Eyes are now focused on the company's forthcoming Morelos technical report, which is scheduled for release in March. 

"The year ahead is pivotal for Torex as we continue to execute on our strategic plan," Torex president and CEO Jody Kuzenko said.

"We are well on track to release our updated technical report at the end of this quarter, which will include the feasibility study for Media Luna, an optimised mine plan for ELG [El Limon Guajes] and integrated economics for the entire Morelos property," she said. 

Torex owns 100% of the Morelos gold property in Mexico, which hosts ELG mine complex as well as the Media Luna deposit.

The company reported adjusted net earnings of US$32.4 million, or US$0.38 per share on a basic and diluted basis, for the quarter. 

Canaccord Genuity Capital Markets analyst Michael Fairbairn said it modestly beat CG's and consensus estimates of US$0.37/share driven by slightly lower than expected operating costs. 

Torex's total cash costs for the quarter were US$764/ounce, all-in sustaining costs were US$1,079/oz and cost of sales were US$1,235/oz. 

Fairbairn said CG had been expecting cash costs of US$804/oz and AISC of US$1,094/oz. 

On January 11, Torex announced fourth quarter production of 109,410oz of gold and record annual gold production of 468,200oz for 2021. The company had also previously released 2022 production guidance of 430,000-470,000oz of gold and total cash costs of US$695-US$735/oz. 

"We believe that Torex has positive momentum heading into 2022 on the back of a strong operational year at ELG in 2021 that saw record annual production and a beat on cash cost guidance," Fairbairn said. 

"That being said, we believe a positive result from the Media Luna feasibility study will be crucial for the company," he added. 

BMO Capital Markets analyst Ryan Thompson noted that "management messaging continues to be cautionary on upfront capex given ongoing inflation and scope changes since the 2018 preliminary economic assessment". 

"So far, TXG has capitalised US$203 million towards Media Luna, of which US$98 million was allocated to early works. We are now assuming about US$600 million of upfront capital remains," Thompson said. 

Torex traded on the Toronto Stock Exchange on February 24 at C$15.25/share, which was down 4%. 

Torex had a market capitalisation of C$1.31 billion.