Torex Gold Reports Q3 2025 Results Excellent operational results drive return to strong quarterly free cash flow, demonstrating the forward value-generating potential of Morelos
Torex Gold Reports Q3 2025 Results
Excellent operational results drive return to strong quarterly
free cash flow, demonstrating the forward value-generating
potential of Morelos
(All amounts expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario--(Newsfile Corp. - November 5, 2025) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) (OTCQX: TORXF) reports the Company's financial and operational results for the
three and nine months ended September 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:
"The third quarter marked a key turning point for Morelos as we returned to steady-state production
levels following the completion of our Media Luna Project and pivoted back to positive free cash flow
1
.
The $113 million generated in free cash flow, supported by excellent operational performance, resulted
in an all-in sustaining costs margin
1
in excess of 50%. These results demonstrate the forward potential of
Morelos, which will be further bolstered by the continued ramp-up of Media Luna, first production from
EPO by late 2026, and continued drill-bit success across the whole property.
"The inflection point back to free cash flow, combined with the ramp up success and operational stability
we have achieved, supported our decision to announce our initial return of capital policy - marked by an
inaugural quarterly dividend C$0.15 per share as well as a plan to execute on share buybacks
opportunistically, with C$10 million of shares already repurchased during the quarter.
"With strong operational momentum and payable quarterly production of 119,034 gold equivalent ounces
("oz AuEq") at market prices this quarter, we are on pace to achieve the low end of our guided
production range of 400,000 to 450,000 oz AuEq at guidance metal prices. Work is ongoing to optimize
costs and drive efficiencies to further improve our all-in sustaining cost
1
profile as the Media Luna mine
continues to ramp up, putting us on plan to deliver on our full-year guided range of $1,400 to $1,600 per
ounce sold at guided metal prices.
"As we finish off what can only be described as a pivotal year for Torex, we are well set up for a standout
close to 2025 and an exceptional 2026 where we'll see the benefit of a full year of production from Media
Luna. With Los Reyes now officially part of our expanded portfolio, we are ready to start the work of our
next project outside of Morelos, moving yet another step closer to our goal of becoming a leading,
diversified, Americas-focused, precious metals producer."
THIRD QUARTER 2025 HIGHLIGHTS
Safety performance:
The Company recorded no lost-time injuries during the quarter. As at
September 30, 2025, the lost-time injury frequency ("LTIF") for the Morelos Complex was 0.42 per
million hours worked for both employees and contractors on a rolling 12-month basis.
Gold production:
On a gold equivalent ounce ("oz AuEq") basis, payable production for the
quarter was 119,034 oz AuEq
2
, including 95,058 oz Au, 485.2 thousand ounces of silver ("koz
Ag"), and 14.0 million pounds of copper ("mlb Cu") (YTD - 261,520 oz AuEq
2
, 222,343 oz Au,
832.2 koz Ag, and 22.2 mlb Cu, respectively). At guidance metal prices, quarterly payable
production was 124,503 oz AuEq
2
(YTD - 269,846 oz AuEq
2
). With strong production achieved in
the third quarter and another strong quarter expected to close off the year, the Company continues
to target the low end of annual payable production guidance of 400,000 to 450,000 oz AuEq
2
at
guidance metal prices.
Gold sold:
The Company sold 118,082 oz AuEq
2
(YTD - 255,572 oz AuEq
2
) at a record quarterly
average realized gold price
1
of $3,548 per oz (YTD - $3,272 per oz) or $3,536 per oz AuEq
2
(YTD
- $3,289 per oz AuEq
2
), contributing to revenue of $416.4 million (YTD - $840.3 million).
All-in sustaining costs
1
:
Quarterly all-in sustaining costs of $1,658 per oz AuEq sold
2
(YTD -
$1,732 per oz AuEq sold
2
). Quarterly all-in sustaining costs margin
1
of $1,878 per oz AuEq sold
2
(YTD - $1,557 per oz AuEq sold
2
), implying an all-in sustaining costs margin
1
of 53% (YTD - 47%).
Cost of sales was $207.3 million or $1,756 per oz AuEq sold
2
in the quarter (YTD - $454.0 million
or $1,776 per oz AuEq sold
2
). Costs on a gold equivalent basis were impacted by the higher gold
market prices during the quarter. On a year-to-date basis, all-in sustaining costs were $1,602 per
oz AuEq sold
2
at guided metal prices, relative to guidance of $1,400 to $1,600 per oz AuEq sold
2
.
