Torex Gold Reports Q4 and Full-Year 2025 Results Record quarterly free cash flow generation has enabled full repayment of debt while continuing to return capital to shareholders
Torex Gold Reports Q4 and Full-Year 2025
Results
Record quarterly free cash flow generation has enabled full
repayment of debt while continuing to return capital to
shareholders
(All amounts expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario--(Newsfile Corp. - February 18, 2026) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) (OTCQX: TORXF) reports the Company's financial and operational results for the
three months and year ended December 31, 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:
"2025 was a transformational and standout year for Torex. We delivered on several key aspects of our
strategy - the culmination of years of hard work coming together - including completing the Media Luna
Project, declaring commercial production, and ramping up to targeted mining and processing rates
ahead of schedule; returning to strong free cash flow mid-year; and executing on our inaugural return of
capital program. We also expanded our portfolio beyond Morelos through the acquisitions of Prime
Mining and Reyna Silver, which provide a pipeline of assets to support our next phase of growth in
Northern Mexico and Nevada. Most importantly, we achieved all of this safely, exiting the year with a lost-
time injury frequency of 0.07 per million hours worked, marking one of our safest years ever.
"Q4 payable production of 114,844 gold equivalent ounces
1
("oz AuEq") resulted in second half payable
production of 233,878 oz AuEq
1
, setting the pace we expect to continue through 2026 with Media Luna
on track to achieve steady-state production of 7,500 tonnes per day ("tpd") by mid-year, if not earlier.
The processing plant also continued to deliver, with throughput and gold and copper recoveries
consistently achieving design levels. At ELG Underground, mining rates of 2,753 tpd for the year were
right on plan and are expected to remain at or above this level through 2026. First production at Media
Luna North (formerly EPO) remains on track for late 2026, which firmly establishes a minimum of at least
420,000 to 470,000 oz AuEq
1
produced annually through 2030 and likely well beyond as we continue to
unlock the full potential of Morelos through drilling and exploration.
"The strong operational performance through the second half of the year, supported by a backdrop of
record metal prices, drove exceptional financial results, including record annual revenue of $1.3 billion
and record annual adjusted EBITDA
2
of $730 million. Although full-year all-in sustaining costs
2
of
$1,783/oz AuEq sold were above our guided range largely due to the impact of the higher gold price, we
achieved an impressive record annual all-in sustaining costs margin
2
of 51%. Free cash flow
2
of $166
million in the fourth quarter was also a new record, enabling us to pay our inaugural dividend of $0.15 per
share in December, repurchase more than 825,000 shares during the year and, at the end of January,
fully repay the debt taken on to fund Media Luna.
"With a balance sheet that is in impeccable shape and our operations at Morelos firing on all cylinders,
we're set to deliver another excellent year in 2026. With the Media Luna ramp up tracking ahead of
schedule, work well underway on the preliminary economic assessment at Los Reyes, development of
Media Luna North tracking to plan, and the upcoming transition of Andrew to President & CEO in June,
Torex is well set up to embark on the next chapter of growth and value generation."
FULL YEAR 2025 HIGHLIGHTS
Safety performance:
The Company exited the year with a lost-time injury frequency ("LTIF") of
0.07 per million hours worked for both employees and contractors on a rolling 12-month basis.
Annual payable production:
Delivered annual payable production of 376,364 gold equivalent
ounces ("oz AuEq
1
"), including 315,678 ounces of gold ("oz Au"), 1,286 thousand ounces of silver
("koz Ag"), and 34.8 million pounds of copper ("mlb Cu"). At guidance metal prices, annual
payable production was 389,857 oz AuEq
1
, marginally lower than the annual payable production
guidance of 400,000 to 450,000 oz AuEq
1
.
Record annual revenue:
Annual gold equivalent ounces sold of 361,518 oz AuEq
1
at a record
annual average realized gold price
2
of $3,612 per oz AuEq
1
, contributing to revenue of $1,305.6
million.
