Torex Gold Resources (TXG) investor relations material

Strategic pillars and financial performance

• Focus on strong execution, visible growth, and disciplined capital allocation underpin operations.

• Consistent production guidance met annually, with 2026 on track for strong results.

• Generating about CAD 600 million in free cash flow in 2026 at current prices.

• Market cap stands at CAD 6.3 billion, trading at 0.7x consensus NAV and a 15% free cash flow yield.

• 54% AISC margin achieved, with significant changes over the past year including asset acquisitions and capital return programs.

Asset development and growth initiatives

• Media Luna underground mine ramped up a year ahead of schedule; Media Luna North mine to deliver first ore in December 2026.

• CAD 350 million to be returned to shareholders in 2026 via dividends and share buybacks.

• Record CAD 50 million invested in drilling at Morelos to extend mine life and increase production.

• New San Miguel Corridor identified, with significant drilling planned for 2027 and potential inaugural resource by Q1 2028.

• Media Luna North mine will shift operations from mine-constrained to plant-constrained, enabling future production increases.

Expansion projects and exploration pipeline

• Debottlenecking study at Morelos could boost throughput by 10% with CAD 10 million investment, benefits expected by late 2027.

• Larger plant expansion under study could increase throughput by 35% for CAD 100 million, with decisions expected in H1 2027.

• Los Reyes project PEA shows 14-year mine life, 161,000 oz/year for first 11 years, AISC CAD 1,600/oz, and CAD 550 million capex.

• Los Reyes pre-feasibility due H2 2027, feasibility in 2028, and construction planned for 2029–2030.

• Five exploration assets in pipeline, with drilling underway at four sites in 2026.