Torex Gold Reports Q2 2025 Results Solid operational momentum through the end of the quarter sets the Company up for a strong second half of the year
Torex Gold Reports Q2 2025 Results
Solid operational momentum through the end of the quarter
sets the Company up for a strong second half of the year
(All amounts expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario--(Newsfile Corp. - August 6, 2025) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) reports the Company's financial and operational results for the three and six months
ended June 30, 2025. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the
results.
Jody Kuzenko, President & CEO of Torex, stated:
"Q2 marked another pivotal quarter for the Company as we declared commercial production at Media
Luna on May 1
st
and returned to positive free cash flow in June. Importantly, there were no lost-time
injuries during the quarter as we continued to roll out our Next Level Safety program across our
operations.
"Our production and financial performance during the quarter, while improved over quarter one, reflects
the ramp-up start in April following the completion of tie-ins at our processing plant, as well as ten days of
unplanned downtime in May. Then we turned the corner. With over 37,000 gold equivalent ounces ("oz
AuEq") produced in the month of June and over 45,000 oz AuEq in July, Morelos is delivering monthly
production levels in line with those implied in our five-year outlook. With increasing production and further
economies of scale anticipated as Media Luna continues to ramp-up, all-in sustaining costs are
expected to materially improve through the remainder of 2025.
"With strong operational momentum going into the back half of the year, we are on track to achieve the
lower end of our annual production guidance range of 400,000 to 450,000 oz AuEq as well as the upper
end of the all-in sustaining costs guidance range of $1,400 to $1,600 per oz AuEq sold, assuming
guidance metal prices.
"With expected robust free cash flow at Morelos now established for the foreseeable future, we have
begun to execute on our strategy of building a diversified, Americas-focused precious metals company
with the recently announced acquisitions of Reyna Silver Corp. ("Reyna Silver") and Prime Mining Corp.
("Prime Mining").
1
These acquisitions will provide immediate access to new and exciting early-stage
exploration projects within prolific mining camps in northern Mexico and Nevada, as well as a
development stage project with a sizable resource and substantial exploration upside in Sinaloa,
Mexico, setting the stage for the next phase of growth for Torex beyond Morelos."
1)
The completing each acquisition of Reyna Silver and Prime Mining is subject to the satisfaction of customary closing conditions, including the
parties obtaining the requisite shareholder approval and regulatory approvals.
SECOND QUARTER 2025 HIGHLIGHTS
Safety performance:
The Company recorded no lost-time injuries during the quarter and
continued to progress on its comprehensive 'Next Level Safety' program with a view to ensuring
that the Company resumes and maintains its prior fatality free status. As at June 30, 2025, the lost-
time injury frequency ("LTIF") for the Morelos Complex was 0.46 per million hours worked for both
employees and contractors on a rolling 12-month basis.
Media Luna commercial production:
During the quarter, operations ramped up following the
restart of the processing plant in late March and commercial production at Media Luna was
declared on May 1, 2025. Production during the quarter reflected gradually improving throughput
rates and recoveries in the processing plant; however, in late May, a capacitor failure occurred in
the ball mill e-house, which resulted in ten days of unplanned downtime.
Media Luna non-sustaining capital expenditures
1
:
During the quarter, $48.9 million (YTD -
$104.4 million) of non-sustaining capital expenditures were incurred on Media Luna, of which
$35.3 million (YTD - $90.8 million) was incurred prior to the declaration of commercial production
on May 1, 2025. Non-sustaining capital expenditures subsequent to the declaration of commercial
production primarily relate to the completion and commissioning of the paste plant, paste
distribution system and underground material handling systems. Construction of the paste plant is
substantially complete and commissioning processes are underway with the plant expected to
commence operations imminently. Non-sustaining capital expenditure guidance has been revised
upward to $160.0 to $170.0 million (previously $90.0 to $100.0 million) owing to the scope transfer
from 2024 to 2025 and demobilization/remobilization costs following the December fatalities, and
the associated extension of the mining infrastructure construction period (now drawing to a close),
indirect costs for the extended project period, and a continued aggressive mine development plan,
all to support accelerating mining rates to 7,500 tpd ahead of the schedule set out in the Technical
Report. The Company is also now focused on advancing the development associated with the
EPO project which, to date, is proceeding on pace and contributing to the non-sustaining capital
expenditure spend.