Robust all-in sustaining margins:
Annual all-in sustaining costs of $1,783 per oz AuEq sold
1
or
$1,630 per oz AuEq sold
1
at guided metal prices, relative to guidance of $1,400 to $1,600 per oz
AuEq sold
1
. All-in sustaining costs margin
2
of $1,830 per oz AuEq sold
1
, implying a record annual
all-in sustaining costs margin
2
of 51%. Cost of sales was $668.7 million or $1,850 per oz AuEq
sold
1
. Costs during the year reflect the impact of the higher gold market prices on royalties,
Mexican profit sharing and land access agreements, known as temporary occupation agreements
("TOAs"), with local communities.
Strong profitability and record annual adjusted EBITDA
2
:
Reported net income of $403.4
million, or earnings of $4.58 per share on a basic basis and $4.53 per share on a diluted basis.
Adjusted net earnings
2
of $350.1 million, or $3.98 per share on a basic basis and $3.93 per share
on a diluted basis. Generated a record annual EBITDA
2
of $697.9 million and a record annual
adjusted EBITDA
2
of $730.3 million.
Strong cash flow generation:
Net cash generated from operating activities totalled $489.0
million and $530.2 million before changes in non-cash operating working capital. Net cash
generated from operating activities (including changes in non-cash operating working capital) of
$489.0 million includes income taxes paid of $204.8 million. Positive free cash flow
2
of $107.3
million is net of cash outlays for capital expenditures, lease payments and interest, including
borrowing costs capitalized.
Strong financial liquidity:
The Company has a credit facility of $350.0 million with a maturity
date in June 2029 and a $200.0 million accordion feature that is available at the discretion of the
lenders. The year closed with $426.3 million in available liquidity
2
, including $119.5 million in cash
and $306.8 million available on the $350.0 million credit facility, net of borrowings of $30.0 million
and letters of credit outstanding of $13.2 million. In January 2026, the Company fully repaid the
remaining $30.0 million of borrowings on the credit facility.
Media Luna Project completion:
In late March, the tie-in period was completed at the
processing plant and the Company achieved first production of copper concentrate, with
commercial production at Media Luna declared on May 1, 2025. During the year $145.9 million of
non-sustaining capital expenditures were incurred related to Media Luna, including $55.1 million
following the declaration of commercial production primarily related to the construction of the paste
plant and underground paste distribution system, tailings feed supply system, and underground
material handling systems.
Media Luna North Underground Project:
During the year, $25.6 million of non-sustaining
capital expenditures were incurred relating to Media Luna North, including $8.5 million of feasibility
study costs and an additional $8.8 million of direct project costs. Development of the main access
ramp at Media Luna North continued to track well. The Media Luna North internal feasibility study
was completed including all associated infrastructure engineering, as well as geotechnical,
hydrogeological, geochemistry, metallurgical evaluations, final mine design, sequence, and
integrated mine scheduling with Media Luna. First production at Media Luna North is targeted for
late 2026 with the declaration of commercial production shortly thereafter.
Exploration and Drilling Activities:
In December, the Company announced results from the
drilling program at Media Luna West
3
. Drilling results support the Company's strategy to target
near-mine opportunities in the Media Luna Cluster in order to further enhance and extend the
production profile of the Morelos Complex. Based on these results and ongoing modelling work,
the Company expects to declare an inaugural Inferred Resource with the Company's annual
mineral reserves and resources update in March 2026. The Company plans to invest a record $77
million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes
remains suspended given the security environment within the State of Sinaloa and will resume
once the Company is fully satisfied its employees and contractors can safely access and operate
at site.
Executing on the strategy to create a diversified, Americas-focused precious metals
producer:
The acquisitions of Reyna Silver and 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
exposure to two highly prospective properties in Nevada (Gryphon and Medicine Springs)
via option agreements. In January 2026, the Company paid $0.3 million to the Medicine
Springs optionors, and exercised its option to acquire a 100% interest in the Medicine
Springs project.
Prime Mining:
In October, the Company completed the share acquisition of Prime Mining
5
for total consideration of $436.2 million. As a result of the transaction, Torex acquired a
100% interest in the Los Reyes project located in Sinaloa, Mexico.
CEO Transition:
On February 4, 2026, the Company announced that Jody Kuzenko, President
and Chief Executive Officer, will retire from the Company immediately following the Annual and
Special Shareholder Meeting on June 17, 2026. As part of the Company's long-term succession
planning, Andrew Snowden, Chief Financial Officer, will assume the role of President and CEO at
that time.
