Torex Gold Resources (TXG) Q4 2025 earnings summary

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.