Gold payable production:
On a gold equivalent ounce basis, payable production for the quarter
was 82,856 oz AuEq
2
, including 68,955 oz Au (YTD - 142,486 oz AuEq
2
and 127,285 oz Au,
respectively). As a result of the production achieved to date, the Company is now targeting the
lower end of annual payable production guidance of 400,000 to 450,000 oz AuEq
2
assuming
guidance metal prices.
Gold sold:
The Company sold 76,922 oz AuEq
2
(YTD - 137,490 oz AuEq
2
) at a record quarterly
average realized gold price
1
of $3,311 per oz (YTD - $3,060 per oz) or $3,299 per oz AuEq (YTD -
$3,077 per oz AuEq), contributing to revenue of $253.9 million (YTD - $423.9 million), including
sales that commenced in April of metal produced from copper concentrate through the new circuits
as part of the Media Luna Project.
All-in sustaining costs
1
:
All-in sustaining costs of $2,103 per oz AuEq sold
2
. On a year-to-date
basis, all-in sustaining costs were $1,796 per oz AuEq sold
2
relative to guidance of $1,400 to
$1,600 per oz AuEq sold
2
. All-in sustaining costs margin
1
of $1,196 per oz AuEq sold
2
(YTD -
$1,281 per oz AuEq sold
2
), implying an all-in sustaining costs margin
1
of 36% (YTD - 42%). Cost
of sales was $152.6 million or $1,984 per oz AuEq sold
2
in the quarter (YTD - $246.7 million or
$1,794 per oz AuEq sold
2
). Costs in the quarter were impacted by the lower production as
described above. Based on year-to-date results and assuming guidance metal prices, the
Company expects all-in sustaining costs to be at the upper end of the guided range for the year.
Net income and adjusted net earnings
1
:
Reported net income of $83.2 million or earnings of
$0.97 per share on a basic basis and $0.95 per share on a diluted basis (YTD - $122.2 million or
$1.42 per share on a basic basis and $1.40 per share on a diluted basis). Adjusted net earnings
of $43.8 million or $0.51 per share on a basic basis and $0.50 per share on a diluted basis (YTD -
$79.7 million or $0.92 per share on a basic basis and $0.91 per share on a diluted basis).
EBITDA
1
and adjusted EBITDA
1
:
Generated EBITDA of $114.1 million (YTD - $202.2 million)
and adjusted EBITDA of $117.7 million (YTD - $209.5 million).
Cash flow generation:
Net cash generated from operating activities totalled $67.8 million (YTD -
$57.9 million) and $95.3 million (YTD - $77.6 million) before changes in non-cash operating
working capital. Net cash generated from operating activities (including changes in non-cash
operating working capital) of $67.8 million (YTD - $57.9 million) including income taxes paid of
$25.2 million (YTD - $126.8 million). Negative free cash flow
1
of $37.5 million (YTD - negative
$170.8 million) is net of cash outlays for capital expenditures, lease payments, and interest,
including borrowing costs capitalized. Negative free cash flow was a result of capital expenditures
of $100.8 million (YTD - $224.3 million), primarily due to the Media Luna Project. The Company
transitioned back to positive free cash flow in June and is expected to generate positive free cash
flow that will increase quarterly through the remainder of the year.
Financial liquidity:
On June 25, 2025, the Company amended the credit facilities with a
syndicate of international banks, with an increase in the Revolving Credit Facility to $350.0 million
(an increase from $300.0 million), with a maturity date in June 2029 (extended from the December
2027 maturity) and a $200.0 million accordion feature that is available at the discretion of the
lenders (an increase from $150.0 million). The quarter closed with $209.1 million in available
liquidity
1
, including $103.0 million in cash and $106.1 million available on the $350.0 million credit
facilities, net of borrowings of $230.0 million and letters of credit outstanding of $13.9 million.
