Torex Gold Resources Inc.
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.
Lifecycle Milestones
Construction Milestones
5 of 5 reachedMilestones 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.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 37.3%Los Reyes Gold-Silver Project, Sinaloa, Mexico
- 11.75 yrsMorelos Gold-Copper Complex (ELG Underground & Media Luna)
- 14.4 yrsLos Reyes Gold-Silver Project, Sinaloa, Mexico
Jurisdiction (40%)3/10
Guerrero is one of Mexico's most violent states, with documented cartel extortion activity and a 2015 incident involving a labor dispute/kidnapping case tied to the Media Luna project. Federal permitting functions, but security and community-relations overhead is materially elevated relative to most Mexican mining states.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Morelos Gold-Copper Complex (ELG Underground & Media Luna).
Nearby producing mine (20%)8.9/10
Capela (Industrias Penoles, S.A.B. de C.V.) is 36 km away -- within regional-platform range.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:6.4/10
Nearest producing mine: Capela (Industrias Penoles, S.A.B. de C.V.), 36 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:3/10
Mexico: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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
Torex Gold operates the Morelos Complex in Guerrero, Mexico, which combines the ELG Underground mine (commercial production since 2016) with the newer Media Luna copper-gold-silver mine, where commercial production was declared in May 2025. It also owns the Los Reyes gold-silver project in Sinaloa, acquired with Prime Mining in 2025. Company-wide measured and indicated resources total 6,214,000 oz of gold (Morelos 4,672,000 oz at 31 December 2025 and Los Reyes 1,542,000 oz), inclusive of reserves, with 2,351,000 oz inferred. The 2022 Morelos technical report shows an after-tax NPV5% of US$1.04B at long-term gold prices of US$1,600-1,700/oz and an 11.75-year life of mine running to Q4 2033. The Los Reyes preliminary economic assessment (July 2026) shows an after-tax NPV5% of US$1.49B and a 37.3% IRR over 14.4 years at US$3,600/oz gold and US$50/oz silver, and Torex's FY2026 guidance is 420,000-470,000 oz gold-equivalent.