Torex Gold Announces Initial Return of Capital Program

Executive Summary

• Torex Gold Resources announced its inaugural quarterly dividend of C$0.15 per share (≈ US$10.2 M total) payable on December 4, 2025.
• The company disclosed a Q3 2025 share‑repurchase activity of C$10.0 M (US$7.2 M), buying back 239,204 shares at an average price of C$41.79.
• Management highlighted strong free‑cash‑flow generation, debt reduction goals and a minimum cash balance target of $200 M, framing the return‑of‑capital program as a material step toward enhanced shareholder returns.

Key Details

• Dividend Declaration
• Quarterly dividend: C$0.15 per common share.
• Record date: November 20, 2025; payable date: December 4, 2025.
• Forward‑annualized yield: ~1.10% based on closing price of C$54.70 (Nov 4, 2025).

• Total cash dividend expected: ≈ C$14.4 M (US$10.2 M) on 96.1 million shares outstanding.

• Share Repurchase Program

• Q3 2025 repurchases: C$10.0 M (US$7.2 M).
• Shares bought back: 239,204 at an average price of C$41.79 per share.

• Current NCIB period: Nov 21, 2024 – Nov 20, 2025; renewal request to TSX pending.

• Capital Allocation Outlook

• Goal to build a minimum cash balance of $200 M while paying down debt.
• Anticipated continued dividends and opportunistic repurchases through 2026, subject to share price, metal prices and internal cost‑of‑capital hurdles.
• Ongoing projects: Media Luna ramp‑up, Morelos mine‑life extension, Los Reyes development, and exploration across Mexico and Nevada.

Notable Quotes

• Jody Kuzenko, President & CEO: “With the pivot back to positive free cash flow in June… the time is right to return capital to our shareholders through a sustainable quarterly dividend and opportunistic share repurchases.”
• He added that the program “represents the first step towards a broader program… expected to evolve through 2026 as our balance sheet continues to strengthen.”