Torex Gold M&I Resources Climb 25% to 9.31 Moz as P&P Reserves Fall 5%
Torex Gold's year-end 2025 proven & probable reserves at Morelos fell 5% to 4.84 million ounces, while measured & indicated resources climbed 25% to 9.31 million ounces led by Los Reyes' 2.05 million-ounce addition. Inferred resources rose 64% to 3.67 million ounces, including inaugural Media Luna West.
1. Proven & Probable Reserve Update
At year-end 2025, Morelos Complex P&P reserves totaled 39.65 million tonnes at 3.80 g/t Au (4.84 Moz), down 2% in tonnage and 5% in ounces year-over-year. Los Reyes has not yet been classified in P&P pending further technical studies.
2. Measured & Indicated Resource Growth
Total M&I resources jumped to 102.19 million tonnes at 2.83 g/t Au (9.31 Moz), a 124% tonnage increase and 25% ounce gain. This was driven by Morelos rising to 53.15 million tonnes at 4.25 g/t Au (7.26 Moz) and Los Reyes contributing an inaugural 49.04 million tonnes at 1.30 g/t Au (2.05 Moz).
3. Inferred Resources and New Declarations
Inferred resources expanded to 39.27 million tonnes at 2.91 g/t Au (3.67 Moz), reflecting a 30% ounce increase at Morelos (2.91 Moz) and 0.77 Moz at Los Reyes. An inaugural inferred resource was also declared at Media Luna West, marking the project’s first resource estimate.