Torex Gold Lifts 2026 Production Outlook, Forecasts Robust Cash Flow
Mining News | 2026-01-15 06:47:21
All-in sustaining costs (AISC) are guided at $1,750 to $1,850 per ounce of gold equivalent sold, modestly higher year-on-year.
By Paul Ploumis
SEATTLE (Scrap Monster): Torex Gold Resources Inc. has released its 2026 operational guidance and updated five-year production outlook for the Morelos Complex, outlining a significant step-up in output and cash flow generation.
The company expects gold equivalent production in 2026 to range between 420,000 and 470,000 ounces, with payable sales guided at 410,000 to 460,000 ounces, compared with payable production of 376,586 ounces in 2025.
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The increase reflects a full year of processing plant operations, the ramp-up of the Media Luna underground mine to steady-state production of 7,500 tonnes per day by mid-2026, and stable output from the ELG Underground mine. On a metal-specific basis, Torex forecasts 320,000 to 365,000 ounces of gold, 2.2 to 2.5 million ounces of silver, and 60 to 65 million pounds of copper in 2026.
All-in sustaining costs (AISC) are guided at $1,750 to $1,850 per ounce of gold equivalent sold, modestly higher year-on-year due to stronger assumed metal prices and currency impacts, partly offset by economies of scale. Capital expenditures are projected at $285 to $305 million, alongside a record $77 million exploration budget. Torex said it is well-positioned to generate strong free cash flow, advance organic growth, and return capital to shareholders.
POLL
Which aspect of Torex’s 2026 guidance is most impactful for investors?
Frequently Asked Questions
- What is Torex’s 2026 gold equivalent production guidance?
Torex expects 420,000–470,000 ounces of gold equivalent production in 2026.
- Which mines are driving the production increase?
The ramp-up of Media Luna underground mine and steady output from the ELG Underground mine are the main contributors.
- What is the projected cost and capital outlook?
AISC is projected at $1,750–1,850 per ounce, with capital expenditures of $285–305 million and a $77 million exploration budget.
