues to be excellent with the word force having exercised its new right to vote for the first time and Mexican history. They voted to ratify the two year collective bargaining agreement that was negotiated at the end of 2020.

And finally, the report also spotlights, our ongoing commitments to mine and responsibly as it relates to the natural and environment.

And as evidenced by our biodiversity offsets and carbon reduction plan with the execution of the agreement to install and eight and a half makes solar plant.

Well, taking out the slide nine which sets out some detail on our operational performance.

We plan to show these metrics every quarter I think the overriding theme here is the consistency and stability of the operation.

I opened with the summary of Q1 production, we're on pace to achieve guidance with strong grade, helping to offset slightly lower throughput from the plant quarter over quarter.

I should also point out that we achieved two production related records and the quarter one of the underground team continues to show what the combined the sub sill and E. L. D is capable of delivering just over 1300 tons per day.

And two after a difficult shut down in January of the process plant recovered with the very strong March setting of melding of record at 13810 tons per day, and 97% uptime, which is world class.

And while it's not realistic to sustain this level of every month given the needs to do planned maintenance. Both records are in my view indicative of the overall capability of the assets.

And you can see and the bottom right quadrant of the slide that our operating and unit cost performance coupled with the strong gold price resulted in a robust ASIC margin of 52 per cent during the quarter.

The next slide is about unit cost. It's another one youll see every quarter of the team is working hard to contain costs across the board with the beauty of maintaining margins and offsetting inflationary pressures and COVID-19 pressures.

Two items of note on the slides one processing costs were up this quarter over last year for two reasons.

The increased presence of soluble iron and the feed which is a true consumer of cyanide.

And this was exacerbated in the quarter by of temporary suspension of the oxygen deliveries through January and February following the government mandates at all oxygen and be diverted towards medical needs given the pick up of COVID-19 cases as opposed to the holiday season.

I'm pleased to say that our procurement team has found alternative sources of supply and oxygen and deliveries resumed in March the.

The other item worthy of note on this slide is that last bar of P. T. You are of Mexican legislated bonus it's up over full year, 2020 driven by higher profitability during the quarter of.

I'll now turn the call over to Andrew for a review of financial performance.

Perfect. Thank you Jody and good morning, everyone.

And back in February I was discussing the grades and the 2020 rehab and and now I'm here for.

And with almost from intra quarter and with our Q1 results.

And you can see from Florida, 12, we generated over 230 million barrels of the revenue this quarter driven by the record Q1 production of 129000 ounces.

Realized price of 1700 of them from Chile.

And.

This performance delivered $153 million of EBITDAR and you can see on the pulp segment and Thomas.

Charles another strong quarterly performance.

And as downtown and the levels, we saw and the second half of 2020 two the softening of the gold price, partly offset more of kind of top of lunch stripping this quarter.

Just on that lots of points and the quarterly comp of times around $15 million of stripping. This is up from $16 million and Q4.

The stripping we have seen in the past couple of quarters, it's been higher than average levels.

And two new sockets, and Guangdong for mining in 2020 one.

And for most of this work is now being done and I expect capitalized stripping of the decline down for the balance of the year.

And all of T C C and they use it.

The items for the year are still good numbers.

As I flagged on the yearend earnings call the strong keep adult.

Performance doesn't flow through to free cash flow as we prepare as we paid the disproportionate amount of taxes and royalties and Q1.

I'll talk about my more and unlike the Florida.

Moving now to slide 13, you can see here on cash from decreased by $34 million during the quarter and that's the true took three key factors.

Excess capital and debt.

Firstly on taxes, you can see we spent $66 million from the quarter on taxes just to conclude.

The $13 million from seven five per cent mining trucks for lakes instead of 2020, yeah.

10 million for the final Crook and income tax payments following the filing of about 2020 and tax return during the quarter.

And finally $26 million and tax installments for 2020 one.

These types of installments of the paid monthly and I expect to average around $7 million a month for the year.

Installments were little higher than that this quarter and that was due to the strong financial performance.

Secondly on capital, we invested $29 million and non sustaining capital during the quarter primarily related to the media Luna.

For grants tunnel and just.

The media Luna infill drilling and.

And the bumps the feasibility studies for the quarter.

We also spent $26 million and sustaining capital, which primarily represents the and $2 million of comparable and stripping I referenced earlier.

And thirdly on debt, we paid off the final for $2 million outstanding on the debt for someone to you and the quarter and and now debt free and.

And I'll spend a bit more time talking about the balance sheets from the upcoming Florida.

And you also want to point out from one of the drivers behind the negative working capital change and you see you're almost flat in Q1 is the increase we saw it and I'll be a receivable for the quarter.

