Torex Gold Resources
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Torex Gold Resources (TXG) investor relations material

Torex Gold Resources Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved commercial production at Media Luna in May 2025, ramping up ahead of plan and exiting the year at 7,000 tpd, above the 6,500 tpd target.

  • Record annual revenue of $1.3 billion and adjusted EBITDA of $730 million in 2025, driven by strong metal prices and operational ramp-up.

  • Record quarterly free cash flow of $166 million in Q4 2025 enabled full debt repayment and $44 million returned to shareholders.

  • Payable production for 2025 totaled 376,364 oz AuEq, including 315,678 oz gold, 1,286 koz silver, and 34.8 mlb copper.

  • CEO transition planned for June 2026, emphasizing continuity with no material shift in strategic pillars.

Financial highlights

  • Record annual adjusted EBITDA of $730 million for 2025.

  • Returned $44 million to shareholders in 2025 via dividends and share buybacks.

  • Over $350 million in capital expenditures, mainly for Media Luna completion.

  • Ended 2025 with $120 million in cash and $426 million in total liquidity.

  • Fully repaid all project debt within six months of Media Luna commercial production, now debt-free.

Outlook and guidance

  • 2026 gold equivalent production guidance: 420,000–470,000 oz, up from 383,000 oz in 2025.

  • AISC forecasted at $1,750–$1,850/oz AuEq for 2026, expected to remain elevated due to higher metal prices impacting taxes and royalties.

  • Sustaining capital expenditures for 2026: $120–$130 million; non-sustaining CapEx: $165–$175 million.

  • Five-year outlook: stable production profile through at least 2030, with normalized production of 480,000–530,000 oz gold equivalent per year.

  • $77 million planned for exploration and drilling in 2026, with $43 million at Morelos.

How does Los Reyes security affect PSS timeline?
Why did Media Luna North CapEx increase?
What is the mill expansion potential?
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Frequently asked questions

Torex Gold Resources Inc. is a mining company engaged in the exploration, development, and production of gold properties. The company operates the Morelos Gold Property in Mexico, which includes the El Limón Guajes mining complex and the Media Luna project. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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