Why Invest?
Consistent Operator with Strong Executional Track Record
Torex is one of the largest gold producers in Mexico that is known for consistently achieving operational results. Our focus on costs has allowed the Company to deliver robust margins over the last several years, which has translated into strong cash flow. The strong cash generation allowed us to successfully fund and complete the development of Media Luna – a $950 million project – without diluting shareholders with an equity raise or impacting margins by encumbering the asset with a royalty or a stream. Shareholders benefit from the full upside of commodity price exposure to our Morelos Property.
Financially Strong Producer with Robust Margins and a Healthy Balance Sheet
With $426 million in available liquidity, including $120 million in cash as of the end of 2025 and record free cash flow generation, Torex remains in a solid position to invest in value-creating drilling and exploration, return capital through dividends and share buybacks, and to expand the business outside of Morelos through accretive growth opportunities.
Building the Next Mine with Media Luna North
With significant upfront investment in Media Luna infrastructure already in place, Media Luna North is expected to be a capital efficient build with an estimated upfront budget of $108-113 million. With the addition of Media Luna North, mine life extends through at least 2035.
Excellent Relationships in Mexico through Strong Commitment to ESG
We have very productive relationships with our employees, union, and local communities, a solid record of environmental performance, and a sharp focus on rebuilding our award-winning safety record. We have been strategic about setting up programs that see a complete alignment of economic interests of our Company, shareholders and our important stakeholder groups; when we do well, our employees and our communities do well.
Focus on Growing Reserves and Resources
A strategic pillar for Torex, our investments in exploration and drilling to date have focused on replacing reserves, expanding resources, and unlocking the significant cash generation potential of the Morelos asset. With a record $77 million budgeted for exploration and drilling across all of our properties in 2026, we expect to continue to build on the past success of these programs, enhancing and extending the current production profile at Morelos, growing resources to support the upcoming prefeasibility study at Los Reyes, and commencing early-stage exploration works at our assets in Chihuahua, Mexico, and Nevada, USA.