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 $114.4 million or earnings of
$1.33 per share on a basic basis and $1.31 per share on a diluted basis (YTD - $236.6 million or
$2.75 per share on a basic basis and $2.71 per share on a diluted basis). Adjusted net earnings
of $103.4 million or $1.20 per share on a basic basis and $1.18 per share on a diluted basis (YTD
- $183.1 million or $2.13 per share on a basic basis and $2.10 per share on a diluted basis).
EBITDA
1
and adjusted EBITDA
1
:
Generated EBITDA of $235.3 million (YTD - $437.5 million)
and adjusted EBITDA of $239.3 million (YTD - $448.8 million).
Cash flow generation:
Net cash generated from operating activities totalled $186.8 million (YTD
- $244.7 million) and $204.0 million (YTD - $281.6 million) before changes in non-cash operating
working capital. Net cash generated from operating activities (including changes in non-cash
operating working capital) of $186.8 million (YTD - $244.7 million) including income taxes paid of
$40.0 million (YTD - $166.8 million). Positive free cash flow
1
of $112.5 million (YTD - negative
$58.3 million) is net of cash outlays for capital expenditures, lease payments, and interest,
including borrowing costs capitalized.
Financial liquidity:
The quarter closed with $289.0 million in available liquidity
1
, including $107.1
million in cash and $181.9 million available on the $350.0 million credit facilities, net of borrowings
of $155.0 million and letters of credit outstanding of $13.1 million.
Media Luna non-sustaining capital expenditures
1
:
During the quarter, $26.2 million (YTD -
$130.6 million) of non-sustaining capital expenditures were incurred following the declaration of
commercial production on May 1, 2025 and primarily relate to construction of the paste plant and
underground paste distribution system, tailings feed supply system, and underground material
handling systems. Construction of the paste plant and paste distribution systems are now
complete, and ramp-up well underway with paste delivered to the first stope in September.
EPO Underground Project:
During the third quarter of 2025, $6.9 million (YTD - $15.4 million) of
non-sustaining capital expenditures were incurred relating to EPO. Development of the main
access ramp at EPO continued to track well and the EPO internal feasibility study continued to
progress as the team finalized the mine design, mine sequence and integrated mine scheduling
with Media Luna and the waste dump design.
Exploration and Drilling Activities:
In October, the Company announced results from the
ongoing drilling program at ELG Underground
3
. Drilling results continue to support the program's
primary objective to increase resource inventory and replace mined reserves to support the
Company's overall objective of maintaining production above 450,000 oz AuEq per year beyond
2030 (based on reserve metal pricing). The program remains focused on identifying high-grade
mineralization extensions along the El Limón Sur, El Limón Deep, El Limón West, and Sub-Sill
trends. Drilling results presented in the October release focused on the success along the El Limón
Sur and Sub-Sill trends.
Executing on the strategy of creating a diversified, Americas-focused precious metals
producer:
The acquisitions of Reyna Silver Corp. ("Reyna Silver") and Prime Mining Corp.
("Prime Mining") enhance medium and long-term growth potential:
Reyna Silver:
In August, the Company completed the acquisition of Reyna Silver
4
for total
cash consideration of $27.4 million. The acquisition provides Torex with 100% ownership in
two exciting exploration properties in Chihuahua, Mexico (Batopilas and Guigui), as well as
potential exposure to two highly prospective properties in Nevada (Gryphon and Medicine
Springs) via option agreements.
Prime Mining:
On July 28, the Company announced
5
that it had entered into a definitive
agreement to acquire all of the issued and outstanding common shares of Prime Mining (the
"Prime Mining Shares") (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) pursuant to a
plan of arrangement at an exchange ratio of 0.060 of a Torex common share (a "Torex
Share") per each Prime Mining Share. Pursuant to a court-approved plan of arrangement
under the
Business Corporations Act
(British Columbia), the Company completed the
acquisition of all of the issued and outstanding Prime Mining Shares on October 22, 2025, in
which Prime Mining shareholders received 0.060 of a Torex Share for each Prime Mining
Share held (the "Exchange Ratio"). As a result of the transaction, Torex issued approximately
10.2 million Torex Shares and settled certain related tax obligations which implies an equity
value for Prime Mining of $426.5 million (C$598.0 million), based on Torex' share price at
the time of closing. Post the transaction, Prime Mining shareholders own approximately
10.6% of Torex. As a result of the transaction, Torex acquired a 100% interest in the Los
Reyes Project, an advanced-stage development project located in Sinaloa, Mexico.
