growing the morelos gold project - issuer...
TRANSCRIPT
TSX: TXG; TXG.WT.A
Growing the Morelos Gold Project
January, 2013
Safe Harbour Statement
This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation.Forward-looking information includes, but is not limited to, information regarding future exploration and development plansconcerning the Morelos gold project, including expected drilling results, updated mineral resource and reserve estimates,completion of the 2012 drill program and technical studies, obtaining permits and licenses, project commissioning, executingland agreements and negotiating road allowances, and the Company’s feasibility study (including realization of estimated mineralreserves; expectation that the Morelos gold project will be profitable with positive economics; recoveries; grades; annualproduction; receipt of all approvals; parameters and assumptions underlying mineral resource and reserve estimates andfinancial analysis; and gold prices). Generally, forward-looking information can be identified by the use of terminology such as"plans", "expects", "estimates", "intends", "anticipates", or "believes" or variations of such words or state that certain actions,events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information issubject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level ofactivity, performance or achievements to be materially different from those expressed or implied by such forward-lookinginformation, including, without limitation, risks related to: unexpected events and delays impacting completion of the 2012 drillprogram, technical studies and updated mineral resource and reserve estimates; exploration results not being consistent with
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program, technical studies and updated mineral resource and reserve estimates; exploration results not being consistent withexpectations; required permits, licenses and approvals not being obtained on a timely basis; estimated mineral reserves andannual production not being realized; parameters and assumptions underlying mineral resource and reserve estimates andfinancial analysis being incorrect; and risk factors disclosed in the Company’s annual information form and management’sdiscussion and analysis for the year ended October 31, 2011. Forward-looking information is based on reasonable assumptions,estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditionsand expected developments, as well as other factors that management believes to be relevant and reasonable in thecircumstances at the date such statements are made. Although the Company has attempted to identify important factors thatcould cause actual results to differ materially from those contained in forward-looking information, there may be other factorsthat cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actualresults and future events could differ materially from those anticipated in such information. Accordingly, readers should not placeundue reliance on forward-looking information. The Company does not undertake to update any forward-looking information,except in accordance with applicable securities laws.
Additional technical information is contained in the Company’s feasibility study entitled “Morelos Gold Project, Feasibility Study,Form 45-106F1 Technical Report, Guerrero, Mexico”, dated September 4, 2012 (the “Feasibility Study”). The technicalinformation contained in this presentation is based upon the information contained in the Feasibility Study and prepared by orunder the supervision of the authors of the Feasibility Study, who are each qualified persons for the purposes of NationalInstrument 43‐101.
Executing on Our Strategy
Our strategy hasn’t changed:
– Build a mine
• Near-term, high grade open pit project at feasibility stage
High grade open pit project...
feasibility stage
– Find another one on the same property• Exciting new discovery to define at Media Luna which provides near-term expansion potential
3
...with significant expansion potential
Torex Gold – A quick introduction
A large 29,000 ha land package...
4
...in a great geological neighbourhood
Adding Value Through The Drill Bit
We have exploration targets all over the place...
5
...the current focus is the Media Luna Area (MLA)
Great results and relatively close to the mill...
Why focus on the Media Luna Area?
6
...we want to advance it very quickly
At 5m thick X 5g/t it could be larger than the north...
Media Luna Results With Average Thickness and Grade
7
...at 17.4m thick by 5g/t it could be impressively large
Skarn Variability But Consistent Skarn
Every hole hit skarn at the intrusive contact...
8
...except one that hit a dike
Potential For Easy Access
The magnetite skarn...
9
...has been mapped on the face of the hill
Easy To Tell The Difference Between Ore and Waste
White marble waste is clearly differentiated...
ML-08
10
...from the black magnetite skarn
514.54-516.55m: 17.7 g/t Au; 13 g/t Ag; 0.91% Cu Magnetite –Pyrrhotite -Chalcopyrite, in px skarn
The Upside Potential
Currently focusing in ML, MLW and TS...
Magnetite outcrops in Todos Santos
Todos Santos
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...with many more magnetic anomalies in close proximity
Media LunaMedia Luna West
A mix of drilling to see how big this system could be...
