Torex Gold Resources Inc. Q2 2026 Earnings Recap

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.