The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Cosmos Chiu - CIBC - Analyst
: Thanks, Jody, Andrew, David, and Dan, and congratulations on achieving commercial production and Media Luna.
Maybe my first question is on your balance sheet here. As you mentioned, Q1 is usually heavier in terms of cash outflows, so you've had to draw
$130 million on your debt facility.
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MAY 08, 2025 / 1:00PM, TXG.TO - Q1 2025 Torex Gold Resources Inc Earnings Call
Could you remind us of your sort of optimal capital structure, Jody, will you try to pay back this debt as soon as possible to zero? And then bigger
picture, as you become pretty cash flow positive later on in 2025, how about a dividend? You also have an NCIB in place. Haven't used it yet. Could
you maybe talk about that as well?
Question: Cosmos Chiu - CIBC - Analyst
: Okay. Okay. I'm sure that'll make investors happy. Maybe my next question is on cost. Maybe a question for you once again, Andrew. Our sustaining
cost was lower than expected in Q1, in part due to higher costs related to the commissioning phase of Media Luna, not being recorded until Q2.
Could you remind us of what are some of those, kind of Hopefully one time sort of commissioning cost and that are included with higher cost and
confirm that it is indeed one time or short lived and so really just confined to maybe Q2. I think you have answered that question you prepare
remarks a little, but I just want to confirm.
Question: Cosmos Chiu - CIBC - Analyst
: Great. And then maybe one last question talking about building up, as you mentioned, you have to build up the concentrate before getting it
shipped from Media Luna and that's why it rolled into April. Could you maybe want to concentrate two questions, number one, how did the
shipments work? Are they fairly lumpy, anything that we be, we should be aware of, especially around quarter end and how that could impact.
Sales and shipments and earnings and such and such, and then #2, in a world of tariffs, could you remind us of where your concentrate goes and
any concerns in terms of anything that we should be aware of in a world of world of tariffs?
Question: Cosmos Chiu - CIBC - Analyst
: Great. Thanks, once again, Jody and team for answering all my questions and look forward to the rest of 2025.
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