Torex Gold Posts 96,297oz AuEq Production in 2Q26

Canada-based Torex Gold Resources recorded 96,297oz AuEq in 2Q26 production at its Morelos Complex, maintaining its full-year guidance through projected grade and recovery improvements in 2H26. This steady output, alongside a 30% expansion in Inferred Resources and strategic asset acquisitions, signals resilient project pipelines for Mexico’s extraction sector despite tightening domestic permitting and regulatory frameworks. These developments provide institutional investors and mining stakeholders with critical benchmarks regarding asset optimization, reserve replacement metrics, and capital allocation strategies within the local market.

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Canada-based Torex Gold reports gold equivalent (AuEq) production of 96,297oz and AuEq sales of 91,646oz for 2Q26 from its flagship Morelos Complex in Guerrero. According to company projections, grades and gold recovery rates are expected to improve throughout the second half of the year, keeping operational results on track to meet its 2026 production guidance.

Torex Gold has accumulated 197,171oz AuEq in total production and 200,868oz AuEq in total sales year-on-year. The company expects improvements in grades and gold recoveries during 2H26, keeping the operation on track to meet its full-year 2026 production guidance of 420,000oz to 470,000oz AuEq. 

The company said that during 2Q26, extraction rates remained steady across the asset. Daily mining throughput averaged 2,999t/d at the ELG Underground deposit and 7,714t/d at the Media Luna Underground deposit. Development and backfill activities at both operations proceeded according to schedule, while the central processing plant operated above its original design levels, processing an average of 10,793t/d.

Processed grades at the ELG Underground operation averaged 2.55g/t gold with a metallurgical recovery rate of 85.4%, yielding 69,278oz of gold before payable deductions. Gold sales from this deposit reached 67,353oz after deductions. Meanwhile, the company continued to mine through lower-grade and lower gold-recovery areas of the Media Luna Underground deposit during the quarter.

Media Luna Underground Production Breakdown

The material processed from the Media Luna Underground deposit recorded average grades of 19.29g/t silver and 0.67% copper, achieving metallurgical recovery rates of 86.1% for silver and 94.9% for copper. Total production from this section before payable deductions reached 13.9Mlb of copper and 520,200oz of silver. After account deductions, payable sales from Media Luna Underground totaled 12.6Mlb of copper and 448,900oz of silver. Calculations for 2Q26 AuEq production and sales figures utilized average market commodity prices of US$4,506/oz gold, US$73.15/oz silver, and US$6.05/lb copper.

The near-term operational outlook relies on several upcoming milestones across the corporate asset portfolio. At the Morelos Complex, the development of the Media Luna North area remains on schedule to supply its first batch of ore before the end of 2026. 

"With production tracking to plan and improving grades, the results of the Los Reyes preliminary economic assessment to be released imminently, Media Luna North on schedule to deliver first ore before year-end, and our exploration programs advancing across our portfolio, we are well positioned to deliver a strong 2H26 as we continue to execute on our strategy,” noted Andrew Snowden, President and CEO, Torex Gold.

Torex Gold Increased Mineral Reserve and Resource Estimate

On Mar. 31, 2026, MBN reported that Torex Gold updated its year-end 2025 mineral reserve and resource estimates for its Mexican assets. These updates reflected a 30% increase in Inferred Resources at the Morelos Complex, totaling 2.9Moz AuEq, up from the previous periods. This resource growth was supported by an inaugural Inferred Resource declaration of 506,000oz AuEq at Media Luna West alongside drilling results at ELG Underground.

The data indicated a 5% decrease in proven and probable gold equivalent reserves at the Morelos Complex, which total 4.8Moz compared to 5Moz at the close of 2024. This net reduction stems from ore processed during the year, though drilling at ELG Underground and Media Luna added 207,000oz AuEq to reserves prior to depletion. Measured and indicated resources at Morelos reached 7.2Moz AuEq at an average grade of 4.25g/t, representing a 2% decline from the previous year’s 7.4Moz. Furthermore, an update to the resource modeling at Morelos aligned the estimates with reasonable prospects for eventual economic extraction (RPEEE) guidelines by constraining parameters within potentially mineable shapes.

The acquisition of the Los Reyes project in 2025 added 2.04Moz AuEq of Indicated Resources and 765,000oz AuEq of Inferred Resources to the total corporate inventory. These specific estimates remain unchanged from the previous report dated Oct. 15, 2024. For the 2026 fiscal year, the company allocated US$77 million for exploration and resource drilling to extend the production profile at Morelos and advance the Los Reyes project toward a preliminary economic assessment by mid-2026.

Metal price assumptions for the Morelos reserve estimates were set at US$1,650/oz for gold, US$21.00/oz for silver, and US$3.85/lb for copper. Resource estimates at the complex assumed prices of US$1,800/oz for gold and US$24.00/oz for silver. The operational strategy targets the maintenance of an annual production level of at least 420,000oz AuEq at the Morelos Complex beyond 2030 while evaluating potential processing plant expansions to optimize the resource base.