Torex Gold posts $113.8M Q2 profit, boosts shareholder returns with $350M plan for 2024

Torex Gold Resources reported a strong Q2 with a net profit of $113.8 million and earnings per share of $1.22, driven by higher gold prices and increased production in Mexico. The company generated $98 million in free cash flow, holds $169 million in cash, and has no debt, signaling financial strength. Despite risks from being a single-asset producer, recent acquisitions like Los Reyes could diversify its portfolio. Torex plans to return $350 million to shareholders in 2024 through dividends and share buybacks, marking a shift to cash flow harvesting.