EPO Underground Project:
During the second quarter of 2025, $4.5 million (YTD - $8.5 million)
of non-sustaining capital expenditures were incurred relating to EPO. To support the life of mine
production at EPO, a modification to the Company's MIA-Integral permit was submitted to
SEMARNAT for the construction of a waste dump and the modification to the permit was approved
by the regulator in July. During the second quarter of 2025, the EPO internal feasibility study
continued to progress as the team finalized key mine design parameters, mine sequence and
integrated mine scheduling with Media Luna, and initiated activities related to execution planning.
In order to facilitate initial ore production in late 2026, underground development of the EPO
access ramp was initiated.
Release of the 2024 Responsible Gold Mining Report:
In June, the Company released its
2024 Responsible Gold Mining Report (RGMR), the Company's tenth annual disclosure of its ESG
performance. The Report can be found on the Company's website at
www.torexgold.com
. In
addition, the Company's new 8.45-megawatt solar facility was completed and commissioned in
June, which is a key component of the Company's climate change strategy and target to reduce
greenhouse gas (GHG) emissions.
Exploration and Drilling Activities:
In May, the Company announced results from the ongoing
drilling program at ELG Underground
3
and in July released results from drilling at EPO
4
. The
results from these programs support the Company's target of further extending the mine life of ELG
Underground by identifying new zones of higher-grade mineralization, expanding resources within
known areas, expanding resources to the north of the EPO deposit and replacing mined reserves,
with the objective of sustaining production levels for the Morelos Complex above 450,000 oz AuEq
well beyond 2030.
Executing on the strategy of creating a diversified, Americas focused precious metals
producer:
Acquisition
5
of Prime Mining and Reyna Silver enhance medium and long-term growth
potential
On June 23, the Company announced
6
that it had entered into a definitive agreement with
Reyna Silver (TSXV: RSLV) to acquire all of the issued and outstanding common shares of
Reyna Silver pursuant to a court-approved plan of arrangement for an all cash consideration
of approximately $26.0 million (C$36.0 million) based on an offer price of C$0.13 per share.
Reyna Silver shareholder approval is required in which voting will occur at a special meeting
expected to be held on August 11, 2025 and the transaction is expected to close shortly
thereafter. In connection with the transaction, Torex purchased 11,578,947 units (each unit
comprising one common share and one common share purchase warrant with an exercise
price of C$0.13) of Reyna Silver at a price of C$0.095 per unit for a total investment of C$1.1
million in a non-brokered private placement. Reyna Silver provides Torex with 100%
ownership in two exciting exploration properties in Chihuahua, MX (Batopilas and Guigui) as
well as potential exposure to two highly prospective properties in Nevada (Gryphon and
Medicine Springs) via option agreements.
On July 28, the Company announced
7
that it had entered into a definitive agreement to
acquire Prime Mining (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) whereby Torex will
acquire all of the issued and outstanding common shares of Prime Mining pursuant to a plan
of arrangement at an exchange ratio of 0.060 of a common share per each Prime Mining
share. Based on closing price of both companies on July 25, 2025, the offer implies an
equity value of $327 million (C$449 million). Post the transaction, Prime Mining shareholders
will own approximately 10.7% of Torex. The transaction provides Torex with 100% ownership
in the Los Reyes Project, an advanced-stage development project located in Sinaloa, MX.
1. These measures are non-GAAP financial measures ("Non-GAAP Measures") which are not standardized financial measures under IFRS, the
framework used to prepare the financial statements of the Company, and might not be comparable to similar financial measures used by other
companies. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS, see
Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the three and
six months ended June 30, 2025, dated August 5, 2025, which is incorporated by reference into this news release. The MD&A and the Company's
unaudited condensed consolidated interim financial statements and related notes for the three and six months ended June 30, 2025, are available on
Torex's website (
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average
market prices for each commodity sold in the period. For the six months ended June 30, 2025, market prices averaged $3,067/oz gold, $32.76/oz
silver, and $4.28/lb copper. Guidance for 2025 assumed metal prices of $2,500/oz gold, $28/oz silver, and $4.30/lb copper.
3. For more information on ELG Underground drilling results, see the Company's news release titled "Torex Gold Reports Latest Drilling Results from
ELG Underground" issued on May 20, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
4. For more information on EPO drilling results, see the Company's news release titled "Torex Gold Reports Excellent Drilling Results from EPO"
issued on July 16, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
5. The completion of each acquisition of Reyna Silver and Prime Mining is subject to the satisfaction of customary closing conditions, including the
parties obtaining the requisite shareholder, court and regulatory approvals.
