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Torex Gold Resources Inc

www: www.torexgold.com   email: info@torexgold.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:TXG CAD
OTCMKTS:TORXF USD

Description

Torex Gold Resources Inc are a gold focused mid-tier producer with one mine in development in Mexico and one exploration property. They have approximately 9.5Moz. of gold in the reserves and resources category of which 7.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$3247.2M which is a rise of roughly 44% over the last five months. As of 04/08/2025 they have ~$200M debt and ~$106M cash. They have 86M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 04/08/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $2,254.78M $3,247.20M 04/08/2025
MCap (OS): $2,202.73M $3,172.24M 04/08/2025
Total Assets: $1,170.00M $1,170.00M 04/08/2025
Total Liabilities: $530.00M $530.00M 04/08/2025
Current Assets: $173.00M $173.00M 04/08/2025
Current Liabilities: $194.00M $194.00M 04/08/2025
Total Debt: $200.00M $200.00M 04/08/2025
Cash: $172.00M $106.00M 05/08/2025
Debt (Net): $28.00M $94.00M
Enterprise Value: $2,282.78M $3,341.20M 11/17/2075
Cash Flow: $487.56M $551.70M never
Cash Flow Multiple: 4.62 5.89 never
Net Debt to
Cash Flow Ratio:		 0.06 0.17 never
Finance within 1 year: 04/08/2025
Misc 04/08/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 85,968,582 85,968,582 04/08/2025
Shares (FD): 88,000,000 88,000,000 04/08/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 12/01/2015 04/08/2025
Production (Gold Eq Oz.): (guess) 
425,000		 (guess) 
400,000		 08/06/2025
Production (Silver Eq Oz.): (guess) 
42,277,132		 (guess) 
34,634,446		 08/06/2025
Development Phase: none Producer (Single Mine) 08/06/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 04/24/2023
Cash Flow Multiple: 14 14 04/08/2025

Resource Data

GOLD 04/08/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 5.00M 5.00M 04/08/2025
Measured & Indicated: 7.50M 7.50M 04/08/2025
Inferred: 2.00M 2.00M 04/08/2025
Reserves & Resources: 9.50M 9.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 4.35M 4.35M 04/08/2025
Measured & Indicated: 6.09M 6.09M 04/08/2025
Inferred: 0.87M 0.87M 04/08/2025
Reserves & Resources: 6.96M 6.96M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
425,000oz.		 (guess) 
400,000oz.		 08/06/2025
Cash Cost: $1,100 $1,450 08/06/2025
Extra Operating Cost: $750 $700 05/08/2025
Total: $1,850 $2,150 08/06/2025
Margin (Free Cash Flow): $1,147 (38%) $1,379 (39%)
MCap / Production (AuEq): $5,305.38 $8,118.00
EV / Production (AuEq): $5,371.26 $8,353.00
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 04/08/2025
Open Pit (Avg): n/a 2.50 g/t 03/24/2024
Recovery Rate: (CG)  87.00% (CG)  87.00% 08/06/2025
F
U
T
U
R
E		 Proven & Probable: 6.00M 6.00M 04/08/2025
Annual Production: 450,000oz. 450,000oz. 04/08/2025
Cash Cost: $1,250 $1,500 08/06/2025
Extra Operating Cost: $750 $750 04/08/2025
SILVER 04/08/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/08/2025
Measured & Indicated: n/a n/a 04/08/2025
Inferred: n/a n/a 04/08/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/08/2025
Measured & Indicated: n/a n/a 04/08/2025
Inferred: n/a n/a 04/08/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 04/08/2025
Extra Operating Cost: n/a n/a 04/08/2025
Total: n/a n/a 04/08/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $53.33 $93.76
EV / Production (AgEq): $54.00 $96.47
G
R
A
D
E		 Underground (Avg): n/a n/a 04/08/2025
Open Pit (Avg): n/a n/a 04/11/2023
Recovery Rate: n/a n/a 04/08/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/08/2025
Annual Production: n/a n/a 04/08/2025
Cash Cost: n/a n/a 04/08/2025
Extra Operating Cost: n/a n/a 04/08/2025

Property

Last Analysis Data  (04/08/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Morelos - El Limon
100 show
Close to completing permitting and financing. Very large open pit.

Construction began in 2014.
Production 2016.

4 million oz deposit.

Production ends in 2026

All-in costs under $1000.

Size: 29,000 ha
Exp Morelos - Media Luna
100 show
There 2nd mine. Perhaps in 2020.

4.5 million oz
Underground mine.
Production begins in 2025
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Morelos - El Limon
100 show
Close to completing permitting and financing. Very large open pit.

Construction began in 2014.
Production 2016.

4 million oz deposit.

Production ends in 2026

All-in costs under $1000.

Size: 29,000 ha
Exp Morelos - Media Luna
100 show
There 2nd mine. Perhaps in 2020.

4.5 million oz
Underground mine.
Production begins in 2025

Profitability (by resource)

Proven &
Probable		 04/08/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.00M 5.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.35M 4.35M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $4,990.32M $5,999.74M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,990.32M $5,999.74M n/a
Max Profit / Current MCap: 2.213 1.848 n/a
Max Profit Per Share (Gold): $56.71 $68.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $56.71 $68.18 n/a
Total Free Profit Per Share: $20.22 $17.34 n/a
FD MCap / Gold Eq.: $518.34 $746.48 n/a
FD MCap / Silver Eq.: $5.21 $8.62 n/a
FD MCap / Per Metal
as % Spot Price:		 17.29% 21.15% n/a
EV / Gold Eq.: $524.78 $768.09 n/a
EV / Silver Eq.: $5.28 $8.87 n/a
EV / Per Metal
as % Spot Price:		 17.51% 21.76% n/a
Measured &
Indicated		 04/08/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 7.50M 7.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.09M 6.09M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,986.45M $8,399.63M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,986.45M $8,399.63M n/a
Max Profit / Current MCap: 3.098 2.587 n/a
Max Profit Per Share (Gold): $79.39 $95.45 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $79.39 $95.45 n/a
Total Free Profit Per Share: $42.90 $44.61 n/a
FD MCap / Gold Eq.: $370.24 $533.20 n/a
FD MCap / Silver Eq.: $3.72 $6.16 n/a
FD MCap / Per Metal
as % Spot Price:		 12.35% 15.11% n/a
EV / Gold Eq.: $374.84 $548.64 n/a
EV / Silver Eq.: $3.77 $6.34 n/a
EV / Per Metal
as % Spot Price:		 12.51% 15.55% n/a

Reserves &
Resources		 04/08/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 9.50M 9.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.96M 6.96M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $7,984.51M $9,599.58M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $7,984.51M $9,599.58M n/a
Max Profit / Current MCap: 3.541 2.956 n/a
Max Profit Per Share (Gold): $90.73 $109.09 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $90.73 $109.09 n/a
Total Free Profit Per Share: $54.24 $58.25 n/a
FD MCap / Gold Eq.: $323.96 $466.55 n/a
FD MCap / Silver Eq.: $3.26 $5.39 n/a
FD MCap / Per Metal
as % Spot Price:		 10.81% 13.22% n/a
EV / Gold Eq.: $327.99 $480.06 n/a
EV / Silver Eq.: $3.30 $5.54 n/a
EV / Per Metal
as % Spot Price:		 10.94% 13.60% n/a

Future Valuation (Cash Flow & Totals)

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