Torex Gold (TSX: TXG) is calling for gold production of 400,000 to 450,000 gold equivalent ounces in 2025. The figure was included in full year 2025 guidance released by the company this morning.
The production estimate is based on 300,000 to 350,000 ounces of gold, 1.6 million to 1.8 million ounces of silver, and 40 million to 45 million pounds of copper production in 2025.
The production figure represents a 10% decline on a midpoint basis from guidance issued for 2024. The figure also represents a 6% decline from 2024’s actual product of 452,523 ounces, which was announced last week. The decline is being attributed to a four week period of downtime at the processing plant as tie-ins are completed for Media Luna.
All in sustaining costs meanwhile are set to explode, with 2025 guidance calling for AISC of $1,400 to $1,600 per gold equivalent ounce sold, versus a range of $1,130 to $1,190 within 2024’s guidance. The increase reflects higher expected royalties, with estimates based on $2,500 per ounce gold.
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Capital expenditures however are set to fall dramatically, dropping from a guidance range of $495 million to $530 million last year, to just $175 million to $195 million in 2025. The decline comes from non-sustaining capital expenditures, which is set to be within a range of $90 million to $100 million. Sustaining capital is set to come in between $85 million to $95 million.
“2025 will be a pivotal year for Torex with the conclusion of the Media Luna Project only a few months away, marking the start of our next chapter at Morelos. For the first time, we will have simultaneous production from both the north and south sides of the Balsas River [..] Production is expected to increase in 2026, holding at 450,000 to 500,000 gold equivalent ounces through 2030 on the reserve case, with considerable exploration upside remaining,” commented Jody Kuzenko, CEO of Torex.
Torex Gold last traded at $28.92 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
