$1B Media Luna Completion Positions Torex for Next Growth Wave and Capital Returns

Torex Gold (TSX: TXG) is entering a new era of growth and shareholder returns after completing the $1B Media Luna mine in Guerrero, Mexico—a build funded largely from internal cash flow. In this exclusive Kitco Mining – Mining Forum Americas 2025 interview, President & CEO Jody Kuzenko calls 2025 an “extraordinary year” as the company shifts from construction to strong free cash generation.

With $230 million in debt and $100 million in cash, Torex now has 10 years of mine life producing 450,000–500,000 ounces of gold equivalent annually. At current gold prices, 2026 free cash flow is projected at $450 million, setting the stage for dividends and buybacks.

The Morelos property, anchored by Media Luna, has already yielded 3.5 million ounces, hosts 10 million ounces in resources, and remains 75% unexplored. Torex is doubling down on exploration potential while enhancing shareholder value, completing a $10 million buyback earlier this year and signaling a sustainable dividend starting soon.

With six consecutive years of meeting production guidance and a strengthened balance sheet, Torex Gold is positioned for long-term growth, disciplined capital returns, and strategic expansion—a compelling story for gold investors seeking stability and upside.

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