Torex Gold is a Canadian-listed gold-copper-silver producer operating the Morelos Complex in Guerrero, Mexico: the ELG Underground mine (commercial production since March 2016) combined with the newer Media Luna copper-gold-silver mine (first copper concentrate production March 2025). FY2026 guidance is 420,000-470,000 oz AuEq. The company is debt-free and returned CA$176.2 million to shareholders in H1 2026 toward a CA$350 million annual target.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $2,459/oz is 26% higher than the peer producer average of $1,950/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jun 2013 · Torex's own June 13, 2013 news release, 'Torex Receives Required Environmental Permits for the Morelos Gold Project,' states the company received final acceptance of the Environmental Impact Assessment (MIA) and the Change of Land Use (ETJ) permits from SEMARNAT for the Morelos Gold Property (Guerrero, Mexico), which hosts the ELG (El Limon Guajes) Mine Complex. These are the construction-enabling permits: Torex's October 22, 2013 release confirms 'permit conditions to start construction have been satisfied and site construction has begun,' with November 1, 2013 as the official start of the 21-month build. ELG Underground (first production ~2017) is a later underground phase within this same permitted Morelos Property footprint, developed by Torex as the district's original developer, not a separate site requiring its own standalone MIA/ETJ grant. Corrects a seeding-era placeholder note that claimed, without checking, that ELG Underground's construction-enabling permits 'predate this record' -- Torex is the greenfield developer of the entire district and the SEMARNAT permit trail is Torex's own, contemporaneous, self-disclosed history. · Source
- Reached — date not disclosed · ELG Underground's board construction decision predates its March 2016 commercial production declaration; a specific FID date was not confirmed against a primary source this pass.
- Reached — date not disclosed · ELG Underground was built out through the early-to-mid 2010s ahead of its March 2016 commercial production declaration; a discrete construction-start date was not confirmed against a primary source this pass.
- Mar 2016 · ELG Underground (the Morelos Complex's original mine) reached commercial production in March 2016. Media Luna, the complex's newer second mine, separately reached first copper concentrate production in March 2025 -- a growth addition, not this record's own first-production evidence.
- Apr 2016 · Genuinely reached. Torex Gold's flagship and, for most of its history, only asset -- the ELG (El Limon Guajes) mine within the Morelos Complex, Guerrero, Mexico -- achieved commercial production 2016-04-01, per the company's own historical disclosure; this is used as achievedDate since it is the company's original, unambiguous commercial-production milestone and the Morelos Complex has been in continuous production since. A second orebody feeding the same complex, Media Luna, separately declared its own commercial production on 2025-04-26 (announced via 'Torex Gold Declares Commercial Production at Media Luna'), transforming Torex into both a gold and copper producer at the same site -- noted here for completeness but not used as achievedDate, since ELG's 2016 date is the company's first declaration and the complex-level milestone in this DB model. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
President and CEO of Torex Gold Resources since 17 Jun 2026, an internal promotion following Jody Kuzenko's retirement (he had served as Torex's CFO since Jan 2021). Accomplished mining executive with 25 years of international corporate experience across the UK, Australia and Canada. Immediately before Torex, Senior Vice President and Chief Financial Officer of Sherritt International Corporation, joining as Director of Finance in Sep 2012 and progressing through Corporate Controller and VP Finance to SVP & CFO from 2017. ICD.D, Institute of Corporate Directors; CPA, CA, Ontario; BSc, University of Durham (England).
Chief Financial Officer of Torex Gold Resources since 17 Jun 2026, an internal promotion (previously SVP Corporate Development & Investor Relations at Torex for 7 years, joining in 2019). Close to 25 years of metals and mining industry experience, including 12 years in sell-side equity research: 7 years at RBC Capital Markets and 5 years at UBS Securities Canada, providing institutional investment research on precious-metal companies. Began his career at Noranda/Falconbridge in refined zinc metal sales. CFA charterholder; BSc (Chemical Engineering), Queen's University; MBA, University of Toronto.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Institutional ownership is high at 75%, but almost none of it is a considered bet on this company specifically. The one named holder in our records is Van Eck's 13F filer entity at 8.18%, which aggregates its index gold ETFs with its active funds and cannot be read as either. The wider register is Vanguard, Dimensional, Fidelity and Columbia small-cap vehicles -- index and small-cap-bucket money. The one genuine specialist present is the Invesco Oppenheimer Gold & Special Minerals Fund, and its position is small. No producer holds a stake and we have no insider trading records for this company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.