I don't have any concerns with collection and say, we're just working through some standard of administrative processes with the Mexican tax authorities, which are current COVID-19 measure of across the country don't help with unexpected election for salt Fleming of day in July and if not before.

Turning now to slide 14 the bid.

Types of waste there is just the strength of our balance sheet.

Zero debt on $150 million of availability on our new flexible revolving credit facility for <unk>.

And with 322 million of available liquidity and at the end of the quarter for.

The comfortable place to be with the media Luna build ahead of us.

As you know we are we have a few key decision somebody called me the alumina over the next few months for once we have line of sight, how much comes from and timing of our capital will be and are positioned.

And the right funding approach, which potentially could include a prudent level looked at and the rights of approach to capital allocation.

In terms of priorities I'll focus continues to be first on supporting the media Luna bills.

Followed by other growth opportunities, which could include M&A, followed by potential returns to shareholders.

Finally on slide 16 here I didn't want to provide remind though seasonality of our cash flow generation, which are typically back half weighted.

And I walked through the slides and detail when all year round of earnings calls so I won't repeat the detail again for such a high level in Q1, we see the highest tax and royalty payments of certain payments are and when he made annually and the soldiers and our Q1 results. We released this morning and.

And then and the second quarter and see the annual payments of our Mexican profit sharing or pizza U and the payment related to the 'twenty two 'twenty performance of approximately $30 million will be paid and Meg and sockets paved the next week.

Finally, I will just highlight some of you may see news on our recent Mexican tax reform related to the Pizza you profit sharing payment and that became effective in April, albeit with a three month transition period for.

We don't expect any impact on this change on all of 2021 unit cost guidance.

And with that ill turn the call back of a sturdy.

Thanks, Andrea and taking it out of the slide 17, and I'd like to walk you through and update on our key projects on.

On the E. L D side of our study on the Alibaba pit layback is narrowing into two final options for evaluation, while we're not yet concluded we are coalescing around something small and are about the six months of production range spending just enough capital to provide us with higher grades during the late 'twenty three 'twenty for a transition period.

Our portal for each of the bottom of the LG underground is proceeding.

The ground conditions to contend with has meant that we were advancing slowly. We're now of 100 meters and we expect to be and good ground and about another 90 to 100 meters by the end of June.

And the revised plan for arrival at the current bottom of E. L. D. Sub sales is Q1 of 2020 two notably this doesn't impact production recalled that the purpose of the portal was to reduce operating costs and open up that new platform for exploration assets.

On the topic of exploration R. E. L. G underground program for 2020. One is proceeding as planned we're focused on infill drilling during the first half of the year to bring as much into the mine plan for the 2020 two technical report update as possible and then we'll turn our eyes to step out and the back half of this year.

And Mark of high field testing at E. L. D continues.

And many of Luna the infill program continues and we have eight drill rigs turning as at the end of April of 67 holes have been completed on the 129 hole program for 2020 one.

You can expect us to release, an updated many of them and of resource and Q2 the.

The feasibility study is also progressing as is early work, which takes me to the photos on slide 18 wanted to include some pictures of where we are specifically at the Y has tunnel.

And we're now at 300 meters of advance, but perhaps even more important and the advance rate at this stage is that we've made excellent progress on the necessary infrastructure to enable the monorail based development method the.

Concrete footings have been poured steel structure erected and the bridge conveyor is being installed.

And one of rail three and one has now been installed through the canopy and our first K P. And 95 locomotive Assembly has been installed and commissioned with the remaining three and Q.

All of this is necessary to hit the target of development rate of 10 meters per day, starting through the summer.

For the projects well on track and the future of Guerrero operations coming into sharper focus. We're also continuing with our work on the refresh of our current board.

We recently announced the three of our long term directors, Andrew Adams, Michael Murphy, and Fred Stanford will notwithstanding for reelection at the June AGM.

And we publish our proxy circular later this month, we will announce our new slate of directors standing for nomination.

And I just want to close my commentary today with a heartfelt thanks to Andrew Michael and especially friends for all they've done to make toric into the company. It is today.

Their courage and their commitment to build the world class assets on the foundation of a truly unique company culture has positioned us well for the next decade of minding and excellent future, so our hats off to them and.

With that said I will turn the call back over to the operator for any questions.

We will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad and.

You will hear of atone acknowledging your request if you are using a speakerphone. Please pick up your handset before pressing any keys to withdraw your question. Please press Star then two for.

And we'll pause for a moment of callers join the queue.

The first question comes from Ryan Thompson with BMO. Please go ahead.

Yeah, Hi, Jody, Andrew and Dan and Thanks, a lot for the update.

Just a couple of quick questions for me first.

Seeing a lot of talk and headlines recently the inflation can you just.

Maybe walk us through if youre seeing any inflationary pressures both just on operating costs at <unk> and also as you work through them.

