Torex Gold Provides 2026 Operational Guidance and Updated Five-year Production Outlook
Executive Summary
- Torex Gold Resources provides 2026 operational guidance, forecasting 320–365 k oz Au, 2.2–2.5 M koz Ag and 60–65 M lb Cu production (420–470 k oz AuEq) with all‑in sustaining costs of $1,750–$1,850 per AuEq ounce.
- Capital expenditures are guided at $285–$305 million for the year, including $120–$130 m sustaining and $165–$175 m non‑sustaining spend; a $77 m exploration budget targets 148,500 m of drilling across Morelos, Los Reyes, Nevada and Chihuahua.
- The company updates its five‑year (2026‑2030) AuEq production outlook, maintaining 420–470 k oz AuEq annually and projecting consistent sales through 2030, underpinned by higher assumed metal prices and ongoing drill success.
Key Details
- Production Guidance 2026
- Gold: 320,000 – 365,000 oz (vs. 319,372 oz in 2025)
- Silver: 2,200 – 2,500 koz (vs. 1,409 koz in 2025)
- Copper: 60 – 65 mlb (vs. 36.2 mlb in 2025)
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Gold‑equivalent (AuEq): 420,000 – 470,000 oz
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Sales Guidance 2026 (after payable deductions)
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AuEq: 410,000 – 460,000 oz
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All‑in Sustaining Costs (AISC)
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Guided at $1,750 – $1,850 per AuEq oz (vs. $1,732 achieved in first nine months of 2025).
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Capital Expenditures 2026
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Total: $285 – $305 million
- Sustaining: $120 – $130 m (incl. $25 m lease payments, $15 m drilling)
- Non‑sustaining: $165 – $175 m (including $100–$105 m for Media Luna North, $65–$70 m other projects)
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Exploration & Drilling Budget 2026 – $77 million, 148,500 m total drilling
- Morelos: $43 m / 113,500 m (ELG Underground ~36 k m; Media Luna Cluster ~62.5 k m)
- Los Reyes: $18 m / 20,000 m – includes PEA work and prefeasibility study start‑up
- Nevada (Gryphon & Medicine Springs): $12 m / 10,000 m (7.5 k m at Gryphon)
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Chihuahua (Batopilas & Guigui): $4 m / 5,000 m
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Five‑Year AuEq Production Outlook (2026‑2030) – constant 420–470 k oz AuEq annually; metal mix shift to ~74 % Au, 20 % Cu, 6 % Ag by volume.
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Sensitivity Highlights (Table 5)
- ±$200/oz Au price → ±5 koz AuEq production, ±$25/oz AISC, ±$45 m cash flow.
- ±$5/oz Ag price → ±3 koz AuEq, ±$10/oz AISC, ±$7 m cash flow.
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±$0.25/lb Cu price → ±4 koz AuEq, ±$15/oz AISC, ±$10 m cash flow.
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Operational Notes
- Media Luna to reach steady‑state 7,500 tpd by mid‑2026; overland conveyor project ($9 m) expected year‑end commissioning, reducing rehandling costs > $1/t.
- Cash‑flow seasonality: Q1 impacted by 8.5 % Mexican mining tax and year‑end corporate tax true‑up; Q2 affected by employee profit‑sharing payment (PTU).
Notable Quotes
- Jody Kuzenko, President & CEO: “We expect annual production to pick up significantly in 2026… Stronger metal prices are also forecast to lead to significant margin expansion, which in turn is expected to lead to significant free cash flow generation in 2026 and beyond.”
Materiality Assessment: Material – Positive (the guidance materially updates the company’s production, cost and capital outlook for the upcoming year and multi‑year horizon).