The miner expected the operations, which are part of its Morelos Property, would produce 430,000-470,000 ounces this year, which is in line with a three-year outlook released in September. 

There are "no surprises" there, BMO Capital Markets analyst Ryan Thompson said. 

Torex's total cash costs for the year were set at US$695-US$735/oz, which compares with US$680-US$720/oz in 2021. 

The increase was driven by higher labour rates, higher electricity consumption, and other consumables, Torex said. 

"These factors will be partially offset by a higher level of mined waste capitalised versus expensed," the company added. 

All-in sustaining costs guidance was set at US$980-US$1,030/oz, which was up from US$920-US$970/oz in 2021, Torex said. 

Thompson said the cost guidance was in line with BMO's. 

Torex's sustaining capital expenditures in 2022 were guided at US$85 million to US$105 million, of which US$50 million to US$60 million was related to capitalised waste stripping, the miner said. In 2021, sustaining capex was US$75-US$90/oz. 

"The year-over-year increase in both capitalised waste and sustaining capital expenditures is directly attributable to the pushback of the El Limon open pit," Torex said. 

"The pushback will result in a greater level of waste mined in 2022 as well as additional equipment rebuilds, which are required to extend the life of the open-pit fleet into mid-2024 when open-pit reserves are expected to be depleted," the company added. 

TSX-listed Torex last traded at C$13.10.