Torex Gold Resources Inc. (TSX: TXG) is an intermediate Canadian gold producer engaged in mining, developing, and exploring our wholly owned 29,000-hectare Morelos Property in the highly prospective Guerrero Gold Belt, located 180 kilometres southwest of Mexico City. The Company is based out of Canada, with our corporate office located in Toronto, Ontario.
Our Company
Our principal asset, the Morelos Complex, includes the Media Luna, ELG Underground, and ELG Open Pit mines, the EPO project, a processing plant, and related infrastructure. Since achieving commercial production in 2016, production to date has been from ELG. 2025 marks the first year of production from Media Luna, the newest producing mine at Morelos.
Torex’s Morelos Complex was the largest gold producer in Mexico in 2024. We are proud that 99% of our workforce at site is from Mexico, with approximately 70% from Guerrero State and 40% from local communities.
Media Luna is an underground deposit that primarily contains gold, copper, and silver mineralization, located seven kilometres from the processing plant which lies on the north side of the Balsas River. To access the deposit, a tunnel was built underneath the Balsas River, allowing ore, materials, and crews to move between both sides of the Balsas River. First copper concentrate production from Media Luna was achieved in Q1 2025 and commercial production was declared shortly thereafter.
In addition, a feasibility study is currently underway for the EPO deposit which is expected to achieve first production in late 2026. Based on a pre-feasibility study completed in 2024, EPO is estimated to cost a modest $82.5 million. The capital efficient upfront cost is due to the fact EPO will be able to leverage off the investment made in Media Luna, including leveraging the Media Luna ore handling system, paste plant and paste distribution system, power infrastructure and process plant upgrades. With the addition of EPO, production at Morelos is expected to remain above 450,000 gold equivalent ounces1 per year through at least 2030 and extend mine life to at least 2035.
There is significant resource and reserve potential at Morelos beyond the known deposits. $45 million has been budgeted towards exploration and drilling across the Morelos Property in 2025 with a focus on expanding resources and increasing reserves across Media Luna, ELG Underground, and EPO as well as testing several key targets within the immediate vicinity of Media Luna (collectively known as the Media Luna Cluster) as well as regionally.
At the heart of Torex Gold is a deep commitment to building a mining company with values – one that delivers value for our shareholders in a way that embraces innovation and makes a positive difference in people’s lives.
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Notes
- Gold equivalent payable production guidance is based on $2,500 per oz gold, $28 per oz silver, and $4.30 per pound copper.