Exploration - Next Steps
• How big could it be:- Seek to extend the strike length on ML and MLW- Test Todos Santos and another of the magnetic anomalies of a slightly different magnetic signature
...and drilling to support a maiden resource estimate 12
• Resource drilling:- Targeting to have an initial resource by Q1/14
• Currently working through options to deliver more drill meters per year than the 100,000 meters we can expect with our current fleet of 10 diamond drill rigs
Strategy Plank #1 – Build The Northern Mine
The BFS confirms robust project…
Production Start Q1 2015
P & P Mineral Reserves 48.8 mt @ 2.61g/t
LOM Strip Ratio (Waste:Ore) 5.6:1
Mill head grade 2.61 g/t Au
Mill recovery 87.4 Au
Mine Life 10.5 years
13
...now pushing forward to build it
Annual Production 2015 128 koz Au
Annual Production 2016 246 koz Au
Average Annual Production 2017-24 375 koz Au
Peak annual production 494 koz Au
Cash Costs net of Ag credits US$421/oz Au
Capex up to commercial production without revenue credits US$675 M
Capex up to commercial production net of revenue credits US$552 M
Capex after commercial production US$86 M
What Will This Simple Mine And Mill Produce?
An after tax IRR of 24.2%...
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...with exploration potential to extend the mine life
Robust Project Economics
Significant returns for stakeholders…
US$1,276/oz (1)
(Base Case) (2)US$1,500/oz US$1,750/oz US$2,000/oz
Cumulative Cash Flow US$M
$1,558 $2,121 $2,747 $3,374
After Tax NPV @5% (US$ mm)
$900 $1,262 $1,679 $2,096
After Tax IRR 24.2% 28.9% 34.6% 39.8%
15
...irrespective of commodity price
After Tax IRR(%)
24.2% 28.9% 34.6% 39.8%
Capex Payback(Years)
3.6 3.2 2.8 2.5
2017 EBITDA (3)
(US$ mm)$276 $336 $417 $497
(1) Average gold price LOM(2) Base case assumed metal prices in US$:
Gold: 2015 - $1,500/oz, 2016 - $1,407/oz, 2017 - $1,315/oz, 2018 and beyond - $1,250/ozSilver: 2015 - $27.75/oz, 2016 - $25.00/oz, 2017 - $25.00/oz, 2018 and beyond - $22.00/oz
(3) Represents EBITDA from first full year of production
Managing Risks Through Construction
Fortunately it is a simple project, just a mine and a mill...
• Permitting risks
• Village relocation risks
• Financing risks
16
...we’ll anticipate and manage schedule and cost risks
• Financing risks
• Schedule risks for the mine access roads
• CAPEX escalation risks
• Staffing risks
Managing Risks: Receiving Permits On Schedule
Respect the permitting process and do the best we can...
El Limon pit
Guajes pit
North North pit
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...to design a mine that the regulators will be pleased to approve
14,000 tpd mill Dry stack tailings
Water containment
1K tph Rope- Con
Managing Risks: Village Relocation
The process proceeds on schedule…
� New location accepted� Community layout accepted� Housing prototypes accepted� Community support buildings
designed
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...for a successful completion by the end of 2014
Next steps:• Families select their building lot • Families select their preferred
home design• With the design decisions complete move forward with the municipal permitting process
Managing Risks: Financing
� Completed equity financing for C$380 million in October 2012
� Hired an in-house advisor that has done debt financing many times before
– Ron Gagel, former CFO of FNX and Aur Resources
� Process is well in hand to provide project debt financing
Balancing dilution and debt encumbrances to provide...
� Process is well in hand to provide project debt financing
– Established dialogue with 10 financial institutions including banks, export credit agencies and equipment suppliers
– RFP was delivered by mid-September
– Proposals received and currently under evaluation by Management
– Preliminary agreements expected by the end of November followed by the bank’s due diligence process
– Final agreements expected in Q2 / 2013
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...a financing solution that is best for this project
Managing Risks: Schedule For The Mine Access Roads
• Contractors mobilized the day the permits arrive
• Design to allow multiple access points for
Roads are on the critical path to commercial production...
El Limon pitAccess Road to
El Limon
access points for construction
• Daily accountability for performance. Everyone needs to know how important the roads are
20
...we’ll anticipate challenges early and be prepared
Managing Risks: Cost Control
Manage scope and schedule creep...
