- Torex Gold released its Q4 and FY2021 results last month, reporting record annual production of ~468,200 ounces at all-in sustaining costs of $928/oz.
- This was a meaningful beat on cost and production guidance, making Torex one of the lowest-cost producers last year despite inflationary pressures.
- Looking ahead to FY2022, Torex Gold expects to see similar production at slightly higher costs and has an aggressive exploration budget of $39 million, including testing regional targets.
- At a current share price of US$13.20, I still see upside to fair value for Torex, but after this ~40% rally, I don't see enough of a margin of safety to justify paying up for the stock here.
For further details see:
Torex Gold: Another Solid Year For This Mid-Tier Producer