Torex Gold Resources (TXG) Q2 2026 earnings summary

Executive summary

• Q2 2026 production was 96,297 gold equivalent ounces, including 69,000 oz Au, 520,000 oz Ag, and 14 million lb Cu, tracking to annual guidance midpoint with higher grades expected in H2.

• Revenue reached $407 million, adjusted EBITDA was $204 million, and free cash flow was $94 million, supporting $55 million in capital returns to shareholders.

• Maintained a robust AISC margin of 46% despite elevated costs, with no lost-time injuries for the fifth consecutive quarter.

• Project development at Media Luna North and Los Reyes advanced on schedule, with key milestones achieved and prefeasibility underway.

• CEO and CFO transitions completed in June 2026, and preparations for a secondary NYSE listing are underway.

Financial highlights

• All-in sustaining costs (AISC) for Q2 were $2,459/oz AuEq sold, with year-to-date AISC at $2,165/oz.

• Revenue for Q2 was $406.9 million, with net income of $113.8 million and adjusted net earnings of $84.9 million.

• EBITDA reached $209.1 million, adjusted EBITDA $203.5 million, and free cash flow $94 million after significant tax payments.

• Cash balance increased to $169 million, available liquidity exceeded $500 million, and no net debt at quarter-end.

• $55 million returned to shareholders in Q2 ($11 million dividends, $44 million buybacks); $176 million returned year-to-date.

Outlook and guidance

• Full-year production guidance reaffirmed at 420,000–470,000 oz AuEq, with higher H2 output expected as higher-grade stopes are mined.

• AISC guidance revised to $2,000–$2,100/oz AuEq, up from $1,750–$1,850/oz, due to higher reagent costs, FX headwinds, and increased sustaining capex.

• Sustaining capital guidance raised to $135–$145 million; total capital expenditures guidance increased to $300–$320 million.

• Exploration and drilling expenditures forecast increased to $85 million to accelerate resource expansion at Media Luna.

• Media Luna North first production remains on track for late 2026; Los Reyes prefeasibility study expected by late 2027.