Q4 2025 HIGHLIGHTS
Safety performance:
The Company recorded no lost-time injuries during the quarter.
Payable production:
Delivered payable production of 114,844 oz AuEq
1
, including 93,335 oz
Au, 454 koz Ag, and 12.6 mlb Cu.
Gold equivalent sold:
Sold 105,946 oz AuEq
1
at a record quarterly average realized gold price
2
of $4,393 per oz AuEq
1
, contributing to quarterly revenue of $465.3 million.
All-in sustaining costs
2
:
All-in sustaining costs of $1,905 per oz AuEq sold
1
. All-in sustaining
costs margin
2
were $2,488 per oz AuEq sold
1
, implying a record all-in sustaining costs margin
2
of
57%. Cost of sales was
$214.7 million or $2,027 per oz AuEq sold
1
in the quarter.
Net income and adjusted net earnings
2
:
Reported net income of $166.8 million or earnings of
$1.78 per share on a basic basis and $1.76 per share on a diluted basis. Adjusted net earnings of
$167.0 million or $1.78 per share on a basic basis and $1.76 per share on a diluted basis.
EBITDA
2
and adjusted EBITDA
2
:
Generated EBITDA of $260.4 million and adjusted EBITDA of
$281.5 million.
Cash flow generation:
Net cash generated from operating activities totalled $244.3 million and
$248.6 million before changes in non-cash operating working capital includes income taxes paid
of $38.0 million and record quarterly free cash flow
2
of $165.6 million.
Media Luna North Underground Project:
During the fourth quarter of 2025, $10.2 million was
invested in the project, including $1.4 million of feasibility study costs and an additional $5.7 million
of direct project costs inclusive of the development of the main access ramp which continued to
track well with 1,135 m completed.
Q1 2026 dividend:
the Company has declared a quarterly dividend of C$0.15 per Torex Share
payable on March 19, 2026 to shareholders of record on March 5, 2026.
RETURN OF CAPITAL TO SHAREHOLDERS
During H2 2025, the Company executed an initial return of capital program consisting of a quarterly
dividend of C$0.15 per common share ("Torex Share") and share repurchases through the Company's
normal course issuer bid ("NCIB").
The Company paid an inaugural dividend to shareholders totaling $10.2 million (C$14.4 million) on
December 4, 2025. For the first quarter of 2026, the Company has declared a quarterly dividend of
C$0.15 per Torex Share payable on March 19, 2026 to shareholders of record on March 5, 2026.
With respect to share repurchases, the Company repurchased 825,769 Torex Shares during the year for
$33.9 million (C$47.1 million) at an average price per share of $40.96 (C$57.00) under the NCIB. Since
the start of 2026, Torex has repurchased an additional 411,405 Torex Shares at an average share price
of C$66.69 per share.
Additionally, the Company has entered into an automatic share purchase plan ("ASPP") with its
designated broker to facilitate the purchase of Torex Shares under its previously announced NCIB at
times when the Company would ordinarily not be permitted to purchase its shares due to regulatory
restrictions and ordinary course of business self-imposed blackout periods.
Pursuant to the ASPP, prior to entering into a blackout period, the Company may, but is not required to,
instruct the designated broker to make purchases under the NCIB in accordance with the terms of the
ASPP. Such purchases will be determined by the designated broker in its sole discretion based on
parameters established by the Company prior to the blackout period in accordance with the rules of the
TSX, applicable securities laws and the terms of the ASPP.
Outside of the pre-determined blackout periods, Torex Shares may be purchased under the NCIB based
on the discretion of the Company's management, in compliance with the rules of the TSX and applicable
securities laws. All repurchases made under the ASPP will be included in computing the number of
Torex Shares purchased under the NCIB.
CONFERENCE CALL AND WEBCAST DETAILS
The Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will
discuss the fourth quarter and year-end 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.
FOOTNOTES
1
.