Return of Capital to Shareholders:
The Company announced an initial return of capital program
consisting of an inaugural quarterly dividend of C$0.15 per Torex Share and discretionary share
repurchases through the Company's normal course issuer bid ("NCIB").
Inaugural Dividend:
As a result of the Company returning to positive cash flow generation
following the completion and successful ramp up of the Media Luna Project, the Company's
Board of Directors approved an inaugural quarterly dividend of C$0.15 per Torex Share
payable on December 4, 2025 to shareholders of record as at the close of business on
November 20, 2025.
Share Repurchases:
In the third quarter of 2025, the Company repurchased 239,204 Torex
Shares for $7.2 million (C$10.0 million) at an average price per share of $30.20 (C$41.79)
under its
NCIB. Under the NCIB, the Company is authorized to purchase up to 7,116,777 of
Torex Shares, representing approximately 10% of the public float as of November 13, 2024,
during the period commencing on November 21, 2024 and ending on November 20, 2025.
The Company intends to seek approval from the TSX to renew the NCIB for another year on
substantially the same terms.
TSX30 Ranking for 2025
6
:
In September, the Company was recognized as a top performer by
the Toronto Stock Exchange ("TSX") having been named to the TSX30, which is based on share
price performance, adjusted for dividends, over the three-year period ending June 30, 2025. Out of
the 30 companies recognized, Torex ranked 14th with a total return of 347%.
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 nine months ended September 30, 2025, dated November 4, 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 nine months ended September 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 nine months ended September 30, 2025, market prices averaged
$3,201/oz gold, $35.05/oz silver, and $4.33/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 Results from
Drilling Program at ELG Underground" issued on October 6, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's
website at
www.torexgold.com
.
4
.
For more information on the acquisition of Reyna Silver, see the Company's news releases titled "Torex Gold Announces Acquisition of
Reyna Silver" issued on June 23, 2025, and "Torex Gold Announces Completion of Reyna Silver Acquisition" issued on August 20, 2025,
and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
5
.
For more information on the acquisition of Prime Mining, see the Company's news releases titled "Torex Gold to Acquire Prime Mining" issued
on July 28, 2025, "Torex Gold Announces Completion of Prime Mining Acquisition" issued on October 22, 2025, and filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.torexgold.com
.
6
.
For more information on the TSX30 Ranking, see the Company's news release titled "Torex Gold Achieves TSX30 Ranking for 2025" issued
on September 9, 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 third 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
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Safety
Lost-time injury frequency
1
/million hours
0.42
0.46
0.28
0.42
0.28
Total recordable injury frequency
1
/million hours
0.99
1.00
1.46
0.99
1.46
Operating Results - Gold Equivalent basis
Gold equivalent payable produced
2
oz AuEq
119,034
82,856
122,307
261,520
355,448
Gold equivalent sold
2
oz AuEq
118,082
76,922
125,414
255,572
355,410
Total cash costs
2,3
$/oz AuEq
1,297
1,606
969
1,324
984
All-in sustaining costs
2,3
$/oz AuEq
1,658
2,103
1,139
1,732
1,205
Average realized gold price
2,3
$/oz AuEq
3,536
