Northwire Canada EditionFriday, July 17, 2026
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Production / Operations Material +

Torex Gold Reports Q1 2026 Production Results

Torex Gold Surges on Media Luna Ramp-Up Ahead of Schedule, Share Buybacks Signal Confidence

By The Northwire Desk — AI Analysis Apr 09, 2026 · 18:01 TXG · 66.54 Torex Gold Resources Inc.
Executive Summary
  • Q1 2026 Production Results: Torex reported preliminary Q1 2026 gold-equivalent production of 100,874 oz and sales of 109,222 oz. This performance places the company on track to meet its full-year guidance of 420,000–470,000 oz AuEq.
  • Operational Milestone: The Media Luna underground mine achieved design throughput of 7,500 tpd nine months ahead of schedule. ELG Underground maintained >3,000 tpd mining rates.
  • Capital Allocation: The company repurchased 2,141,801 shares at an average price of C$70.69 and paid a quarterly dividend of C$0.15 per share.
  • Guidance Assumptions: Q1 figures based on metal prices of $4,873/oz Au, $84.33/oz Ag, $5.83/lb Cu. Full-year guidance assumes lower prices ($4,000/oz Au).
  • Future Outlook: Management expects Q2 production to remain similar with increases in H2 as higher-grade stopes are accessed. First production from Media Luna North anticipated by year-end 2026.
Material Impact
  • Operational Execution: The achievement of design throughput at Media Luna nine months early is a significant de-risking event for the company's growth profile. It validates the capital expenditure plan and suggests potential for accelerated cash flow generation compared to previous Feasibility Study timelines.
  • Financial Strength: The share repurchase program, executed at an average price (C$70.69) slightly above recent trading levels ($66.54), demonstrates management's confidence in the intrinsic value of the stock and commitment to returning capital. This aligns with the strong free cash flow generation reported in Full Year 2025 results ($166M).
  • Guidance Validation: The Q1 production numbers confirm the validity of the January 2026 guidance (420k–470k oz AuEq). There are no material misses or surprises that would necessitate a downward revision of expectations.
  • Leadership Transition: While not detailed in this specific release, the context from February 2026 news indicates a CEO transition is scheduled for June 2026 (Jody Kuzenko to Andrew Snowden). The operational stability reported here supports a seamless handover.
TXG · Price
Company Overview
  • Company: Torex Gold Resources Inc. operates the Morelos Complex in Mexico (Guerrero Gold Belt).
  • Flagship Project: Media Luna Underground Mine. This project transitioned to commercial production in May 2025 and is now ramping up to design capacity ahead of schedule.
  • Other Assets: ELG Underground (producing), EPO Underground (development), Los Reyes (acquired from Prime Mining, advanced exploration).
  • Production Mix: Gold, Silver, and Copper exposure. 2026 guidance targets ~74% Au, 20% Cu, 6% Ag by volume.
Read the original news release →

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Jul 13, 2026 · 18:01

Torex reported high-grade infill at Media Luna North, adding to the $3.8B producer’s portfolio without disclosing true widths or QA/QC details.

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Production / Operations Jun 17, 2026 · 17:01

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Torex Gold Reaffirms Execution on Los Reyes Integration While Capital Returns Accelerate

Drill Results May 26, 2026 · 18:01

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Production / Operations