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 Q3 2025, market prices averaged $3,457/oz gold, $39.40/oz silver, and
$4.44/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (39.40 / 3,457) x Ag (koz) + 1,000,000 x (4.44 / 3,457) x Cu (mlb). For Q4 2025, market
prices averaged $4,135/oz gold, $54.73/oz silver, and $5.03/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (54.73 / 4,135) x Ag (koz) +
1,000,000 x (5.03 / 4,135) x Cu (mlb). For the year ended December 31, 2025, market prices averaged $3,432/oz gold, $40.03/oz silver, and
$4.51/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (40.03 / 3,432) x Ag (koz) + 1,000,000 x (4.51 / 3,432) x Cu (mlb). Guidance for 2025
assumed metal prices of $2,500/oz gold, $28/oz silver, and $4.30/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (28 / 2,500) x Ag (koz) +
1,000,000 x (4.30 / 2,500) x Cu (mlb).
2
.
These measures 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, see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures,
please refer to "Non-GAAP Financial Performance Measures" of the Company's MD&A for the year ended December 31, 2025, dated
February 18, 2026. The MD&A and the Company's audited consolidated financial statements and related notes for the year ended December
31, 2025, are available on Torex's website (
www.torexgold.com
) and under the Company's SEDAR+ profile (
www.sedarplus.ca
).
3
.
For more information on Media Luna West drilling results, see the Company's news release titled "Torex Gold Reports Promising Drill Results
from Media Luna West" issued on December 1, 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
.
Table 1: Operating and Financial Highlights
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Safety
Lost-time injury frequency
1
/million
hours
0.07
0.42
0.61
0.07
0.61
Total recordable injury frequency
1
/million
hours
0.73
0.99
1.48
0.73
1.48
Operating Results - Gold Equivalent basis
Gold equivalent produced
oz
AuEq
117,325
121,780
105,305
383,178
461,420
Gold equivalent payable produced
2
oz
AuEq
114,844
119,034
105,132
376,364
460,579
Gold equivalent sold
2
oz
AuEq
105,946
118,082
110,419
361,518
465,829
Total cash costs
2,3
$/oz
AuEq
1,499
1,297
932
1,376
972
All-in sustaining costs
2,3
$/oz
AuEq
1,905
1,658
1,112
1,783
1,183
Average realized gold price
2,3
$/oz
AuEq
4,393
3,536
2,487
3,612
2,254
Financial Results
Revenue
$
465.3
416.4
295.0
1,305.6
1,115.5
Cost of sales
$
214.7
207.3
153.5
668.7
647.3
Earnings from mine operations
$
250.6
209.1
141.5
636.9
468.2
Net income
$
166.8
114.4
60.4
403.4
134.6
Per share - Basic
$/share
1.78
1.33
0.70
4.58
1.57
Per share - Diluted
$/share
1.76
1.31
0.69
4.53
1.55
Adjusted net earnings
3
$
167.0
103.4
70.6
350.1
224.4
Per share - Basic
3
$/share
1.78
1.20
0.82
3.98
2.61
Per share - Diluted
3
$/share
1.76
1.18
0.81
3.93
2.58
EBITDA
3
$
260.4
235.3
162.8
697.9
539.4
Adjusted EBITDA
3
$
281.5
239.3
154.3
730.3
541.1
Cost of sales - gold equivalent basis
$/oz
AuEq
2,027
1,756
1,390
1,850
1,390
Net cash generated from operating activities
$
244.3
186.8
122.8
489.0
449.5
Net cash generated from operating activities before
changes in non-cash operating working capital
$
248.6
204.0
136.3
530.2
458.9
Free cash flow
3
$
165.6
112.5
(7.7
)
107.3
(123.9
)
Cash and cash equivalents
$
119.5
107.1
110.2
119.5
110.2
Debt, net of deferred finance charges
$
27.6
152.4
62.9
27.6
62.9
Lease-related obligations
$
105.6
100.0
78.3
105.6
78.3
Net debt
3
$
(16.1
)
(147.9
)
(33.1
)
(16.1
)
(33.1
)
Available liquidity
3
$
426.3
289.0
331.5
426.3
331.5
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 year ended December 31, 2025, dated February 18, 2026 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 year ended December 31, 2025, dated February 18, 2026. The MD&A and the Company's audited consolidated financial statements and
related notes for the year ended December 31, 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
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
87,262
94,626
108,647
305,137
455,932
Total cash costs per oz sold
Production costs
$
145.3
140.0
94.7
456.6
421.4
Royalties
$
15.6
13.6
8.2
43.8
31.2
Less: Silver sales