6. For more information on the acquisition of Reyna Silver, see the Company's news release titled "Torex Gold Announces Acquisition of Reyna
Silver" issued on June 23, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
7. For more information on the acquisition of Prime Mining, see the Company's news release titled "Torex Gold to Acquire Prime Mining" issued on July
28, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
CONFERENCE CALL AND WEBCAST DETAILS
The Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will
discuss the second quarter operating and financial results. For expedited access to the conference call,
registration
is open to obtain an access code in advance, which will allow participants to join the call
directly at the scheduled time. Alternatively, dial-in details are as follows:
Toronto local or International: 1-647-846-8914
Toll-Free (North America): 1-833-752-3842
A live webcast and replay of the conference call will be available on the Company's website at
https://torexgold.com/investors/upcoming-events/
. The webcast will be archived on the Company's
website.
Table 1: Operating and Financial Highlights
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Safety
Lost-time injury frequency
1
/million hours
0.46
0.59
0.22
0.46
0.22
Total recordable injury frequency
1
/million hours
1.00
1.52
1.44
1.00
1.44
Operating Results - Gold Equivalent basis
Gold equivalent payable produced
2
oz AuEq
82,856
59,630
116,087
142,486
233,141
Gold equivalent sold
2
oz AuEq
76,922
60,568
115,890
137,490
229,996
Total cash costs
2,3
$/oz AuEq
1,606
1,020
1,040
1,348
992
All-in sustaining costs
2,3
$/oz AuEq
2,103
1,405
1,260
1,796
1,241
Average realized gold price
2,3
$/oz AuEq
3,299
2,793
2,193
3,077
2,109
Financial Results
Revenue
$
253.9
170.0
270.3
423.9
506.8
Cost of sales
$
152.6
94.1
166.3
246.7
323.7
Earnings from mine operations
$
101.3
75.9
104.0
177.2
183.1
Net income
$
83.2
39.0
1.9
122.2
45.0
Per share - Basic
$/share
0.97
0.45
0.02
1.42
0.52
Per share - Diluted
$/share
0.95
0.45
0.02
1.40
0.52
Adjusted net earnings
3
$
43.8
35.9
52.4
79.7
88.3
Per share - Basic
3
$/share
0.51
0.42
0.61
0.92
1.03
Per share - Diluted
3
$/share
0.50
0.41
0.60
0.91
1.02
EBITDA
3
$
114.1
88.1
123.3
202.2
221.3
Adjusted EBITDA
3
$
117.7
91.8
121.2
209.5
234.4
Cost of sales - gold equivalent basis
$/oz AuEq
1,984
1,554
1,435
1,794
1,407
Net cash generated from operating activities
$
67.8
(9.9
)
97.4
57.9
177.2
Net cash generated from operating
activities before changes in non-
cash operating working capital
$
95.3
(17.7
)
112.5
77.6
185.0
Free cash flow
3
$
(37.5
)
(133.3
)
(59.3
)
(170.8
)
(118.7
)
Cash and cash equivalents
$
103.0
106.5
108.7
103.0
108.7
Debt, net of deferred finance charges
$
227.2
193.1
53.9
227.2
53.9
Lease-related obligations
$
98.9
86.5
59.0
98.9
59.0
Net debt
3
$
(225.9
)
(175.0
)
(5.3
)
(225.9
)
(5.3
)
Available liquidity
3
$
209.1
197.6
345.8
209.1
345.8
1. On a 12-month rolling basis, per million hours worked.
2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average
market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three and six
months ended June 30, 2025, dated August 5, 2025 for the relevant average market prices by commodity, available on Torex's website
(
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
3. Total cash costs, all-in sustaining costs, average realized gold price, adjusted net earnings, adjusted net earnings per share, EBITDA, adjusted
EBITDA, free cash flow, net debt and available liquidity are non-GAAP financial measures with no standardized meaning under IFRS and might not be
comparable to similar financial measures disclosed by other issuers. For a detailed reconciliation of each Non-GAAP Measure to its most directly
comparable measure in accordance with the IFRS as issued by the International Accounting Standards Board see Tables 2 to 11 of this press
release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the three and six months ended June 30,
2025, dated August 5, 2025. The MD&A and the Company's the Company's unaudited condensed consolidated interim financial statements and
related notes for the three and months ended June 30, 2025, are available on Torex's website (
www.torexgold.com
) and under the Company's
SEDAR+ profile (
www.sedarplus.ca
).
Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Production Costs
and Royalties
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
63,493
59,756
113,513
123,249
225,155
Total cash costs per oz sold
Production costs
$
115.1
56.2
113.0
171.3
213.8
Royalties
$
8.6
6.0
7.5
14.6
14.4
Less: Silver sales
1
$
(10.2
)
(1.1
)
(1.6
)
(11.3
)
(3.1
)
Less: Copper sales
1
$
(33.4
)
(1.2
)
(3.8
)
(34.6
)
(7.5
)
Add: Treatment, refining and other cost deductions
$
1.2
–
–
1.2
–
Less: Realized gain on foreign currency contracts
$
(1.4
)
(0.4
)
–
(1.8
)
–
Total cash costs
$
79.9
59.5
115.1
139.4
217.6
Total cash costs per oz sold
$/oz
1,258
996
1,014
1,131
966
All-in sustaining costs per oz sold
Total cash costs
$
79.9
59.5
115.1
139.4
217.6
General and administrative costs
2
$
7.8
8.7
7.3
16.5
15.3
Reclamation and remediation costs
$
1.1
1.0
1.2
2.1
2.5
Sustaining capital expenditure
$
29.4
13.6
17.0
43.0
39.4
Total all-in sustaining costs
$
118.2
82.8
140.6
201.0
274.8
Total all-in sustaining costs per oz sold
$/oz
1,862
1,386
1,239
1,631
1,220
Gold equivalent sold
3
oz AuEq
76,922
60,568
115,890
137,490
229,996
Total cash costs per oz AuEq sold
Production costs
$
115.1
56.2
113.0
171.3
213.8
Royalties
$
8.6
6.0
7.5
14.6
14.4
Add: Treatment, refining and other cost deductions
$
1.2
–
–
1.2
–
Less: Realized gain on foreign currency contracts
$
(1.4
)
(0.4
)
–
(1.8
)
–
Total cash costs
$
123.5
61.8
120.5
185.3
228.2
Total cash costs per oz AuEq sold
3
$/oz AuEq
1,606
1,020
1,040
1,348
992
All-in sustaining costs per oz AuEq sold
Total cash costs
$
123.5
61.8
120.5
185.3
228.2
General and administrative costs
2
$
7.8
8.7
7.3
16.5
15.3
Reclamation and remediation costs
$
1.1
1.0
1.2
2.1
2.5
Sustaining capital expenditure
$
29.4
13.6
17.0
43.0
39.4
Total all-in sustaining costs
$
161.8
85.1
146.0
246.9
285.4
Total all-in sustaining costs per oz AuEq sold
3
$/oz AuEq
2,103
1,405
1,260
1,796
1,241
1. Includes provisional price adjustments on sales of copper concentrate and precipitate.
2. This amount excludes a loss of $6.2 million, loss of $7.6 million and loss of $0.8 million for the three months ended June 30, 2025, March 31, 2025,
and June 30, 2024, respectively, and a loss of $13.8 million and loss of $5.0 million for the six months ended June 30, 2025 and June 30, 2024,
respectively, in relation to the remeasurement of share-based payments. This amount also excludes corporate depreciation and amortization
expenses totalling $nil, $0.1 million and $nil for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, $0.1 million
and $0.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively, within general and administrative costs. Included in general
and administrative costs is share-based compensation expense in the amount of $1.8 million or $28/oz ($23/oz AuEq) for the three months ended
June 30, 2025, $2.3 million or $38/oz ($38/oz AuEq) for the three months ended March 31, 2025, $1.6 million or $14/oz ($14/oz AuEq) for the three
months ended June 30, 2024, $4.1 million or $33/oz ($30/oz AuEq) for the six months ended June 30, 2025 and $3.9 million or $17/oz ($17/oz AuEq)
for the six months ended June 30, 2024. This amount excludes other expenses totalling $nil, $nil and $2.1 million for the three months ended June 30,
2025, March 31, 2025, and June 30, 2024, respectively, and $nil and $3.3 million for the six months ended June 30, 2025 and June 30, 2024,
respectively.
3. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average
market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three and six
months ended June 30, 2025, dated August 5, 2025 for the relevant average market prices by commodity, available on Torex's website
(
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
Table 3: Reconciliation of Sustaining and Non-Sustaining Capital Expenditures to Additions to
Property, Plant and Equipment
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars
2025
2025
2024
2025
2024
Sustaining
$
29.4
13.6
16.4
43.0
38.0
Capitalized Stripping (Sustaining)
$
–
–
0.6
–
1.4
Total Sustaining
$
29.4
13.6
17.0
43.0
39.4
Non-sustaining
Media Luna Project
1
$
48.9
55.5
108.2
104.4
234.6
EPO Project
$
4.5
4.0
–
8.5
–
Media Luna Cluster Drilling and Other
$
1.9
0.2
1.9
2.1
3.2
Working Capital Changes and Other
$
16.1
50.2
28.4
66.3
4.4
Capital expenditures
2
$
100.8
123.5
155.5
224.3
281.6
1. This amount includes a realized gain (or an increase in the capitalized expenditures) of $nil, $nil and gain of $0.5 million for the three months ended
June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and $nil and gain of $1.3 million for the six months ended June 30, 2025 and June
30, 2024, respectively, in relation to the settlement of foreign exchange zero cost collars that were entered into to manage the capital expenditure
risk related to a further strengthening of the Mexican peso.
2. The amount of cash expended on additions to property, plant and equipment in the period as reported in the Condensed Consolidated Interim
Statements of Cash Flows.
Table 4: Reconciliation of Average Realized Gold Price and Total Cash Costs Margin to
Revenue
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
63,493
59,756
113,513
123,249
225,155
Revenue
$
253.9
170.0
270.3
423.9
506.8
Less: Silver sales
1
$
(10.2
)
(1.1
)
(1.6
)
(11.3
)
(3.1
)
Less: Copper sales
1
$
(33.4
)
(1.2
)
(3.8
)
(34.6
)
(7.5
)
Add: Treatment, refining and other cost deductions
$
1.2
–
–
1.2
–
Less: Realized loss on gold contracts
$
(1.3
)
(0.8
)
(16.0
)
(2.1
)
(21.4
)
Total proceeds
$
210.2
166.9
248.9
377.1
474.8
Average realized gold price
$/oz
3,311
2,793
2,193
3,060
2,109
Less: Total cash costs
$/oz
1,258
996
1,014
1,131
966
Total cash costs margin
$/oz
2,053
1,797
1,179
1,929
1,143
Total cash costs margin
%
62
64
54
63
54
Gold equivalent sold
2
oz
AuEq
76,922
60,568
115,890
137,490
229,996
Revenue
$
253.9
170.0
270.3
423.9
506.8
Add: Treatment, refining and other cost deductions
$
1.2
–
–
1.2
–
Less: Realized loss on gold contracts
$
(1.3
)
(0.8
)
(16.0
)
(2.1
)
(21.4
)