The engineering and and budgeting process from on the media Luna and feasibility studies.

Sure Ryan So its Andrew Hey, I'll take that question.

So look the overall, we all monitoring of our inflation from.

The pressure, it's very well so we're not seeing any significant increase and our overall cost base and the unit cost guidance that we provided for.

For the beginning at the beginning of the yet it's still it's still good guidance and good forecast and I expect that we'll be well within that range and comfortably within that range.

In terms of the filings.

Right and in terms of study of Luna gold here.

All of our peers are experiencing inflationary pressures on steel and lumber and raw materials and labor and where.

Not yet to the point of where we're seeing that we're not open and contract or anything like that yet, but so we don't expect to be any difference. So I fully expect as we put out the feasibility study as planned in Q1, 2020 two the costing book will reflect some degree of inflationary pressure.

Okay.

Perfect. Thanks, Thanks for that and maybe just the follow up on on media awareness of you mentioned a bit.

The 300 meters of development now and on the <unk>.

Funnel there.

Can you just maybe just talk a little bit about of where that sits versus your sort of internal schedule and.

Expectations of when Youre going to access the ore body and and how we should be thinking about the schedule of I know, it's still early days, but just an update on that would be helpful. Thanks.

Yeah, we're a little bit behind on our internal schedule as it relates to the one of his tunnel, primarily driven by two factors one was a little bit of late delivery on steel.

Elicited by some COVID-19 issues and the other was a slope of stabilization of the portal face that rough ground I talked about relating to title III with equally applicable to the portal started on the why has the tunnel we remain on track to get to the bottom of the many of Luna.

Causes by Q1 of 2020, three and there is some flow and that schedule and so we feel optimistic that we will achieve the desired and fast development rates with the monorail based sequencing and at this point remain on track to arrive at destination Q1 of 'twenty three.

Perfect. That's good to hear that that's all I had thanks for the update to everybody and thanks.

Thanks for the question.

Once again, if you have a question. Please press Star then one.

The next question comes from Bryce Adams with CIBC. Please go ahead.

Yes, good morning, all and thanks for the presentation I might just follow on from one of the last question left off firstly.

So from the well how is the tunnel of about 300 meters in.

The question is when you transition to 10 liters per day.

Is that transition meant of expected to be fairly rapid of.

And would you expect some teething and some learning on that project and that the ramp up the 10 meters per day might take a little bit of time to get to.

Yeah. Thanks for the question I do expect some teething. It is a really intricate the sequence requiring that we work and for quadrant and we have three of the monorail and sell them now which enabled us to work and the left right. Both top quadrant and then the stage equipment underneath that while we got the team already.

And sit around the work sequencing and go through any of teething pains with the attack I do expect we'll have a bit of of slow climb and looking to be at those rates by late summer early fall I think that's probably realistic.

Okay. Thanks.

Second one on the sales total once you get started the is that access point are going to be developed back towards well horizontally or would it be of multi heading system opening up the media Luna infrastructure as well.

The south portal comes and at the top and so it's about 1.2 kilometers and from there once we get in there and we'll do the development at the top of that deposit.

And so if we were to do anything to meet up with the what has kind of we would have to do another portal down at the bottom and we are talking about that right and so for todays purposes, we're really focused on getting of the infrastructure set up the platform prepared and not called or part of it was at the top of the deposit.

And by the summer time and to get us in there and the opens up at the top.

Yeah, I think I might have had that total mixed up with the with the bottom location that was talked about.

On the portal free and those ground conditions of 100 meters and there its been slow.

And from the disclosures it sounds like you've been using steel sets and that take on how far into the pool are you using there still sits.

And are they finished now and do you expect to continue to be installing them.

Yeah with your skill sets for the first of it and we expect to be and good ground Doctor 90 meters. So I expect we'll continue to use those until we had good ground.

And so how far back from the safety of maintaining us that's the still says.

Sorry, I don't know what was the question and how far and far back from what.

Bought back from the sites are the skill sets.

Oh.

And I don't have the meters Bryce I could get that true yeah yeah.

Yeah, Yeah and noise.

And for me, it's just a quick one on the ESG portal congratulations on that getting setup I think it's the.

The board.

Just a quick question and at a pretty high level is that something that you expect to update annually or do you envisage a scenario where would that corridor could be updated quarterly with the with different ESG metrics.

We expect to update it far more frequently than annually right as we have material ESG information will upload that the site. For example, we're going to refresh our annual tailings report soon that will be uploaded to the site and the various ratings providers M. S. C is the state analytics and others.

As they provide updates we'll update our scores and so you can expect that site to be interactive and uptake updated.

Okay, great. Thanks, all of the short two to get back there and check of frequently thank you.

Yes, Thank you Brian.

This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.

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