Torex Gold Reports Q4 and Full-Year 2025 Results

Executive Summary

• Torex Gold reported record 2025 results – $1.306 bn revenue, $730 m adjusted EBITDA and $166 m net income, with free cash flow of $107 m in Q4 and a $0.15 per share inaugural dividend.
• Production reached 376,364 oz AuEq (315,678 oz Au, 1,286 koz Ag, 34.8 mlb Cu); Media Luna project achieved commercial production and is on track for 7,500 tpd steady‑state output by mid‑2026.
• Completed acquisitions of Reyna Silver ($27.4 m cash) and Prime Mining ($436.2 m total consideration), adding the Los Reyes, Batopilas, Guigui, Gryphon and Medicine Springs assets; CEO transition announced for June 2026.

Key Details

• Financial Highlights
• Revenue: $1,305.6 m (record)
• Adjusted EBITDA: $730.3 m (record)
• Net income: $403.4 m; EPS $4.58 (basic) / $4.53 (diluted)
• Free cash flow Q4: $107.3 m; full‑year free cash flow $166 m

• Available liquidity year‑end: $426.3 m (cash $119.5 m + credit facility $306.8 m)

• Production & Operations

• Annual payable production: 376,364 oz AuEq (315,678 oz Au, 1,286 koz Ag, 34.8 mlb Cu) – slightly below guidance range of 400‑450 k oz AuEq.
• Q4 payable production: 114,844 oz AuEq (93,335 oz Au, 454 koz Ag, 12.6 mlb Cu).
• Media Luna Project: commercial production declared May 1 2025; tie‑in completed March 2025; $145.9 m non‑sustaining capex incurred, plus $55.1 m post‑commercial for paste plant and underground systems.

• Media Luna North: $25.6 m non‑sustaining capex in 2025; feasibility study completed; first production targeted late 2026 with commercial production shortly thereafter.

• Acquisitions & Portfolio Expansion

• Reyna Silver: Completed August 2025 for cash $27.4 m; provides 100% ownership of Batopilas and Guigui (Mexico) plus option interests in Gryphon and Medicine Springs (Nevada). Paid $0.3 m to exercise Medicine Springs option Jan 2026.

• Prime Mining: Completed October 2025 for total consideration $436.2 m; adds 100% interest in Los Reyes project (Sinaloa, Mexico).

• Capital Allocation & Shareholder Returns

• Inaugural dividend of C$0.15 per share paid Dec 4 2025 ($10.2 m cash). Declared Q1 2026 dividend of C$0.15 payable Mar 19 2026.
• Share repurchases: 825,769 shares in 2025 for $33.9 m; additional 411,405 shares in early 2026 at avg. price C$66.69.

• Automatic Share Purchase Plan (ASPP) established to facilitate NCIB purchases during blackout periods.

• Liquidity & Debt

• Credit facility: $350 m with maturity June 2029; $200 m accordion feature available. Fully repaid $30 m borrowing in Jan 2026.

• Net debt year‑end: –$16.1 m (net cash position).

• Guidance & Outlook

• Media Luna ramp‑up ahead of schedule; steady‑state production of ~7,500 tpd expected by mid‑2026.
• Preliminary Economic Assessment for Los Reyes underway.
• First production at Media Luna North slated for late 2026; commercial production thereafter.
• Inferred resource to be declared March 2026 based on Media Luna West drilling.
• CEO transition: President & CEO Jody Kuzenko to retire effective after June 17 2026 AGM; CFO Andrew Snowden to assume role in June 2026.

Notable Quotes

• Jody Kuzenko, President & CEO: “2025 was a transformational and standout year… completing Media Luna, declaring commercial production, ramping up rates ahead of schedule, returning strong free cash flow, and executing our inaugural return‑of‑capital program.”
• Andrew Snowden (future CEO): [No direct quote provided in release]