Torex Gold, Desert Gold, Discovery Mining: The Race for the Next Gold Millions

Torex Gold: Production Shifts into High Gear

The high gold price continues to play into producers' hands. The same is true for Canadian company Torex Gold, which demonstrated strength in the third quarter of 2026. With preliminary production of just under 132,000 ounces of gold equivalent during the reporting period, the company is demonstrating its operational reliability. Cumulative production since the beginning of the year totals 329,071 ounces. This brings the company ever closer to its annual target, which ranges between 420,000 and 470,000 ounces. The positive financial performance also benefits shareholders. In the past quarter, Torex repurchased 1.76 million of its own shares and paid a dividend of CAD 0.16 per share.

The company's strategic focus is on long-term expansion and extending the life of its mines. At the centre of these efforts is the so-called San Miguel Corridor, a promising exploration area. Exploration to date indicates significant mineral deposits that could expand the company's total resources.

At the same time, Torex is working intensively to optimize its existing facilities. Through targeted measures to eliminate bottlenecks and potential plant expansions, processing capacity is set to increase significantly. In parallel, the underground mine expansion is underway, with initial output from new areas expected by the end of the year. Torex presents itself as a financially strong company that consistently reinvests its earnings in further growth to continue playing a leading role in the gold sector in the future.

Desert Gold: The Countdown to First Gold Production Is Underway

For Desert Gold Ventures, the fourth quarter could mark a turning point. The company is pressing ahead with the construction of its first gold processing plant at the Barani project in western Mali. The gravity separation plant, with a capacity of 200 metric tons per day, and the 650-kVA generator are already on site. The access road has been repaired, key construction materials have been delivered, and construction work has progressed.

According to the updated schedule, commissioning is expected by the end of October. The plant's ramp-up and initial processing are scheduled for November. Desert Gold aims to produce its first gold before the end of the fourth quarter. This could mark a decisive operational milestone for the previously exploration-focused company, potentially leading to a re-rating.

The potential extends far beyond Barani. The wholly-owned SMSZ project spans 440 km² along the gold-rich Senegal-Mali shear zone. The existing resource estimate comprises approximately 337,000 ounces of gold in the Measured and Indicated categories, as well as an additional 880,000 ounces in the Inferred category. More than 25 gold zones have already been identified.

The November 2025 feasibility study provides additional cause for optimism. For a larger processing scenario at Barani and Gourbassi, it calculated a post-tax net present value of USD 61 million and an internal rate of return of 57% based on an assumed gold price of USD 2,850. However, this larger facility is not part of the current construction program.

With the 297 km² Tiegba Gold project in Côte d'Ivoire, Desert Gold has another gem in its portfolio. For now, however, Barani remains the key focus. If the planned production ramp-up is successful, it could fundamentally change how the company is perceived.

Discovery Mining: Green Light for a Silver Giant

As gold reaches record prices, silver is also coming into sharper focus. Discovery Mining has one of the most interesting development projects in its portfolio. An important regulatory milestone has now been reached for the Cordero Silver project in Mexico. The responsible Mexican Ministry of the Environment has officially issued the environmental impact assessment and the land-use change permit.

With these documents, the approval process at the federal level is complete, allowing the company to now make concrete preparations for developing the site. Cordero is one of the world's largest undeveloped silver deposits. The company plans to mine the deposit in strict compliance with sustainability standards. According to company management, the project is expected to improve the local water supply. Management also anticipates positive economic effects for the Chihuahua region, including the creation of numerous jobs and training programs for local residents.

In addition to its developments in Central America, Discovery Mining plans to expand its gold production in Canada. At the Mining Forum Americas, the company presented plans for a far-reaching capacity expansion. Over the next five years, annual gold production is set to increase from 260,000 ounces to 300,000 ounces, then to more than 750,000 ounces. To limit operational risks, the company is focusing on expanding existing mining areas. The Porcupine and Kidd sites are central to this strategy, as they already have the necessary infrastructure, power generation facilities, and qualified personnel.

At the Kidd site, the company also plans to increase processing capacity to 5 million metric tons per year by the end of 2027. Management's strategy aims to drastically increase production volumes while reducing operating costs.

Torex Gold demonstrates how much producers can benefit from high metal prices. Discovery Mining is guiding one of the world's largest silver projects through the permitting phase. Desert Gold, on the other hand, is on the verge of a potential turning point. If the Barani plant is successfully commissioned and gold production begins, the company, previously an explorer, would become a producer with its own processing facilities for the first time.