Torex Gold Resources

What Torex Gold Resources does

Torex Gold Resources Inc. is a Canadian intermediate gold producer (TSX: TXG; OTCQX: TORXF) headquartered in Toronto that operates gold and silver mining assets in Mexico's Guerrero Gold Belt and Sinaloa. The company's core asset is the 29,000-hectare Morelos Complex, which comprises the producing El Limón Guajes (ELG) Mine Complex — a 14,000 tpd processing plant fed by open pits and underground mines — and the Media Luna project, a copper-silver-gold skarn deposit that achieved commercial production in May 2025 with design throughput of 7,500 tpd, nine months ahead of schedule. Following the October 2025 acquisition of Prime Mining Corp., Torex added the Los Reyes gold-silver development project in Sinaloa, and a separate acquisition of Reyna Silver expanded its exploration footprint into Nevada and Chihuahua. The company is currently Mexico's largest gold producer, holds approximately 6.2 million ounces in total gold resources following the Prime Mining deal, and maintains early-stage exploration assets alongside a proprietary experimental Muckahi monorail underground mining system that has been in development since 2019.

Torex generates revenue by selling gold doré bars, silver, and carbon fines directly to gold refiners and bullion dealers at prevailing spot prices; pricing is therefore fully commodity-market-driven and the company has no pricing power over its product. Revenue grew from $855.8 million in 2021 to a record $1.3 billion in 2025, with adjusted EBITDA of $730.3 million, driven by higher realized gold prices, the Media Luna ramp-up, and full-year ELG contribution. The customer base consists of refiners, commodity traders, and downstream bullion and ETF channels — undifferentiated commodity counterparties with no contracted offtake structure disclosed. Q1 2026 revenue reached $734.64 million on 109,222 ounces sold, with $350 million targeted for return of capital to shareholders in 2026 (~55% of projected free cash flow) following full repayment of project debt in January 2026. Leadership transitioned in June 2026 with Andrew Snowden becoming President and CEO, Dan Rollins appointed CFO, and shareholders approving a rebrand to Torex Resources Inc. to reflect a broader multi-metal identity.

Name

Torex Gold Resources

Legal name

Torex Gold Resources Inc.

Website

https://www.torexgold.com/

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Torex Gold Resources is a Canadian intermediate gold producer (TSX: TXG) that operates Mexico's largest gold mining complex, the Morelos property in the Guerrero Gold Belt, producing gold, silver, and copper from the ELG and Media Luna mines for sale to refiners at spot prices.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold mining operations
• Precious metals production
• Underground hard rock mining
• Mineral exploration services
• Copper gold extraction

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Gold and Silver Production Sales: Torex generates revenue primarily through the sale of gold and silver produced from its Morelos Complex operations in Mexico. The company sells gold dore bars and carbon fines to refiners. Revenue is highly dependent on spot gold and silver prices.

Distribution channels1 record

Marketing channels5 records

Core offering

Torex Gold Resources operates open-pit and underground gold mines at the Morelos Complex in Mexico's Guerrero Gold Belt, processing skarn-hosted ore to produce gold doré bars, silver, and copper for sale to refiners. Revenue is generated primarily from selling these mined commodities to gold refiners and bullion dealers at prevailing spot market prices. The portfolio also includes the Los Reyes development project and early-stage exploration assets in Mexico and the United States.

Product overview

Torex Gold Resources operates as a Canadian intermediate gold producer with a portfolio of mining assets in Mexico. The company operates the Morelos Complex, which consists of the producing El Limón Guajes (ELG) Mine Complex (open pits and underground) and the Media Luna project that reached commercial production in 2025. Following the October 2025 acquisition of Prime Mining, the company added the Los Reyes gold-silver development project. The company also developed the experimental Muckahi mining system technology and maintains early-stage exploration assets in Nevada and Chihuahua. The company produces gold as its primary product, with copper and silver as significant by-products from its skarn-hosted deposits.

Differentiator

Problem solved

Functional benefit

Products and services

• Morelos Complex The company's primary asset, comprising the El Limón Guajes (ELG) mining complex and the Media Luna project in the Guerrero Gold Belt of Mexico, producing gold and gold-equivalent ounces (with copper and silver as by-products) for sale to refiners.
• El Limón Guajes (ELG) Mine Complex Operating gold mine consisting of the El Limón, Guajes, and El Limón Sur open pits and the ELG underground mine (including Sub-Sill and ELD zones), with a 14,000 tpd processing plant producing gold doré bars for sale to refiners.
• Media Luna Project Advanced-stage copper-gold-silver deposit and processing facility located south of the Balsas River at the Morelos Complex; reached commercial production in May 2025 with a 7,500 tpd design throughput, producing copper, gold, and silver for sale.
• Los Reyes Project Gold-silver development project acquired from Prime Mining in October 2025, located in Sinaloa, Mexico, enhancing the company's growth pipeline with a second major Mexican asset.
• Early-Stage Exploration Assets Exploration properties including Nevada and Chihuahua assets, with the Morelos property remaining approximately 75% unexplored, providing significant resource growth potential.

Quantifiable outcome

• Record Q1 2026 production of 100,874 oz AuEq
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• New Gold Inc. Intermediate gold-copper producer with operating assets including the Rainy River mine in Canada and Cerro San Pedro/Mesquite. Comparable to Torex as a mid-tier, multi-asset precious-metals producer with copper by-product exposure at some operations.
• Orla Mining: Intermediate gold producer operating the Camino Rojo oxide mine in Mexico and advancing the South Railroad project in Nevada. Directly comparable to Torex as a Mexican-focused mid-tier gold producer of similar scale with a growth pipeline.
• Argonaut Gold: Intermediate gold producer with operating assets in Mexico (El Castillo, San Agustin) and North America. Closely comparable to Torex on geography, scale, and focus on Mexican open-pit heap-leach gold operations.
• Endeavour Mining: Senior intermediate gold producer with multiple operating mines across West Africa and formerly Mexico. Comparable to Torex on multi-asset gold producer profile, scale, and focus on margin and free cash flow generation.
• Equinox Gold: Intermediate gold producer operating multiple mines across the Americas, including the Los Filos mine in Mexico's Guerrero region — geographically and operationally adjacent to Torex's Morelos Complex. Comparable production scale and growth-via-acquisition strategy.
• Alamos Gold: Intermediate gold producer with multi-mine portfolio including the Mulatos and Young-Davidson operations in Mexico and Canada. Directly comparable to Torex in scale (mid-tier producer), commodity focus (gold), and Mexican operating exposure.
• Aura Minerals: Intermediate precious-metals producer operating gold and copper-gold mines across the Americas, including Almas in Brazil and Aranzazu in Mexico. Comparable to Torex on multi-asset precious-metals profile, intermediate scale, and Americas-focused growth strategy.

Regional players

• MAG Silver: Silver-gold development and producing company with the Juanicipio mine in Mexico's Zacatecas state. Comparable as a Mexican precious-metals operator with a single flagship asset model similar to Torex's Morelos-focused portfolio, though smaller in scale.
• First Majestic Silver: Silver-focused intermediate precious-metals producer operating primarily in Mexico. While commodity mix differs (silver vs gold), First Majestic shares Torex's Mexican operating footprint, mid-tier scale, and focus on producing doré bars for global bullion markets.

Broad incumbents

• Coeur Mining: Mid-tier North American precious-metals producer with operating mines across the US, Mexico, and Canada. Comparable to Torex as a multi-asset gold/silver producer with North American geographic focus and similar institutional investor base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/torex-gold-resources

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Torex Gold Resources