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Torex Gold Resources (TXG) investor relations material
Torex Gold Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved a pivotal Q3 2025 with strong free cash flow generation of $113M, driven by steady-state production at Morelos and ramp-up of Media Luna, marking an inflection point for the business.
Gold equivalent production reached 119,034 ounces, with operational outperformance at Media Luna and ELG Underground exceeding expectations.
Processing plant throughput and recoveries surpassed design levels, with gold and copper recoveries at 94% and 95% in September.
Initiated inaugural return of capital policy with a quarterly dividend of C$0.15/share and share buybacks totaling $7M (C$10M).
Closed acquisitions of Reyna Silver and Prime Mining, adding exploration and development assets in Mexico and the US.
Financial highlights
Q3 2025 gold equivalent production was 119,034 ounces, with all-in sustaining costs (AISC) at $1,658/oz and a 53% margin.
Revenue for Q3 was $416.4M, adjusted EBITDA was $239M, and net income was $114.4M.
Free cash flow reached $113M, enabling $75M debt repayment and $7M share buyback.
Year-to-date production at 262,000 ounces; AISC at $1,732/oz at market prices.
Liquidity at quarter-end was $289M, with $107M in cash and net debt of $48M.
Outlook and guidance
Targeting the low end of annual production guidance (400,000–450,000 oz AuEq) and upper end of AISC guidance ($1,400–$1,600/oz AuEq) for 2025.
Expecting to exit 2025 at 6,500 tpd at Media Luna; ELG Underground to maintain 2,800 tpd until EPO comes online.
EPO project on track for first ore production by end of 2026, with feasibility study completion expected by year-end.
Anticipate repaying all remaining debt by end of Q1 2026 while increasing cash position.
Return of capital program expected to evolve, with future guidance on percentage of free cash flow allocated.
Capital return program evolution details
Processing plant sustained throughput target
Guidance reporting changes for metal price volatility
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Next Torex Gold Resources earnings date
Q4 202518 Feb, 2026
Next Torex Gold Resources earnings date
Q4 202518 Feb, 2026
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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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