Highlights

• Third quarter Revenue of $555.0 million and adjusted EBITDA of $344.2 million; production of 131,900 ounces of gold equivalent.

• All-in sustaining costs fell to $1,803 per ounce of gold equivalent; cash reached $225.9 million with no Debt outstanding.

• A quarterly Dividend of C$0.16 per share is payable December 3, 2026; the company aims to list on the NYSE as early as mid-November.

Torex Resources Inc. (TSX:TXR), the gold, silver and copper producer formerly known as Torex Gold Resources Inc., reported its results for the third quarter of this year on Wednesday, delivering its strongest cash generation to date from the Morelos Complex in Guerrero, Mexico. Revenue reached roughly five hundred and fifty-five million American dollars, and adjusted EBITDA exceeded three hundred and forty million. The company ended September with no debt, declared a quarterly dividend and confirmed that it hopes to add a New York Stock Exchange listing as soon as mid-November.

Production Rebounds on Better Grades and Recovery

Output of gold equivalent ounces climbed to about one hundred and thirty-two thousand, a large step up from the second quarter and above the same period a year earlier. Within that total, the Morelos Complex produced close to ninety-nine thousand ounces of gold, along with silver and meaningful copper. Plant throughput averaged just under eleven thousand tonnes per day, which is above design levels, and gold recovery improved to the high eighties in percentage terms from the mid-eighties in the previous quarter. Higher processed grades from the Media Luna underground contributed alongside the improved recovery.

Year-to-date production sits at roughly three hundred and twenty-nine thousand ounces of gold equivalent, and full-year guidance remains in a band of four hundred and twenty thousand to four hundred and seventy thousand ounces, with the third quarter described as tracking to the midpoint. The guidance range for all-in sustaining costs also remains unchanged, with the year trending within it.

Costs Fall as By-Product Credits Do the Heavy Lifting

All-in sustaining costs dropped by about a quarter from the second quarter to roughly eighteen hundred dollars per ounce of gold equivalent, helped by higher grades and recovery. Measured on a conventional gold basis, with silver and copper treated as credits, the sustaining figure was below one thousand dollars per ounce. Copper credits alone offset more than one hundred million dollars of costs in the quarter, which illustrates how the Media Luna orebody has reshaped the cost profile of what was once a pure gold operation.

The average realized price was higher than a year earlier but slightly lower than in the second quarter. Even so, the all-in sustaining Margin stood near fifty-eight per cent of the realized price, up from the mid-forties a quarter earlier. The release notes that provisional pricing adjustments on concentrate sales added a small net amount to revenue in the quarter, a feature of Marketing concentrate that can swing results in either direction.

Earnings, Free Cash Flow and a Net Cash Balance Sheet

Net income, the bottom-line measure after all charges, came to about one hundred and fifty-five million dollars, or one dollar and sixty-eight cents per basic share, and adjusted net Earnings were higher still at about one hundred and eighty million. Operating Cash Flow before Working Capital was close to three hundred million, and free cash flow after capital spending, Lease payments and interest was about one hundred and fifty million. Cash taxes paid were substantial, a reminder that Mexican royalties, profit sharing and income taxes take a sizeable share of margin.

Cash and equivalents stood at roughly two hundred and twenty-six million dollars, comfortably above the company's two hundred million dollar target, and the term debt that existed at the end of last year has been fully repaid. After lease obligations, the company reported net cash of about one hundred and thirty-two million dollars and total available Liquidity of more than five hundred and sixty million, including an almost entirely undrawn Credit facility.

Capital Returns and the Dividend

The board declared a quarterly dividend of sixteen Canadian cents per share, payable in early December to shareholders of record in mid-November. Through the end of September, the company had returned roughly two hundred and seventy-one million dollars through Buybacks and dividends, about three-quarters of its targeted return of three hundred and fifty million for the year. Share repurchases in the quarter were large relative to dividends. A renewal of the normal course issuer bid is planned before the current program expires later this month. Participants following Midcap Stocks frequently note that producers of this scale are increasingly returning cash rather than relying solely on growth capital.

Growth Pipeline: Media Luna North, Debottlenecking and Los Reyes

Development spending continues at Media Luna North, where main ramp and haulage drift work is advancing and first ore is expected before the end of the year. Drilling there is meant to de-risk the stopes scheduled for the first production year. The company also plans plant debottlenecking that could raise throughput by a tenth to a sixth with modest capital, with implementation beginning next year and benefits expected late next year. A larger expansion decision depends on drilling in the San Miguel corridor and is targeted for early in twenty twenty-eight.

Beyond the current mine plan, the Los Reyes gold and silver project in Sinaloa remains at the prefeasibility stage, and exploration programs at Atzcala and El Naranjo have reported shallow oxidized mineralization that management views as an early positive sign. Year-end reserve and resource updates are expected in the spring of next year.

Corporate Changes and the New York Listing Plan

Beyond operations, the report outlined several corporate steps. The name change took effect in late October, and the Toronto ticker moved on the third of November. A new director joined the board at the start of the month, while another stepped down to take an executive role elsewhere. The company received clearance from the exchange in New York in September, has filed its application and is aiming to list as early as mid-November, although the release is explicit that the listing is not guaranteed.

Risks, Backdrop and index Reference

Risks are worth setting out plainly. They include Mexican fiscal and regulatory policy, the sensitivity of revenue to gold, silver and copper prices, the execution of underground development, and the ability to replace reserves as the existing mine depletes. A lost-time injury occurred in October after six consecutive quarters without one, which keeps workplace safety in focus for management, workers and regulators alike. Execution risk also deserves attention: a ramp-up of a new underground zone can bring grade variability, ventilation and ground-control challenges, and timing slippage can shift cash flows by a quarter or more. For Canadian investors, the stock trades on the TSX and is tracked in broader benchmarks such as the [S&P/TSX Composite Index] and the [S&P/TSX Completion Index], the latter capturing mid-cap constituents, while precious metals prices and the Canadian dollar influence reported returns for those assessing the shares in Canadian terms.