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Category: Mid-tier Producer
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Torex Gold Resources Inc
www: www.torexgold.com     email: info@torexgold.com

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Notes
Forum
Your Data

Symbol Data

Symbol Currency
OTCMKTS:TORXF USD
TSE:TXG CAD

Description

Torex Gold Resources Inc are a gold focused mid-tier producer with one mine in development in Mexico and one exploration property. They have approximately 9.8Moz. of gold in the reserves and resources category of which 4.8Moz. are in the measured and indicated category. They have a market capitalisation of ~$792.45M which is a fall of roughly 8% over the last seven months. As of 05/13/2018 they have ~$350M debt and ~$120M cash. They have 85M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/13/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $863.63M $792.45M 05/13/2018 $-71.18M
Total Assets: $1,200.00M $1,200.00M 05/13/2018 $0.00M
Total Liabilities: $484.00M $484.00M 05/13/2018 $0.00M
Current Assets: $220.00M $220.00M 05/13/2018 $0.00M
Current Liabilities: $137.00M $137.00M 05/13/2018 $0.00M
Total Debt: $350.00M $350.00M 05/13/2018 $0.00M
Cash: $120.00M $120.00M 05/13/2018 $0.00M
Enterprise Value: $1,093.63M $1,022.45M 05/26/2002 $-71.18M
Cash Flow: $56.38M $35.77M never $-20.62M
Cash Flow Multiple: 15.32 22.16 never 6.84
Net Debt to
Cash Flow Ratio:
4.08 6.43 never 2.35
Finance within 1 year: 05/13/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/13/2018 0.00%
Misc 05/13/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 85,000,000 85,000,000 05/13/2018 0
Shares (FD): 87,000,000 87,000,000 05/13/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 12/01/2015 05/13/2018 n/a
Production (Gold Eq Oz.): (guess) 
370,000
(guess) 
370,000
05/13/2018 0
Production (Silver Eq Oz.): (guess) 
29,335,078
(guess) 
31,505,983
05/13/2018 2,170,905
Initial CapEx (Outstanding): n/a n/a 05/13/2018 n/a
Funding Option: n/a n/a 05/13/2018 n/a
Documentation: none PRODUCER 05/13/2018 n/a
Value Adjustment: 25% 25% never 0%

Resource Data

GOLD 05/13/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.60M 3.60M 05/13/2018 0.00M
Measured & Indicated: 4.80M 4.80M 05/13/2018 0.00M
Inferred: 5.00M 5.00M 05/13/2018 0.00M
Reserves & Resources: 9.80M 9.80M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.13M 3.13M 05/13/2018 0.00M
Measured & Indicated: 3.97M 3.97M 05/13/2018 0.00M
Inferred: 2.18M 2.18M 05/13/2018 0.00M
Reserves & Resources: 6.14M 6.14M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
370,000oz.
(guess) 
370,000oz.
05/13/2018 0oz.
Cash Cost: $750 $750 05/13/2018 $0.00
Extra Operating Cost: $350 $350 05/13/2018 $0.00
Average Grade: 2.50 g/t 2.50 g/t 05/13/2018 n/a
Recovery Rate: (CG)  87.00% (CG)  87.00% 05/13/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 8.00M 8.00M 05/13/2018 0.00M
Annual Production: 500,000oz. 500,000oz. 05/13/2018 0oz.
Cash Cost: $700 $700 05/13/2018 $0
Extra Operating Cost: $400 $400 05/13/2018 $0
SILVER 05/13/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 05/13/2018 0.00M
Measured & Indicated: n/a n/a 05/13/2018 0.00M
Inferred: n/a n/a 05/13/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 05/13/2018 0.00M
Measured & Indicated: n/a n/a 05/13/2018 0.00M
Inferred: n/a n/a 05/13/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/13/2018 $0.00
Extra Operating Cost: n/a n/a 05/13/2018 $0.00
Average Grade: n/a n/a 05/13/2018 n/a
Recovery Rate: n/a n/a 05/13/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/13/2018 0.00M
Annual Production: n/a n/a 05/13/2018 n/a
Cash Cost: n/a n/a 05/13/2018 n/a
Extra Operating Cost: n/a n/a 05/13/2018 n/a

Property

Last Analysis Data  (05/13/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mexico City, Mexico Morelos - El Limon 100% 29,000 Open Pit show
Close to completing permitting and financing. Very large open pit.

Construction began in 2014.
Production 2016.

5 million oz deposit.

350,000 oz per year.

All-in costs under $1000.
Exploration Mexico Morelos - Media Luna 100% (guess) n/a Open Pit show
There 2nd mine. Perhaps in 2020.

5 million oz inferred. Next to El Limon. They can use the same mill.
Total Land Package Size (ha): 29,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mexico City, Mexico Morelos - El Limon 100% 29,000 Open Pit show
Close to completing permitting and financing. Very large open pit.

Construction began in 2014.
Production 2016.

5 million oz deposit.

350,000 oz per year.

All-in costs under $1000.
Exploration Mexico Morelos - Media Luna 100% (guess) n/a Open Pit show
There 2nd mine. Perhaps in 2020.

5 million oz inferred. Next to El Limon. They can use the same mill.
Total Land Package Size (ha): 29,000  

Profitability (by resource)

Proven &
Probable
05/13/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.60M 3.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 21.12M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.13M 3.13M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 18.38M
Maximum Profit (Gold): $596.61M $378.46M n/a $-218.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $596.61M $378.46M n/a $-218.14M
Max Profit / Current MCap: 0.691 0.478 n/a -0.213
Max Profit Per Share (Gold): $6.86 $4.35 n/a $-2.51
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.86 $4.35 n/a $-2.51
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $275.74 $253.02 n/a $-22.73
FD Mkt. Cap / Silver Eq.: $3.48 $2.97 n/a $-0.51
FD Mkt. Cap / Per Metal
as % Spot Price:
20.93% 20.44% n/a -0.49%
Measured &
Indicated
05/13/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.80M 4.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 28.16M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.97M 3.97M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 23.28M
Maximum Profit (Gold): $755.70M $479.39M n/a $-276.32M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $755.70M $479.39M n/a $-276.32M
Max Profit / Current MCap: 0.875 0.605 n/a -0.270
Max Profit Per Share (Gold): $8.69 $5.51 n/a $-3.18
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.69 $5.51 n/a $-3.18
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $217.69 $199.75 n/a $-17.94
FD Mkt. Cap / Silver Eq.: $2.75 $2.35 n/a $-0.40
FD Mkt. Cap / Per Metal
as % Spot Price:
16.52% 16.13% n/a -0.39%

Reserves &
Resources
05/13/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 9.80M 9.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 57.50M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.14M 6.14M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 36.04M
Maximum Profit (Gold): $1,170.01M $742.21M n/a $-427.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,170.01M $742.21M n/a $-427.80M
Max Profit / Current MCap: 1.355 0.937 n/a -0.418
Max Profit Per Share (Gold): $13.45 $8.53 n/a $-4.92
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $13.45 $8.53 n/a $-4.92
Total Free Profit Per Share: $0.71 $0.00 n/a $-0.71
FD Mkt. Cap / Gold Eq.: $140.61 $129.02 n/a $-11.59
FD Mkt. Cap / Silver Eq.: $1.77 $1.52 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:
10.67% 10.42% n/a -0.25%

Future Valuation (Cash Flow & Totals)

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