Torex Resources Inc. (TXR:CA) Q3 2026 Earnings Call Transcript
2 Articles
2 Articles
Torex Resources Inc. (TSX:TXR) - Cash Keeps Flowing in Q3/26 as Grades Rise as Costs Fall - Research Portal
Torex Resources (TXR) reported its Q3/26 results. Adjusted diluted EPS of US$1.93 (+114% QoQ, +64% YoY) was driven by a 38% QoQ increase in AuEq ounces sold and AISC of US$1,803/oz AuEq, 27% lower QoQ and below our US$1,872/oz estimate. Revenue of US$555.0M was in line with our model. Production of 131.9k oz AuEq (98.7k oz Au, 614k oz Ag, 16.3M lb Cu) reflects higher processed grades (~4.6 g/t AuEq vs 3.5 g/t in Q2/26) and improved gold recoveries of 88.2% (85.4% in Q2). With 329k oz AuEq produced YTD, Torex is tracking to the midpoint of its 2026 guidance of 420-470k oz AuEq, and YTD AISC of US$2,025/oz sits well within the US$2,000-2,100/oz range. FCF of US$150.4M (YTD US$401.9M) funded US$94.6M in returns to shareholders while lifting cash to US$225.9M, above Torex’s US$200M minimum. YTD returns of US$270.8M represent 77% of the US$350M 2026 target. Q3/26 delivered the H2 grade step-up management flagged last quarter, with both mines and the plant running above design. Q4 cash flow will be lighter as Torex makes its first direct concentrate sale to a smelter, creating a ~US$120M receivables build that should reverse in Q1/27. For 2027, management points to steadier production of 110-115k oz AuEq per quarter with AISC expected to stay near 2026 levels.
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