Torex Gold Resources initiated with an Outperform at Raymond James

Raymond James initiated coverage of Torex Gold Resources with an Outperform rating and C$27 price target. The company’s Media Luna is an underground gold/copper project that is on track for first concentrate production in late 2024, followed by commercial production in early 2025, the analyst tells investors in a research note. The firm is forecasting production increasing from 413 gold equivalent oz. at an AISC of $1,244/oz in 2024 to 431 gold equivalent oz. at an AISC of $1,265/oz in 2025, the firm added.