Total proceeds
$
253.8
169.2
254.3
423.0
485.4
Average realized gold price
$/oz
AuEq
3,299
2,793
2,193
3,077
2,109
Less: Total cash costs
2
$/oz
AuEq
1,606
1,020
1,040
1,348
992
Total cash costs margin
2
$/oz
AuEq
1,693
1,773
1,153
1,729
1,117
Total cash costs margin
%
51
63
53
56
53
1. Includes provisional price adjustments on sales of copper concentrate and precipitate.
2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average
market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three and six
months ended June 30, 2025, dated August 5, 2025 for the relevant average market prices by commodity, available on Torex's website
(
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
63,493
59,756
113,513
123,249
225,155
Revenue
$
253.9
170.0
270.3
423.9
506.8
Less: Silver sales
1
$
(10.2
)
(1.1
)
(1.6
)
(11.3
)
(3.1
)
Less: Copper sales
1
$
(33.4
)
(1.2
)
(3.8
)
(34.6
)
(7.5
)
Add: Treatment, refining and other cost
$
1.2
–
–
1.2
–
deductions
Less: Realized loss on gold contracts
$
(1.3
)
(0.8
)
(16.0
)
(2.1
)
(21.4
)
Less: All-in sustaining costs
$
(118.2
)
(82.8
)
(140.6
)
(201.0
)
(274.8
)
All-in sustaining costs margin
$
92.0
84.1
108.3
176.1
200.0
Average realized gold price
$/oz
3,311
2,793
2,193
3,060
2,109
Total all-in sustaining costs margin
$/oz
1,449
1,407
954
1,429
889
Total all-in sustaining costs margin
%
44
50
44
47
42
Gold equivalent sold
2
oz AuEq
76,922
60,568
115,890
137,490
229,996
Revenue
$
253.9
170.0
270.3
423.9
506.8
Add: Treatment, refining and other cost
$
1.2
–
–
1.2
–
deductions
Less: Realized loss on gold contracts
$
(1.3
)
(0.8
)
(16.0
)
(2.1
)
(21.4
)
Less: All-in sustaining costs
$
(161.8
)
(85.1
)
(146.0
)
(246.9
)
(285.4
)
All-in sustaining costs margin
$
92.0
84.1
108.3
176.1
200.0
Average realized gold price
$/oz AuEq
3,299
2,793
2,193
3,077
2,109
Total all-in sustaining costs margin
2
$/oz AuEq
1,196
1,388
933
1,281
868
Total all-in sustaining costs margin
%
36
50
43
42
41
1. Includes provisional price adjustments on sales of copper concentrate and precipitate.
2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average
market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three and six
months ended June 30, 2025, dated August 5, 2025 for the relevant average market prices by commodity, available on Torex's website
(
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
Table 6: Reconciliation of Adjusted Net Earnings to Net Income
Three Months Ended
Six Months Ended
In millions of U.S. dollars, unless otherwise
noted
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
2025
2025
2024
2025
2024
Basic weighted average shares outstanding
shares
86,205,585
86,125,855
85,984,756
86,165,940
85,967,157
Diluted weighted average shares outstanding
shares
87,548,439
87,326,899
86,888,359
87,466,086
86,664,299
Net income
$
83.2
39.0
1.9
122.2
45.0
Adjustments:
Unrealized foreign exchange loss
(gain)
$
2.4
(0.7
)
2.5
1.7
1.9
Unrealized (gain) loss on derivative
contracts
$
(5.0
)
(3.2
)
(5.4
)
(8.2
)
6.2
Loss on remeasurement of share-
based
$
6.2
7.6
0.8
13.8
5.0
payments
Derecognition of provisions for
$
–
(9.2)
–
(9.2)
(12.1)
uncertain tax positions
Tax effect of above adjustments
$
0.8
1.2
0.8
2.0
(2.5
)
Tax effect of currency translation on
tax base
$
(43.8
)
1.2
51.8
(42.6
)
44.8
Adjusted net earnings
$
43.8
35.9
52.4
79.7
88.3
Per share - Basic
$/share
0.51
0.42
0.61
0.92
1.03
Per share - Diluted
$/share
0.50
0.41
0.60
0.91
1.02
Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
In millions of U.S. dollars
2025
2025
2024
2025
2024
Net income
$
83.2
39.0
1.9
122.2
45.0
Finance costs (income), net
$
5.2
2.6
(1.0
)
7.8
(2.7
)
Depreciation and amortization
1
$
28.9
32.0
45.9
60.9
95.7
Current income tax expense
$
34.6
6.0
25.1
40.6
51.3
Deferred income tax (recovery) expense
$
(37.8
)
8.5
51.4
(29.3
)
32.0
EBITDA
$
114.1
88.1
123.3
202.2
221.3
Adjustments:
Unrealized (gain) loss on derivative contracts
$
(5.0
)
(3.2
)
(5.4
)
(8.2
)
6.2
Unrealized foreign exchange loss (gain)
$
2.4
(0.7
)
2.5
1.7
1.9
Loss on remeasurement of share-based payments
$
6.2
7.6
0.8
13.8
5.0
Adjusted EBITDA
$
117.7
91.8
121.2
209.5
234.4