Analyst Kevin O’Halloran of BMO Capital maintained a Buy rating on Torex Gold Resources (TORXF – Research Report), retaining the price target of C$38.00.
Kevin O’Halloran has given his Buy rating due to a combination of factors including Torex Gold Resources’ recent increase in proven and probable reserves, which rose by 7% year-over-year to 5.1 million ounces of gold equivalent. This growth was primarily driven by the inaugural reserve estimate for the EPO Underground, which is expected to begin production in late 2026. Additionally, Torex’s ability to replace depleted reserves at the ELG Underground and maintain relatively stable reserves at Media Luna demonstrates the company’s effective resource management and potential for extending reserve life.
Furthermore, Torex offers immediate cash generation potential from its high-quality El Limon-Guajes operation in Mexico. The company’s strong management team, known for its consistent delivery, adds confidence to the investment. O’Halloran sees the potential for the stock to appreciate as the value of the Media Luna project is realized, further supporting his positive outlook on Torex Gold Resources.
In another report released on March 13, RBC Capital also maintained a Buy rating on the stock with a C$44.00 price target.
TORXF’s price has also changed moderately for the past six months – from $19.935 to $25.040, which is a 25.61% increase.