Torex Gold Announces CEO Transition

Torex Gold Resources has announced that Jody Kuzenko, who currently serves as President and CEO and previously held the position of COO, will retire following the Annual and Special Shareholder Meeting on June 17, 2026. As part of Torex’s succession strategy, Andrew Snowden, currently CFO, will assume the role of President and CEO at that time. Snowden will stand for election to the Board of Directors at the upcoming meeting, while Kuzenko will not seek re-election in anticipation of her departure.

"After eight years with Torex and a career that has spanned almost 30 years, my mandate as CEO has been delivered and I have every confidence in Andrew to lead the Company through the next chapter of growth and success. We have delivered Media Luna, stabilized production, and set ourselves up for long-term success at Morelos; we have an impeccable balance sheet and significant free cash flow projected for the foreseeable future; and we have a pipeline of exploration assets to support our next phase of growth in Guerrero, Sinaloa, Chihuahua, Nevada and beyond. The business is firing on all cylinders, and the timing is right for this transition. The business is ready. This was part of the plan and Torex is in very capable hands," said Kuzenko.

Rick Howes, Chair, Torex’s Board, emphasized the significance of Kuzenko’s tenure, noting that under her leadership and the management team she built, Torex has become one of Mexico’s largest gold producers with substantial copper operations. He highlighted that the company has established a strong track record for delivering on its commitments and praised Kuzenko for her dedication to creating shareholder value while fostering a culture of teamwork, discipline, and responsible mining.

"It should come as no surprise that a company like Torex that prides itself on planning and execution has a solid succession plan in place to support a seamless leadership transition. Over the past five years, Andrew has done an impeccable job as CFO and has played a pivotal role in the company's success. The Board looks forward to continuing to work with him to seize the opportunities that lie ahead as Torex looks toward the future."

Snowden brings 25 years of international mining experience across the UK, Australia, and Canada. Since joining Torex in 2021, he has overseen strategic planning, financial management, debt financing, and corporate development. A member of the Institute of Corporate Directors (ICD.D) and the Institute of Chartered Professional Accountants of Ontario (CPA, CA), he holds a Bachelor of Science from the University of Durham, England.

"I am honoured to serve as the next CEO of Torex and look forward to continuing to unlock the value of our assets for the benefit of our shareholders and the many people we touch in Mexico and beyond," said Snowden. "Jody has been an invaluable mentor, and I want to thank her and the Board of Directors for the confidence placed in me to lead Torex into an exciting new chapter of growth and value generation."

2026 Outlook

Torex Gold Resources has released its operational guidance for 2026 and an updated five-year production outlook for the Morelos Complex. The company, which mines ore from its ELG and Media Luna underground operations, expects an increase in output compared with 2025, driven by a full year of operations and the ramp-up of Media Luna.

Jody Kuzenko, President and CEO, Torex Gold, highlighted the strong momentum carried into 2026. “We expect annual production to pick up significantly in 2026 with 420,000-470,000oz AuEq guided for the year. After payable deductions, sales are guided at 410,000-460,000oz AuEq, a marked step-up over payable production of the 376,586oz AuEq delivered in 2025” she said in a press release.

Torex projects 2026 production of 320,000-365,000oz of gold, 2.2-2.5Moz of silver, and 60 to 65 million lb of copper. The increase reflects Media Luna reaching steady-state production of 7,500t/d by mid-year and a full operational cycle at the processing plant. Approximately 70% of output will be in concentrate, with the remainder in doré and other products.

All-in sustaining costs are expected to range from US$1,750/oz to US$1,850/oz AuEq, slightly higher than the US$1,732/oz recorded in the first nine months of 2025. Kuzenko noted the increase is mainly due to higher metal prices affecting royalties, profit-sharing, and land access payments, partially offset by higher sales volumes and efficiencies at Media Luna. “Stronger metal prices are also forecast to lead to significant margin expansion, which in turn is expected to lead to significant free cash flow generation in 2026 and beyond,” she added.

The company plans a record US$77 million for exploration and drilling in 2026, its largest annual investment. The Morelos Property will receive US$43 million, focused on ELG Underground and the Media Luna cluster, including regional drilling at Atzcala and El Naranjo. At Los Reyes, US$18 million will support a 20,000m drill program and preliminary economic studies.

Early-stage exploration will continue in Nevada and Chihuahua, with US$12 million dedicated to Gryphon and Medicine Springs in the United States and US$4 million to Batopilas and Guigui in Mexico. Overall, Torex plans 148,500m of drilling across its portfolio, aimed at resource expansion and long-term production growth.

Total capital expenditures are forecast at US$285 million to US$305 million, up slightly from 2025. Sustaining capital will range from US$120 million to US$130 million, covering lease and drilling costs. Non-sustaining expenditures of US$165 million to US$175 million will support the ramp-up of Media Luna North and other optimization projects, including a new overland conveyor at Media Luna expected to cut rehandling costs by over US$1/t with a three-year payback.

Looking forward, Torex expects stable production and sales through at least 2030. The five-year outlook anticipates consistent output from ELG and Media Luna, with increased silver and copper production following Media Luna North’s start-up. Drilling programs will continue to enhance and extend the Morelos Complex’s production profile.

“With the Morelos Complex firing on all cylinders and a robust metal price environment for Au, Ag, and Cu, Torex is well-positioned to deliver significant cash flow to deploy towards exploration and drilling, advancing organic growth opportunities at Los Reyes and Morelos, and returning capital to shareholders through a combination of dividends and buybacks, all while maintaining a very robust balance sheet. The clarity of our strategy coupled with our demonstrated execution capability will continue to maximize shareholder value in 2026 and for many more years to come,” Kuzenko concluded.