11:15 AM EDT, 03/27/2024 (MT Newswires) -- National Bank of Canada on Wednesday ascribed a neutral bias to Torex Gold Resources Inc. ( TORXF ) 's updated mineral resource estimate.

Torex's total reserves stood at 4.77 million ounces of gold equivalent grading 3.95 g/t gold, easing from 4.95 million ounces of gold equivalent grading 3.98 g/t gold in 2022.

The company reported total resources of 9.98 million ounces of gold equivalent grading 4.9 g/t gold, compared to 9.58 million ounces of gold grading 4.7 g/t gold in 2022.

The bank gave Torex a sector perform rating with a $18.50 price target.

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