Torex Gold Resources Inc.

Description

Torex Gold Resources Inc. is a Canadian gold producer operating the 100%-owned Morelos Complex in Guerrero, Mexico, with additional development and exploration assets in Mexico and Nevada, USA.

The investment case is based on strong operating cash flow, a debt-free balance sheet, an established gold-copper-silver production platform, reserve growth and shareholder returns. These strengths are offset by a large fully diluted market capitalization, elevated operating costs and substantial concentration in the Morelos Complex.

Morelos includes the Media Luna and ELG Underground mines, Media Luna North development, a 10,600 tpd processing plant and the approximately seven-kilometre Guajes Tunnel. 2026 production guidance is 420–470 koz AuEq, while the current mine plan extends through at least 2035. Los Reyes provides a second development-stage gold-silver growth option, while four earlier-stage properties broaden longer-term discovery exposure.

List of Projects:

Project 1: Morelos Complex
Guerrero, Mexico — Gold, copper and silver. 100%-owned producing hub comprising Media Luna, ELG Underground, Media Luna North, processing facilities and supporting infrastructure. Current reserves total approximately 4.839 Moz AuEq at 3.80 g/t.

Project 2: Los Reyes
Sinaloa, Mexico — Gold and silver. 100%-owned PEA-stage project with a 14.4-year mine-life concept, approximately 134 koz average annual AuEq production, US$1,617/oz LOM AISC, US$515M initial capex and US$1.491B after-tax NPV5.

Project 3: Batopilas
Chihuahua, Mexico — Silver and gold. 100%-owned intermediate-stage exploration project in a historic silver district with planned drilling.

Project 4: Guigui
Chihuahua, Mexico — Silver, gold, lead and zinc. 100%-owned target-definition property in the Santa Eulalia district, prospective for CRD/skarn mineralization.

Project 5: Medicine Springs
Nevada, USA — Silver, lead, zinc, copper and gold. 100%-owned early-stage property prospective for CRD, porphyry and skarn systems.

Project 6: Gryphon
Nevada, USA — Gold and CRD-style polymetallic optionality. Option-stage Carlin Trend property with earn-in rights over the main property plus Mineral Hill and Union Hill.

Weakness

List of projects

Project details have not been added yet.

Deep dive series

Track progress timeline

Forecast share price