Torex Gold declares 15-cent quarterly dividend

Executive Summary

• Torex Gold Resources Inc. has initiated a return of capital program consisting of a new quarterly dividend of 15 Canadian cents per share and discretionary share repurchases via its Normal Course Issuer Bid (NCIB).
• The inaugural quarterly dividend of 15 CAD/share is payable on December 4, 2025, to shareholders of record as of November 20, 2025, with an estimated total payout of approximately $10.2 million USD.
• The company has already repurchased $10.0 million CAD ($7.2 million USD) of shares in the third quarter of 2025 and intends to renew its NCIB for another year on substantially similar terms.

Key Details

• Dividend Structure:
  • Amount: 15 Canadian cents per common share.
  • Frequency: Quarterly.
  • Payment Date: December 4, 2025.
  • Record Date: November 20, 2025.
  • Tax Status: Eligible dividend for Canadian income tax purposes.
  • Implied Yield: 1.10% based on a closing price of $54.70 CAD on Nov. 4, 2025.
  • Estimated Total Payout: Approximately $14.4 million CAD ($10.2 million USD) based on 96.1 million shares outstanding.
• Share Repurchases (NCIB):
  • Current NCIB Period: November 21, 2024, to November 20, 2025.
  • Q3 2025 Activity: Repurchased $10.0 million CAD ($7.2 million USD) of shares.
  • Shares Repurchased in Q3: 239,204 shares.
  • Average Price Paid: $41.79 CAD per share.
  • Future Plans: Company intends to seek TSX approval to renew the NCIB for another year on substantially the same terms.
  • Repurchase Criteria: Dependent on share price, long-term metal prices, internal cost of capital hurdle rates, and market conditions.
• Strategic Context:
  • The program is driven by a pivot to positive free cash flow (since June), the ramp-up of the Media Luna project, and modest debt levels.
  • Capital allocation priorities include paying down debt, building a minimum cash balance of $200 million, extending the mine life at Morelos, advancing the Los Reyes project, and funding drilling programs in Mexico and Nevada.

Notable Quotes

• "With the pivot back to positive free cash flow in June, the ramp-up of Media Luna tracking to plan and modest levels of debt outstanding, the time is right to return capital to our shareholders through a sustainable quarterly dividend and opportunistic share repurchases." — Jody Kuzenko, President and CEO
• "The return of capital plan announced today represents the first step towards a broader program, one which we expect to evolve through 2026, as our balance sheet continues to strengthen." — Jody Kuzenko, President and CEO