• Settle on the design before starting construction
- Involve the operators in the design
• Choose a very good builder
21
...we’ll anticipate and manage schedule and cost risks
- M3 has an excellent track record in Latin America
• Lock down prices on expensive components early
• Plan well in advance to allow time competitive bidding
• Relentless focus on cost containment
Managing Risks: Staffing, Getting the Right People
A great project and an engaging leadership model...
�Recruitment of Operation Management team:
�Mine Manager, 10+ years experience
�Mill Manager, 22+ years of experience
�General Manager, 35+ years of experience
22
...makes it much easier to attract good people
�General Manager, 35+ years of experience
�COO, 17+ years of experience
�Vice-President of Human Resources
�M3 selected as EPCM
�Mine access road contractors selected
What We’ve Accomplished
� Established two field camps and one prep lab
� Completed over 100,000 meters of resource drilling
� Developed government relations and obtained extensive community support
� Secured water rights
� Resolved Ejido land access issues and signed long-term land lease
Since starting from scratch three years ago...
� Resolved Ejido land access issues and signed long-term land lease agreements with Ejidos
� Expanded resource from 3 mm oz (M&I) and 0.9 mm oz (Inferred) to over 4.8 mm oz Au (M&I)) and 0.6 mm oz Au (Inferred)
� Completed bankable feasibility study
� Announced new Media Luna discovery south of Balsas River
� Completed C$380 million equity financing
23
...much has been achieved
Torex Gold – Investors have done well
Torex has outperformed peers in a difficult market...
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...the benefit of a high grade, high margin, high return project
Courtesy of BMO Capital Markets; Source: FactSet; Note: Shown in USD and adjusted for reinvested dividendsDeveloper Peers include: Andina, Belo Sun, Detour, Eco Oro, Exeter, Gabriel, Guyana Goldfields, International Tower Hill, Keegan, Orezone, Probe, Rainy River, Romarco, Rubicon, Sabina and VictoriaProducers include: African Barrick, Agnico-Eagle, Alacer, Alamos, AngloGold Ashanti, Argonaut, AuRico, Aurizon, Avocet, Banro, Barrick, Buenaventura, Centamin, Centerra, CGA, Cluff, Dundee Precious Metals, Eldorado, Gold Fields, Goldcorp, Golden Star, Great Basin, Harmony, IAMGold, Jaguar, Kingsgate, Kinross, Lake Shore, New Gold, Newcrest, Newmont, OceanaGold, Osisko, Perseus, Petropavlovsk, Polyus, Primero, Randgold, Resolute, San Gold, SEMAFO, Teranga, and Yamana
Torex Gold – An experienced team
Most have done this before...
Terry MacGibbon, B.Sc., P.Geo., ICD.DChairman of the Board,
Chairman of the SHE Committee, Director
Fred Stanford, P.Eng.President & CEO, Director
Andrew Adams, B.Sc., ACA (UK)Chairman of the Audit Committee, Director
Terry MacGibbon, B.Sc., P.Geo., ICD.DChairman of the Board,
Chairman of the SHE Committee, Director
Fred Stanford, P.Eng.President & CEO, Director
Andrew Adams, B.Sc., ACA (UK)Chairman of the Audit Committee, Director
Fred Stanford, P.EngPresident & CEO
Andrew Gottwald, CAChief Financial Officer
Alejandro Kakarieka,VP Exploration
Gabriela Sanchez, MBA
Fred Stanford, P.EngPresident & CEO
Andrew Gottwald, CAChief Financial Officer
Alejandro Kakarieka,VP Exploration
Gabriela Sanchez, MBA
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...and all enjoy getting it done
