Torex Gold (TSX: TXG) produced 131,900 gold equivalent ounces in the third quarter of 2026, leaving the miner well placed to land at the midpoint of its full year guidance.
Gold accounted for 98,685 ounces of that total, alongside 614,300 ounces of silver and 16.3 million pounds of copper. Sales after payable deductions came to 127,346 gold equivalent ounces.
The processing plant at the Morelos Complex in Mexico averaged 10,798 tonnes per day during the quarter. Head grades were 3.50 g/t gold, 22.46 g/t silver and 0.78% copper, with recoveries of 88.2% for gold, 85.0% for silver and 94.8% for copper.
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Underground, Media Luna averaged 8,244 tonnes of ore per day, 10% above its 7,500 tonne per day design rate. ELG Underground added another 3,055 tonnes per day.
Year to date production now stands at 329,071 gold equivalent ounces, approximately 74% of the 445,000 ounce midpoint of the company’s 420,000 to 470,000 ounce guidance range. Reaching that midpoint requires about 116,000 ounces in the fourth quarter, comfortably below what Torex just delivered.
The pace lines up with what the company laid out in January, when it said output would lean slightly toward the second half of the year as Media Luna completed its ramp-up.
President and CEO Andrew Snowden credited higher grades and improved gold recoveries for the step-up, noting that throughput, grade and recovery were the strongest of any quarter this year. He said the company is “well positioned to achieve our annual production guidance.”
Media Luna North remains on schedule to deliver first ore before year end. Snowden said the third mining front should bring additional ore tonnage and more flexibility in mine sequencing.
Torex also kept up its share buyback, repurchasing 1,755,843 shares during the quarter at an average of C$66.84 each, and paid its quarterly dividend of C$0.16 per share. Repurchases so far this year total 4,888,626 shares, or 5.1% of the count at the start of 2026, as the company works toward its pledge to return US$350 million to shareholders this year.
Full third quarter financial and operational results are scheduled for release after market close on November 4.
Torex Gold last traded at $69.79 on the TSX.