1
$
(31.8
)
(20.0
)
(1.8
)
(63.1
)
(7.1
)
Less: Copper sales
1
$
(62.6
)
(61.8
)
(3.1
)
(159.0
)
(16.8
)
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized gain on foreign currency contracts
$
(3.5
)
(2.8
)
-
(8.1
)
-
Total cash costs
$
64.4
71.4
98.0
275.2
428.7
Total cash costs per oz sold
$/oz
738
755
902
902
940
All-in sustaining costs per oz sold
Total cash costs
$
64.4
71.4
98.0
275.2
428.7
General and administrative costs
2
$
9.7
9.2
7.3
35.4
31.4
Reclamation and remediation costs
$
1.2
1.3
1.0
4.6
4.5
Sustaining capital expenditure
3
$
32.1
32.1
11.6
107.2
62.6
Total all-in sustaining costs
$
107.4
114.0
117.9
422.4
527.2
Total all-in sustaining costs per oz sold
$/oz
1,231
1,205
1,085
1,384
1,156
Gold equivalent sold
4
oz AuEq
105,946
118,082
110,419
361,518
465,829
Total cash costs per oz AuEq sold
Production costs
$
145.3
140.0
94.7
456.6
421.4
Royalties
$
15.6
13.6
8.2
43.8
31.2
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized gain on foreign currency contracts
$
(3.5
)
(2.8
)
-
(8.1
)
-
Total cash costs
$
158.8
153.2
102.9
497.3
452.6
Total cash costs per oz AuEq sold
4
$/oz AuEq
1,499
1,297
932
1,376
972
All-in sustaining costs per oz AuEq sold
Total cash costs
$
158.8
153.2
102.9
497.3
452.6
General and administrative costs
2
$
9.7
9.2
7.3
35.4
31.4
Reclamation and remediation costs
$
1.2
1.3
1.0
4.6
4.5
Sustaining capital expenditure
3
$
32.1
32.1
11.6
107.2
62.6
Total all-in sustaining costs
$
201.8
195.8
122.8
644.5
551.1
Total all-in sustaining costs per oz AuEq sold
4
$/oz AuEq
1,905
1,658
1,112
1,783
1,183
1
.
Includes provisional price adjustments on sales of copper concentrate and precipitate.
2
.
This amount excludes a loss of $9.4 million, loss of $10.7 million and loss of $6.8 million for the three months ended December 31, 2025,
September 30, 2025, and December 31, 2024, respectively, and a loss of $33.9 million and loss of $15.7 million for the years ended
December 31, 2025 and December 31, 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 $0.2 million for the three months ended December
31, 2025, September 30, 2025, and December 31, 2024, respectively, $0.2 million and $0.3 million for the years ended December 31, 2025
and December 31, 2024, respectively, within general and administrative costs. Included in general and administrative costs is share-based
compensation expense in the amount of $2.1 million or $24/oz ($20/oz AuEq) for the three months ended December 31, 2025, $2.0 million or
$21/oz ($17/oz AuEq) for the three months ended September 30, 2025, $1.6 million or $15/oz ($14/oz AuEq) for the three months ended
December 31, 2024, $8.2 million or $27/oz ($23/oz AuEq) for the year ended December 31, 2025 and $7.1 million or $16/oz ($15/oz AuEq)
for the year ended December 31, 2024. This amount excludes other expenses totalling $nil, $nil and $1.4 million for the three months ended
December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $nil and $7.1 million for the years ended December 31,
2025 and December 31, 2024, respectively.
3
.
Sustaining capital expenditures includes lease payments (principal and interest) of $7.5 million, $7.1 million and $0.8 million for the three
months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $20.2 million and $3.6 million for the
years ended December 31, 2025 and December 31, 2024, respectively.
4
.
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 "Gold Equivalent Reporting" section of the Company's MD&A for the
year ended December 31, 2025, dated February 18, 2026 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
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
In millions of U.S. dollars
2025
2025
2024
2025
2024
Sustaining
$
24.6
25.0
10.8
87.0
57.6
Lease Payments (Sustaining)
$
7.5
7.1
0.8
20.2
3.6
Capitalized Stripping (Sustaining)
$
-
-
-
-
1.4
Total Sustaining
$
32.1
32.1
11.6
107.2
62.6
Non-sustaining
Media Luna Project
1,2
$
15.3
26.2
100.5
145.9
449.0
Media Luna North Project
$
10.2
6.9
0.6
25.6
0.6
Media Luna North Drilling
$
0.1
5.7
2.4
7.9
10.0
Working Capital Changes and Other
$
9.7
(10.0
)
12.7
66.0
31.5
Capital expenditures
3
$
67.4
60.9
127.8
352.6
553.7
1
.