Jim Crombie, BSc., Mining Eng.Director
Frank Davis, B.Comm., MBA, JD, ICD.DChairman of the Corporate Governance
Committee, Director
David Fennell, LL.B.Chairman of the Compensation Committee,
Director
Michael Murphy, MBA, Msc.Director
Jim Crombie, BSc., Mining Eng.Director
Frank Davis, B.Comm., MBA, JD, ICD.DChairman of the Corporate Governance
Committee, Director
David Fennell, LL.B.Chairman of the Compensation Committee,
Director
Michael Murphy, MBA, Msc.Director
Gabriela Sanchez, MBAVP Investor Relations
Anne Stephen,VP Human Resources
Dawson Proudfoot, P.Eng.VP Engineering
Gene Snider, BSc Mining Eng., MBAProject Manager
Andres Recalde,Director Community Relations
Gabriela Sanchez, MBAVP Investor Relations
Anne Stephen,VP Human Resources
Dawson Proudfoot, P.Eng.VP Engineering
Gene Snider, BSc Mining Eng., MBAProject Manager
Andres Recalde,Director Community Relations
Torex differentiated within peer group
• Continued upside potential
– Torex continues to spend aggressively on exploration
– Potential to increase current 4.8 mm oz (Measured & Indicated) and 0.6 mm oz (Inferred) resource north of river
– Pursuing encouraging drill results south of river to define new deposit
• A simple project with robust economics
Torex will continue to add value…
• A simple project with robust economics
– High grade equals high margins and high returns
– Very competitive capital and operating costs
– It is harder to break a high grade project
• We can finance development
– Capex scale within our capability to finance
– High interest from project finance banks based on project economics
– $380 million equity finance completed in October 2012
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...regardless of market weakness
TSX: TXG, TXG.WT.A
Appendix
The Guerrero Gold Belt: a growing mining district
Surrounding Projects
Company Project Status
Torex MorelosM&I: 4.8 moz Au @ 2.79 g/t
Inferred: 620 koz Au @ 2.0 g/t
Cayden Mina VerdeInferred: 68.2 koz Au @ 1.49 g/t
(0.2 g/t cut-off grade)
Citation BiricuSurface sampling yielded grades of
up to 1.27 g/t Au
P&P: 8.7 moz Au Eq @ 0.86 g/t
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Goldcorp Los Filos
P&P: 8.7 moz Au Eq @ 0.86 g/t
M&I: 2.1 moz Au Eq @ 1.31 g/t
Inferred: 4.4 moz Au Eq @ 0.87 g/t
Minaurum Vuelcos del DestinoInitial 2,500 drill program scheduled
for H2 2012
New strike Ana Paula 5.06 g/t Au over 103 metres
Nyrstar Campo Morado
Reserves:
173 koz Au Eq @ 5.18 g/t
165 mm lbs Zn @ 7.21%
29 mm lbs Cu @ 1.26%
Tarsis Erika 1.14 g/t Au over 10.25 metres
Morelos: A World-Class Deposit
Meadow Bank
Morelos
Haile
Blackwater
Golden Meadows
Esaase
Bombore
CentralAshanti
Kiaka
Massawa
New Liberty
Volcan
Toroparu
Tocantinzinho
Shahuindo
Pit 1
Amulsar
Perama Hill
--
1
2
3
4
-- 2 4 6 8 10 12
Grade (g/t)
4
5North America
Africa
South America
Rest of World
Morelos is one of the highest grade open pit development operations and
is located in a proven mining jurisdiction close to existing infrastructure
Source: BMO Capital Markets
-- 2 4 6 8 10 12
Resource (mm oz Au)
Donlin Creek
Metates
Detour Lake
LivengoodMalartic
Snowfield KSM
Pueblo Viejo
Geita
Rosia Montana
--
1
2
3
-- 5 10 15 20 25 30 35 40 45 50
Grade (g/t)
Resource (mm oz Au)
Morelos
65
Moving 600 meters north
True to skarn form, the gold grades are variable...
30
...with very interesting silver and copper values
Reserves
85% of M&I Resource was converted to reserve...