3,299
2,313
3,289
2,181
Financial Results
Revenue
$
416.4
253.9
313.7
840.3
820.5
Cost of sales
$
207.3
152.6
170.1
454.0
493.8
Earnings from mine operations
$
209.1
101.3
143.6
386.3
326.7
Net income
$
114.4
83.2
29.2
236.6
74.2
Per share - Basic
$/share
1.33
0.97
0.34
2.75
0.86
Per share - Diluted
$/share
1.31
0.95
0.34
2.71
0.86
Adjusted net earnings
3
$
103.4
43.8
65.5
183.1
153.8
Per share - Basic
3
$/share
1.20
0.51
0.76
2.13
1.79
Per share - Diluted
3
$/share
1.18
0.50
0.75
2.10
1.77
EBITDA
3
$
235.3
114.1
155.3
437.5
376.6
Adjusted EBITDA
3
$
239.3
117.7
152.4
448.8
386.8
Cost of sales - gold equivalent basis
$/oz AuEq
1,756
1,984
1,356
1,776
1,389
Net cash generated from operating activities
$
186.8
67.8
149.5
244.7
326.7
Net cash generated from operating activities
before changes in non-cash operating
working capital
$
204.0
95.3
137.6
281.6
322.6
Free cash flow
3
$
112.5
(37.5
)
2.5
(58.3
)
(116.2
)
Cash and cash equivalents
$
107.1
103.0
114.5
107.1
114.5
Debt, net of deferred finance charges
$
152.4
227.2
57.7
152.4
57.7
Lease-related obligations
$
100.0
98.9
69.4
100.0
69.4
Net debt
3
$
(147.9
)
(225.9
)
(14.9
)
(147.9
)
(14.9
)
Available liquidity
3
$
289.0
209.1
346.6
289.0
346.6
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 nine months ended September 30, 2025, dated November 4, 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 nine months ended September 30, 2025, dated November 4, 2025. The MD&A and the Company's the Company's unaudited
condensed consolidated interim financial statements and related notes for the three and nine months ended September 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
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
94,626
63,493
122,130
217,875
347,285
Total cash costs per oz sold
Production costs
$
140.0
115.1
112.9
311.3
326.7
Royalties
$
13.6
8.6
8.6
28.2
23.0
Less: Silver sales
1
$
(20.0
)
(10.2
)
(2.2
)
(31.3
)
(5.3
)
Less: Copper sales
1
$
(61.8
)
(33.4
)
(6.2
)
(96.4
)
(13.7
)
Add: Treatment, refining and other cost
deductions
$
2.4
1.2
-
3.6
-
Less: Realized gain on foreign currency contracts
$
(2.8
)
(1.4
)
-
(4.6
)
-
Total cash costs
$
71.4
79.9
113.1
210.8
330.7
Total cash costs per oz sold
$/oz
755
1,258
926
968
952
All-in sustaining costs per oz sold
Total cash costs
$
71.4
79.9
113.1
210.8
330.7
General and administrative costs
2
$
9.2
7.8
8.8
25.7
24.1
Reclamation and remediation costs
$
1.3
1.1
1.0
3.4
3.5
Sustaining capital expenditure
$
32.1
29.4
11.6
75.1
51.0
Total all-in sustaining costs
$
114.0
118.2
134.5
315.0
409.3
Total all-in sustaining costs per oz sold
$/oz
1,205
1,862
1,101
1,446
1,179
Gold equivalent sold
3
oz AuEq
118,082
76,922
125,414
255,572
355,410
Total cash costs per oz AuEq sold
Production costs
$
140.0
115.1
112.9
311.3
326.7
Royalties
$
13.6
8.6
8.6
28.2
23.0
Add: Treatment, refining and other cost deductions
$
2.4
1.2
-
3.6
-
Less: Realized gain on foreign currency contracts
$
(2.8
)
(1.4
)
-
(4.6
)
-
Total cash costs
$
153.2
123.5
121.5
338.5
349.7
Total cash costs per oz AuEq sold
3
$/oz
AuEq
1,297
1,606
969
1,324
984
All-in sustaining costs per oz AuEq sold
Total cash costs
$
153.2
123.5
121.5
338.5
349.7
General and administrative costs
2
$
9.2
7.8
8.8
25.7
24.1
Reclamation and remediation costs
$
1.3
1.1
1.0
3.4
3.5
Sustaining capital expenditure
$
32.1
29.4
11.6
75.1
51.0
Total all-in sustaining costs
$
195.8
161.8
142.9
442.7
428.3
Total all-in sustaining costs per oz AuEq sold
3
$/oz
AuEq
1,658
2,103
1,139
1,732
1,205
1
.
Includes provisional price adjustments on sales of copper concentrate and precipitate.
2
.
