Torex Gold Resources Inc. Earnings Recaps
Q2 2026
Aug 9, 2026
Torex Gold’s stock rose 4.9% as production and operational metrics generally met or modestly exceeded expectations, especially with production on track to meet full-year guidance and improvements in copper and silver recoveries. Despite elevated costs, the company’s continued cash flow generation and project milestones supported positive investor sentiment.
Key takeaways
- Q2 production was just over 96,000 ounces, reflecting planned mining of lower-grade, lower-recovery stopes; year-to-date production stands at approximately 197,000 ounces.
- All-in sustaining costs (AISC) for Q2 were elevated at $2,459 per ounce but are expected to decline in H2 as grades improve; full-year AISC guidance was revised upward to $2,000–$2,100 per ounce due to currency and cost factors.
- Strong free cash flow of $94 million generated in the quarter enabled $55 million in capital returns to shareholders.
- Operational performance was solid with mining and processing rates above design levels and improvements in copper and silver recoveries; gold recovery remains slightly below target but is improving.
- Media Luna North and Los Reyes projects continue progressing on schedule, with key underground development milestones achieved and exploration activity ramping up, including increased drilling budgets.
Q1 2026
May 11, 2026
Torex Gold’s shares rose modestly by 1.1% following Q1 results that showed operational challenges with lower grades and elevated costs but were offset by strong free cash flow and successful debt elimination. The market reaction implies investors viewed the quarter as in line with expectations without clear surprises.
Key takeaways
- Production declined quarter-over-quarter due to mine sequencing at Media Luna involving lower grade and recovery stopes, consistent with the planned mine schedule.
- All-in sustaining costs (AISC) increased to $1,917 per ounce, driven by lower production volumes, higher reagent consumption, and a stronger Mexican peso.
- Despite higher costs and operational disruptions—including both planned and unplanned maintenance impacting processing plant throughput—the company maintained strong financial metrics with record AISC margin of 60%, record revenue, and adjusted EBITDA.
- Free cash flow totaled $157 million after substantial tax and royalty payments, enabling full repayment of debt and $121 million returned to shareholders through dividends and buybacks.
- Operational momentum remains positive, with mining rates ahead of plan and Media Luna’s plant throughput exceeding design levels in April, supporting the outlook for improved second-half production and costs.