Reserve
Category
Tonnes
(millions)
Gold Grade
(g/t Au)
Gold
Ounces
Silver
Grade
(g/t Ag)
Silver
Ounces
Proven 10.5 2.93 994,000 3.67 1,245,000
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...more can be converted with additional drilling
Probable 38.2 2.52 3,096,000 4.53 5,569,000
Total
P&P
48.8 2.61 4,090,000 4.35 6,813,000
Morelos Mineral Resource Estimate at a 0.5 g/t Au Cutoff Grade. Effective date is 4 May, 2012
Deposit Resource
Category
Tonnes
(Mt)
Gold Grade
(g/t)
Gold Ounces
(000’s)
El Limon M&I 32.1 3.04 3,135
Guajes M&I 21.7 2.42 1,689
Total M&I 53.8 2.79 4,824
El Limon Inferred 8.3 2.0 543
Guajes Inferred 2.5 1.0 77
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Guajes Inferred 2.5 1.0 77
Total Inferred 10.7 2.0 620
Cut-off Grade (g/t) Tonnes Grade (g/t) Ounces (gold)
0.4 56.9 2.66 4,869,000
0.5 53.8 2.79 4,824,000
0.6 51.5 2.89 4,783,000
0.7 49.4 2.98 4,740,000
0.8 47.1 3.09 4,684,000
0.9 44.7 3.22 4,617,000
Key expenditures before and after commercial production in US$
Capex required up to commercial production
Capex required after commercial production
Expenditures (With Contingency)
Plant & Infrastructure 452 M 15 M
Mine Access Roads 27 M 2 M
Initial Mine Equipment Fleet 48 M 46 M
Mining Ore & Waste 65 M
Processing Ore inc. G&A 38 M
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Processing Ore inc. G&A 38 M
Royalties, and Treatment 3 M
Owner’s Costs 42 M
Sub-total 675 M 63 M
Credits
Metal value produced (incl. 81,000 oz Au) (123 M)
Total net of revenue credits 552 M
Sustaining capex 23 M
Total Capex after commercial production 86 M
Production Summary
Summary of the annual mine production plan
Years
Ore mined
Ore milled
Head Grade
Gold Production
Head Grade
Silver Production Waste Strip
ratio (Mt) (Mt) (Au g/t) (k oz) (Ag g/t) (k oz) (Mt)
2013 4.53 NA
2014 0.26 1.431 2.501 11.00 41.9
2015 2.13 2.28 2.01 128 4.58 110 13.01 6.1
2016 3.66 3.75 2.32 246 6.63 267 25.57 7
2017 5.19 5.04 2.36 333 6.3 345 29.07 5.6
2018 4.88 5.04 2.22 316 5.54 293 32.46 6.7
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2018 4.88 5.04 2.22 316 5.54 293 32.46 6.7
2019 5.20 5.04 2.33 324 3.69 185 31.33 6
2020 5.06 5.04 2.43 345 3.48 183 31.06 6.1
2021 5.04 5.04 2.34 332 3.08 163 31.14 6.2
2022 4.94 5.04 3.07 434 3.74 191 26.50 5.4
2023 5.12 5.04 3.47 494 3.96 204 19.51 3.8
2024 4.97 5.04 2.97 424 3.23 168 12.99 2.6
20252 1.22 1.31 2.9 107 2.79 38 2.07 1.7
20262 0.12 - - - - - 0.71 6.1
20272 0.41 0.52 3.68 54 7.64 49 0.88 2.1
20282 0.57 0.58 2.44 39 4.35 30 0.59 1
Total 48.77 48.77 2.61 3,573 4.35 2,227 272.40 5.6
Operating Cash Costs
Cash costs net of silver revenue
(After the declaration of commercial production and without theproduction tail at the end of mine life)
(Includes 2.5% royalty to the government)
US$421 / oz
Mining cost per tonne
(After the declaration of commercial production and without theproduction tail at the end of mine life)
US$1.90 / tonne
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Mining cost per tonne to the Mill
(((Strip ratio 5.4 avg.) + 1) X $1.90) (After the declaration ofcommercial production and without the production tail at the end ofmine life)
US$12.16 / tonne
Milling cost per tonne
(After the declaration of commercial production and without theproduction tail at the end of mine life)
US$14.19 / tonne
G&A per tonne
(After the declaration of commercial production and without theproduction tail at the end of mine life)
(Includes land lease payments)
US$2.92 / tonne
Torex’s Competitive Advantage – Low Cash Cost
Competitive grade advantage leads to low costs that…
$531$572
$742
$904
$643
$600
$800
$1,000
$421
36
...even ongoing industry cost pressures can’t break
$413
--
$200
$400
LatinAmericaAverage
NorthAmericaAverage
AustraliaAverage
South AfricaAverage
WorldAverage
Torex LOM
Source: 2012 Thomson Reuters GFMS Gold Survey
Torex
$421
Metallurgical Recoveries
Ore Type
Average
Au grade
g/t
Extraction EquationExtraction
%
Prograde (Skarn)(+Gouge) 2.93 y= 2.2771*ln(x) + 87.057 89.48
Retrograde (skarn) (+Mass Sulfides) 3.55 y= 5.4671*ln(x) + 77.314 84.24
37
Retrograde (skarn) (+Mass Sulfides) 3.55 y= 5.4671*ln(x) + 77.314 84.24
Oxides (Oxide + Marble) 2.78 y= 3.1185*ln(x) + 82.235 85.42
Breccia 3.43 y= 15.453*ln(x) + 48.282 67.33
Hornfels (+Vein Material) 1.42 y= 90 90
Intrusive 1.61 y= 1.3912*ln(x) + 82.376 83.04
Total 2.61Weighted Average on Contained Gold = 87.40
Mill Design (A simplified flow sheet)Cyanide Leach , Carbon-in-Pulp Recovery
38
Who is going to build it?