This amount excludes a loss of $10.7 million, loss of $6.2 million and loss of $3.9 million for the three months ended September 30, 2025,
June 30, 2025, and September 30, 2024, respectively, and a loss of $24.5 million and loss of $8.9 million for the nine months ended
September 30, 2025 and September 30, 2024, respectively, in relation to the remeasurement of share-based payments. This amount also
excludes corporate depreciation and amortization expenses totalling $0.1 million, $nil and $nil for the three months ended September 30,
2025, June 30, 2025, and September 30, 2024, respectively, $0.2 million and $0.1 million for the nine months ended September 30, 2025 and
September 30, 2024, respectively, within general and administrative costs. Included in general and administrative costs is share-based
compensation expense in the amount of $2.0 million or $21/oz ($17/oz AuEq) for the three months ended September 30, 2025, $1.8 million or
$28/oz ($23/oz AuEq) for the three months ended June 30, 2025, $1.6 million or $13/oz ($13/oz AuEq) for the three months ended
September 30, 2024, $6.1 million or $28/oz ($24/oz AuEq) for the nine months ended September 30, 2025 and $5.5 million or $16/oz ($15/oz
AuEq) for the nine months ended September 30, 2024. This amount excludes other expenses totalling $nil, $nil and $2.4 million for the three
months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively, and $nil and $5.7 million for the nine months
ended September 30, 2025 and September 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 nine months ended September 30, 2025, dated November 4, 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
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars
2025
2025
2024
2025
2024
Sustaining
1
$
32.1
29.4
11.6
75.1
49.6
Capitalized Stripping (Sustaining)
$
-
-
-
-
1.4
Total Sustaining
$
32.1
29.4
11.6
75.1
51.0
Non-sustaining
Media Luna Project
2,3
$
26.2
48.9
113.9
130.6
348.5
EPO Project
$
6.9
4.5
-
15.4
-
Media Luna Cluster Drilling and Other
$
5.7
1.9
4.4
7.8
7.6
Working Capital Changes and Other
$
(10.0
)
16.1
14.4
56.3
18.8
Capital expenditures
4
$
60.9
100.8
144.3
285.2
425.9
1
.
Sustaining capital expenditures includes lease payments (principal and interest) of $7.1 million, $4.8 million and $1.0 million for the three
months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively, and $12.7 million and $2.8 million for the nine
months ended September 30, 2025 and September 30, 2024, respectively.
2
.
Non-sustaining capital expenditures includes lease payments (principal and interest) of $nil, $1.1 million and $1.4 million for the three months
ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively, and $5.1 million and $2.9 million for the nine months ended
September 30, 2025 and September 30, 2024, respectively.
3
.
This amount includes a realized gain (or an increase in the capitalized expenditures) of $nil, $nil and gain of $0.1 million for the three months
ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively, and $nil and gain of $1.4 million
for the nine months ended
September 30, 2025 and September 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.
4
.
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
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
94,626
63,493
122,130
217,875
347,285
Revenue
$
416.4
253.9
313.7
840.3
820.5
Less: Silver sales
1
$
(20.0
)
(10.2
)
(2.2
)
(31.3
)
(5.3
)
Less: Copper sales
1
$
(61.8
)
(33.4
)
(6.2
)
(96.4
)
(13.7
)
Add: Treatment, refining and other cost
deductions
$
2.4
1.2
-
3.6
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(22.8
)
(3.4
)
(44.2
)
Total proceeds
$
335.7
210.2
282.5
712.8
757.3
Average realized gold price
$/oz
3,548
3,311
2,313
3,272
2,181
Less: Total cash costs
$/oz
755
1,258
926
968
952
Total cash costs margin
$/oz
2,793
2,053
1,387
2,304
1,229
Total cash costs margin
%
79
62
60
70
56
Gold equivalent sold
2
oz AuEq
118,082
76,922
125,414
255,572
355,410
Revenue
$
416.4
253.9
313.7
840.3
820.5
Add: Treatment, refining and other cost
deductions
$
2.4
1.2
-