Non-sustaining capital expenditures includes lease payments (principal and interest) of $nil, $nil and $2.1 million for the three months ended
December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $5.1 million and $5.0 million for the years ended
December 31, 2025 and December 31, 2024, respectively.
2
.
This amount includes a realized gain (or an increase in the capitalized expenditures) of $nil, $nil and loss of $0.1 million for the three months
ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $nil and gain of $1.3 million
for the years ended
December 31, 2025 and December 31, 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.
3
.
The amount of cash expended on additions to property, plant and equipment in the period as reported in the Consolidated Statements of
Cash Flows.
Table 4: Reconciliation of Average Realized Gold Price to Revenue
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
87,262
94,626
108,647
305,137
455,932
Revenue
$
465.3
416.4
295.0
1,305.6
1,115.5
Less: Silver sales
1
$
(31.8
)
(20.0
)
(1.8
)
(63.1
)
(7.1
)
Less: Copper sales
1
$
(62.6
)
(61.8
)
(3.1
)
(159.0
)
(16.8
)
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(19.9
)
(4.7
)
(64.1
)
Total proceeds
$
371.0
335.7
270.2
1,083.8
1027.5
Average realized gold price
$/oz
4,252
3,548
2,487
3,552
2,254
Gold equivalent sold
2
oz AuEq
105,946
118,082
110,419
361,518
465,829
Revenue
$
465.3
416.4
295.0
1,305.6
1,115.5
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(19.9
)
(4.7
)
(64.1
)
Total proceeds
$
465.4
417.5
275.1
1,305.9
1051.4
Average realized gold price
$/oz AuEq
4,393
3,536
2,487
3,612
2,254
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 "Gold Equivalent Reporting" section of the Company's MD&A for the
year ended December 31, 2025, dated February 18, 2026 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
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
Dec 31,
In millions of U.S. dollars, unless otherwise noted
2025
2025
2024
2025
2024
Gold sold
oz
87,262
94,626
108,647
305,137
455,932
Revenue
$
465.3
416.4
295.0
1,305.6
1,115.5
Less: Silver sales
1
$
(31.8
)
(20.0
)
(1.8
)
(63.1
)
(7.1
)
Less: Copper sales
1
$
(62.6
)
(61.8
)
(3.1
)
(159.0
)
(16.8
)
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(19.9
)
(4.7
)
(64.1
)
Less: All-in sustaining costs
$
(107.4
)
(114.0
)
(117.9
)
(422.4
)
(527.2
)
All-in sustaining costs margin
$
263.6
221.7
152.3
661.4
500.3
Average realized gold price
$/oz
4,252
3,548
2,487
3,552
2,254
Total all-in sustaining costs margin
$/oz
3,021
2,343
1,402
2,168
1,098
Total all-in sustaining costs margin
%
71
66
56
61
49
Gold equivalent sold
2
oz AuEq
105,946
118,082
110,419
361,518
465,829
Revenue
$
465.3
416.4
295.0
1,305.6
1,115.5
Add: Treatment, refining and other cost deductions
$
1.4
2.4
-
5.0
-
Less: Realized loss on gold contracts
$
(1.3
)
(1.3
)
(19.9
)
(4.7
)
(64.1
)
Less: All-in sustaining costs
$
(201.8
)
(195.8
)
(122.8
)
(644.5
)
(551.1
)
All-in sustaining costs margin
$
263.6
221.7
152.3
661.4
500.3
Average realized gold price
$/oz AuEq
4,393
3,536
2,487
3,612
2,254
Total all-in sustaining costs margin
2
$/oz AuEq
2,488
1,878
1,375
1,830
1,071
Total all-in sustaining costs margin
%
57
53
55
51
48
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 "Gold Equivalent Reporting" section of the Company's MD&A for the
year ended December 31, 2025, dated February 18, 2026 for the relevant average market prices by commodity, available on Torex's