A project that is going to be built...
El Limon Pit
M3 Engineering of Tucson, ArizonaLead consultant, responsible for overall document process and infrastructure design
AMEC Mining & Metals Consulting of Sparks, NevadaResponsible for resource estimation
SRK Canada of Toronto, OntarioResponsible for mine design
SRK Denver, CO
39
...attracts good people
Processing facilities
SRK Denver, COResponsible for mine geotech and hydrogeology
AMEC Earth and Environment Consulting Missisauga, ONResponsible for waste management design and hydrology
Golder AssociatesResponsible for environmental impact social assessment
IDEAS, Hidrogeologos Consultores of Hermosillo, SonoraResponsible to confirm and secure the water supply
Grupo GAPResponsible for Ejido negotiations
2012 has been a transformational year
Major advances toward production...
2012 2013 2014 2015Task
Land lease agreements
New resource estimate
Bankable feasibility study
Permits
��������
����
40
...and rapid advance on the exploration program
Exploration results
Permits
Construction
Construction decision
Commissioning
Production
What do we have to work with?
Lots of cash on hand to do everything that...
• Approx. $410 million cash
• No debt
December 31, 2012
TXG: C$14.08
604 million shares issued
41
...has to be done before a construction decision
• No debt
• Large, high-grade, open pit gold deposit
604 million shares issuedMarket cap $1.2B
The strategy has delivered for investors
The junior gold space has been a tough market...
69%
38%
19%
(1%)
(11%)
(23%)
(37%)
(47%)
Belo Sun
Torex
Spot Gold
Probe
Lydian
Detour
Dalradian
Colossus
42
...Torex investors have weathered the storm
Note: Relative performance shown in Canadian Dollars
Source: BMO Capital Markets, Bloomberg and Company Reports
Indludes data from December 1, 2010 through Jan. 21, 2013
(47%)
(50%)
(54%)
(58%)
(59%)
(61%)
(61%)
(68%)
(68%)
(75%)
(76%)
(78%)
Colossus
Sabina
Orezone
Rubicon
Guyana Goldfields
Rainy River
Romarco
Gabriel
Eco Oro
Exeter
International Tower Hill
Victoria Gold
Analyst Coverage
BMO Capital Markets
Analysts: Andrew Breichmanas, P.EngTel. (416) 359 8387Email: [email protected]
Dundee Securities Corporation
Analyst: Ron StewartTel. (647) 428-8324Email: [email protected]
RBC Dominion Securities Inc.
Analyst: Dan Rollins, CFATel. (416) 82-9893Email: [email protected]
Scotia Capital
Analyst: Trevor Turnbull, MBA, MScTel. (416) 863 7427Email: [email protected]
43
Email: [email protected]
GMP Securities
Analyst: George AlbinoTel. (416) 943 6187Email: [email protected]
Macquarie Research
Analyst: Pierre VaillancourtTel. (416) 848 3647Email: [email protected]
Stifel Nicolaus
Analyst: Josh Wolfson, CFATel. (416) 815 3080Email: [email protected]
TD Securities
Analyst: Daniel EarleTel. (416) 308 7906Email: [email protected]
TSX: TXG, TXG.WT.A
For further information:
Gabriela Sanchez, VP Investor Relations
email: [email protected]
Mobile: (416) 357-6673
www.torexgold.com