Torex Gold Announces Initial Return of Capital Program

Core Viewpoint - Torex Gold Resources Inc. has announced an initial return of capital program, which includes a quarterly dividend and share repurchases, reflecting strong cash flow generation following the successful completion of the Media Luna project [1][2]. Return of Capital Program - The return of capital program will feature a quarterly dividend of C$0.15 per common share and discretionary share repurchases through the normal course issuer bid (NCIB) [1]. - The inaugural quarterly dividend is set to be paid on December 4, 2025, to shareholders of record as of November 20, 2025, with a total expected payout of approximately C$14.4 million ($10.2 million) based on 96.1 million shares outstanding [5][7]. Financial Performance and Strategy - The company reported a return to positive free cash flow in June 2025, with a modest level of debt, making it an opportune time to return capital to shareholders [2]. - Year-to-date, the company has returned C$10.0 million ($7.2 million) through share repurchases in Q3 2025, repurchasing 239,204 shares at an average price of C$41.79 per share [10]. Future Plans - The return of capital plan is expected to evolve through 2026 as the company's balance sheet strengthens, with plans to pay down debt and maintain a minimum cash balance of $200 million [3]. - The company anticipates robust free cash flow generation, allowing for capital returns without compromising funding for future projects, including extending the mine life at Morelos and advancing the Los Reyes project [4]. Share Repurchase Program - The current NCIB commenced on November 21, 2024, and will expire on November 20, 2025, with intentions to seek approval for renewal on similar terms [8]. - Future share repurchases will depend on the underlying share price, long-term metal prices, and market conditions [9].