$1B Media Luna Build Complete, Torex Targets Growth and Returns

Torex Gold (TSX: TXG) President and CEO Jody Kuzenko called 2025 an “extraordinary year for Torex Gold,” with the completion of the Media Luna mine in Guerrero, Mexico. The billion-dollar build, which was declared commercial in May, was largely funded from internal cash flow. Torex finished with $230 million of debt and $100 million of cash. “Media Luna is now behind us. We are free cash flowing again, and what that means now is Torex has 10 years of mine life ahead of us at between 450 and 500,000 ounces of gold equivalent,” Kuzenko told Kitco Mining at Mining Forum Americas 2025.

At current gold prices, the company expects about $450 million of free cash flow in 2026. Media Luna anchors the broader Morelos property, which has produced 3.5 million ounces, hosts 10 million ounces in resources, and remains 75% unexplored. Torex is backing exploration while preparing to return capital. A $10 million buyback was completed earlier this year, and with Q3 set to be the first free cash flow positive quarter post-Media Luna, a sustainable dividend will follow.

Kuzenko noted Torex has hit production guidance six years in a row, underscoring its operating track record. With Media Luna built and cash flow accelerating, she said the company is positioned for growth, balance sheet strength, and shareholder returns.

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00:20 Torex Mines' Transformational Year
01:06 Financial Success and Future Plans
04:41 Strategic Decisions and Execution
06:14 Capital Allocation and Shareholder Returns
08:33 M&A Strategy and Market Position
13:12 Operating Environment in Mexico
17:39 Looking Ahead: Key Catalysts
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