Torex Gold Reports Year-End 2025 Reserves & Resources

Torex adding reserves at ELG Underground and declaring new resources at Media Luna West signals what I've been tracking - miners are finding it harder and more expensive to replace what they dig up. The Los Reyes addition helps, but notice how these discoveries require deeper, more complex extraction. That translates to higher all-in sustaining costs down the road. When production costs rise across the industry, it puts a floor under spot prices. Physical stackers benefit from this supply constraint. The mining companies can report all the reserves they want, but getting that metal out of the ground profitably at current energy costs is the real challenge. This reinforces my thesis that sub-$2000 gold is likely behind us permanently.