Q4 2025 Torex Gold Resources Inc Earnings Call Transcript

Feb 19, 2026 / 02:00 PM GMT

Release Date Price: $47.38 (+10.62%)

Transcript

Key Points

Positve

Torex Gold Resources Inc (TORXF) achieved commercial production at Media Luna ahead of schedule, exiting 2025 at a mining rate of 7,000 tons per day, surpassing the target of 6,500 tons per day.
The company reported a record annual all-in sustaining cost margin of 51% due to strong production and high metal prices.
Torex Gold Resources Inc (TORXF) successfully repaid all its debt accumulated through the Media Luna project, achieving a debt-free status.
The company has a robust exploration program for 2026 with a budget of $77 million, focusing on expanding resources and replacing reserves.
Torex Gold Resources Inc (TORXF) plans to return significant capital to shareholders, with a forecasted free cash flow of upwards of $700 million in 2026.

Negative

The security situation at Los Reyes could impact the planned work for 2026, potentially delaying the pre-feasibility study if site access is restricted.
Sustaining capital expenditures are expected to be higher in 2026 due to the first full year of commercial production from Media Luna.
Non-sustaining capital expenditures are projected to increase, with $100 to $105 million allocated to Media Luna North project costs.
The company faces elevated costs due to higher metal prices impacting taxes, royalties, and profit sharing with employees.
There is a risk of delays in the Media Luna North project if long lead electrical equipment and ventilation systems are not procured on time.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TXG.TO - Torex Gold Resources Inc
Q4 2025 Torex Gold Resources Inc Earnings Call
Feb 19, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. This is the conference operator.

Welcome to Tox Gold's 4th quarter and full year 2025 results conference call and webcast.

As a reminder, all participants are in listen-only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask questions.

To join the question queue, you may press then one on your telephone keypad.

Should you need assistance during the conference call, you may signal an operator by pressing, then 0.

I would now like to turn the conference over to Dan Rollins, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

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