Torex Gold Resources produces 100,874 oz AuEq in Q1

Executive Summary

• Torex Gold Resources reported first quarter 2026 gold equivalent (AuEq) production of 100,874 ounces and AuEq sales of 109,222 ounces.
• The company remains on track to achieve its full-year production guidance of 420,000 to 470,000 ounces AuEq, driven by strong performance at the Media Luna and ELG Underground mines.
• Management highlighted that Media Luna achieved design throughput nine months ahead of schedule, while noting that Q1 production was impacted by mine sequencing (lower-grade stopes) and maintenance periods.

Key Details

• Q1 2026 Production: 100,874 ounces of gold equivalent (AuEq).
• Q1 2026 Sales: 109,222 ounces of gold equivalent (AuEq).
• Full-Year Guidance: 420,000 to 470,000 ounces AuEq.
• Media Luna Performance: Achieved design throughput of 7,500 tonnes per day, nine months ahead of the technical report schedule and three months ahead of the most recent forecast.
• ELG Underground Performance: Mining rates averaged more than 3,000 tonnes per day.
• Production Constraints: Q1 production was influenced by mine sequencing (access to lower-grade and lower-recovery stopes at Media Luna) and maintenance (extended planned maintenance at the processing plant and unplanned maintenance in February to replace bolts and grates at the SAG mill).
• Future Outlook: Access to higher-grade and higher-recovery stopes is forecast to pick up mid-year; production expected to remain at similar levels in Q2 before increasing in the second half of the year.
• Capital Return:
  • Repurchased 2,141,801 shares (2.2% of shares outstanding at year-end 2025) at an average price of $70.69 per share.
  • Paid a quarterly dividend of 15 cents per share.
• Strategic Initiatives: Internal evaluation of opportunities to increase plant throughput and expand production; potential for first production from Media Luna North by the end of 2026.
• Financial Call: First quarter financial and operational results to be released after market close on May 6, 2026, with a conference call on May 7, 2026, at 9 a.m. ET.

Notable Quotes

• Jody Kuzenko, President and CEO: "The first quarter capped off the successful ramp-up of Media Luna, which achieved design throughput of 7,500 tonnes per day nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast."
• Jody Kuzenko, President and CEO: "With solid momentum built in Q1 out of the mines, we are well placed to deliver on full-year production guidance, which, coupled with the current metal price environment, bodes well for significant free cash flow generation in 2026 and beyond."