3.6
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(22.8
)
(3.4
)
(44.2
)
Total proceeds
$
417.5
253.8
290.9
840.5
776.3
Average realized gold price
$/oz AuEq
3,536
3,299
2,313
3,289
2,181
Less: Total cash costs
2
$/oz AuEq
1,297
1,606
969
1,324
984
Total cash costs margin
2
$/oz AuEq
2,239
1,693
1,344
1,965
1,197
Total cash costs margin
%
63
51
58
60
55
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 nine months ended September 30, 2025, dated November 4, 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
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
94,626
63,493
122,130
217,875
347,285
Revenue
$
416.4
253.9
313.7
840.3
820.5
Less: Silver sales
1
$
(20.0
)
(10.2
)
(2.2
)
(31.3
)
(5.3
)
Less: Copper sales
1
$
(61.8
)
(33.4
)
(6.2
)
(96.4
)
(13.7
)
Add: Treatment, refining and other cost
deductions
$
2.4
1.2
-
3.6
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(22.8
)
(3.4
)
(44.2
)
Less: All-in sustaining costs
$
(114.0
)
(118.2
)
(134.5
)
(315.0
)
(409.3
)
All-in sustaining costs margin
$
221.7
92.0
148.0
397.8
348.0
Average realized gold price
$/oz
3,548
3,311
2,313
3,272
2,181
Total all-in sustaining costs margin
$/oz
2,343
1,449
1,212
1,826
1,002
Total all-in sustaining costs margin
%
66
44
52
56
46
Gold equivalent sold
2
oz AuEq
118,082
76,922
125,414
255,572
355,410
Revenue
$
416.4
253.9
313.7
840.3
820.5
Add: Treatment, refining and other cost
deductions
$
2.4
1.2
-
3.6
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(22.8
)
(3.4
)
(44.2
)
Less: All-in sustaining costs
$
(195.8
)
(161.8
)
(142.9
)
(442.7
)
(428.3
)
All-in sustaining costs margin
$
221.7
92.0
148.0
397.8
348.0
Average realized gold price
$/oz AuEq
3,536
3,299
2,313
3,289
2,181
Total all-in sustaining costs margin
2
$/oz AuEq
1,878
1,196
1,174
1,557
976
Total all-in sustaining costs margin
%
53
36
51
47
45
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 nine months ended September 30, 2025, dated November 4, 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
Nine Months Ended
In millions of U.S. dollars, unless otherwise noted
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
2025
2025
2024
2025
2024
Basic weighted average shares outstanding
shares
86,095,076
86,205,585
85,986,516
86,142,060
85,973,657
Diluted weighted average shares outstanding
shares
87,458,380
87,548,439
87,071,146
87,382,825
86,725,279
Net income
$
114.4
83.2
29.2
236.6
74.2
Adjustments:
Unrealized foreign exchange (gain) loss
$
(8.1
)
2.4
(0.3
)
(6.4
)
1.6
Unrealized loss (gain) on derivative contracts
$
1.4
(5.0
)
(6.5
)
(6.8
)
(0.3
)
Loss on remeasurement of share-based payments
$
10.7
6.2
3.9
24.5
8.9
Derecognition of provisions for uncertain tax
positions
$
-
-
-
(9.2
)
(12.1
)
Tax effect of above adjustments
$
2.0
0.8
2.1
4.0
(0.4
)
Tax effect of currency translation on tax base
$
(17.0
)
(43.8
)
37.1
(59.6
)
81.9
Adjusted net earnings
$
103.4
43.8
65.5
183.1
153.8
Per share - Basic
$/share
1.20
0.51
0.76
2.13
1.79
Per share - Diluted
$/share
1.18
0.50
0.75
2.10
1.77
Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income
Three Months Ended
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars
2025
2025
2024
2025
2024
Net income
$
114.4
83.2
29.2
236.6
74.2
Finance costs (income), net
$
7.2
5.2
(0.3
)
15.0
(3.0
)
Depreciation and amortization
1
$
53.9
28.9
48.6
114.8
144.3
Current income tax expense
$
94.5
34.6
55.4
135.1
106.7
Deferred income tax (recovery) expense
$
(34.7
)
(37.8
)
22.4
(64.0
)
54.4
EBITDA
$
235.3
114.1
155.3
437.5
376.6
Adjustments:
Unrealized loss (gain) on derivative contracts
$
1.4
(5.0
)
(6.5
)
(6.8
)
(0.3
)
Unrealized foreign exchange (gain) loss
$
(8.1
)
2.4
(0.3
)
(6.4
)
1.6
Loss on remeasurement of share-based payments
$
10.7
6.2
3.9
24.5
8.9
Adjusted EBITDA
$
239.3
117.7
152.4
448.8
386.8
1
.
Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses.
Table 8: Reconciliation of Free Cash Flow to Net Cash Generated from Operating Activities
Three Months Ended
Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
In millions of U.S. dollars
2025
2025
2024
2025
2024