Back to Markets
Commodities● Neutral
Torex Gold CEO: Media Luna Ramp-Up on Track, Costs Falling
Torex Gold CEO Richard Howes says Media Luna ramp-up is on schedule with costs falling to $900/oz. Free cash flow hit $95M in Q1.
Continue with
Torex Gold Resources Inc. CEO Richard Howes told shareholders Monday that the Media Luna underground mine is ramping up on schedule and that costs are falling as the operation moves past its initial commissioning phase.
Speaking at the company's annual meeting, Howes said the mine, which poured first gold in January, is now processing ore at a rate of 4,500 tonnes per day. The company expects to reach the 7,500-tonne-per-day design capacity by the fourth quarter of this year.
"We are past the hardest part of the ramp-up," Howes said. "The team has done an exceptional job bringing this project online."
Media Luna is the centerpiece of Torex's growth strategy. The underground mine sits adjacent to the company's existing El Limón-Guajes open-pit operation in Guerrero, Mexico. Together, the two sites form the Morelos property, which produced 454,000 ounces of gold in 2025.
Howes said all-in sustaining costs at Media Luna are trending toward $900 per ounce, down from $1,100 per ounce in the first quarter. The lower costs reflect higher throughput and improved metallurgical recovery rates, he said.